2016 Q1 Form 10-Q Financial Statement

#000087786016000126 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $59.02M $55.75M
YoY Change 5.86% 29.24%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.340M $4.180M
YoY Change -20.1% 26.28%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.73M $13.00M
YoY Change 5.64% 41.3%
% of Gross Profit
Operating Expenses $27.33M $25.60M
YoY Change 6.77% 103.99%
Operating Profit $31.69M
YoY Change
Interest Expense $10.26M $8.412M
YoY Change 21.99% -224.99%
% of Operating Profit 32.39%
Other Income/Expense, Net $160.0K $90.00K
YoY Change 77.78%
Pretax Income $31.69M $30.15M
YoY Change 5.09% 26.36%
Income Tax
% Of Pretax Income
Net Earnings $32.73M $29.68M
YoY Change 10.25% 26.13%
Net Earnings / Revenue 55.45% 53.24%
Basic Earnings Per Share $0.85 $0.79
Diluted Earnings Per Share $0.85 $0.79
COMMON SHARES
Basic Shares Outstanding 38.40M shares 37.56M shares
Diluted Shares Outstanding 38.41M shares 37.65M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.197M $4.200M
YoY Change -0.07% -32.26%
Cash & Equivalents $4.197M $14.20M
Short-Term Investments $0.00
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.000M $2.900M
Other Receivables $65.00M $41.30M
Total Short-Term Assets $97.80M $48.40M
YoY Change 102.07% 54.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.841B $1.768B
YoY Change 4.15% 37.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.254M $63.70M
YoY Change -88.61% 4.08%
Other Assets $3.800M $25.80M
YoY Change -85.27% 9.79%
Total Long-Term Assets $2.061B $1.971B
YoY Change 4.57% 36.72%
TOTAL ASSETS
Total Short-Term Assets $97.80M $48.40M
Total Long-Term Assets $2.061B $1.971B
Total Assets $2.159B $2.020B
YoY Change 6.91% 37.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.80M $14.80M
YoY Change 67.57% 108.45%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.60M $68.00M
YoY Change 18.53% 22.97%
LONG-TERM LIABILITIES
Long-Term Debt $937.1M $899.4M
YoY Change 4.19% 42.99%
Other Long-Term Liabilities $1.800M $5.800M
YoY Change -68.97% 1.75%
Total Long-Term Liabilities $938.9M $905.2M
YoY Change 3.72% 42.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.60M $68.00M
Total Long-Term Liabilities $938.9M $905.2M
Total Liabilities $1.020B $983.2M
YoY Change 3.7% 40.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.086B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.131B $1.037B
YoY Change
Total Liabilities & Shareholders Equity $2.159B $2.020B
YoY Change 6.91% 37.1%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $32.73M $29.68M
YoY Change 10.25% 26.13%
Depreciation, Depletion And Amortization $13.73M $13.00M
YoY Change 5.64% 41.3%
Cash From Operating Activities $41.30M $38.56M
YoY Change 7.09% 33.44%
INVESTING ACTIVITIES
Capital Expenditures -$9.500M -$3.200M
YoY Change 196.88% -83.07%
Acquisitions
YoY Change
Other Investing Activities -$4.800M -$39.80M
YoY Change -87.94% 1183.87%
Cash From Investing Activities -$14.30M -$43.06M
YoY Change -66.8% 95.73%
FINANCING ACTIVITIES
Cash Dividend Paid $32.64M $28.86M
YoY Change 13.07%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $189.0K $183.0K
YoY Change 3.28%
Cash From Financing Activities -$11.48M $5.400M
YoY Change -312.57% -145.38%
NET CHANGE
Cash From Operating Activities $41.30M $38.56M
Cash From Investing Activities -$14.30M -$43.06M
Cash From Financing Activities -$11.48M $5.400M
Net Change In Cash $15.52M $903.0K
YoY Change 1618.94% -118.06%
FREE CASH FLOW
Cash From Operating Activities $41.30M $38.56M
Capital Expenditures -$9.500M -$3.200M
Free Cash Flow $50.80M $41.76M
YoY Change 21.63% -12.63%

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CY2015Q4 us-gaap Minority Interest
MinorityInterest
9168000 USD
CY2016Q1 us-gaap Minority Interest
MinorityInterest
9117000 USD
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
435000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5400000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11479000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43061000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14296000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
38564000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
41297000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
29683000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
32725000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
330000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
384000 USD
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
893000 USD
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
450000 USD
CY2016Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
181 properties
CY2016Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
31
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
25601000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
27333000 USD
CY2015Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
52495000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
55074000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2403000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1642000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-956000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1013000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4242000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5480000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
883000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2825000 USD
CY2015Q1 us-gaap Other Noncash Income
OtherNoncashIncome
0 USD
CY2016Q1 us-gaap Other Noncash Income
OtherNoncashIncome
150000 USD
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
0 USD
CY2016Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1665000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1695000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
453000 USD
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1502000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
28864000 USD
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
32637000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
218000 USD
CY2015Q1 us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
40773000 USD
CY2016Q1 us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
20774000 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
10000 USD
CY2016Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
9463000 USD
CY2015Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
3202000 USD
CY2016Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
7640000 USD
CY2015Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
436000 USD
CY2016Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
435000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3256000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3985000 USD
CY2015Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
225000000 USD
CY2016Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
0 USD
CY2016Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
200000000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
78084000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
CY2015Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
0 USD
CY2016Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
3000000 USD
CY2015Q1 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
2619000 USD
CY2016Q1 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
3985000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
17049000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
30013000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2095866000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2113873000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
33109000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1133292000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1130572000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1142460000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1836807000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1841090000 USD
CY2015Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
1346000 USD
CY2016Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
183000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
189000 USD
CY2015Q1 us-gaap Revenues
Revenues
55751000 USD
CY2016Q1 us-gaap Revenues
Revenues
59018000 USD
CY2015Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
21275000 USD
CY2016Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
21275000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
979000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.047
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.059
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.178
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.191
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0098
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0091
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
596664 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
731662 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.74
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.65
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
871671 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
870012 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
741676 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1085010 shares
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y9M25D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y11M4D
CY2015Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1464000 USD
CY2016Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
980000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1139689000 USD
CY2015Q1 us-gaap Straight Line Rent
StraightLineRent
6089000 USD
CY2016Q1 us-gaap Straight Line Rent
StraightLineRent
5286000 USD
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11814000 USD
CY2016Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11233000 USD
CY2015Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-1317000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
37558067 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
38401647 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37645265 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38414791 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37558067 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38401647 shares
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;"> - We have reclassified, for all periods presented, certain loan commitment fees paid by our borrowers, which were previously accounted for on our Consolidated Balance Sheet at December 31, 2015, as deferred revenues. The fees are now presented on our consolidated balance sheets as a contra-asset to the related loan receivable balance. The effect has been to reduce total assets and total liabilities by </font><font style="font-family:inherit;font-size:10pt;">$1,317,000</font><font style="font-family:inherit;font-size:10pt;"> on our Condensed Consolidated Balance Sheet as of December 31, 2015.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates -</font><font style="font-family:inherit;font-size:10pt;"> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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