2017 Q2 Form 10-Q Financial Statement

#000093042017000179 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $340.3M $335.0M
YoY Change 1.57% -0.68%
Cost Of Revenue $236.4M $228.8M
YoY Change 3.33% -1.1%
Gross Profit $103.9M $106.3M
YoY Change -2.22% 0.23%
Gross Profit Margin 30.54% 31.72%
Selling, General & Admin $82.51M $85.47M
YoY Change -3.47% 2.74%
% of Gross Profit 79.39% 80.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.100M $2.300M
YoY Change -8.7% -4.17%
% of Gross Profit 2.02% 2.16%
Operating Expenses $85.92M $88.56M
YoY Change -2.98% 2.25%
Operating Profit $19.36M $18.56M
YoY Change 4.33% -9.11%
Interest Expense -$1.300M -$800.0K
YoY Change 62.5% 60.0%
% of Operating Profit -6.71% -4.31%
Other Income/Expense, Net -$1.357M -$831.0K
YoY Change 63.3% -16.15%
Pretax Income $18.00M $17.73M
YoY Change 1.57% -8.76%
Income Tax $6.859M $6.861M
% Of Pretax Income 38.1% 38.71%
Net Earnings $11.14M $10.86M
YoY Change 2.58% -6.29%
Net Earnings / Revenue 3.27% 3.24%
Basic Earnings Per Share $0.44 $0.41
Diluted Earnings Per Share $0.44 $0.41
COMMON SHARES
Basic Shares Outstanding 25.27M shares 26.18M shares
Diluted Shares Outstanding 25.48M shares 26.34M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.500M $1.000M
YoY Change 250.0% -41.18%
Cash & Equivalents $3.532M $1.043M
Short-Term Investments
Other Short-Term Assets $10.90M $16.80M
YoY Change -35.12% 13.51%
Inventory
Prepaid Expenses
Receivables $225.4M $215.7M
Other Receivables $1.700M $900.0K
Total Short-Term Assets $241.6M $234.4M
YoY Change 3.06% 0.32%
LONG-TERM ASSETS
Property, Plant & Equipment $41.89M $37.73M
YoY Change 11.04% 5.87%
Goodwill $45.97M $45.97M
YoY Change 0.0% 0.0%
Intangibles $3.470M $3.850M
YoY Change -9.87% -16.81%
Long-Term Investments
YoY Change
Other Assets $35.87M $28.63M
YoY Change 25.3% -5.56%
Total Long-Term Assets $148.3M $135.4M
YoY Change 9.48% -2.38%
TOTAL ASSETS
Total Short-Term Assets $241.6M $234.4M
Total Long-Term Assets $148.3M $135.4M
Total Assets $389.9M $369.8M
YoY Change 5.41% -0.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.63M $39.30M
YoY Change -52.6% -3.2%
Accrued Expenses $13.60M $54.40M
YoY Change -75.0% -2.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.03M $97.18M
YoY Change -16.62% -3.59%
LONG-TERM LIABILITIES
Long-Term Debt $127.4M $99.70M
YoY Change 27.78% 5.95%
Other Long-Term Liabilities $46.36M $41.83M
YoY Change 10.84% 6.61%
Total Long-Term Liabilities $46.36M $41.83M
YoY Change 10.84% 6.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.03M $97.18M
Total Long-Term Liabilities $46.36M $41.83M
Total Liabilities $254.8M $238.7M
YoY Change 6.74% 1.92%
SHAREHOLDERS EQUITY
Retained Earnings $185.2M $163.0M
YoY Change 13.63% 19.61%
Common Stock $713.0K $710.0K
YoY Change 0.42% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $484.2M $457.7M
YoY Change 5.78% 10.28%
Treasury Stock Shares 44.54M shares 43.29M shares
Shareholders Equity $135.1M $131.2M
YoY Change
Total Liabilities & Shareholders Equity $389.9M $369.8M
YoY Change 5.41% -0.69%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $11.14M $10.86M
YoY Change 2.58% -6.29%
Depreciation, Depletion And Amortization $2.100M $2.300M
YoY Change -8.7% -4.17%
Cash From Operating Activities $16.00M $12.70M
YoY Change 25.98% -13.01%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$1.900M
YoY Change 5.26% -29.63%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.000M -$1.900M
YoY Change 5.26% -13.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.10M -10.60M
YoY Change 23.58% -16.54%
NET CHANGE
Cash From Operating Activities 16.00M 12.70M
Cash From Investing Activities -2.000M -1.900M
Cash From Financing Activities -13.10M -10.60M
Net Change In Cash 900.0K 200.0K
YoY Change 350.0% -166.67%
FREE CASH FLOW
Cash From Operating Activities $16.00M $12.70M
Capital Expenditures -$2.000M -$1.900M
Free Cash Flow $18.00M $14.60M
YoY Change 23.29% -15.61%

Facts In Submission

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-112000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
70000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1765000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1888000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
44801000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
46359000 USD
CY2016Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3984000 USD
CY2017Q2 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3256000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-124000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-595000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-831000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1499000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1357000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2542000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22185000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2952000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
144000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1688000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6298000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6080000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3182000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4344000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
954000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
479000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10691000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
172000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
72000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10920000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
455028000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
611193000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
856000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43145000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41892000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
774000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
356000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
937000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1079000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
439715000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
598611000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
174967000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
185221000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
335047000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
657248000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
340309000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
674301000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85474000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
170929000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
82506000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
167184000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3706000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3869000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
384000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
281000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
121736000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
135087000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
44469000 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
44542000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
482340000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
484220000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26335000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26587000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25482000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25542000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26180000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26436000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25273000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25248000 shares
CY2016Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1298000 USD
CY2017Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1232000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most important of these estimates and assumptions relate to the following: allowance for doubtful accounts, fallouts and other accounts receivable reserves; accounting for goodwill and identifiable intangible assets; self-insured liabilities for workers&#8217; compensation and health insurance; obligations for pension plans and accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</font></div></div>

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