2019 Q2 Form 10-Q Financial Statement

#000148243019000019 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $114.5M $111.4M $104.2M
YoY Change 6.44% 6.91% -1.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.63M $41.41M $38.98M
YoY Change 6.68% 6.22% -6.51%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $47.40M $37.90M $810.0K
YoY Change 278.68% 4579.01% -93.72%
% of Operating Profit
Other Income/Expense, Net $5.000K $85.00K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$28.12M -$26.68M $16.63M
YoY Change -258.4% -260.42% 233.53%
Net Earnings / Revenue -24.55% -23.95% 15.96%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 174.8M shares 174.2M shares 178.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $66.08M $76.55M $59.07M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $34.40M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.276B $3.295B $3.241B
YoY Change 2.03% 1.67% 0.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $2.446B $2.405B $2.168B
YoY Change 12.95% 10.94% 9.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.750M $1.741M $1.770M
YoY Change -0.17% -1.64% -2.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $813.8M $870.4M $1.067B
YoY Change
Total Liabilities & Shareholders Equity $3.276B $3.295B $3.241B
YoY Change 2.03% 1.67% 0.82%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$28.12M -$26.68M $16.63M
YoY Change -258.4% -260.42% 233.53%
Depreciation, Depletion And Amortization $41.63M $41.41M $38.98M
YoY Change 6.68% 6.22% -6.51%
Cash From Operating Activities $15.01M $11.11M
YoY Change 35.11% -41.83%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$18.57M -$26.20M
YoY Change -29.11% -60.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $52.58M $59.78M
YoY Change -12.05% 378.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.056M $8.672M
YoY Change -18.63% -72.41%
NET CHANGE
Cash From Operating Activities $15.01M $11.11M
Cash From Investing Activities -$18.57M -$26.20M
Cash From Financing Activities $7.056M $8.672M
Net Change In Cash $3.491M -$6.421M
YoY Change -154.37% -60.9%
FREE CASH FLOW
Cash From Operating Activities $15.01M $11.11M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
285573000 USD
CY2018Q4 us-gaap Minority Interest
MinorityInterest
283000 USD
CY2019Q1 us-gaap Minority Interest
MinorityInterest
275000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8672000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7056000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26201000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18573000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11108000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15008000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
16630000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-26678000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-8000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
2184538000 USD
CY2019Q1 us-gaap Notes Payable
NotesPayable
2263500000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
17553000 USD
CY2019Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
16228000 USD
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
96881000 USD
CY2019Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
103007000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
72000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
12000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
84000 USD
CY2018Q1 us-gaap Other Income
OtherIncome
313000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2019Q1 us-gaap Other Income
OtherIncome
85000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
30396000 USD
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
33651000 USD
CY2018Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
7298000 USD
CY2019Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
8371000 USD
CY2018Q1 us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
89000 USD
CY2019Q1 us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
70000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
21155000 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
13713000 USD
CY2018Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
7279000 USD
CY2019Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
5041000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
59784000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
52578000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
14646000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15390000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
26000 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2401000 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2000 USD
CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
311000 USD
CY2019Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2018Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0 USD
CY2019Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
338000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
85645000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
93691000 USD
CY2018Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2544000 USD
CY2019Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
519000 USD
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
83875000 USD
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
111398000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
16630000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-26686000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-232000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
536990000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
549720000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3573511000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3564054000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3036521000 USD
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3014334000 USD
CY2018Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
16774000 USD
CY2019Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
17446000 USD
CY2018Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
3624000 USD
CY2018Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
3600000 USD
CY2019Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1900000 USD
CY2019Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1874000 USD
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
747000 USD
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
33971000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
1015000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
2977000 USD
CY2018Q1 us-gaap Revenues
Revenues
104179000 USD
CY2019Q1 us-gaap Revenues
Revenues
111378000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14273000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13497000 USD
CY2018Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
59784000 USD
CY2019Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
52606000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
930612000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
870408000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1079408000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1067337000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
930895000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
870683000 USD
CY2018Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
24487000 USD
CY2019Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
18525000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
18037000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-14619000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
179537623 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
175529147 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Company&#8217;s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Upon adoption of the lease accounting standards of Topic 842 on January 1, 2019 (described below), the Company accounted for tenant reimbursements for property taxes, insurance and common area maintenance as variable lease payments and recorded these amounts as rental income on the statement of operations. For the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </font><font style="font-family:inherit;font-size:10pt;">$17.9 million</font><font style="font-family:inherit;font-size:10pt;"> of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to rental income for comparability purposes.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and condensed notes. Actual results could materially differ from those estimates. </font></div></div>

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