2014 Q2 Form 10-Q Financial Statement

#000110465914026699 Filed on April 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $179.1M $151.7M $133.7M
YoY Change 23.96% 13.52% 28.37%
Cost Of Revenue $132.7M $107.9M $99.46M
YoY Change 25.19% 8.49% 33.44%
Gross Profit $46.39M $39.30M $34.21M
YoY Change 20.36% 14.89% 15.62%
Gross Profit Margin 25.9% 25.9% 25.59%
Selling, General & Admin $33.30M $31.79M $27.21M
YoY Change 20.09% 16.85% 30.77%
% of Gross Profit 71.78% 80.9% 79.54%
Research & Development $800.0K $757.0K $754.0K
YoY Change 33.33% 0.4% 30.45%
% of Gross Profit 1.72% 1.93% 2.2%
Depreciation & Amortization $7.580M $7.300M $7.192M
YoY Change 8.91% 1.5% 24.75%
% of Gross Profit 16.34% 18.58% 21.03%
Operating Expenses $37.10M $32.55M $27.96M
YoY Change 33.79% 16.41% 30.77%
Operating Profit $10.47M $3.000M $4.982M
YoY Change -1288.2% -39.78% -8.12%
Interest Expense -$900.0K -$800.0K -$900.0K
YoY Change 12.5% -11.11% 28.57%
% of Operating Profit -8.6% -26.67% -18.07%
Other Income/Expense, Net
YoY Change
Pretax Income $9.600M $2.208M $4.100M
YoY Change -664.71% -46.15% -11.24%
Income Tax $3.200M $984.0K $1.349M
% Of Pretax Income 33.33% 44.57% 32.9%
Net Earnings $6.419M $1.201M $2.751M
YoY Change -241.11% -56.34% -9.42%
Net Earnings / Revenue 3.58% 0.79% 2.06%
Basic Earnings Per Share
Diluted Earnings Per Share $216.9K $40.82K $96.22K
COMMON SHARES
Basic Shares Outstanding 28.44M shares 28.40M shares 28.18M shares
Diluted Shares Outstanding 29.37M shares 29.10M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $10.00M $8.900M
YoY Change 28.21% 12.36% 12.66%
Cash & Equivalents $10.02M $9.950M $8.903M
Short-Term Investments
Other Short-Term Assets $15.90M $17.60M $14.70M
YoY Change 38.26% 19.73% 37.38%
Inventory $11.38M $12.50M $12.13M
Prepaid Expenses
Receivables $137.8M $126.3M $108.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $175.1M $166.4M $144.4M
YoY Change 24.82% 15.29% 13.68%
LONG-TERM ASSETS
Property, Plant & Equipment $77.81M $74.40M $69.85M
YoY Change 13.73% 6.52% 19.19%
Goodwill $130.5M $132.3M $125.5M
YoY Change 13.23% 5.41%
Intangibles $57.88M $52.18M $56.43M
YoY Change 10.39% -7.53%
Long-Term Investments
YoY Change
Other Assets $1.297M $1.352M $739.0K
YoY Change 43.16% 82.95% -50.73%
Total Long-Term Assets $268.8M $260.3M $252.5M
YoY Change 13.11% 3.06% 45.36%
TOTAL ASSETS
Total Short-Term Assets $175.1M $166.4M $144.4M
Total Long-Term Assets $268.8M $260.3M $252.5M
Total Assets $444.0M $426.7M $396.9M
YoY Change 17.45% 7.51% 31.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.98M $11.08M $8.298M
YoY Change 76.42% 33.5% 16.87%
Accrued Expenses $47.20M $42.10M $35.30M
YoY Change 17.71% 19.26% -0.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.058M $7.542M $7.730M
YoY Change 8.63% -2.43% -38.65%
Total Short-Term Liabilities $86.79M $75.46M $68.15M
YoY Change 20.18% 10.73% 12.64%
LONG-TERM LIABILITIES
Long-Term Debt $68.59M $73.88M $65.21M
YoY Change 29.78% 13.3% 37.28%
Other Long-Term Liabilities $17.01M $19.15M $21.45M
YoY Change -9.39% -10.7% 312.44%
Total Long-Term Liabilities $85.60M $93.04M $86.66M
YoY Change 19.51% 7.36% 64.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.79M $75.46M $68.15M
Total Long-Term Liabilities $85.60M $93.04M $86.66M
Total Liabilities $201.6M $195.4M $181.2M
YoY Change 20.19% 7.81% 56.71%
SHAREHOLDERS EQUITY
Retained Earnings $41.50M $35.08M $23.53M
YoY Change 118.63% 49.08%
Common Stock $284.0K $284.0K $282.0K
YoY Change 0.71% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $242.1M $231.0M $215.4M
YoY Change
Total Liabilities & Shareholders Equity $444.0M $426.7M $396.9M
YoY Change 17.45% 7.51% 32.0%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $6.419M $1.201M $2.751M
YoY Change -241.11% -56.34% -9.42%
Depreciation, Depletion And Amortization $7.580M $7.300M $7.192M
YoY Change 8.91% 1.5% 24.75%
Cash From Operating Activities $14.28M $6.960M $150.0K
YoY Change -10.47% 4540.0% -99.27%
INVESTING ACTIVITIES
Capital Expenditures -$5.450M -$3.670M -$4.100M
YoY Change 46.9% -10.49% 50.18%
Acquisitions
YoY Change
Other Investing Activities -$2.290M -$6.370M -$5.970M
YoY Change -475.41% 6.7% -49.75%
Cash From Investing Activities -$7.750M -$10.02M -$10.09M
YoY Change 150.81% -0.69% -30.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.990M -1.880M 10.43M
YoY Change -42.64% -118.02% -465.96%
NET CHANGE
Cash From Operating Activities 14.28M 6.960M 150.0K
Cash From Investing Activities -7.750M -10.02M -10.09M
Cash From Financing Activities -7.990M -1.880M 10.43M
Net Change In Cash -1.460M -4.940M 490.0K
YoY Change 36.45% -1108.16% -84.09%
FREE CASH FLOW
Cash From Operating Activities $14.28M $6.960M $150.0K
Capital Expenditures -$5.450M -$3.670M -$4.100M
Free Cash Flow $19.73M $10.63M $4.250M
YoY Change 0.36% 150.12% -81.74%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Basis of Presentation</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal years ending May&#160;31, 2014 and 2013. Reference to a fiscal year means the fiscal year ended May&#160;31. Certain items included in these statements are based on management&#8217;s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company&#8217;s Annual Report on Form&#160;10-K (&#8220;Annual Report&#8221;) for fiscal 2013, as filed with the Securities and Exchange Commission on August&#160;14, 2013.</font></p> </div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Reclassification</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company&#8217;s financial condition or results of operations as previously reported.</font></p> </div>
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