2013 Q4 Form 10-Q Financial Statement

#000111192813000138 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $165.9M $172.2M $156.4M
YoY Change 14.36% 10.09% 21.13%
Cost Of Revenue $84.30M $79.34M $70.42M
YoY Change 20.6% 12.67% 20.17%
Gross Profit $81.52M $92.81M $85.96M
YoY Change 8.44% 7.97% 21.93%
Gross Profit Margin 49.15% 53.91% 54.97%
Selling, General & Admin $20.20M $19.98M $16.39M
YoY Change 18.82% 21.85% -1.83%
% of Gross Profit 24.78% 21.52% 19.07%
Research & Development $10.90M $11.50M $7.762M
YoY Change 17.2% 48.17% 19.42%
% of Gross Profit 13.37% 12.39% 9.03%
Depreciation & Amortization $8.100M $8.500M $6.800M
YoY Change 17.39% 25.0% 9.68%
% of Gross Profit 9.94% 9.16% 7.91%
Operating Expenses $31.10M $33.04M $25.95M
YoY Change 18.25% 27.31% 12.35%
Operating Profit $50.42M $59.77M $60.01M
YoY Change 3.17% -0.39% 26.6%
Interest Expense -$1.600M $63.00K $55.00K
YoY Change -11.11% 14.55% -96.76%
% of Operating Profit -3.17% 0.11% 0.09%
Other Income/Expense, Net $100.0K $281.0K $260.0K
YoY Change -90.0% 8.08% 160.0%
Pretax Income $49.00M $60.05M $60.27M
YoY Change 2.08% -0.35% 22.49%
Income Tax $12.40M $17.72M $17.83M
% Of Pretax Income 25.31% 29.5% 29.59%
Net Earnings $36.60M $42.34M $42.44M
YoY Change 4.82% -0.23% 30.97%
Net Earnings / Revenue 22.06% 24.59% 27.14%
Basic Earnings Per Share $0.71 $0.82 $0.83
Diluted Earnings Per Share $0.70 $0.81 $0.81
COMMON SHARES
Basic Shares Outstanding 51.68M shares 51.50M shares 51.09M shares
Diluted Shares Outstanding 52.37M shares 52.10M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $448.8M $398.4M $372.6M
YoY Change 16.84% 6.92% 89.52%
Cash & Equivalents $448.8M $398.4M $372.6M
Short-Term Investments $0.00
Other Short-Term Assets $61.00M $58.90M $42.80M
YoY Change 36.77% 37.62% 14.44%
Inventory $172.7M $171.3M $135.1M
Prepaid Expenses
Receivables $103.8M $120.6M $110.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $786.3M $749.2M $661.1M
YoY Change 18.25% 13.33% 53.17%
LONG-TERM ASSETS
Property, Plant & Equipment $252.2M $236.5M $195.2M
YoY Change 19.8% 21.16% 36.22%
Goodwill $455.0K $455.0K
YoY Change -84.3%
Intangibles $9.564M $10.13M
YoY Change 27.35%
Long-Term Investments
YoY Change
Other Assets $7.810M $7.395M $11.10M
YoY Change 4.68% -33.38% -22.92%
Total Long-Term Assets $274.9M $260.6M $217.3M
YoY Change 19.23% 19.92% 31.94%
TOTAL ASSETS
Total Short-Term Assets $786.3M $749.2M $661.1M
Total Long-Term Assets $274.9M $260.6M $217.3M
Total Assets $1.061B $1.010B $878.4M
YoY Change 18.51% 14.96% 47.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.79M $14.29M $14.30M
YoY Change 5.65% -0.05% -5.92%
Accrued Expenses $59.34M $59.55M $34.00M
YoY Change 15.33% 75.16% -33.59%
Deferred Revenue
YoY Change
Short-Term Debt $3.300M $1.500M $4.900M
YoY Change 37.5% -69.39% -36.36%
Long-Term Debt Due $1.333M $1.333M $1.600M
YoY Change -11.43% -16.69% 6.67%
Total Short-Term Liabilities $100.1M $105.8M $121.3M
YoY Change -20.23% -12.77% 9.58%
LONG-TERM LIABILITIES
Long-Term Debt $11.33M $11.67M $14.30M
YoY Change -19.13% -18.41% -12.27%
Other Long-Term Liabilities $21.84M $16.64M
YoY Change 66.65%
Total Long-Term Liabilities $33.17M $28.30M $14.30M
YoY Change 22.32% 97.92% -12.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.1M $105.8M $121.3M
Total Long-Term Liabilities $33.17M $28.30M $14.30M
Total Liabilities $133.2M $134.1M $148.8M
YoY Change -12.67% -9.87% -16.22%
SHAREHOLDERS EQUITY
Retained Earnings $390.8M $354.2M
YoY Change 66.3%
Common Stock $538.9M $526.5M
YoY Change 5.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $928.0M $875.7M $729.6M
YoY Change
Total Liabilities & Shareholders Equity $1.061B $1.010B $878.4M
YoY Change 18.51% 14.96% 47.31%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $36.60M $42.34M $42.44M
YoY Change 4.82% -0.23% 30.97%
Depreciation, Depletion And Amortization $8.100M $8.500M $6.800M
YoY Change 17.39% 25.0% 9.68%
Cash From Operating Activities $58.40M $36.70M $38.00M
YoY Change -0.68% -3.42% 31.03%
INVESTING ACTIVITIES
Capital Expenditures -$22.60M -$14.00M -$15.70M
YoY Change 36.97% -10.83% 30.83%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $100.0K -$2.100M
YoY Change -83.33% -104.76%
Cash From Investing Activities -$22.70M -$14.00M -$17.90M
YoY Change 32.75% -21.79% 50.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.70M 1.700M 5.200M
YoY Change -131.38% -67.31% 188.89%
NET CHANGE
Cash From Operating Activities 58.40M 36.70M 38.00M
Cash From Investing Activities -22.70M -14.00M -17.90M
Cash From Financing Activities 10.70M 1.700M 5.200M
Net Change In Cash 46.40M 24.40M 25.30M
YoY Change 510.53% -3.56% 33.86%
FREE CASH FLOW
Cash From Operating Activities $58.40M $36.70M $38.00M
Capital Expenditures -$22.60M -$14.00M -$15.70M
Free Cash Flow $81.00M $50.70M $53.70M
YoY Change 7.57% -5.59% 30.98%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared by IPG Photonics Corporation, or &#8220;IPG&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, &#8220;its&#8221; or &#8220;the Company&#8221;. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). The consolidated financial statements include the Company&#8217;s accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of the Company&#8217;s management, the unaudited financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company&#8217;s financial position, results of operations and cash flows. The results reported in these consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC.</font></div></div>
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CY2012Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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ipgp Adjustments To Redemption Value Of Redeemable Noncontrolling Interests Per Basic Share
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ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
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CY2012Q3 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
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CY2013Q3 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
0.82
ipgp Business Acquisition Amount Included In Current Liabilities
BusinessAcquisitionAmountIncludedInCurrentLiabilities
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ipgp Business Acquisition Amount Included In Current Liabilities
BusinessAcquisitionAmountIncludedInCurrentLiabilities
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CY2012Q4 invest Derivative Notional Amount
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CY2013Q3 invest Derivative Notional Amount
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
IPG PHOTONICS CORP
CY2013Q3 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
0.81
CY2012Q3 ipgp Diluted Net Income Per Share Attributable To Parent
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ipgp Provisions For Inventory Product Warranty And Bad Debt
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ipgp Provisions For Inventory Product Warranty And Bad Debt
ProvisionsForInventoryProductWarrantyAndBadDebt
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ipgp Purchase Of Non Controlling Interest In Exchange For Common Stock
PurchaseOfNonControllingInterestInExchangeForCommonStock
0 USD
ipgp Purchase Of Non Controlling Interest In Exchange For Common Stock
PurchaseOfNonControllingInterestInExchangeForCommonStock
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001111928
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
51680453 shares

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