$NOVT
NOVANTA INC

2011 Q4 Form 10-K Financial Statement

#000119312513112072 Filed on March 18, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2011 Q2
Revenue $65.48M $78.70M $77.50M
YoY Change -28.44% -8.16% -32.37%
Cost Of Revenue $37.71M $44.12M $43.76M
YoY Change -25.48% -7.51% -33.29%
Gross Profit $27.77M $34.59M $33.74M
YoY Change -32.1% -9.23% -31.14%
Gross Profit Margin 42.41% 43.94% 43.54%
Selling, General & Admin $15.50M $16.63M $19.27M
YoY Change -26.54% -5.53% 9.48%
% of Gross Profit 55.81% 48.08% 57.1%
Research & Development $5.500M $6.183M $8.171M
YoY Change -24.66% -16.45% 10.42%
% of Gross Profit 19.8% 17.88% 24.22%
Depreciation & Amortization $3.800M $3.900M $3.832M
YoY Change -9.52% 2.63% 3.57%
% of Gross Profit 13.68% 11.28% 11.36%
Operating Expenses $23.99M $23.76M $23.97M
YoY Change -18.68% -8.96% -7.82%
Operating Profit $3.785M $10.82M $9.776M
YoY Change -66.8% -9.8% -57.5%
Interest Expense -$2.500M -$3.100M $3.670M
YoY Change -48.98% -46.55% -167.96%
% of Operating Profit -66.05% -28.64% 37.54%
Other Income/Expense, Net $0.00 -$123.0K $1.030M
YoY Change -100.0% -111.18% 71.67%
Pretax Income $1.278M $8.178M $6.469M
YoY Change 59.75% -285.86% -18.11%
Income Tax -$1.326M $851.0K $1.656M
% Of Pretax Income -103.76% 10.41% 25.6%
Net Earnings $3.855M $8.845M $6.207M
YoY Change 3755.0% -273.43% 3.45%
Net Earnings / Revenue 5.89% 11.24% 8.01%
Basic Earnings Per Share $0.12 $0.26 $0.19
Diluted Earnings Per Share $0.11 $0.26 $0.19
COMMON SHARES
Basic Shares Outstanding 33.49M shares 33.45M shares
Diluted Shares Outstanding 33.59M shares 33.53M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.80M $74.00M $61.30M
YoY Change 1.67% -15.33% -23.38%
Cash & Equivalents $54.84M $50.66M $61.34M
Short-Term Investments
Other Short-Term Assets $46.40M $13.60M $16.90M
YoY Change 150.81% -22.73% -1.74%
Inventory $51.54M $71.10M $70.10M
Prepaid Expenses
Receivables $38.85M $58.30M $55.10M
Other Receivables $22.80M $22.00M $21.90M
Total Short-Term Assets $214.3M $239.0M $225.4M
YoY Change -2.81% -3.12% -3.63%
LONG-TERM ASSETS
Property, Plant & Equipment $35.96M $43.60M $45.00M
YoY Change -23.01% -8.21% -7.6%
Goodwill $44.58M
YoY Change
Intangibles $45.80M
YoY Change
Long-Term Investments $3.300M
YoY Change
Other Assets $7.048M $7.500M $7.100M
YoY Change -74.92% -72.01% -72.8%
Total Long-Term Assets $134.2M $145.0M $147.9M
YoY Change -23.14% -17.66% -20.99%
TOTAL ASSETS
Total Short-Term Assets $214.3M $239.0M $225.4M
Total Long-Term Assets $134.2M $145.0M $147.9M
Total Assets $348.5M $384.0M $373.3M
YoY Change -11.79% -9.18% -11.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.53M $19.50M $20.30M
YoY Change -53.41% -26.97% -21.01%
Accrued Expenses $10.50M $22.00M $18.10M
YoY Change -46.97% -32.93% -26.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $59.06M $55.20M $55.80M
YoY Change -11.85% -30.74% -20.29%
LONG-TERM LIABILITIES
Long-Term Debt $58.00M $108.1M $108.1M
YoY Change -45.79%
Other Long-Term Liabilities $5.303M $12.30M $12.70M
YoY Change -61.57% -94.74% -94.63%
Total Long-Term Liabilities $63.30M $120.4M $120.8M
YoY Change -47.6% -48.48% -48.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.06M $55.20M $55.80M
Total Long-Term Liabilities $63.30M $120.4M $120.8M
Total Liabilities $139.1M $184.5M $185.4M
YoY Change -34.98% -45.67% -44.24%
SHAREHOLDERS EQUITY
Retained Earnings -$227.8M
YoY Change
Common Stock $441.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $209.0M $199.5M $187.8M
YoY Change
Total Liabilities & Shareholders Equity $348.5M $384.0M $373.3M
YoY Change -11.79% -9.18% -11.35%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $3.855M $8.845M $6.207M
YoY Change 3755.0% -273.43% 3.45%
Depreciation, Depletion And Amortization $3.800M $3.900M $3.832M
YoY Change -9.52% 2.63% 3.57%
Cash From Operating Activities $14.50M $12.30M $5.609M
YoY Change -164.73% -2560.0% -62.61%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$500.0K $1.194M
YoY Change 128.57% 0.0% -270.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.600M -$500.0K -$1.194M
YoY Change 128.57% -106.1% -159.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.100M 0.000 0.000
YoY Change -26.36% -100.0%
NET CHANGE
Cash From Operating Activities 14.50M 12.30M 5.609M
Cash From Investing Activities -1.600M -500.0K -1.194M
Cash From Financing Activities -8.100M 0.000 0.000
Net Change In Cash 4.800M 11.80M 4.415M
YoY Change -114.08% 63.89% -74.03%
FREE CASH FLOW
Cash From Operating Activities $14.50M $12.30M $5.609M
Capital Expenditures -$1.600M -$500.0K $1.194M
Free Cash Flow $16.10M $12.80M $4.415M
YoY Change -174.19% -71.88%

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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.
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371000
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1967000
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193000
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CY2011 gsig Prepetition And Postemergence Professional Fees
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CY2011 gsig Income Loss Before Reorganization Items Income Taxes And Discontinued Operations
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CY2011 gsig Income Tax Reconciliation Prior Year Income Taxes Reversal
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CY2011 gsig Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable
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CY2011 gsig Income Tax Expense Permanent Tax Differences
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CY2011 gsig Restatement Related Costs And Other Charges
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The delay in the quarterly report on Form 10-Q caused a noncompliance with the covenant in the indenture governing the $210.0 million of 11% unsecured senior notes due 2013 (the "2008 Senior Notes").
CY2012 dei Trading Symbol
TradingSymbol
GSIG
CY2012 dei Entity Registrant Name
EntityRegistrantName
GSI GROUP INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001076930
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.08
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2012 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications and Adjustments</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In June 2012, the Company committed to a plan for the sale of the Semiconductor Systems operating segment, sold under the GSI brand name, and Laser Systems business, sold under the Control Laser and Baublys brand names. The Company began accounting for these businesses as discontinued operations beginning in the second quarter of 2012. As a result, prior period information related to these businesses has been reclassified into discontinued operations to conform to current period presentation. These discontinued businesses have been excluded from the following Notes to Consolidated Financial Statements unless otherwise stated. See Note 4 to Consolidated Financial Statements for further information on discontinued operations.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, certain immaterial reclassifications have been made to prior years to conform to current year presentation.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">During the year ended December 31, 2012, the Company identified and corrected immaterial errors related to prior years. Beginning in 2008, the Company did not properly recognize deferred tax liabilities associated with certain permanent intercompany loans. In addition, the Company did not consider these deferred tax liability amounts when determining the realizability of its deferred tax assets and thereby recorded excess valuation allowances beginning in 2009. The error correction resulted in approximately $1.6 million overstatement of the income tax benefit allocated to income from continuing operations and a similar overstatement of the income tax expense allocated to other comprehensive income for 2012 when the Company released a portion of the valuation allowance on its deferred tax assets. The correction had no effect on income from continuing operations before income taxes or cash flows for any period presented. The Company evaluated these errors considering both qualitative and quantitative factors pursuant to SEC Staff Accounting Bulletin No. 108, &#x201C;Considering the Effects of Prior year Misstatements When Quantifying Misstatements in Current Year Financial Statements,&#x201D; and concluded that these adjustments were not material to the consolidated financial statements for any period.</font></p> </div>
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222000
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4631000
CY2012 us-gaap Restructuring Reserve Settled Without Cash
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2206000
CY2012 us-gaap Comprehensive Income Net Of Tax
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14813000
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925000
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5902000
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33936000 shares
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234000
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0.2500 pure
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CY2012 us-gaap Gross Profit
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CY2012 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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316000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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244000 shares
CY2012 us-gaap Net Income Loss
NetIncomeLoss
19538000
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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36000
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
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488000
CY2012 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2012 us-gaap Stock Issued During Period Value Other
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-10940000
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660000
CY2012 us-gaap Proceeds From Divestiture Of Businesses
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CY2012 us-gaap Goodwill Impairment Loss
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0
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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1419000
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1.000 pure
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CY2012 us-gaap Lease And Rental Expense
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CY2012 us-gaap Increase Decrease In Accrued Taxes Payable
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CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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3035000
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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14853000
CY2012 us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <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>
CY2012 us-gaap Amortization Of Intangible Assets
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5815000
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