2013 Q1 Form 10-Q Financial Statement

#000119312513168799 Filed on April 24, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $1.350B $1.159B $1.346B
YoY Change 0.3% -3.09% 8.72%
Cost Of Revenue $1.137B $989.0M $1.160B
YoY Change -1.98% 2.38% 11.97%
Gross Profit $213.0M $170.0M $186.0M
YoY Change 14.52% -26.09% -7.92%
Gross Profit Margin 15.78% 14.67% 13.82%
Selling, General & Admin $133.0M $129.0M $137.0M
YoY Change -2.92% -0.77% 1.48%
% of Gross Profit 62.44% 75.88% 73.66%
Research & Development $18.00M $19.00M $19.00M
YoY Change -5.26% 0.0% 0.0%
% of Gross Profit 8.45% 11.18% 10.22%
Depreciation & Amortization $78.00M $80.00M $89.00M
YoY Change -12.36% 6.67% 11.25%
% of Gross Profit 36.62% 47.06% 47.85%
Operating Expenses $156.0M $139.0M $198.0M
YoY Change -21.21% -2.11% 40.43%
Operating Profit $57.00M $31.00M -$12.00M
YoY Change -575.0% -64.77% -119.67%
Interest Expense $29.00M $29.00M $28.00M
YoY Change 3.57% 7.41% 12.0%
% of Operating Profit 50.88% 93.55%
Other Income/Expense, Net
YoY Change
Pretax Income $28.00M -$87.00M -$40.00M
YoY Change -170.0% -242.62% -211.11%
Income Tax $6.000M -$36.00M $5.000M
% Of Pretax Income 21.43%
Net Earnings $22.00M -$56.00M -$46.00M
YoY Change -147.83% -212.0% -291.67%
Net Earnings / Revenue 1.63% -4.83% -3.42%
Basic Earnings Per Share $0.19 -$0.47 -$0.38
Diluted Earnings Per Share $0.18 -$0.47 -$0.38
COMMON SHARES
Basic Shares Outstanding 118.5M shares 118.2M shares 121.1M shares
Diluted Shares Outstanding 119.6M shares 121.1M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.00M $55.00M $58.00M
YoY Change 6.9% 5.77% -4.92%
Cash & Equivalents $62.00M $57.00M $58.00M
Short-Term Investments
Other Short-Term Assets $195.0M $176.0M $188.0M
YoY Change 3.72% -1.68% -3.59%
Inventory $776.0M $786.0M $800.0M
Prepaid Expenses
Receivables $884.0M $600.0M $889.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.917B $1.617B $1.935B
YoY Change -0.93% -1.16% 14.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.865B $2.903B $2.922B
YoY Change -1.95% -0.03% 4.1%
Goodwill
YoY Change
Intangibles $1.038B $1.045B $1.066B
YoY Change -2.63% -2.61% -2.29%
Long-Term Investments
YoY Change
Other Assets $251.0M $256.0M $237.0M
YoY Change 5.91% 10.34% -8.49%
Total Long-Term Assets $5.900B $5.951B $5.898B
YoY Change 0.03% 1.02% 1.78%
TOTAL ASSETS
Total Short-Term Assets $1.917B $1.617B $1.935B
Total Long-Term Assets $5.900B $5.951B $5.898B
Total Assets $7.817B $7.568B $7.833B
YoY Change -0.2% 0.54% 4.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $919.0M $498.0M $937.0M
YoY Change -1.92% 2.05% -4.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $10.00M $5.000M $22.00M
YoY Change -54.55% -82.14% 340.0%
Long-Term Debt Due $4.000M $4.000M $4.000M
YoY Change 0.0% 0.0% -20.0%
Total Short-Term Liabilities $934.0M $916.0M $963.0M
YoY Change -3.01% 0.88% -3.51%
LONG-TERM LIABILITIES
Long-Term Debt $2.301B $2.080B $2.202B
YoY Change 4.5% 7.77% 14.75%
Other Long-Term Liabilities $219.0M $209.0M $198.0M
YoY Change 10.61% 7.18% 48.87%
Total Long-Term Liabilities $2.520B $2.289B $2.400B
YoY Change 5.0% 7.72% 1704.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $934.0M $916.0M $963.0M
Total Long-Term Liabilities $2.520B $2.289B $2.400B
Total Liabilities $3.454B $3.205B $3.363B
YoY Change 2.71% 5.67% 197.35%
SHAREHOLDERS EQUITY
Retained Earnings $473.0M $451.0M $424.0M
YoY Change 11.56% -4.04% 94.5%
Common Stock $1.000M $1.000M
YoY Change -90.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $483.0M $475.0M $367.0M
YoY Change 31.61% 31.22% 56.84%
Treasury Stock Shares 16.60M shares 17.30M shares 13.70M shares
Shareholders Equity $3.557B $3.538B $3.681B
YoY Change
Total Liabilities & Shareholders Equity $7.817B $7.568B $7.833B
YoY Change -0.2% 0.54% 4.66%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $22.00M -$56.00M -$46.00M
YoY Change -147.83% -212.0% -291.67%
Depreciation, Depletion And Amortization $78.00M $80.00M $89.00M
YoY Change -12.36% 6.67% 11.25%
Cash From Operating Activities -$179.0M $237.0M -$193.0M
YoY Change -7.25% 3.04% -9.39%
INVESTING ACTIVITIES
Capital Expenditures -$45.00M -$97.00M -$72.00M
YoY Change -37.5% -30.22% -20.88%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $67.00M $4.000M
YoY Change -100.0% -66.67%
Cash From Investing Activities -$45.00M -$30.00M -$68.00M
YoY Change -33.82% -78.42% -13.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.000M $5.000M
YoY Change 60.0% -50.0%
Debt Paid & Issued, Net $0.00 $2.000M
YoY Change -100.0% 100.0%
Cash From Financing Activities $232.0M -204.0M $266.0M
YoY Change -12.78% 124.18% -11.33%
NET CHANGE
Cash From Operating Activities -$179.0M 237.0M -$193.0M
Cash From Investing Activities -$45.00M -30.00M -$68.00M
Cash From Financing Activities $232.0M -204.0M $266.0M
Net Change In Cash $8.000M 3.000M $5.000M
YoY Change 60.0% -37.5%
FREE CASH FLOW
Cash From Operating Activities -$179.0M $237.0M -$193.0M
Capital Expenditures -$45.00M -$97.00M -$72.00M
Free Cash Flow -$134.0M $334.0M -$121.0M
YoY Change 10.74% -9.49% -0.82%

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232000000 USD
CY2012Q1 us-gaap Increase Decrease In Other Operating Capital Net
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0 USD
CY2012Q1 oc Provision For Pension And Other Employee Benefits Liabilities
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CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2012Q1 us-gaap Depreciation Depletion And Amortization
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CY2012Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2012Q1 us-gaap Share Based Compensation
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CY2012Q1 us-gaap Repayments Of Long Term Debt
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CY2012Q1 oc Gain On Sale Of Business And Fixed Assets
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NetCashProvidedByUsedInInvestingActivities
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CY2012Q1 us-gaap Repayments Of Long Term Lines Of Credit
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CY2012Q1 us-gaap Increase Decrease In Postretirement Obligations
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CY2012Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2012Q1 oc Proceeds From Sale Of Assets Or Affiliates
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CY2012Q1 us-gaap Increase Decrease In Pension Plan Obligations
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CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2013Q1 oc General Corporate Expense
GeneralCorporateExpense
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CY2013Q1 oc Restructuring Charges And Related Items
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CY2012Q1 oc General Corporate Expense
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CY2012Q1 oc Restructuring Charges And Related Items
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CY2013Q1 oc Gains Losses Related To Hurricane Sandy
GainsLossesRelatedToHurricaneSandy
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CY2013Q1 oc Income Loss From Operations Before Interest And Taxes Attributable To Segments
IncomeLossFromOperationsBeforeInterestAndTaxesAttributableToSegments
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CY2012Q1 oc Income Loss From Operations Before Interest And Taxes Attributable To Segments
IncomeLossFromOperationsBeforeInterestAndTaxesAttributableToSegments
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CY2013Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2013Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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CY2012Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2012Q4 us-gaap Inventory Raw Materials And Supplies
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsGross
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CY2013Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2013Q1 us-gaap Finite Lived Intangible Assets Future Amortization Expense
FiniteLivedIntangibleAssetsFutureAmortizationExpense
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CY2013Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4393000000 USD
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2012Q4 us-gaap Property Plant And Equipment Gross
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CY2013Q1 oc Precious Metals Percentage
PreciousMetalsPercentage
0.18 pure
CY2012Q4 oc Precious Metals Depletion Percentage
PreciousMetalsDepletionPercentage
0.03 pure
CY2012Q4 us-gaap Product Warranty Accrual
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41000000 USD
CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
7000000 USD
CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2013Q1 us-gaap Product Warranty Accrual
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CY2012Q4 us-gaap Restructuring Reserve
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CY2013Q1 us-gaap Restructuring Reserve Period Expense
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CY2013Q1 us-gaap Restructuring Reserve Settled With Cash
RestructuringReserveSettledWithCash
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CY2013Q1 us-gaap Restructuring Reserve
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CY2013Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date
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52000000 USD
CY2013Q1 us-gaap Long Term Debt
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CY2013Q1 us-gaap Long Term Debt Current
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CY2013Q1 us-gaap Long Term Debt Noncurrent
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CY2012Q4 us-gaap Long Term Debt Noncurrent
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CY2012Q4 us-gaap Long Term Debt Current
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CY2012Q4 us-gaap Long Term Debt
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CY2013Q1 oc Fair Value Adjustment To Debt
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CY2012Q4 oc Fair Value Adjustment To Debt
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CY2013Q1 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2012Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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0.045 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.30
CY2013Q1 oc Environmental Liability Sites
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CY2013Q1 us-gaap Loss Contingency Estimate Of Possible Loss
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6000000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
327000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2013Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.78
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
42.16
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
27.68
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
33.98
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2000000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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600000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
500000 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
119600000 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
121100000 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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0 shares
CY2013Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2013Q1 us-gaap Derivative Assets
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CY2013Q1 us-gaap Assets Fair Value Disclosure
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21000000 USD
CY2013Q1 us-gaap Derivative Financial Instruments Liabilities Fair Value Disclosure
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CY2013Q1 us-gaap Liabilities Fair Value Disclosure
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CY2013Q1 oc Term Deposits Fair Value Disclosure
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CY2012Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2012Q4 us-gaap Derivative Assets
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CY2012Q4 us-gaap Notes Receivable Fair Value Disclosure
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53000000 USD
CY2012Q4 us-gaap Liabilities Fair Value Disclosure
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CY2013Q1 us-gaap Notes Receivable Fair Value Disclosure
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53000000 USD
CY2013Q1 us-gaap Long Term Debt Fair Value
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494000000 USD
CY2012Q4 us-gaap Long Term Debt Fair Value
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268000000 USD
CY2013Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2012Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.21 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2013Q1 us-gaap Current Federal Tax Expense Benefit
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CY2012Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5000000 USD

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