2013 Q4 Form 10-K Financial Statement

#000119312513474384 Filed on December 16, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $410.8M $1.543B $438.7M
YoY Change -6.35% 9.46% 32.53%
Cost Of Revenue $183.9M $676.8M $197.6M
YoY Change -6.93% 15.43% 46.81%
Gross Profit $226.9M $866.1M $241.1M
YoY Change -5.88% 5.21% 22.68%
Gross Profit Margin 55.23% 56.14% 54.95%
Selling, General & Admin $139.9M $541.2M $137.6M
YoY Change 1.67% 10.94% 19.13%
% of Gross Profit 61.66% 62.48% 57.08%
Research & Development $47.97M
YoY Change 31.31%
% of Gross Profit 5.54%
Depreciation & Amortization $14.90M $31.77M $13.50M
YoY Change 10.37% 29.82% 68.75%
% of Gross Profit 6.57% 3.67% 5.6%
Operating Expenses $140.0M $589.1M $137.6M
YoY Change 1.74% 12.36% 19.13%
Operating Profit $86.89M $323.8M $103.5M
YoY Change -16.02% -3.47% 27.74%
Interest Expense -$3.700M $14.84M -$4.300M
YoY Change -13.95% 33.07% 290.91%
% of Operating Profit -4.26% 4.58% -4.16%
Other Income/Expense, Net $800.0K -$12.73M $1.200M
YoY Change -33.33% 37.92% 300.0%
Pretax Income $83.90M $311.1M $100.5M
YoY Change -16.52% 75.74% 28.52%
Income Tax $24.20M $89.31M $32.80M
% Of Pretax Income 28.84% 28.7% 32.64%
Net Earnings $59.78M $221.8M $67.69M
YoY Change -11.68% -1.34% 23.74%
Net Earnings / Revenue 14.55% 14.38% 15.43%
Basic Earnings Per Share $0.93 $3.45 $1.06
Diluted Earnings Per Share $0.92 $3.42 $1.04
COMMON SHARES
Basic Shares Outstanding 64.26M shares 64.21M
Diluted Shares Outstanding 64.91M

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.40M $42.40M $41.52M
YoY Change 2.12% 2.17% 11.01%
Cash & Equivalents $42.38M $42.40M $41.24M
Short-Term Investments $279.0K
Other Short-Term Assets $52.60M $52.60M $50.90M
YoY Change 3.34% 3.34% 17.55%
Inventory $198.4M $198.4M $169.6M
Prepaid Expenses $21.73M $21.03M
Receivables $308.7M $288.2M $324.6M
Other Receivables $0.00 $20.50M $0.00
Total Short-Term Assets $602.1M $602.1M $586.6M
YoY Change 2.63% 2.64% 22.98%
LONG-TERM ASSETS
Property, Plant & Equipment $201.0M $201.0M $174.9M
YoY Change 14.89% 14.92% 33.65%
Goodwill $939.2M $812.8M
YoY Change 15.55%
Intangibles $269.1M $227.9M
YoY Change 18.07%
Long-Term Investments
YoY Change
Other Assets $32.46M $41.90M $27.25M
YoY Change 19.09% 53.48% -3.01%
Total Long-Term Assets $1.451B $1.451B $1.243B
YoY Change 16.75% 16.75% 50.21%
TOTAL ASSETS
Total Short-Term Assets $602.1M $602.1M $586.6M
Total Long-Term Assets $1.451B $1.451B $1.243B
Total Assets $2.053B $2.053B $1.830B
YoY Change 12.23% 12.23% 40.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.12M $62.10M $67.44M
YoY Change -7.89% -1.27% 45.35%
Accrued Expenses $110.5M $110.5M $117.4M
YoY Change -5.83% -9.43% 15.87%
Deferred Revenue
YoY Change
Short-Term Debt $3.600M $3.600M $50.00M
YoY Change -92.8% -92.8%
Long-Term Debt Due $10.83M $16.40M $55.67M
YoY Change -80.54% -72.94% 468.04%
Total Short-Term Liabilities $236.8M $236.8M $343.7M
YoY Change -31.1% -31.1% 88.63%
LONG-TERM LIABILITIES
Long-Term Debt $638.2M $648.3M $528.0M
YoY Change 20.85% 20.28% 65.69%
Other Long-Term Liabilities $27.16M $190.7M $19.67M
YoY Change 38.11% -23.99% -90.85%
Total Long-Term Liabilities $665.3M $839.0M $547.7M
YoY Change 21.47% 6.22% 2.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $236.8M $236.8M $343.7M
Total Long-Term Liabilities $665.3M $839.0M $547.7M
Total Liabilities $902.1M $1.165B $891.4M
YoY Change 1.2% 0.48% 21.59%
SHAREHOLDERS EQUITY
Retained Earnings $1.363B $1.181B
YoY Change 15.35%
Common Stock $316.8M $299.8M
YoY Change 5.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $734.1M $707.1M
YoY Change 3.83%
Treasury Stock Shares
Shareholders Equity $887.9M $887.9M $669.8M
YoY Change
Total Liabilities & Shareholders Equity $2.053B $2.053B $1.830B
YoY Change 12.23% 12.23% 40.25%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $59.78M $221.8M $67.69M
YoY Change -11.68% -1.34% 23.74%
Depreciation, Depletion And Amortization $14.90M $31.77M $13.50M
YoY Change 10.37% 29.82% 68.75%
Cash From Operating Activities $73.80M $268.4M $96.80M
YoY Change -23.76% -2.19% 45.78%
INVESTING ACTIVITIES
Capital Expenditures -$12.60M $47.22M -$9.400M
YoY Change 34.04% 52.52% 59.32%
Acquisitions $176.3M
YoY Change -60.27%
Other Investing Activities -$175.0M -$173.3M -$34.00M
YoY Change 414.71% -60.23% -86.84%
Cash From Investing Activities -$187.6M -$220.5M -$43.50M
YoY Change 331.26% -52.75% -83.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.38M
YoY Change -67.21%
Debt Paid & Issued, Net $208.1M
YoY Change 52.33%
Cash From Financing Activities 75.80M -52.43M -67.30M
YoY Change -212.63% -126.64% -140.69%
NET CHANGE
Cash From Operating Activities 73.80M 268.4M 96.80M
Cash From Investing Activities -187.6M -220.5M -43.50M
Cash From Financing Activities 75.80M -52.43M -67.30M
Net Change In Cash -38.00M -4.595M -14.00M
YoY Change 171.43% -203.35% -56.79%
FREE CASH FLOW
Cash From Operating Activities $73.80M $268.4M $96.80M
Capital Expenditures -$12.60M $47.22M -$9.400M
Free Cash Flow $86.40M $221.2M $106.2M
YoY Change -18.64% -9.15% 46.89%

Facts In Submission

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CY2013 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Note 2 &#x2014; Recently issued accounting standards</b></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> In September 2011, the Financial Accounting Standards Board (FASB) issued guidance amending the way companies test for goodwill impairment. Companies will have the option to first assess qualitative factors to determine the existence of events or circumstances that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, companies determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is unnecessary. This guidance did not change our annual process for goodwill impairment testing or impact the financial statements.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> In February 2013, the FASB issued an Accounting Standards Update (ASU) requiring new disclosures for reclassifications from accumulated other comprehensive income to net income.&#xA0;Companies are required to present these disclosures either on the face of the statement where net income is presented or in the notes to the consolidated financial statements. This guidance is effective for us beginning in the first quarter of 2014.&#xA0;It will only be a change in disclosure, so we do not believe the adoption of this ASU will have a material effect on the consolidated financial statements.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> In July 2013, the FASB issued an ASU which requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry forwards that would be utilized, rather than only against carry forwards that are created by the unrecognized tax benefits. The new guidance is effective prospectively to all existing unrecognized tax benefits, but entities can choose to apply it retrospectively. The guidance will be effective for us in our first quarter of 2015, with early adoption permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements.</p> </div>
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CY2013 us-gaap Advertising Expense
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5731000
CY2013 ndsn Additional Tax Benefit Relating To Retroactive Reinstatement Of Research Credit
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CY2013 ndsn Defined Contribution Plan Vesting Period
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P3Y
CY2013 ndsn Major Customers Threshold Limit
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CY2013 ndsn Normal Retirement Age
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CY2013 ndsn Standard Product Warranty Period
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CY2013 ndsn Corporate Performance Measurement Period
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CY2013 ndsn Stock Repurchased During Period For Publically Announced Program
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CY2013 ndsn Foreign Currency Forward Contracts Maturity Period Maximum
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14521000
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710000
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265000
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3831000
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1378000
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13408000
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12923000
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18855000
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4882000
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7204000
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782000
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4792000
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0
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14521000
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91596000
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38760000
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24469000
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13822000
CY2012 us-gaap Other Noncash Expense
OtherNoncashExpense
-401000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
480000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
51458000
CY2012Q1 us-gaap Gross Profit
GrossProfit
169346000
CY2012Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
-682000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
101424000
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-615000
CY2012 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
2213000
CY2012 ndsn Cost Of Sales Restructuring
CostOfSalesRestructuring
2040000
CY2012 ndsn Major Customers Threshold Limit
MajorCustomersThresholdLimit
ten percent or more of sales
CY2012 ndsn Capital Lease Obligations Terminated
CapitalLeaseObligationsTerminated
894000
CY2012 ndsn Income Tax Expense Benefit Related To Utilization Of Loss Carryforwards
IncomeTaxExpenseBenefitRelatedToUtilizationOfLossCarryforwards
2717000
CY2012 ndsn Stock Repurchased During Period For Publically Announced Program
StockRepurchasedDuringPeriodForPublicallyAnnouncedProgram
1831000 shares
CY2012 ndsn Change In Fair Value Of Balance Sheet Positions Denominated In Foreign Currencies
ChangeInFairValueOfBalanceSheetPositionsDenominatedInForeignCurrencies
-1310000
CY2012 ndsn Treasury Stock Acquired Under Publicly Announced Programs
TreasuryStockAcquiredUnderPubliclyAnnouncedPrograms
86022000
CY2012 ndsn Treasury Stock Acquired Under Publicly Announced Programs Average Cost Per Share
TreasuryStockAcquiredUnderPubliclyAnnouncedProgramsAverageCostPerShare
46.98
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2013Q2 us-gaap Gross Profit
GrossProfit
216938000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
54605000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
382100000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2012Q2 us-gaap Gross Profit
GrossProfit
189656000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
52111000
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
315193000
CY2012Q2 us-gaap Restructuring Charges
RestructuringCharges
3776000
CY2012Q2 ndsn Cost Of Sales Restructuring
CostOfSalesRestructuring
2040000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
38338000
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
275836000
CY2012Q1 us-gaap Restructuring Charges
RestructuringCharges
811000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.03
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.04
CY2012Q3 us-gaap Gross Profit
GrossProfit
223214000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
66694000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
379872000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2013Q1 us-gaap Gross Profit
GrossProfit
197229000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
42011000
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
347043000
CY2013Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
900000
CY2013Q1 ndsn Additional Tax Benefit Relating To Retroactive Reinstatement Of Research Credit
AdditionalTaxBenefitRelatingToRetroactiveReinstatementOfResearchCredit
1700000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.01
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2013Q3 us-gaap Gross Profit
GrossProfit
225083000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
65424000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
402960000
CY2013Q3 ndsn Gain On Sale Of Real Estate Before Tax
GainOnSaleOfRealEstateBeforeTax
2116000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2012Q4 us-gaap Gross Profit
GrossProfit
241073000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
67686000
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
438677000
CY2012Q4 ndsn Gain On Sale Of Real Estate Before Tax
GainOnSaleOfRealEstateBeforeTax
832000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.93
CY2013Q4 us-gaap Gross Profit
GrossProfit
226894000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
59777000
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
410818000

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