2012 Q2 Form 10-Q Financial Statement

#000104746912007728 Filed on August 03, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $185.1M $181.3M
YoY Change 2.07% 0.05%
Cost Of Revenue $83.30M $80.00M
YoY Change 4.13% -0.99%
Gross Profit $107.2M $101.3M
YoY Change 5.82% 0.8%
Gross Profit Margin 57.93% 55.87%
Selling, General & Admin $5.700M $3.700M
YoY Change 54.05% 2.78%
% of Gross Profit 5.32% 3.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.80M $69.40M
YoY Change 9.22% 9.46%
% of Gross Profit 70.71% 68.51%
Operating Expenses $72.50M $64.70M
YoY Change 12.06% 2.7%
Operating Profit $34.70M $36.60M
YoY Change -5.19% -2.4%
Interest Expense $43.30M $44.07M
YoY Change -1.75% -221.06%
% of Operating Profit 124.78% 120.4%
Other Income/Expense, Net -$1.300M -$1.200M
YoY Change 8.33% -40.0%
Pretax Income $9.300M $17.80M
YoY Change -47.75% -2077.78%
Income Tax -$3.075M -$1.768M
% Of Pretax Income -33.06% -9.93%
Net Earnings $144.5M -$20.91M
YoY Change -791.23% 5127.75%
Net Earnings / Revenue 78.11% -11.53%
Basic Earnings Per Share $1.00 -$0.15
Diluted Earnings Per Share $1.00 -$0.15
COMMON SHARES
Basic Shares Outstanding 131.7M shares
Diluted Shares Outstanding 131.7M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.00M $73.00M
YoY Change 23.29% -87.77%
Cash & Equivalents $89.80M $73.23M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $102.0M $92.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $192.0M $165.0M
YoY Change 16.36% -75.98%
LONG-TERM ASSETS
Property, Plant & Equipment $5.945B $5.620B
YoY Change 5.78% -0.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.121B $1.231B
YoY Change -8.95% 17.13%
Other Assets $93.00M $133.0M
YoY Change -30.08% 37.11%
Total Long-Term Assets $7.539B $7.285B
YoY Change 3.49% 3.32%
TOTAL ASSETS
Total Short-Term Assets $192.0M $165.0M
Total Long-Term Assets $7.539B $7.285B
Total Assets $7.731B $7.450B
YoY Change 3.77% -3.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.00M $70.00M
YoY Change -17.14% 18.64%
Accrued Expenses $270.0M $247.0M
YoY Change 9.31% -2.76%
Deferred Revenue
YoY Change
Short-Term Debt $764.0M $782.0M
YoY Change -2.3% 24.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.092B $1.099B
YoY Change -0.64% 16.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.302B $3.097B
YoY Change 6.62% -5.32%
Other Long-Term Liabilities $199.0M $201.0M
YoY Change -1.0% -14.1%
Total Long-Term Liabilities $3.501B $3.298B
YoY Change 6.16% -5.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.092B $1.099B
Total Long-Term Liabilities $3.501B $3.298B
Total Liabilities $4.593B $4.681B
YoY Change -1.87% -1.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.796B $2.769B
YoY Change
Total Liabilities & Shareholders Equity $7.731B $7.450B
YoY Change 3.77% -3.72%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $144.5M -$20.91M
YoY Change -791.23% 5127.75%
Depreciation, Depletion And Amortization $75.80M $69.40M
YoY Change 9.22% 9.46%
Cash From Operating Activities $58.40M $48.40M
YoY Change 20.66% 512.66%
INVESTING ACTIVITIES
Capital Expenditures -$61.70M -$55.30M
YoY Change 11.57% -7012.5%
Acquisitions
YoY Change
Other Investing Activities $140.9M -$68.70M
YoY Change -305.09% -354.44%
Cash From Investing Activities $79.20M -$124.0M
YoY Change -163.87% -546.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -277.1M -39.20M
YoY Change 606.89% -108.44%
NET CHANGE
Cash From Operating Activities 58.40M 48.40M
Cash From Investing Activities 79.20M -124.0M
Cash From Financing Activities -277.1M -39.20M
Net Change In Cash -139.5M -114.8M
YoY Change 21.52% -122.94%
FREE CASH FLOW
Cash From Operating Activities $58.40M $48.40M
Capital Expenditures -$61.70M -$55.30M
Free Cash Flow $120.1M $103.7M
YoY Change 15.81% 1360.56%

Facts In Submission

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Organization: </b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers (the "Centers") located throughout the United States. </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company commenced operations effective with the completion of its initial public offering on March&#160;16, 1994. As of June&#160;30, 2012, the Company was the sole general partner of, and held a 93% ownership interest, in The Macerich Partnership,&#160;L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company,&#160;LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners&#160;LLC, a single member Arizona limited liability company, Macerich Arizona Management&#160;LLC, a single member Delaware limited liability company, Macerich Partners of Colorado&#160;LLC, a Colorado limited liability company, MACW Mall Management,&#160;Inc., a New York corporation, and MACW Property Management,&#160;LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." </font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All references to the Company in this Quarterly Report on Form&#160;10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. </font></p></td></tr></table>
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mac Write Off Of Development Cost
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