2014 Q3 Form 10-Q Financial Statement

#000110465715000120 Filed on November 02, 2015

View on sec.gov

Income Statement

Concept 2014 Q3
Revenue $15.63M
YoY Change 1214.38%
Cost Of Revenue $236.7M
YoY Change 2.5%
Gross Profit $54.84M
YoY Change 23.29%
Gross Profit Margin 350.93%
Selling, General & Admin $34.51M
YoY Change 8.51%
% of Gross Profit 62.93%
Research & Development $3.243M
YoY Change 1.66%
% of Gross Profit 5.91%
Depreciation & Amortization $4.700M
YoY Change -61.16%
% of Gross Profit 8.57%
Operating Expenses $37.75M
YoY Change 7.88%
Operating Profit $17.73M
YoY Change 232.85%
Interest Expense $764.0K
YoY Change 6.85%
% of Operating Profit 4.31%
Other Income/Expense, Net
YoY Change
Pretax Income $16.97M
YoY Change 267.87%
Income Tax $4.326M
% Of Pretax Income 25.49%
Net Earnings $12.64M
YoY Change 153.29%
Net Earnings / Revenue 80.91%
Basic Earnings Per Share $0.62
Diluted Earnings Per Share $0.61
COMMON SHARES
Basic Shares Outstanding 20.49M shares
Diluted Shares Outstanding 20.87M shares

Balance Sheet

Concept 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.60M
YoY Change -2.97%
Cash & Equivalents $19.61M
Short-Term Investments
Other Short-Term Assets $27.20M
YoY Change -44.26%
Inventory $227.3M
Prepaid Expenses
Receivables $127.0M
Other Receivables $0.00
Total Short-Term Assets $401.0M
YoY Change -0.11%
LONG-TERM ASSETS
Property, Plant & Equipment $248.8M
YoY Change -6.22%
Goodwill $86.73M
YoY Change -2.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.693M
YoY Change 24.58%
Total Long-Term Assets $365.8M
YoY Change -8.47%
TOTAL ASSETS
Total Short-Term Assets $401.0M
Total Long-Term Assets $365.8M
Total Assets $766.8M
YoY Change -4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.16M
YoY Change 3.83%
Accrued Expenses $59.56M
YoY Change 17.3%
Deferred Revenue
YoY Change
Short-Term Debt $6.613M
YoY Change -81.64%
Long-Term Debt Due $6.600M
YoY Change -81.67%
Total Short-Term Liabilities $107.5M
YoY Change -9.05%
LONG-TERM LIABILITIES
Long-Term Debt $43.78M
YoY Change -16.49%
Other Long-Term Liabilities $16.19M
YoY Change -1.99%
Total Long-Term Liabilities $59.97M
YoY Change -13.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.5M
Total Long-Term Liabilities $59.97M
Total Liabilities $167.5M
YoY Change -10.51%
SHAREHOLDERS EQUITY
Retained Earnings $466.0M
YoY Change
Common Stock $201.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $134.3M
YoY Change
Treasury Stock Shares
Shareholders Equity $486.4M
YoY Change
Total Liabilities & Shareholders Equity $766.8M
YoY Change -4.86%

Cashflow Statement

Concept 2014 Q3
OPERATING ACTIVITIES
Net Income $12.64M
YoY Change 153.29%
Depreciation, Depletion And Amortization $4.700M
YoY Change -61.16%
Cash From Operating Activities $22.50M
YoY Change 10.29%
INVESTING ACTIVITIES
Capital Expenditures -$6.900M
YoY Change 1.47%
Acquisitions
YoY Change
Other Investing Activities -$300.0K
YoY Change 200.0%
Cash From Investing Activities -$7.200M
YoY Change 4.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.50M
YoY Change 46.74%
NET CHANGE
Cash From Operating Activities 22.50M
Cash From Investing Activities -7.200M
Cash From Financing Activities -13.50M
Net Change In Cash 1.800M
YoY Change -58.14%
FREE CASH FLOW
Cash From Operating Activities $22.50M
Capital Expenditures -$6.900M
Free Cash Flow $29.40M
YoY Change 8.09%

Facts In Submission

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The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies.
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Materion Brush Inc., one of the Company's wholly owned subsidiaries, is a defendant from time to time in proceedings where the plaintiffs allege they have contracted chronic beryllium disease (CBD) or related ailments as a result of exposure to beryllium. The Company will record a reserve for CBD or other litigation when a loss from either settlement or verdict is probable and estimable. Claims filed by third-party plaintiffs may be covered by insurance subject to deductibles which vary based on when the exposure occurred. Reserves are recorded for asserted claims only and defense costs are expensed as incurred. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> CBD case remains outstanding as of the end of the third quarter of 2015, and the Company does not expect the resolution of this matter to have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. </font><font style="font-family:inherit;font-size:10pt;">The reserves are established based upon analyses conducted by the Company&#8217;s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies.</font><font style="font-family:inherit;font-size:10pt;"> The undiscounted reserve balance was </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> at October 2, 2015 and </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;"> at December 31, 2014. Environmental projects tend to be long term, and the final actual remediation costs may differ from the amounts currently recorded.</font></div></div>

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