$NOVT
NOVANTA INC

2012 Q4 Form 10-Q Financial Statement

#000119312512455971 Filed on November 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $66.41M $69.52M $78.70M
YoY Change 1.42% -11.67% -8.16%
Cost Of Revenue $39.14M $40.67M $44.12M
YoY Change 3.8% -7.82% -7.51%
Gross Profit $27.28M $28.85M $34.59M
YoY Change -1.79% -16.57% -9.23%
Gross Profit Margin 41.07% 41.5% 43.94%
Selling, General & Admin $10.50M $16.13M $16.63M
YoY Change -32.26% -3.02% -5.53%
% of Gross Profit 38.5% 55.89% 48.08%
Research & Development $1.600M $5.545M $6.183M
YoY Change -70.91% -10.32% -16.45%
% of Gross Profit 5.87% 19.22% 17.88%
Depreciation & Amortization $2.100M $3.200M $3.900M
YoY Change -44.74% -17.95% 2.63%
% of Gross Profit 7.7% 11.09% 11.28%
Operating Expenses $23.98M $25.06M $23.76M
YoY Change -0.04% 5.47% -8.96%
Operating Profit $3.297M $3.792M $10.82M
YoY Change -12.89% -64.97% -9.8%
Interest Expense -$1.400M -$1.100M -$3.100M
YoY Change -44.0% -64.52% -46.55%
% of Operating Profit -42.46% -29.01% -28.64%
Other Income/Expense, Net $600.0K $167.0K -$123.0K
YoY Change -235.77% -111.18%
Pretax Income $2.525M $2.618M $8.178M
YoY Change 97.57% -67.99% -285.86%
Income Tax -$12.35M $563.0K $851.0K
% Of Pretax Income -489.11% 21.5% 10.41%
Net Earnings $15.82M -$2.534M $8.845M
YoY Change 310.32% -128.65% -273.43%
Net Earnings / Revenue 23.82% -3.64% 11.24%
Basic Earnings Per Share $0.47 -$0.07 $0.26
Diluted Earnings Per Share $0.47 -$0.07 $0.26
COMMON SHARES
Basic Shares Outstanding 33.71M shares 33.80M shares 33.49M shares
Diluted Shares Outstanding 33.91M shares 33.59M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.80M $52.90M $74.00M
YoY Change 20.07% -28.51% -15.33%
Cash & Equivalents $65.79M $52.86M $50.66M
Short-Term Investments
Other Short-Term Assets $30.70M $37.80M $13.60M
YoY Change -33.84% 177.94% -22.73%
Inventory $52.80M $53.43M $71.10M
Prepaid Expenses
Receivables $42.65M $48.42M $58.30M
Other Receivables $16.50M $22.60M $22.00M
Total Short-Term Assets $208.5M $215.0M $239.0M
YoY Change -2.73% -10.03% -3.12%
LONG-TERM ASSETS
Property, Plant & Equipment $32.34M $32.63M $43.60M
YoY Change -10.06% -25.16% -8.21%
Goodwill $44.58M $44.58M
YoY Change 0.0%
Intangibles $40.02M $41.47M
YoY Change -12.61%
Long-Term Investments $4.100M
YoY Change 24.24%
Other Assets $8.172M $6.510M $7.500M
YoY Change 15.95% -13.2% -72.01%
Total Long-Term Assets $129.0M $126.8M $145.0M
YoY Change -3.88% -12.55% -17.66%
TOTAL ASSETS
Total Short-Term Assets $208.5M $215.0M $239.0M
Total Long-Term Assets $129.0M $126.8M $145.0M
Total Assets $337.5M $341.8M $384.0M
YoY Change -3.17% -10.98% -9.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.82M $19.63M $19.50M
YoY Change 50.21% 0.67% -26.97%
Accrued Expenses $9.400M $8.900M $22.00M
YoY Change -10.48% -59.55% -32.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $10.00M
YoY Change -25.0%
Total Short-Term Liabilities $54.93M $61.85M $55.20M
YoY Change -7.0% 12.04% -30.74%
LONG-TERM LIABILITIES
Long-Term Debt $42.50M $37.50M $108.1M
YoY Change -26.72% -65.31%
Other Long-Term Liabilities $9.809M $5.381M $12.30M
YoY Change 84.97% -56.25% -94.74%
Total Long-Term Liabilities $52.31M $42.88M $120.4M
YoY Change -17.37% -64.38% -48.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.93M $61.85M $55.20M
Total Long-Term Liabilities $52.31M $42.88M $120.4M
Total Liabilities $109.3M $122.7M $184.5M
YoY Change -21.48% -33.48% -45.67%
SHAREHOLDERS EQUITY
Retained Earnings -$208.2M -$224.0M
YoY Change -8.58%
Common Stock $445.8M $445.2M
YoY Change 0.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $227.8M $218.7M $199.5M
YoY Change
Total Liabilities & Shareholders Equity $337.5M $341.8M $384.0M
YoY Change -3.17% -10.98% -9.18%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $15.82M -$2.534M $8.845M
YoY Change 310.32% -128.65% -273.43%
Depreciation, Depletion And Amortization $2.100M $3.200M $3.900M
YoY Change -44.74% -17.95% 2.63%
Cash From Operating Activities $6.900M $2.600M $12.30M
YoY Change -52.41% -78.86% -2560.0%
INVESTING ACTIVITIES
Capital Expenditures $200.0K -$1.100M -$500.0K
YoY Change -112.5% 120.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $6.200M $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $6.500M -$1.100M -$500.0K
YoY Change -506.25% 120.0% -106.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K -5.900M 0.000
YoY Change -102.47% -100.0%
NET CHANGE
Cash From Operating Activities 6.900M 2.600M 12.30M
Cash From Investing Activities 6.500M -1.100M -500.0K
Cash From Financing Activities 200.0K -5.900M 0.000
Net Change In Cash 13.60M -4.400M 11.80M
YoY Change 183.33% -137.29% 63.89%
FREE CASH FLOW
Cash From Operating Activities $6.900M $2.600M $12.30M
Capital Expenditures $200.0K -$1.100M -$500.0K
Free Cash Flow $6.700M $3.700M $12.80M
YoY Change -58.39% -71.09%

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dei Trading Symbol
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of sales and expenses during the reporting periods. The Company evaluates its estimates based on historical experience, current conditions and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which they are deemed to be necessary. Actual results could differ significantly from those estimates.</font></p> </div>
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26728000
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5800000
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CY2010Q2 us-gaap Loss Contingency Actions Taken By Court Arbitrator Or Mediator
LossContingencyActionsTakenByCourtArbitratorOrMediator
On May 27, 2010, the Bankruptcy Court entered an order confirming and approving the plan of reorganization (the "Final Chapter 11 Plan").
CY2010Q3 gsig Irs Claim Description Of Matter
IRSClaimDescriptionOfMatter
On July 13, 2010, the Company filed a complaint, GSI Group Corporation v. United States of America, in Bankruptcy Court in an attempt to recover refunds totaling approximately $18.8 million in federal income taxes the Company asserts it overpaid to the IRS relating to tax years 2000 through 2008, together with applicable interest.
CY2009Q4 us-gaap Bankruptcy Proceedings Date Petitions For Bankruptcy Filed
BankruptcyProceedingsDatePetitionsForBankruptcyFiled
2009-11-20
CY2006Q2 us-gaap Loss Contingency Actions Taken By Court Arbitrator Or Mediator
LossContingencyActionsTakenByCourtArbitratorOrMediator
On April 18, 2006, the commercial court of Le Creusot (France) ordered GSI France to pay approximately 0.7 million Euros to SCGI in the context of a claim filed by SCGI that a Laserdyne 890 system delivered in 1999 had unresolved technical problems.
CY2011Q3 us-gaap Loss Contingency Date Of Dismissal
LossContingencyDateOfDismissal
2011-09-02
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RestructuringAndRelatedCostCostIncurredToDate
7593000
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ComprehensiveIncomeNetOfTax
7260000
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0.26
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14553000
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1489000
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14000
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SalesRevenueNet
78704000
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-1661000
CY2011Q3 gsig Prepetition And Postemergence Professional Fees
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63000
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1900000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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2190000
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EarningsPerShareBasic
-0.07
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5545000
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EarningsPerShareBasic
0.26
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6183000
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IncomeLossFromContinuingOperationsPerBasicShare
0.22
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InterestIncomeExpenseNet
-3254000
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
23761000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33489000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
99000 shares
CY2011Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
44119000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
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800000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8178000
CY2011Q3 us-gaap Gross Profit
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34585000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
183000 shares
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
8845000
CY2011Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
731000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16627000
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IncomeTaxExpenseBenefit
851000
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IncomeLossFromContinuingOperationsPerDilutedShare
0.22
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7231000
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AmortizationOfIntangibleAssets
874000
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-29000
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CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3792000
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167000
CY2012Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-344000
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
19000
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2055000
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9618000
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0.215 pure
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-4570000
CY2012Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-120000
CY2012Q3 us-gaap Restructuring Charges
RestructuringCharges
2728000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33912000 shares
CY2012Q3 us-gaap Sales Revenue Net
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69520000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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2070000
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-685000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16125000
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563000
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2012Q3 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
974000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
25061000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33803000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
109000 shares
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
40667000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2618000
CY2012Q3 us-gaap Gross Profit
GrossProfit
28853000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
424000 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-2534000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.06
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-325000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
663000
CY2012Q3 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
19000
CY2012Q3 gsig Restructuring Charges And Other Charges
RestructuringChargesAndOtherCharges
2728000
CY2012Q3 gsig Amortization Of Intangible Assets Net
AmortizationOfIntangibleAssetsNet
1500000
CY2005Q3 us-gaap Bankruptcy Proceedings Date Petitions For Bankruptcy Filed
BankruptcyProceedingsDatePetitionsForBankruptcyFiled
2005-07-07

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