$NOVT
NOVANTA INC

2015 Q4 Form 10-Q Financial Statement

#000156459015009356 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014 Q3
Revenue $92.27M $94.00M $94.66M
YoY Change -1.84% 14.34% 18.53%
Cost Of Revenue $52.36M $54.30M $54.97M
YoY Change -3.57% 13.09% 20.3%
Gross Profit $39.91M $39.70M $39.68M
YoY Change 0.53% 16.1% 16.16%
Gross Profit Margin 43.25% 42.23% 41.92%
Selling, General & Admin $19.98M $21.80M $21.51M
YoY Change -8.35% 13.14% 13.19%
% of Gross Profit 50.06% 54.91% 54.21%
Research & Development $7.693M $7.800M $7.735M
YoY Change -1.37% 33.91% 28.25%
% of Gross Profit 19.28% 19.65% 19.49%
Depreciation & Amortization $4.703M $6.300M $6.344M
YoY Change -25.35% 31.25% 44.18%
% of Gross Profit 11.78% 15.87% 15.99%
Operating Expenses $30.90M $32.50M $32.86M
YoY Change -4.91% 18.61% 15.86%
Operating Profit $9.007M $7.200M $6.822M
YoY Change 25.1% 5.96% 17.64%
Interest Expense -$900.0K -$1.100M -$400.0K
YoY Change -18.18% 0.0% -84.62%
% of Operating Profit -9.99% -15.28% -5.86%
Other Income/Expense, Net $13.00K $1.000M $310.0K
YoY Change -98.7% -217.65% -115.33%
Pretax Income $9.020M -$34.30M $7.132M
YoY Change -126.3% -676.96% 88.83%
Income Tax $2.452M -$6.000M $2.013M
% Of Pretax Income 27.18% 28.22%
Net Earnings $6.568M -$30.50M $4.525M
YoY Change -121.53% -807.99% 152.79%
Net Earnings / Revenue 7.12% -32.45% 4.78%
Basic Earnings Per Share $0.19 $0.13
Diluted Earnings Per Share $0.19 -$886.6K $0.13
COMMON SHARES
Basic Shares Outstanding 34.60M 34.39M
Diluted Shares Outstanding 35.06M 34.79M

Balance Sheet

Concept 2015 Q4 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.10M $51.10M $53.50M
YoY Change 56.75% -16.23% -0.37%
Cash & Equivalents $59.96M $51.15M $53.50M
Short-Term Investments
Other Short-Term Assets $9.200M $11.70M $13.70M
YoY Change -21.37% -58.36% 3.01%
Inventory $59.57M $62.94M $62.80M
Prepaid Expenses
Receivables $57.19M $51.49M $56.70M
Other Receivables $5.600M $5.900M $5.200M
Total Short-Term Assets $185.2M $183.2M $192.0M
YoY Change 1.11% -9.15% -1.42%
LONG-TERM ASSETS
Property, Plant & Equipment $40.55M $40.09M $39.63M
YoY Change 1.15% 28.06% 21.2%
Goodwill $103.5M $90.75M $110.8M
YoY Change 14.01% 27.53% 55.84%
Intangibles $66.27M $67.24M $93.54M
YoY Change -1.45% 2.99% 37.03%
Long-Term Investments $8.000M
YoY Change 40.35%
Other Assets $12.67M $14.60M $14.13M
YoY Change -13.22% 54.93% 55.73%
Total Long-Term Assets $230.8M $215.7M $258.5M
YoY Change 6.99% 21.77% 41.18%
TOTAL ASSETS
Total Short-Term Assets $185.2M $183.2M $192.0M
Total Long-Term Assets $230.8M $215.7M $258.5M
Total Assets $416.0M $398.9M $450.5M
YoY Change 4.29% 5.31% 19.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.40M $25.59M $31.22M
YoY Change -4.65% 5.05% 15.21%
Accrued Expenses $13.50M $12.60M $10.80M
YoY Change 7.14% 5.88% -2.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.385M $7.500M $7.500M
YoY Change -1.53% 0.0% 0.0%
Total Short-Term Liabilities $56.95M $54.06M $61.72M
YoY Change 5.35% -12.08% -0.28%
LONG-TERM LIABILITIES
Long-Term Debt $88.43M $105.0M $114.4M
YoY Change -15.81% 64.11% 61.38%
Other Long-Term Liabilities $19.45M $18.82M $13.55M
YoY Change 3.33% 274.28% 51.27%
Total Long-Term Liabilities $107.9M $123.8M $127.9M
YoY Change -12.9% 79.42% 60.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.95M $54.06M $61.72M
Total Long-Term Liabilities $107.9M $123.8M $127.9M
Total Liabilities $171.3M $185.0M $201.8M
YoY Change -7.4% 35.66% 39.49%
SHAREHOLDERS EQUITY
Retained Earnings -$189.6M -$225.2M -$194.7M
YoY Change -15.82% 12.07% -5.14%
Common Stock $453.1M $452.4M $451.8M
YoY Change 0.14% 0.71% 0.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $244.7M $210.8M $248.3M
YoY Change
Total Liabilities & Shareholders Equity $416.0M $396.3M $450.5M
YoY Change 4.98% 4.62% 19.22%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $6.568M -$30.50M $4.525M
YoY Change -121.53% -807.99% 152.79%
Depreciation, Depletion And Amortization $4.703M $6.300M $6.344M
YoY Change -25.35% 31.25% 44.18%
Cash From Operating Activities $10.90M $8.600M $13.70M
YoY Change 26.74% -41.89% -17.96%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$1.600M -$1.200M
YoY Change 25.0% -11.11% 71.43%
Acquisitions
YoY Change
Other Investing Activities -$1.100M -$600.0K $10.70M
YoY Change 83.33% -133.33% 872.73%
Cash From Investing Activities -$3.100M -$2.200M $9.500M
YoY Change 40.91% 2100.0% 1800.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.000M -7.300M -13.30M
YoY Change 9.59% -10.98% -21.76%
NET CHANGE
Cash From Operating Activities 10.90M 8.600M 13.70M
Cash From Investing Activities -3.100M -2.200M 9.500M
Cash From Financing Activities -8.000M -7.300M -13.30M
Net Change In Cash -200.0K -900.0K 9.900M
YoY Change -77.78% -113.85% 4850.0%
FREE CASH FLOW
Cash From Operating Activities $10.90M $8.600M $13.70M
Capital Expenditures -$2.000M -$1.600M -$1.200M
Free Cash Flow $12.90M $10.20M $14.90M
YoY Change 26.47% -38.55% -14.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Profit Loss
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CY2015Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Gain Loss On Sale Of Business
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gsig Non Cash Restructuring And Acquisition Related Charges Credits
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 revenues 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. </p></div>
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CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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InventoryRawMaterialsNetOfReserves
39005000
CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
38934000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10624000
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9899000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9673000
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
11945000
CY2015Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
1966000
CY2014Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
2165000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8602000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7741000
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3529000
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3044000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1332000
CY2014Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1827000
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8431000
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6789000
CY2013Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3315000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1878000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1361000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
94000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
90000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1084000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1529000
gsig Product Warranty Accrual Reductions Due To Business Divestiture
ProductWarrantyAccrualReductionsDueToBusinessDivestiture
392000
CY2015Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.272
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282
CY2015Q4 gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
328000
CY2014Q3 gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
538000
gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
1044000
gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
1876000
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-11000
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-14000
CY2014Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3223000
CY2015Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
9100000
CY2014Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
9507000
CY2015Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
4805000
CY2014Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
6037000
CY2015Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3572000
CY2014Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3275000
CY2015Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
107458000
CY2014Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
112375000
gsig Debt Instruments Maturity Date Month And Year
DebtInstrumentsMaturityDateMonthAndYear
2017-12
CY2015Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
961000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1246000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3173000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3984000
CY2015Q4 us-gaap Restructuring Costs
RestructuringCosts
1051000
CY2014Q3 us-gaap Restructuring Costs
RestructuringCosts
233000
us-gaap Restructuring Costs
RestructuringCosts
3188000
us-gaap Restructuring Costs
RestructuringCosts
73000
CY2015Q4 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
282000
CY2014Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
26000
CY2014Q3 gsig Acquisition Related Incentive Compensation Expense Adjustment
AcquisitionRelatedIncentiveCompensationExpenseAdjustment
512000
gsig Acquisition Related Incentive Compensation Expense Adjustment
AcquisitionRelatedIncentiveCompensationExpenseAdjustment
-612000
gsig Acquisition Related Incentive Compensation Expense Adjustment
AcquisitionRelatedIncentiveCompensationExpenseAdjustment
1102000
us-gaap Business Exit Costs1
BusinessExitCosts1
1110000
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
231000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1742000
gsig Restructuring Reserve Settled Without Cash And Other Adjustments
RestructuringReserveSettledWithoutCashAndOtherAdjustments
827000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2015Q4 gsig Gross Margin Percentage
GrossMarginPercentage
0.433
CY2014Q3 gsig Gross Margin Percentage
GrossMarginPercentage
0.419
gsig Gross Margin Percentage
GrossMarginPercentage
0.428
gsig Gross Margin Percentage
GrossMarginPercentage
0.408
CY2015Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4703000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6344000

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