$IPGP
IPG PHOTONICS CORP

2014 Q2 Form 10-Q Financial Statement

#000111192814000096 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $192.2M $168.2M
YoY Change 14.29% 21.93%
Cost Of Revenue $87.98M $78.25M
YoY Change 12.43% 24.17%
Gross Profit $104.2M $89.92M
YoY Change 15.91% 20.04%
Gross Profit Margin 54.23% 53.47%
Selling, General & Admin $21.17M $19.67M
YoY Change 7.61% 34.85%
% of Gross Profit 20.31% 21.88%
Research & Development $13.36M $10.48M
YoY Change 27.46% 45.01%
% of Gross Profit 12.82% 11.66%
Depreciation & Amortization $9.000M $7.700M
YoY Change 16.88% 24.19%
% of Gross Profit 8.63% 8.56%
Operating Expenses $35.48M $30.05M
YoY Change 18.08% 62.72%
Operating Profit $68.75M $59.88M
YoY Change 14.82% 6.08%
Interest Expense $0.00 -$35.00K
YoY Change -100.0% -105.69%
% of Operating Profit 0.0% -0.06%
Other Income/Expense, Net $239.0K -$274.0K
YoY Change -187.23% -152.39%
Pretax Income $68.99M $59.60M
YoY Change 15.75% 4.62%
Income Tax $20.71M $17.88M
% Of Pretax Income 30.01% 30.0%
Net Earnings $48.28M $41.72M
YoY Change 15.73% 10.54%
Net Earnings / Revenue 25.12% 24.81%
Basic Earnings Per Share $0.93 $0.81
Diluted Earnings Per Share $0.92 $0.80
COMMON SHARES
Basic Shares Outstanding 52.07M shares 51.46M shares
Diluted Shares Outstanding 52.77M shares 52.39M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $483.4M $369.5M
YoY Change 30.83% 4.0%
Cash & Equivalents $483.4M $369.5M
Short-Term Investments
Other Short-Term Assets $67.60M $53.50M
YoY Change 26.36% 35.44%
Inventory $178.9M $154.1M
Prepaid Expenses
Receivables $124.1M $114.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $854.1M $691.6M
YoY Change 23.5% 14.69%
LONG-TERM ASSETS
Property, Plant & Equipment $268.1M $225.2M
YoY Change 19.06% 26.94%
Goodwill $455.0K $455.0K
YoY Change 0.0%
Intangibles $8.472M $10.96M
YoY Change -22.67%
Long-Term Investments
YoY Change
Other Assets $19.11M $7.662M
YoY Change 149.36% -39.67%
Total Long-Term Assets $304.3M $247.7M
YoY Change 22.86% 27.01%
TOTAL ASSETS
Total Short-Term Assets $854.1M $691.6M
Total Long-Term Assets $304.3M $247.7M
Total Assets $1.158B $939.3M
YoY Change 23.33% 17.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.06M $18.53M
YoY Change -18.71% 40.34%
Accrued Expenses $63.38M $53.45M
YoY Change 18.58% 93.66%
Deferred Revenue
YoY Change
Short-Term Debt $2.700M $1.800M
YoY Change 50.0% -55.0%
Long-Term Debt Due $12.00M $1.333M
YoY Change 800.23% -16.69%
Total Short-Term Liabilities $113.2M $95.20M
YoY Change 18.88% -8.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $12.00M
YoY Change -100.0% -18.37%
Other Long-Term Liabilities $21.35M $16.09M
YoY Change 32.75%
Total Long-Term Liabilities $21.35M $28.09M
YoY Change -23.97% 91.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $113.2M $95.20M
Total Long-Term Liabilities $21.35M $28.09M
Total Liabilities $134.5M $123.3M
YoY Change 9.12% -3.91%
SHAREHOLDERS EQUITY
Retained Earnings $479.6M $311.8M
YoY Change 53.8%
Common Stock $551.9M $521.0M
YoY Change 5.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.024B $816.0M
YoY Change
Total Liabilities & Shareholders Equity $1.158B $939.3M
YoY Change 23.33% 17.7%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $48.28M $41.72M
YoY Change 15.73% 10.54%
Depreciation, Depletion And Amortization $9.000M $7.700M
YoY Change 16.88% 24.19%
Cash From Operating Activities $33.50M $35.60M
YoY Change -5.9% -30.87%
INVESTING ACTIVITIES
Capital Expenditures -$34.30M -$16.60M
YoY Change 106.63% -25.23%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% -98.81%
Cash From Investing Activities -$34.20M -$16.40M
YoY Change 108.54% 19.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.700M -6.300M
YoY Change -158.73% -89.62%
NET CHANGE
Cash From Operating Activities 33.50M 35.60M
Cash From Investing Activities -34.20M -16.40M
Cash From Financing Activities 3.700M -6.300M
Net Change In Cash 3.000M 12.90M
YoY Change -76.74% -156.33%
FREE CASH FLOW
Cash From Operating Activities $33.50M $35.60M
Capital Expenditures -$34.30M -$16.60M
Free Cash Flow $67.80M $52.20M
YoY Change 29.89% -29.17%

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 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, 2013</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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us-gaap Product Warranty Accrual Warranties Issued
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5936000 USD
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us-gaap Profit Loss
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88814000 USD
us-gaap Profit Loss
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us-gaap Repayments Of Lines Of Credit
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12591000 USD
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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63000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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0 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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313000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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8047000 USD
us-gaap Selling And Marketing Expense
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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701000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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52769000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
0.93
CY2013Q2 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
0.81
ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
1.49
ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
1.71
ipgp Demonstration Units Transferred From Inventory To Other Assets
DemonstrationUnitsTransferredFromInventoryToOtherAssets
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ipgp Demonstration Units Transferred From Inventory To Other Assets
DemonstrationUnitsTransferredFromInventoryToOtherAssets
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CY2014Q2 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
0.92
ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
1.47
ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
1.68
CY2013Q2 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
0.80
ipgp Inventory Transferredto Property Plantand Equipment
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1030000 USD
ipgp Inventory Transferredto Property Plantand Equipment
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0 USD
ipgp Provisions For Inventory Product Warranty And Bad Debt
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ipgp Provisions For Inventory Product Warranty And Bad Debt
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dei Amendment Flag
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dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001111928
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
52124557 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
IPG PHOTONICS CORP

Files In Submission

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0001111928-14-000096.txt Edgar Link pending
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