$NOVT
NOVANTA INC

2017 Q1 Form 10-Q Financial Statement

#000156459017009263 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q2
Revenue $109.0M $90.30M
YoY Change -4.56%
Cost Of Revenue $62.90M $53.42M
YoY Change -2.17%
Gross Profit $46.09M $36.89M
YoY Change -7.78%
Gross Profit Margin 42.29% 40.85%
Selling, General & Admin $22.87M $21.19M
YoY Change -3.99%
% of Gross Profit 49.62% 57.43%
Research & Development $9.215M $8.052M
YoY Change -1.98%
% of Gross Profit 19.99% 21.83%
Depreciation & Amortization $6.482M $5.831M
YoY Change 22.45%
% of Gross Profit 14.06% 15.81%
Operating Expenses $35.76M $34.31M
YoY Change -0.88%
Operating Profit $10.34M $2.587M
YoY Change -52.07%
Interest Expense -$1.328M -$1.100M
YoY Change 450.0%
% of Operating Profit -12.84% -42.52%
Other Income/Expense, Net -$31.00K $743.0K
YoY Change -592.05%
Pretax Income $35.39M $2.228M
YoY Change -57.53%
Income Tax $1.114M $322.0K
% Of Pretax Income 3.15% 14.45%
Net Earnings $34.25M $1.906M
YoY Change -44.69%
Net Earnings / Revenue 31.42% 2.11%
Basic Earnings Per Share $0.99 $0.05
Diluted Earnings Per Share $0.98 $0.05
COMMON SHARES
Basic Shares Outstanding 34.77M 34.66M
Diluted Shares Outstanding 35.13M 34.85M

Balance Sheet

Concept 2017 Q1 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.00M $67.90M
YoY Change 42.95%
Cash & Equivalents $80.01M $67.89M
Short-Term Investments
Other Short-Term Assets $6.100M $4.600M
YoY Change -82.51%
Inventory $71.00M $61.80M
Prepaid Expenses
Receivables $70.10M $58.70M
Other Receivables $2.700M $2.400M
Total Short-Term Assets $230.0M $195.4M
YoY Change 1.24%
LONG-TERM ASSETS
Property, Plant & Equipment $36.80M $36.20M
YoY Change -3.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.80M $18.50M
YoY Change 16.35%
Total Long-Term Assets $305.3M $221.1M
YoY Change -0.45%
TOTAL ASSETS
Total Short-Term Assets $230.0M $195.4M
Total Long-Term Assets $305.3M $221.1M
Total Assets $535.3M $416.5M
YoY Change 0.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.20M $26.90M
YoY Change -0.74%
Accrued Expenses $20.40M $24.30M
YoY Change 118.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.400M $7.400M
YoY Change -1.33%
Total Short-Term Liabilities $77.90M $60.30M
YoY Change -0.17%
LONG-TERM LIABILITIES
Long-Term Debt $118.9M $95.70M
YoY Change -17.21%
Other Long-Term Liabilities $13.90M $12.70M
YoY Change -50.2%
Total Long-Term Liabilities $132.8M $108.4M
YoY Change -23.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.90M $60.30M
Total Long-Term Liabilities $132.8M $108.4M
Total Liabilities $241.1M $169.3M
YoY Change -17.09%
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 $294.2M $247.2M
YoY Change
Total Liabilities & Shareholders Equity $535.3M $416.5M
YoY Change 0.34%

Cashflow Statement

Concept 2017 Q1 2016 Q2
OPERATING ACTIVITIES
Net Income $34.25M $1.906M
YoY Change -44.69%
Depreciation, Depletion And Amortization $6.482M $5.831M
YoY Change 22.45%
Cash From Operating Activities $12.76M $8.298M
YoY Change 37.34%
INVESTING ACTIVITIES
Capital Expenditures $1.760M $2.341M
YoY Change 147.46%
Acquisitions $34.90M
YoY Change
Other Investing Activities -$34.90M $5.500M
YoY Change -139.86%
Cash From Investing Activities -$36.66M $3.168M
YoY Change -121.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $370.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.47M -3.449M
YoY Change -151.24%
NET CHANGE
Cash From Operating Activities 12.76M 8.298M
Cash From Investing Activities -36.66M 3.168M
Cash From Financing Activities 35.47M -3.449M
Net Change In Cash 11.58M 8.017M
YoY Change -500.45%
FREE CASH FLOW
Cash From Operating Activities $12.76M $8.298M
Capital Expenditures $1.760M $2.341M
Free Cash Flow $11.00M $5.957M
YoY Change 16.9%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 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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CostOfGoodsSoldAmortization
1641000
CY2016Q2 us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
1184000
CY2017Q1 novt Amortization Of Intangible Assets Including Cost Of Goods Sold Amortization
AmortizationOfIntangibleAssetsIncludingCostOfGoodsSoldAmortization
4490000
CY2016Q2 novt Amortization Of Intangible Assets Including Cost Of Goods Sold Amortization
AmortizationOfIntangibleAssetsIncludingCostOfGoodsSoldAmortization
3292000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
12889000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14505000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
11932000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9376000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8403000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
34231000
CY2017Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
43457000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
39822000
CY2017Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10218000
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8012000
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
14217000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9511000
CY2017Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
3127000
CY2016Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
2400000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11666000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9647000
CY2017Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3925000
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3142000
CY2017Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1032000
CY2016Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1371000
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3248000
CY2017Q1 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
8007000
CY2016Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
8111000
CY2017Q1 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
5711000
CY2016Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
5957000
CY2017Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2150000
CY2016Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2264000
CY2017Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
118233000
CY2016Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
77920000
CY2016Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
300000000
CY2016Q2 us-gaap Debt Instrument Term
DebtInstrumentTerm
P5Y
CY2017Q1 novt Deferred Tax Liability Write Off
DeferredTaxLiabilityWriteOff
1400000
CY2017Q1 novt Effective Income Tax Rate Reconciliation Deductions Deferred Tax Liability Write Off
EffectiveIncomeTaxRateReconciliationDeductionsDeferredTaxLiabilityWriteOff
0.245
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.145
CY2017Q1 novt Debt Instruments Maturity Date Month And Year
DebtInstrumentsMaturityDateMonthAndYear
2021-05
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1469000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1342000
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.031
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
37000
CY2017Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
420000
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
1353000
CY2017Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
800000
CY2016Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
300000
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2016Q2 us-gaap Dividend Income Securities Operating Tax Exempt
DividendIncomeSecuritiesOperatingTaxExempt
2300000
CY2016Q2 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.189
CY2017Q1 us-gaap Restructuring Costs
RestructuringCosts
37000
CY2016Q2 us-gaap Restructuring Costs
RestructuringCosts
2712000
CY2017Q1 novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
780000
CY2016Q2 novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
246000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
1736000
CY2017Q1 novt Gross Margin Percentage
GrossMarginPercentage
0.423
CY2016Q2 novt Gross Margin Percentage
GrossMarginPercentage
0.408
CY2017Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6482000
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5831000

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