2012 Q4 Form 10-K Financial Statement

#000119312514122624 Filed on March 31, 2014

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012 Q2
Revenue $117.4M $107.9M $113.4M
YoY Change -4.65% -8.06% -2.78%
Cost Of Revenue $24.94M $24.38M $27.55M
YoY Change 7.52% 2.22% 18.81%
Gross Profit $92.42M $83.47M $85.88M
YoY Change -7.44% -10.68% -8.14%
Gross Profit Margin 78.75% 77.39% 75.71%
Selling, General & Admin $60.60M $56.87M $61.37M
YoY Change -10.49% -10.2% -8.82%
% of Gross Profit 65.57% 68.13% 71.46%
Research & Development $5.400M $6.858M $9.252M
YoY Change 3.85% 14.64% 48.53%
% of Gross Profit 5.84% 8.22% 10.77%
Depreciation & Amortization $5.000M $4.500M $5.400M
YoY Change -15.25% -25.0% -10.0%
% of Gross Profit 5.41% 5.39% 6.29%
Operating Expenses $66.81M $64.67M $71.58M
YoY Change -9.23% -7.42% -3.39%
Operating Profit $25.61M $18.81M $14.30M
YoY Change -2.41% -20.31% -26.28%
Interest Expense -$800.0K $464.0K $1.265M
YoY Change -69.23% -79.53% -42.45%
% of Operating Profit -3.12% 2.47% 8.85%
Other Income/Expense, Net -$700.0K -$1.485M -$605.0K
YoY Change 16.67% -44.3% -76.18%
Pretax Income $24.10M $17.32M $13.69M
YoY Change 89.76% -17.26% -18.76%
Income Tax $8.100M $6.746M $3.823M
% Of Pretax Income 33.61% 38.95% 27.92%
Net Earnings $21.16M $5.016M $7.254M
YoY Change 70.76% -59.48% -27.15%
Net Earnings / Revenue 18.03% 4.65% 6.4%
Basic Earnings Per Share $1.10 $0.26 $0.38
Diluted Earnings Per Share $1.07 $0.25 $0.37
COMMON SHARES
Basic Shares Outstanding 19.32M shares 19.08M shares 18.83M shares
Diluted Shares Outstanding 19.53M shares 19.22M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.10M $53.60M $50.10M
YoY Change -6.33% 84.83% 82.18%
Cash & Equivalents $30.77M $53.57M $50.09M
Short-Term Investments
Other Short-Term Assets $88.90M $114.5M $118.4M
YoY Change -65.69% 46.23% 79.12%
Inventory $83.37M $80.82M $78.40M
Prepaid Expenses
Receivables $107.3M $156.0M $149.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $310.6M $404.9M $396.4M
YoY Change -43.49% 12.56% 14.53%
LONG-TERM ASSETS
Property, Plant & Equipment $53.84M $46.55M $45.30M
YoY Change 24.14% -5.58% -7.93%
Goodwill $74.39M $73.95M
YoY Change 1.77%
Intangibles $7.290M $7.000M
YoY Change -11.49%
Long-Term Investments
YoY Change
Other Assets $7.920M $13.54M $31.30M
YoY Change -31.55% -52.15% 5.03%
Total Long-Term Assets $162.3M $134.7M $134.0M
YoY Change 4.82% -54.56% -55.47%
TOTAL ASSETS
Total Short-Term Assets $310.6M $404.9M $396.4M
Total Long-Term Assets $162.3M $134.7M $134.0M
Total Assets $472.9M $539.6M $530.4M
YoY Change -32.87% -17.76% -18.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.60M $18.10M $11.60M
YoY Change 36.97% 1.69% -36.96%
Accrued Expenses $9.089M $76.70M $83.90M
YoY Change -35.08% 66.74% 82.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K $500.0K
YoY Change -100.0% -76.92% -79.17%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $62.19M $152.5M $146.0M
YoY Change -66.53% 11.04% 9.61%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $20.00M $40.00M
YoY Change -89.54% -89.87% -80.12%
Other Long-Term Liabilities $11.42M $5.221M $3.300M
YoY Change 353.51% 68.42% -54.17%
Total Long-Term Liabilities $11.42M $5.221M $43.30M
YoY Change 353.51% -97.4% -79.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.19M $152.5M $146.0M
Total Long-Term Liabilities $11.42M $5.221M $43.30M
Total Liabilities $105.1M $193.6M $205.2M
YoY Change -73.01% -43.9% -41.22%
SHAREHOLDERS EQUITY
Retained Earnings $114.8M $128.0M
YoY Change 18.09%
Common Stock $248.2M $248.0M
YoY Change 14.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $356.4M $346.0M $325.2M
YoY Change
Total Liabilities & Shareholders Equity $472.9M $539.6M $530.4M
YoY Change -32.87% -17.76% -18.02%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $21.16M $5.016M $7.254M
YoY Change 70.76% -59.48% -27.15%
Depreciation, Depletion And Amortization $5.000M $4.500M $5.400M
YoY Change -15.25% -25.0% -10.0%
Cash From Operating Activities -$58.20M $10.60M $8.700M
YoY Change -331.87% -34.57% 89.13%
INVESTING ACTIVITIES
Capital Expenditures -$10.20M -$5.600M -$6.500M
YoY Change 20.0% -6.67% 16.07%
Acquisitions
YoY Change
Other Investing Activities $0.00 $700.0K $153.1M
YoY Change -100.0%
Cash From Investing Activities -$10.10M -$5.000M $146.6M
YoY Change 13.48% -18.03% -2717.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.60M -2.300M -151.8M
YoY Change -473.77% -71.95% -3197.96%
NET CHANGE
Cash From Operating Activities -58.20M 10.60M 8.700M
Cash From Investing Activities -10.10M -5.000M 146.6M
Cash From Financing Activities 45.60M -2.300M -151.8M
Net Change In Cash -22.70M 3.300M 3.500M
YoY Change -667.5% 73.68% -10.26%
FREE CASH FLOW
Cash From Operating Activities -$58.20M $10.60M $8.700M
Capital Expenditures -$10.20M -$5.600M -$6.500M
Free Cash Flow -$48.00M $16.20M $15.20M
YoY Change -242.86% -27.03% 49.02%

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66881000
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0.85 pure
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0.131 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.83
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CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.80
CY2012 us-gaap Stock Issued During Period Value New Issues
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25586000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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27994000
CY2012 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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1345000
CY2012 us-gaap Income Tax Reconciliation Tax Settlements Domestic
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-1260000
CY2012 us-gaap Proceeds From Sale Of Longterm Investments
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153773000
CY2013 us-gaap Description Of Interest Rate Risk Exposure
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The Company agreed to pay $34.2 million (plus interest at a rate of 3% from May 5, 2011 through the day before payment was made)
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27.09
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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CY2013 us-gaap Comparability Of Prior Year Financial Data
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="4%" align="left"><b>(b)</b></td> <td valign="top" align="left"><b>Reclassifications</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company has reclassified certain line items to conform to the current year presentation. The reclassifications have no effect on previously reported net earnings or shareholders&#x2019; equity.</p> </div>
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2013 us-gaap Concentration Risk Credit Risk
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<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><b>(t)</b></td> <td valign="top" align="left"><b>Financial instruments and concentration of credit risk</b></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> Financial instruments that could subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Generally, the cash is held at large financial institutions and our cash equivalents consist of highly liquid money market funds. The Company performs ongoing credit evaluations of the customers, generally does not require collateral and maintain a reserve for potential credit losses. The Company believes that a concentration of credit risk related to the accounts receivable is limited because the customers are geographically dispersed and the end users are diversified across several industries.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> Net sales to our customers and distributors based in Europe were approximately $52 million in 2013 which results in a substantial portion of our trade accounts receivable balance as of December&#xA0;31, 2013. It is at least reasonably possible that changes in global economic conditions and/or local operating and economic conditions in the regions these distributors operate, or other factors, could affect the future realization of these accounts receivable balances.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 18pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div>
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CY2013 us-gaap Use Of Estimates
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="4%" align="left"><b>(c)</b></td> <td valign="top" align="left"><b>Use of estimates in preparation of financial statements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the recoverability and useful lives of long-lived assets and the adequacy of the allowance for doubtful accounts and inventory obsolescence, and income taxes. We base our estimates on historical experience, future expectations and on other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</p> </div>
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-4792000
CY2013 us-gaap Increase Decrease In Accounts Receivable
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CY2013 us-gaap Nonoperating Income Expense
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2013 us-gaap Proceeds From Issuance Of Common Stock
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 us-gaap Research And Development Expense
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CY2013 us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
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CY2013 us-gaap Depreciation Depletion And Amortization
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CY2013 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2013 us-gaap Goodwill Impairment Loss
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CY2013 us-gaap Depreciation
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CY2013 ofix Income Tax Reconciliation Withholding Taxes
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121653000
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CY2013 ofix Repurchase And Retirement Of Common Stock
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CY2013 ofix Increase Decrease In Prepaid Expense And Other Current Assets
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CY2013 ofix Market Service Revenue
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CY2013 ofix Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
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CY2013 ofix Number Of Reporting Units
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4 Unit
CY2013 ofix Percent Of Reporting Segment Revenues To Revenues
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1.00 pure
CY2013 ofix Duration Of Agreement
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CY2013 ofix Cost Related To Sale Of Accounts Receivable
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800000
CY2013 ofix Number Of Strategic Business Units
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CY2013 ofix Accounting Review And Restatement Costs
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12945000
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CY2012 us-gaap Earnings Per Share Diluted
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CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
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793000
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CY2012 us-gaap Income Taxes Paid
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768000
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