2015 Q2 Form 10-Q Financial Statement

#000102163515000102 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $549.9M $611.8M
YoY Change -10.12% -16.67%
Cost Of Revenue $210.9M $270.9M
YoY Change -22.15% -26.9%
Gross Profit $339.0M $340.9M
YoY Change -0.56% -6.24%
Gross Profit Margin 61.65% 55.72%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.20M $68.30M
YoY Change 11.57% -8.57%
% of Gross Profit 22.48% 20.04%
Operating Expenses $211.8M $199.1M
YoY Change 6.38% -9.38%
Operating Profit $127.2M $141.8M
YoY Change -10.3% -1.46%
Interest Expense $38.00M $39.40M
YoY Change -3.55% 5.63%
% of Operating Profit 29.87% 27.79%
Other Income/Expense, Net $33.30M $41.10M
YoY Change -18.98% 102.46%
Pretax Income $122.5M $143.5M
YoY Change -14.63% 13.08%
Income Tax $35.00M $42.70M
% Of Pretax Income 28.57% 29.76%
Net Earnings $87.50M $100.8M
YoY Change -13.19% 9.92%
Net Earnings / Revenue 15.91% 16.48%
Basic Earnings Per Share $0.44 $0.51
Diluted Earnings Per Share $0.44 $0.50
COMMON SHARES
Basic Shares Outstanding 199.6M shares 199.2M shares
Diluted Shares Outstanding 199.6M shares 200.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $2.000M
YoY Change -100.0%
Cash & Equivalents $0.00 $2.200M
Short-Term Investments
Other Short-Term Assets $47.20M $35.60M
YoY Change 32.58% -5.57%
Inventory $89.40M $58.00M
Prepaid Expenses
Receivables $185.9M $187.4M
Other Receivables $17.00M $3.000M
Total Short-Term Assets $682.0M $696.7M
YoY Change -2.11% 14.78%
LONG-TERM ASSETS
Property, Plant & Equipment $7.086B $6.820B
YoY Change 3.89% 6.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.309B $1.310B
YoY Change -0.03% 3.35%
Other Assets $443.3M $432.3M
YoY Change 2.54% -19.27%
Total Long-Term Assets $8.894B $8.628B
YoY Change 3.09% 4.68%
TOTAL ASSETS
Total Short-Term Assets $682.0M $696.7M
Total Long-Term Assets $8.894B $8.628B
Total Assets $9.576B $9.324B
YoY Change 2.7% 5.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.8M $174.3M
YoY Change -16.35% -20.63%
Accrued Expenses $76.00M $85.00M
YoY Change -10.59% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $105.5M $386.6M
YoY Change -72.71% -19.24%
Long-Term Debt Due $110.0M $240.0M
YoY Change -54.17%
Total Short-Term Liabilities $662.3M $1.094B
YoY Change -39.46% 7.6%
LONG-TERM LIABILITIES
Long-Term Debt $2.645B $2.410B
YoY Change 9.79% 0.39%
Other Long-Term Liabilities $111.3M $105.9M
YoY Change 5.1% 17.93%
Total Long-Term Liabilities $2.757B $2.515B
YoY Change 9.59% 1.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $662.3M $1.094B
Total Long-Term Liabilities $2.757B $2.515B
Total Liabilities $6.308B $6.225B
YoY Change 1.34% 3.1%
SHAREHOLDERS EQUITY
Retained Earnings $2.229B $2.052B
YoY Change 8.63% 13.7%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.286B $3.100B
YoY Change
Total Liabilities & Shareholders Equity $9.594B $9.324B
YoY Change 2.89% 5.38%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $87.50M $100.8M
YoY Change -13.19% 9.92%
Depreciation, Depletion And Amortization $76.20M $68.30M
YoY Change 11.57% -8.57%
Cash From Operating Activities $166.2M $158.6M
YoY Change 4.79% 666.18%
INVESTING ACTIVITIES
Capital Expenditures -$118.9M -$125.8M
YoY Change -5.48% -47.56%
Acquisitions
YoY Change
Other Investing Activities $1.900M $200.0K
YoY Change 850.0% -108.33%
Cash From Investing Activities -$117.0M -$125.6M
YoY Change -6.85% -48.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.70M -33.20M
YoY Change 52.71% -115.48%
NET CHANGE
Cash From Operating Activities 166.2M 158.6M
Cash From Investing Activities -117.0M -125.6M
Cash From Financing Activities -50.70M -33.20M
Net Change In Cash -1.500M -200.0K
YoY Change 650.0% -97.18%
FREE CASH FLOW
Cash From Operating Activities $166.2M $158.6M
Capital Expenditures -$118.9M -$125.8M
Free Cash Flow $285.1M $284.4M
YoY Change 0.25% 9.13%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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178600000 USD
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29700000 USD
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10200000 USD
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27600000 USD
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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3500000 USD
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1800000 USD
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199600000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199600000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The Condensed</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements included herein have been prepared by</font><font style="font-family:inherit;font-size:10pt;"> the Company, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however,</font><font style="font-family:inherit;font-size:10pt;"> the Company </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">believes that the disclosures are adequate to prevent the information presented from being misleading.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">In the opinion of management, all adjustments necessary to fairly present the</font><font style="font-family:inherit;font-size:10pt;"> consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">financial position of</font><font style="font-family:inherit;font-size:10pt;"> the Company </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">at</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">and</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">the results of its operations and cash flows for the</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">and</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">have been included and are of a normal recurring nature except as otherwise disclosed.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Due to seasonal fluctuations and other factors</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">the Company's</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">operating results for the</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">are not necessarily indicative of the results that may be expected for the year ending</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">or for any future period.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The Condensed</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements and Notes thereto should be read in conjunction with the audited</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements and Notes thereto included in</font><font style="font-family:inherit;font-size:10pt;"> the Company's </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Form 10-K.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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