2016 Q1 Form 10-K Financial Statement

#000143774917010820 Filed on June 07, 2017

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2015
Revenue $24.81M $18.56M $71.33M
YoY Change 33.69% 18.11% 35.29%
Cost Of Revenue $9.820M $7.050M $27.94M
YoY Change 39.29% 15.01% 32.81%
Gross Profit $15.00M $11.51M $43.39M
YoY Change 30.26% 20.1% 36.94%
Gross Profit Margin 60.44% 62.03% 60.83%
Selling, General & Admin $8.110M $6.480M $24.23M
YoY Change 25.15% 18.25% 37.83%
% of Gross Profit 54.08% 56.29% 55.85%
Research & Development $1.040M $840.0K $3.294M
YoY Change 23.81% 23.53% 41.98%
% of Gross Profit 6.94% 7.3% 7.59%
Depreciation & Amortization $1.960M $1.500M $5.656M
YoY Change 30.67% 29.31% 47.14%
% of Gross Profit 13.07% 13.03% 13.03%
Operating Expenses $9.150M $7.310M $27.53M
YoY Change 25.17% 18.67% 38.31%
Operating Profit $5.846M $4.202M $15.86M
YoY Change 39.12% 22.69% 34.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$60.00K -$200.0K -$517.0K
YoY Change -70.0% -120.0% -139.23%
Pretax Income $5.790M $4.000M $14.90M
YoY Change 44.75% -9.5% 13.68%
Income Tax $1.040M $1.760M $5.764M
% Of Pretax Income 17.96% 44.0% 38.69%
Net Earnings $4.750M $2.240M $9.600M
YoY Change 112.05% -35.26% 6.67%
Net Earnings / Revenue 19.14% 12.07% 13.46%
Basic Earnings Per Share $1.10 $0.63 $2.72
Diluted Earnings Per Share $1.237M $613.7K $2.63
COMMON SHARES
Basic Shares Outstanding 3.521M
Diluted Shares Outstanding 3.650M

Balance Sheet

Concept 2016 Q1 2015 Q1 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.700M $2.000M $2.000M
YoY Change 185.0% -64.29% -64.29%
Cash & Equivalents $5.695M $2.034M $2.000M
Short-Term Investments
Other Short-Term Assets $2.100M $3.000M $3.000M
YoY Change -30.0% -25.0% -25.0%
Inventory $14.02M $12.42M $12.40M
Prepaid Expenses
Receivables $15.31M $12.15M $12.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $37.19M $29.62M $29.60M
YoY Change 25.54% 11.36% 11.28%
LONG-TERM ASSETS
Property, Plant & Equipment $16.63M $9.598M $9.600M
YoY Change 73.24% 24.65% 24.68%
Goodwill $66.14M $44.87M
YoY Change 47.4% 18.49%
Intangibles $40.80M $33.23M
YoY Change 22.77%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $123.6M $87.70M $87.70M
YoY Change 40.89% 23.69% 23.7%
TOTAL ASSETS
Total Short-Term Assets $37.19M $29.62M $29.60M
Total Long-Term Assets $123.6M $87.70M $87.70M
Total Assets $160.7M $117.3M $117.3M
YoY Change 37.02% 20.33% 20.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.823M $2.503M $2.500M
YoY Change 12.78% 25.15% 25.0%
Accrued Expenses $3.085M $1.307M $5.400M
YoY Change 136.04% -79.25% -14.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $3.000M $3.000M
YoY Change 0.0%
Total Short-Term Liabilities $23.97M $14.66M $14.70M
YoY Change 63.55% 43.7% 44.12%
LONG-TERM LIABILITIES
Long-Term Debt $42.25M $23.25M $23.30M
YoY Change 81.72% 40.91% 41.21%
Other Long-Term Liabilities $4.400M $800.0K $800.0K
YoY Change 450.0% -50.0% -50.0%
Total Long-Term Liabilities $42.25M $23.25M $24.10M
YoY Change 81.72% 28.45% 33.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.97M $14.66M $14.70M
Total Long-Term Liabilities $42.25M $23.25M $24.10M
Total Liabilities $76.07M $43.84M $43.80M
YoY Change 73.51% 32.05% 31.93%
SHAREHOLDERS EQUITY
Retained Earnings $64.83M $55.96M
YoY Change 15.84%
Common Stock $21.00M $17.75M
YoY Change 18.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.68M $73.48M $73.50M
YoY Change
Total Liabilities & Shareholders Equity $160.7M $117.3M $117.3M
YoY Change 37.02% 20.33% 20.31%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2015
OPERATING ACTIVITIES
Net Income $4.750M $2.240M $9.600M
YoY Change 112.05% -35.26% 6.67%
Depreciation, Depletion And Amortization $1.960M $1.500M $5.656M
YoY Change 30.67% 29.31% 47.14%
Cash From Operating Activities $6.950M $4.640M $10.82M
YoY Change 49.78% 60.0% -12.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.440M -$620.0K -$2.830M
YoY Change 132.26% 169.57% 172.12%
Acquisitions $20.96M
YoY Change -9.9%
Other Investing Activities -$910.0K -$1.490M -$20.54M
YoY Change -38.93% -7.06%
Cash From Investing Activities -$2.350M -$2.110M -$23.37M
YoY Change 11.37% 817.39% 0.99%
FINANCING ACTIVITIES
Cash Dividend Paid $2.182M
YoY Change 9.7%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.210M -1.950M 9.070M
YoY Change 13.33% -363.51% -26.44%
NET CHANGE
Cash From Operating Activities 6.950M 4.640M 10.82M
Cash From Investing Activities -2.350M -2.110M -23.37M
Cash From Financing Activities -2.210M -1.950M 9.070M
Net Change In Cash 2.390M 580.0K -3.480M
YoY Change 312.07% -82.99% -323.08%
FREE CASH FLOW
Cash From Operating Activities $6.950M $4.640M $10.82M
Capital Expenditures -$1.440M -$620.0K -$2.830M
Free Cash Flow $8.390M $5.260M $13.65M
YoY Change 59.51% 68.05% 1.79%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Concentration of Credit Risk</div></div>&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable. For the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> individual customer represented more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> percent of our revenues or more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> percent of our accounts receivable balance. Approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57</div> percent and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43</div> percent of our sales for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017 </div>were to customers located in the United States and foreign countries, respectively.</div></div></div></div>
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217000
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12000
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3554000
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4201000
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3807000
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4335000
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3554000
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81000
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501000
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387000
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330000
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1
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3000
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2287000
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1387000
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981000
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8737000
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7174000
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5656000
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2182000
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2303000
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2355000
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3.04
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0.53
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0.98
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0.77
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0.63
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0.51
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0.62
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0.94
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1.06
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0.51
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0.84
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0.66
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0.61
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2.91
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22368000
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6490000
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72000
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-22000
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-58000
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4350000
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72156000
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2.97
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2.63
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5040000
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5906075
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307000
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374000
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373000
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-319000
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-9152000
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
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-27062000
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-20669000
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6349000
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4278000
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4644000
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5689000
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6021000
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64852000
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61466000
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37790000
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40797000
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-93000
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176000
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CY2016 us-gaap Gain Loss On Sale Of Business
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22814000
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23618000
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17058000
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2239000
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1100000
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471000
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53239000
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51413000
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12913000
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14427000
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14896000
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1383000
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1128000
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451000
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14296000
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15555000
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15347000
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0
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3113000
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4386000
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IncomeTaxExpenseBenefit
5764000
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304000
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440000
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317000
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4861000
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5445000
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5374000
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-751000
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209000
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215000
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184000
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302000
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293000
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860000
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385000
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345000
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248000
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5605000
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3951000
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3345000
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410000
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1958000
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2291000
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2865000
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630000
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807000
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830000
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165000
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152000
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129000
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499000
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3604000
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4941000
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888000
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694000
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342000
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337000
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1625000
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53675000
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42250000
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18620000
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9072000
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7750000
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16903000
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10816000
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11183000
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9583000
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1930000
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2358000
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3252000
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3643000
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2755000
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1826000
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2597000
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3991000
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1881000
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3060000
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2403000
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24000
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PaymentsOfDividends
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6800000
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PaymentsToAcquireBusinessesGross
24111000
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PaymentsToAcquireBusinessesGross
20543000
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8622000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Unearned Revenues</div></div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain of our products have associated annual service contracts whereby we provide repair, technical support and various other analytical or maintenance services. In the event that these contracts are paid up front by the customer, the associated amounts are deferred and recognized ratably over the term of the service period, generally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year.</div></div></div></div>
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7500000
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ShareBasedCompensation
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72.89
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102.52
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P5Y
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9847000
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8481000
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6341000
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P3Y328D
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P3Y219D
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257347
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
274038
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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358263
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373766
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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35015
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17.29
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22.64
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11.86
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18.42
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19.46
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22.49
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P5Y
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104563
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83471
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84437
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10.36
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14.65
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16.96
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4000
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3000
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3605000
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3521000

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