$NOVT
NOVANTA INC

2016 Q2 Form 10-Q Financial Statement

#000156459016018159 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $90.30M $94.61M
YoY Change -4.56% -2.36%
Cost Of Revenue $53.42M $54.61M
YoY Change -2.17% -6.26%
Gross Profit $36.89M $40.01M
YoY Change -7.78% 3.51%
Gross Profit Margin 40.85% 42.28%
Selling, General & Admin $21.19M $22.07M
YoY Change -3.99% 3.07%
% of Gross Profit 57.43% 55.16%
Research & Development $8.052M $8.215M
YoY Change -1.98% 9.17%
% of Gross Profit 21.83% 20.53%
Depreciation & Amortization $5.831M $4.762M
YoY Change 22.45% -24.68%
% of Gross Profit 15.81% 11.9%
Operating Expenses $34.31M $34.61M
YoY Change -0.88% 7.58%
Operating Profit $2.587M $5.397M
YoY Change -52.07% -16.71%
Interest Expense -$1.100M -$200.0K
YoY Change 450.0% -80.0%
% of Operating Profit -42.52% -3.71%
Other Income/Expense, Net $743.0K -$151.0K
YoY Change -592.05% -85.15%
Pretax Income $2.228M $5.246M
YoY Change -57.53% -3.97%
Income Tax $322.0K $1.800M
% Of Pretax Income 14.45% 34.31%
Net Earnings $1.906M $3.446M
YoY Change -44.69% 375.31%
Net Earnings / Revenue 2.11% 3.64%
Basic Earnings Per Share $0.05 $0.10
Diluted Earnings Per Share $0.05 $0.10
COMMON SHARES
Basic Shares Outstanding 34.66M 34.51M
Diluted Shares Outstanding 34.85M 35.00M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.90M $47.50M
YoY Change 42.95% 5.56%
Cash & Equivalents $67.89M $47.54M
Short-Term Investments
Other Short-Term Assets $4.600M $26.30M
YoY Change -82.51% -1.87%
Inventory $61.80M $60.70M
Prepaid Expenses
Receivables $58.70M $53.40M
Other Receivables $2.400M $5.100M
Total Short-Term Assets $195.4M $193.0M
YoY Change 1.24% -3.04%
LONG-TERM ASSETS
Property, Plant & Equipment $36.20M $37.60M
YoY Change -3.72% -6.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.50M $15.90M
YoY Change 16.35% 27.43%
Total Long-Term Assets $221.1M $222.1M
YoY Change -0.45% -16.74%
TOTAL ASSETS
Total Short-Term Assets $195.4M $193.0M
Total Long-Term Assets $221.1M $222.1M
Total Assets $416.5M $415.1M
YoY Change 0.34% -10.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.90M $27.10M
YoY Change -0.74% -4.71%
Accrued Expenses $24.30M $11.10M
YoY Change 118.92% -13.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.400M $7.500M
YoY Change -1.33% 0.0%
Total Short-Term Liabilities $60.30M $60.40M
YoY Change -0.17% -9.2%
LONG-TERM LIABILITIES
Long-Term Debt $95.70M $115.6M
YoY Change -17.21% -9.16%
Other Long-Term Liabilities $12.70M $25.50M
YoY Change -50.2% 89.94%
Total Long-Term Liabilities $108.4M $141.1M
YoY Change -23.18% 0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.30M $60.40M
Total Long-Term Liabilities $108.4M $141.1M
Total Liabilities $169.3M $204.2M
YoY Change -17.09% -6.88%
SHAREHOLDERS EQUITY
Retained Earnings -$187.6M
YoY Change
Common Stock $453.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $247.2M $210.9M
YoY Change
Total Liabilities & Shareholders Equity $416.5M $415.1M
YoY Change 0.34% -10.88%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $1.906M $3.446M
YoY Change -44.69% 375.31%
Depreciation, Depletion And Amortization $5.831M $4.762M
YoY Change 22.45% -24.68%
Cash From Operating Activities $8.298M $6.042M
YoY Change 37.34% -67.34%
INVESTING ACTIVITIES
Capital Expenditures $2.341M $946.0K
YoY Change 147.46% -159.13%
Acquisitions $13.85M
YoY Change
Other Investing Activities $5.500M -$13.80M
YoY Change -139.86% 762.5%
Cash From Investing Activities $3.168M -$14.78M
YoY Change -121.44% 361.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.449M 6.731M
YoY Change -151.24% -392.65%
NET CHANGE
Cash From Operating Activities 8.298M 6.042M
Cash From Investing Activities 3.168M -14.78M
Cash From Financing Activities -3.449M 6.731M
Net Change In Cash 8.017M -2.002M
YoY Change -500.45% -115.4%
FREE CASH FLOW
Cash From Operating Activities $8.298M $6.042M
Capital Expenditures $2.341M $946.0K
Free Cash Flow $5.957M $5.096M
YoY Change 16.9% -74.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 revenue 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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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6057000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3895000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
12724000
CY2016Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
37486000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
38511000
CY2016Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12438000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10138000
CY2016Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
11146000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9266000
CY2016Q2 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
694000
CY2015Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
1651000
CY2016Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7741000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7357000
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3248000
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3335000
CY2016Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2383000
CY2015Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1652000
CY2016Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
2901000
CY2016Q2 gsig Accrued Professional Services Fees And Other Liabilities Current
AccruedProfessionalServicesFeesAndOtherLiabilitiesCurrent
8001000
CY2015Q4 gsig Accrued Professional Services Fees And Other Liabilities Current
AccruedProfessionalServicesFeesAndOtherLiabilitiesCurrent
8838000
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3044000
CY2016Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
310000
CY2015Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
429000
CY2015Q2 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
94000
CY2016Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
393000
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
342000
CY2015Q2 gsig Product Warranty Accrual Reclassification To Liabilities Held For Sale
ProductWarrantyAccrualReclassificationToLiabilitiesHeldForSale
376000
CY2016Q2 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-4000
CY2015Q2 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-24000
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2825000
CY2016Q2 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
8955000
CY2015Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
9173000
CY2016Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
3287000
CY2015Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
3693000
CY2016Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
988000
CY2015Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3889000
CY2016Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2515000
CY2015Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2690000
CY2016Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
94158000
CY2015Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
95811000
CY2016Q2 gsig Debt Instruments Maturity Date Month And Year
DebtInstrumentsMaturityDateMonthAndYear
2017-12
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1342000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1553000
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.338
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.145
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.343
CY2016Q2 us-gaap Dividend Income Securities Operating Tax Exempt
DividendIncomeSecuritiesOperatingTaxExempt
2300000
CY2016Q2 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.189
CY2016Q2 us-gaap Restructuring Costs
RestructuringCosts
2712000
CY2015Q2 us-gaap Restructuring Costs
RestructuringCosts
1753000
CY2016Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
246000
CY2015Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
127000
CY2015Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
557000
CY2016Q2 gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
246000
CY2015Q2 gsig Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
684000
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
1882000
CY2016Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
1330000
CY2016Q2 gsig Restructuring Reserve Settled Without Cash And Other Adjustments
RestructuringReserveSettledWithoutCashAndOtherAdjustments
-604000
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
2660000
CY2016Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2016Q2 gsig Gross Margin Percentage
GrossMarginPercentage
0.408
CY2015Q2 gsig Gross Margin Percentage
GrossMarginPercentage
0.423
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5831000
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4762000

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