2016 Q2 Form 10-Q Financial Statement

#000007182916000118 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $115.3M $163.6M
YoY Change -29.53% -39.94%
Cost Of Revenue $102.8M $142.2M
YoY Change -27.68% -33.79%
Gross Profit $12.51M $21.49M
YoY Change -41.77% -62.79%
Gross Profit Margin 10.85% 13.13%
Selling, General & Admin $21.44M $23.96M
YoY Change -10.55% -14.36%
% of Gross Profit 171.32% 111.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.600M $10.60M
YoY Change -9.43% 6.0%
% of Gross Profit 76.73% 49.33%
Operating Expenses $21.44M $23.96M
YoY Change -10.55% -14.36%
Operating Profit -$15.14M -$1.682M
YoY Change 799.82% -105.29%
Interest Expense -$2.300M -$1.800M
YoY Change 27.78% 80.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$17.41M -$3.496M
YoY Change 398.03% -111.35%
Income Tax -$3.507M $758.0K
% Of Pretax Income
Net Earnings -$13.90M -$4.254M
YoY Change 226.85% -120.93%
Net Earnings / Revenue -12.06% -2.6%
Basic Earnings Per Share -$0.17 -$0.05
Diluted Earnings Per Share -$0.17 -$0.05
COMMON SHARES
Basic Shares Outstanding 83.46M shares 82.53M shares
Diluted Shares Outstanding 83.46M shares 82.53M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.10M $123.3M
YoY Change -24.49% 117.08%
Cash & Equivalents $93.15M $123.3M
Short-Term Investments
Other Short-Term Assets $31.20M $20.00M
YoY Change 56.0% -33.11%
Inventory $144.9M $188.0M
Prepaid Expenses
Receivables $134.8M $166.8M
Other Receivables $22.52M $26.50M
Total Short-Term Assets $446.7M $524.5M
YoY Change -14.84% -12.74%
LONG-TERM ASSETS
Property, Plant & Equipment $311.2M $297.8M
YoY Change 4.52% 15.77%
Goodwill $18.62M $90.64M
YoY Change -79.46%
Intangibles $5.985M $13.32M
YoY Change -55.05%
Long-Term Investments
YoY Change
Other Assets $3.808M $5.348M
YoY Change -28.8% -42.49%
Total Long-Term Assets $343.3M $407.1M
YoY Change -15.66% 6.56%
TOTAL ASSETS
Total Short-Term Assets $446.7M $524.5M
Total Long-Term Assets $343.3M $407.1M
Total Assets $790.0M $931.6M
YoY Change -15.2% -5.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.36M $67.89M
YoY Change -25.83% -33.96%
Accrued Expenses $36.68M $35.97M
YoY Change 1.97% -30.56%
Deferred Revenue
YoY Change
Short-Term Debt $10.19M $9.237M
YoY Change 10.35%
Long-Term Debt Due $10.20M $9.200M
YoY Change 10.87% -55.12%
Total Short-Term Liabilities $97.23M $113.1M
YoY Change -14.03% -35.41%
LONG-TERM LIABILITIES
Long-Term Debt $160.5M $172.5M
YoY Change -6.98% -0.18%
Other Long-Term Liabilities $6.254M $8.823M
YoY Change -29.12% -19.79%
Total Long-Term Liabilities $166.7M $181.3M
YoY Change -8.06% -1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.23M $113.1M
Total Long-Term Liabilities $166.7M $181.3M
Total Liabilities $292.3M $321.1M
YoY Change -8.97% -16.43%
SHAREHOLDERS EQUITY
Retained Earnings $143.8M $259.4M
YoY Change -44.57%
Common Stock $538.1M $527.0M
YoY Change 2.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $126.8M $128.0M
YoY Change -0.95%
Treasury Stock Shares 15.24M shares $15.27M
Shareholders Equity $497.7M $610.5M
YoY Change
Total Liabilities & Shareholders Equity $790.0M $931.6M
YoY Change -15.2% -5.24%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$13.90M -$4.254M
YoY Change 226.85% -120.93%
Depreciation, Depletion And Amortization $9.600M $10.60M
YoY Change -9.43% 6.0%
Cash From Operating Activities $22.70M $50.20M
YoY Change -54.78% -664.04%
INVESTING ACTIVITIES
Capital Expenditures -$13.30M -$15.80M
YoY Change -15.82% -58.64%
Acquisitions
YoY Change
Other Investing Activities $1.000M $800.0K
YoY Change 25.0% -55.56%
Cash From Investing Activities -$12.10M -$15.00M
YoY Change -19.33% -58.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M -4.200M
YoY Change -123.81% -85.16%
NET CHANGE
Cash From Operating Activities 22.70M 50.20M
Cash From Investing Activities -12.10M -15.00M
Cash From Financing Activities 1.000M -4.200M
Net Change In Cash 11.60M 31.00M
YoY Change -62.58% -142.12%
FREE CASH FLOW
Cash From Operating Activities $22.70M $50.20M
Capital Expenditures -$13.30M -$15.80M
Free Cash Flow $36.00M $66.00M
YoY Change -45.45% 125.26%

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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3765000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
869000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5627000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6254000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
792000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1068000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
713000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2409000 USD
CY2015Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
21834000 USD
CY2016Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
22520000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1769000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1093000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1697000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1707000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34313000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26652000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
29219000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
31198000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
359000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4718000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4268000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1487000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2170000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1144000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2553000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
307632000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
311220000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1033000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1582000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5949000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5034000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
16500000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
171788000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
143756000 USD
CY2015Q2 us-gaap Revenues
Revenues
163644000 USD
us-gaap Revenues
Revenues
372108000 USD
CY2016Q2 us-gaap Revenues
Revenues
115315000 USD
us-gaap Revenues
Revenues
229859000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
163644000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
372108000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
115315000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
229859000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
0 USD
CY2016Q2 us-gaap Secured Debt
SecuredDebt
0 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23963000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
49941000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21435000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44927000 USD
CY2015Q2 us-gaap Severance Costs1
SeveranceCosts1
732000 USD
us-gaap Severance Costs1
SeveranceCosts1
3653000 USD
CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
856000 USD
us-gaap Severance Costs1
SeveranceCosts1
4292000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6510000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5613000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
7382000 USD
CY2016Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
10193000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-1101000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-798000 USD
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
33500000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
625458000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
610450000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
520259000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
497687000 USD
CY2015Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
3300000 USD
CY2016Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
1100000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
15302345 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
15240397 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
127993000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
126767000 USD
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
172497000 USD
CY2016Q2 us-gaap Unsecured Debt
UnsecuredDebt
161321000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82529000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82414000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83457000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83358000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82529000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82414000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83457000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83358000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2016, we revised our estimates of the useful lives and residual values of certain of our composite mats included in rental fleet fixed assets within the Mats and Integrated Services segment. We now estimate that certain composite mats which were originally estimated to have a useful life of </font><font style="font-family:inherit;font-size:10pt;">7 years</font><font style="font-family:inherit;font-size:10pt;"> with </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;"> residual value will have estimated useful lives ranging from </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">12 years</font><font style="font-family:inherit;font-size:10pt;"> with an estimated residual value of </font><font style="font-family:inherit;font-size:10pt;">20%</font><font style="font-family:inherit;font-size:10pt;">. These changes in estimates were recognized prospectively beginning January 1, 2016 resulting in a reduction in depreciation expense for the Mats and Integrated Services segment of approximately </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively. We expect these changes to have a similar effect on quarterly results going forward.</font></div></div>

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