$NOVT
NOVANTA INC

2016 Q3 Form 10-Q Financial Statement

#000156459016022089 Filed on August 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $97.73M $96.49M
YoY Change 1.29% 1.94%
Cost Of Revenue $56.24M $55.15M
YoY Change 1.97% 0.32%
Gross Profit $41.50M $41.35M
YoY Change 0.37% 4.19%
Gross Profit Margin 42.46% 42.85%
Selling, General & Admin $20.20M $20.92M
YoY Change -3.46% -2.74%
% of Gross Profit 48.67% 50.6%
Research & Development $8.016M $7.840M
YoY Change 2.24% 1.36%
% of Gross Profit 19.32% 18.96%
Depreciation & Amortization $5.164M $4.623M
YoY Change 11.7% -27.13%
% of Gross Profit 12.44% 11.18%
Operating Expenses $28.21M $31.03M
YoY Change -9.08% -5.57%
Operating Profit $13.28M $10.32M
YoY Change 28.76% 51.2%
Interest Expense -$500.0K $15.50M
YoY Change -103.23% -3975.0%
% of Operating Profit -3.76% 150.27%
Other Income/Expense, Net $300.0K $15.51M
YoY Change -98.07% 4901.94%
Pretax Income $7.400M $25.82M
YoY Change -71.34% 262.04%
Income Tax $2.500M $6.310M
% Of Pretax Income 33.78% 24.44%
Net Earnings $4.871M $19.50M
YoY Change -75.02% 330.9%
Net Earnings / Revenue 4.98% 20.21%
Basic Earnings Per Share $0.56
Diluted Earnings Per Share $0.14 $0.56
COMMON SHARES
Basic Shares Outstanding 34.73M 34.63M
Diluted Shares Outstanding 34.89M 35.03M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.50M $81.10M
YoY Change -25.4% 51.59%
Cash & Equivalents $64.74M $81.05M
Short-Term Investments
Other Short-Term Assets $4.900M $11.70M
YoY Change -58.12% -14.6%
Inventory $60.00M $60.40M
Prepaid Expenses
Receivables $57.60M $54.40M
Other Receivables $4.500M $5.000M
Total Short-Term Assets $187.5M $212.6M
YoY Change -11.82% 10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $37.60M $37.78M
YoY Change -0.48% -4.68%
Goodwill $98.36M
YoY Change -11.22%
Intangibles $67.28M
YoY Change -28.08%
Long-Term Investments
YoY Change
Other Assets $16.50M $13.58M
YoY Change 21.52% -3.91%
Total Long-Term Assets $226.4M $219.8M
YoY Change 3.01% -14.98%
TOTAL ASSETS
Total Short-Term Assets $187.5M $212.6M
Total Long-Term Assets $226.4M $219.8M
Total Assets $413.9M $432.4M
YoY Change -4.28% -4.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.90M $26.90M
YoY Change -3.72% -13.85%
Accrued Expenses $28.90M $13.90M
YoY Change 107.91% 28.7%
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 $63.80M $62.00M
YoY Change 2.9% 0.46%
LONG-TERM LIABILITIES
Long-Term Debt $87.80M $108.8M
YoY Change -19.3% -4.87%
Other Long-Term Liabilities $12.70M $24.60M
YoY Change -48.37% 81.54%
Total Long-Term Liabilities $100.5M $133.4M
YoY Change -24.66% 4.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.80M $62.00M
Total Long-Term Liabilities $100.5M $133.4M
Total Liabilities $164.3M $197.8M
YoY Change -16.94% -1.96%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.6M $234.6M
YoY Change
Total Liabilities & Shareholders Equity $413.9M $432.4M
YoY Change -4.28% -4.03%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $4.871M $19.50M
YoY Change -75.02% 330.9%
Depreciation, Depletion And Amortization $5.164M $4.623M
YoY Change 11.7% -27.13%
Cash From Operating Activities $15.50M $8.600M
YoY Change 80.23% -37.23%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$1.200M
YoY Change 150.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$9.300M $31.50M
YoY Change -129.52% 194.39%
Cash From Investing Activities -$12.30M $30.40M
YoY Change -140.46% 220.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.500M -7.100M
YoY Change 33.8% -46.62%
NET CHANGE
Cash From Operating Activities 15.50M 8.600M
Cash From Investing Activities -12.30M 30.40M
Cash From Financing Activities -9.500M -7.100M
Net Change In Cash -6.300M 31.90M
YoY Change -119.75% 222.22%
FREE CASH FLOW
Cash From Operating Activities $15.50M $8.600M
Capital Expenditures -$3.000M -$1.200M
Free Cash Flow $18.50M $9.800M
YoY Change 88.78% -34.23%

Facts In Submission

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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 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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BusinessCombinationContingentConsiderationLiabilityNoncurrent
1645000
CY2015Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3889000
CY2016Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2500000
CY2015Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2690000
CY2016Q3 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
86535000
CY2015Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
95811000
CY2016Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
300000000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1055000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
659000
us-gaap Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions
0.41
CY2016Q3 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Operating Results
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnOperatingResults
100000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1940000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-385000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
153000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
193000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
97000
CY2016Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4025000
CY2016Q3 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
5316000
CY2015Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4657000
CY2015Q4 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
3889000
CY2016Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2016Q3 us-gaap Goodwill Gross
GoodwillGross
259482000
CY2016Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
151229000
CY2015Q4 us-gaap Goodwill Gross
GoodwillGross
254685000
CY2015Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
151229000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
164800000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
113807000
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
50993000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
165858000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
112616000
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
53242000
CY2016Q3 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
13027000
CY2015Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
13027000
CY2016Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
177827000
CY2016Q3 us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
985000
CY2016Q3 novt Amortization Of Intangible Assets Including Cost Of Goods Sold Amortization
AmortizationOfIntangibleAssetsIncludingCostOfGoodsSoldAmortization
2964000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
6427000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
11026000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8828000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6490000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4248000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
13974000
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
35986000
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12261000
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
10160000
CY2016Q3 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
1574000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8726000
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3179000
CY2016Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3030000
CY2016Q3 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
3671000
CY2016Q3 novt Accrued Professional Services Fees And Other Liabilities Current
AccruedProfessionalServicesFeesAndOtherLiabilitiesCurrent
10298000
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3044000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
639000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
23000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1000
novt Debt Instruments Maturity Date Month And Year
DebtInstrumentsMaturityDateMonthAndYear
2021-05
CY2016Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2212000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.338
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.339
us-gaap Dividend Income Securities Operating Tax Exempt
DividendIncomeSecuritiesOperatingTaxExempt
2300000
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.044
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.244
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.261
CY2015Q3 novt Gross Margin Percentage
GrossMarginPercentage
0.428
novt Gross Margin Percentage
GrossMarginPercentage
0.417
novt Gross Margin Percentage
GrossMarginPercentage
0.426
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4938000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4623000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10769000
us-gaap Restructuring Costs
RestructuringCosts
4684000
us-gaap Restructuring Costs
RestructuringCosts
2137000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1979000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
-348000
CY2015Q3 us-gaap Business Exit Costs1
BusinessExitCosts1
507000
CY2016Q3 novt Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
1733000
CY2015Q3 novt Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
32000
novt Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
1979000
novt Acquisition And Divestiture Related Charges
AcquisitionAndDivestitureRelatedCharges
716000
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
1882000
novt Restructuring Reserve Settled Without Cash And Other Adjustments
RestructuringReserveSettledWithoutCashAndOtherAdjustments
-601000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2016Q3 novt Gross Margin Percentage
GrossMarginPercentage
0.425
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9385000

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