2014 Q2 Form 10-Q Financial Statement

#000114420414028740 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $8.259M $7.462M $3.833M
YoY Change 133.9% 94.68% -17.43%
Cost Of Revenue $5.102M $3.021M $1.712M
YoY Change 212.62% 76.46% -54.78%
Gross Profit $3.157M $4.441M $2.121M
YoY Change 66.25% 109.38% 147.78%
Gross Profit Margin 38.22% 59.51% 55.34%
Selling, General & Admin $5.800M $4.300M $2.900M
YoY Change 45.0% 48.28% -6.45%
% of Gross Profit 183.72% 96.83% 136.73%
Research & Development $15.20M $14.52M $9.256M
YoY Change 40.96% 56.85% 73.4%
% of Gross Profit 481.53% 326.91% 436.4%
Depreciation & Amortization $1.000M $1.000M $400.0K
YoY Change 66.67% 150.0% 0.0%
% of Gross Profit 31.68% 22.52% 18.86%
Operating Expenses $15.20M $14.52M $9.256M
YoY Change 40.96% 56.85% 73.4%
Operating Profit -$17.85M -$14.39M -$10.01M
YoY Change 38.4% 43.78% 33.99%
Interest Expense $51.00K $52.00K $22.00K
YoY Change 13.33% 136.36% 633.33%
% of Operating Profit
Other Income/Expense, Net $18.00K $0.00
YoY Change
Pretax Income -$17.86M -$13.81M -$9.979M
YoY Change 41.46% 38.39% 36.03%
Income Tax $0.00 $17.00K
% Of Pretax Income
Net Earnings -$17.86M -$13.81M -$9.996M
YoY Change 41.41% 38.16% 36.26%
Net Earnings / Revenue -216.3% -185.07% -260.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.642M -$1.327M -$1.351M
COMMON SHARES
Basic Shares Outstanding 209.3M shares 209.1M shares 147.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.5M $112.8M $44.30M
YoY Change 275.62% 154.63% 114.01%
Cash & Equivalents $103.9M $109.9M $9.023M
Short-Term Investments $149.7M $2.900M $35.30M
Other Short-Term Assets $269.0K $504.0K $886.0K
YoY Change 1245.0% -43.12% 400.56%
Inventory
Prepaid Expenses $5.116M $4.626M $2.167M
Receivables $3.719M $4.466M $2.602M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.6M $128.9M $51.72M
YoY Change 267.25% 149.16% 95.61%
LONG-TERM ASSETS
Property, Plant & Equipment $15.12M $14.27M $11.62M
YoY Change 13.54% 22.84% 46.14%
Goodwill $57.91M $58.62M $33.14M
YoY Change 74.73% 76.88% 0.0%
Intangibles $15.09M $15.92M
YoY Change
Long-Term Investments $56.40M $1.100M
YoY Change
Other Assets $159.0K $159.0K $350.0K
YoY Change -52.54% -54.57% 0.0%
Total Long-Term Assets $145.4M $89.73M $46.98M
YoY Change 205.74% 90.98% 11.34%
TOTAL ASSETS
Total Short-Term Assets $166.6M $128.9M $51.72M
Total Long-Term Assets $145.4M $89.73M $46.98M
Total Assets $312.0M $218.6M $98.70M
YoY Change 235.77% 121.47% 43.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.495M $4.018M $2.173M
YoY Change 52.58% 84.91% -26.56%
Accrued Expenses $11.00M $8.208M $5.842M
YoY Change 52.26% 40.5% 30.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $1.000M $400.0K
YoY Change 50.0% 150.0%
Total Short-Term Liabilities $17.48M $13.72M $9.253M
YoY Change 55.29% 48.22% 18.01%
LONG-TERM LIABILITIES
Long-Term Debt $900.0K $1.100M $1.500M
YoY Change -52.63% -26.67% 275.0%
Other Long-Term Liabilities $1.507M $1.562M $10.40M
YoY Change -85.78% -84.98% 70.49%
Total Long-Term Liabilities $1.507M $1.562M $11.90M
YoY Change -87.94% -86.87% 83.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.48M $13.72M $9.253M
Total Long-Term Liabilities $1.507M $1.562M $11.90M
Total Liabilities $30.26M $27.54M $21.14M
YoY Change 27.72% 30.29% 47.67%
SHAREHOLDERS EQUITY
Retained Earnings -$441.8M -$424.0M -$368.2M
YoY Change 16.03% 15.16% 9.25%
Common Stock $2.386M $2.097M $1.517M
YoY Change 55.74% 38.23% 23.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.450M $2.450M $2.450M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 455.4K shares 455.4K shares 455.4K shares
Shareholders Equity $281.7M $191.1M $77.57M
YoY Change
Total Liabilities & Shareholders Equity $312.0M $218.6M $98.70M
YoY Change 235.77% 121.47% 43.81%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$17.86M -$13.81M -$9.996M
YoY Change 41.41% 38.16% 36.26%
Depreciation, Depletion And Amortization $1.000M $1.000M $400.0K
YoY Change 66.67% 150.0% 0.0%
Cash From Operating Activities -$11.00M -$20.43M -$10.58M
YoY Change 44.74% 93.05% 150.78%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$900.0K -$1.500M
YoY Change -47.06% -40.0% 87.5%
Acquisitions
YoY Change
Other Investing Activities -$101.8M $10.60M -$3.400M
YoY Change 6262.5% -411.76% 36.0%
Cash From Investing Activities -$102.8M $9.701M -$4.974M
YoY Change 3112.5% -295.03% 52.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $6.425M
YoY Change -100.0% -18.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.7M $1.170M $7.181M
YoY Change 2347.73% -83.71% -1.07%
NET CHANGE
Cash From Operating Activities -11.00M -$20.43M -$10.58M
Cash From Investing Activities -102.8M $9.701M -$4.974M
Cash From Financing Activities 107.7M $1.170M $7.181M
Net Change In Cash -6.100M -$9.560M -$8.376M
YoY Change -4.69% 14.14% 3525.97%
FREE CASH FLOW
Cash From Operating Activities -$11.00M -$20.43M -$10.58M
Capital Expenditures -$900.0K -$900.0K -$1.500M
Free Cash Flow -$10.10M -$19.53M -$9.083M
YoY Change 71.19% 115.03% 165.58%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: bold 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in; font-size-adjust: none; font-stretch: normal"> Note 1 - Organization</p> <p style="FONT: bold 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> Novavax, Inc. ("Novavax," and together with its subsidiary, "Novavax AB," the "Company") is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company&#39;s product pipeline targets a variety of infectious diseases with vaccine candidates currently in clinical development for seasonal influenza, pandemic influenza and respiratory syncytial virus ("RSV").</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <!--EndFragment--></div> </div>
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1170000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7181000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
9701000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4974000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-13810000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-9996000 USD
CY2014Q1 us-gaap Notes Payable Current
NotesPayableCurrent
852000 USD
CY2013Q4 us-gaap Notes Payable Current
NotesPayableCurrent
877000 USD
CY2013Q4 us-gaap Other Assets Current
OtherAssetsCurrent
573000 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
159000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
159000 USD
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14385000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10005000 USD
CY2014Q1 us-gaap Other Assets Current
OtherAssetsCurrent
504000 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-133000 USD
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-749000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
39000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
615000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
39000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1562000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1568000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-213000 USD
CY2013Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-240000 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
200000 USD
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
USD
CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
8718000 USD
CY2013Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
22000000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
889000 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1542000 USD
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2014Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4626000 USD
CY2013Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3044000 USD
CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> <strong><em>Reclassification</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in; font-size-adjust: none; font-stretch: normal"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> In its Quarterly Report on Form 10-Q for the period ended March 31, 2013, the Company had recorded $0.2 million of patent costs within research and development expenses for the three months ended March 31, 2013. The Company subsequently determined that patent costs should be a general and administrative expense and these costs have been shown as a general and administrative expense for the period.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <!--EndFragment--></div> </div>
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
USD
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6425000 USD
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
USD
CY2013Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
809000 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-168000 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-39000 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-1000 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-1000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
10590000 USD
CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
5235000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
USD
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
51000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1345000 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14270000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14251000 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6000 USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
14000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14518000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9256000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
336000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1417000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
758000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
757000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-423956000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-410146000 USD
CY2014Q1 us-gaap Revenues
Revenues
7462000 USD
CY2013Q1 us-gaap Revenues
Revenues
3833000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
16667 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.39
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.39
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.6923 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0222 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0134 pure
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1040000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
483000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
16667 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.6793 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7372 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.5247 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0062 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0124 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.63
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.00
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
208927 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
148448 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
30300000 USD
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
191060000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
203234000 USD
CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
455430 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
455430 shares
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2450000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2450000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> <strong><em>Use of Estimates</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.</p> <!--EndFragment--></div> </div>

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