2013 Q2 Form 10-Q Financial Statement

#000110465913058909 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $55.93M $48.58M
YoY Change 15.13% 17.21%
Cost Of Revenue $16.30M $14.30M
YoY Change 13.99% 20.17%
Gross Profit $39.70M $32.40M
YoY Change 22.53% 7.28%
Gross Profit Margin 70.98% 66.69%
Selling, General & Admin $7.100M $6.000M
YoY Change 18.33% -1.64%
% of Gross Profit 17.88% 18.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.90M $17.10M
YoY Change -18.71% 92.13%
% of Gross Profit 35.01% 52.78%
Operating Expenses $20.70M $17.30M
YoY Change 19.65% 13.82%
Operating Profit $18.86M $15.96M
YoY Change 18.11% 14.04%
Interest Expense $4.065M $4.096M
YoY Change -0.76% 33.16%
% of Operating Profit 21.56% 25.66%
Other Income/Expense, Net
YoY Change
Pretax Income $15.25M $11.95M
YoY Change 27.59% 8.76%
Income Tax $43.00K $44.00K
% Of Pretax Income 0.28% 0.37%
Net Earnings $15.20M $12.00M
YoY Change 26.67% 10.09%
Net Earnings / Revenue 27.17% 24.7%
Basic Earnings Per Share $0.28 $0.25
Diluted Earnings Per Share $1.101M $1.008M
COMMON SHARES
Basic Shares Outstanding 54.67M shares 47.10M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $1.400M
YoY Change 121.43% 27.27%
Cash & Equivalents $3.119M $1.394M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $30.80M $27.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.90M $28.50M
YoY Change 18.95% 27.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.468B $1.322B
YoY Change 11.06% 18.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.70M $14.10M
YoY Change 11.35% 156.36%
Total Long-Term Assets $1.493B $1.354B
YoY Change 10.26% 18.76%
TOTAL ASSETS
Total Short-Term Assets $33.90M $28.50M
Total Long-Term Assets $1.493B $1.354B
Total Assets $1.527B $1.383B
YoY Change 10.44% 18.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.90M $19.70M
YoY Change -4.06% 10.06%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $91.90M $94.30M
YoY Change -2.55% 105.45%
Long-Term Debt Due $350.0M $350.0M
YoY Change 0.0%
Total Short-Term Liabilities $463.6M $466.9M
YoY Change -0.71% 597.91%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $27.00M
YoY Change -7.41% -92.01%
Other Long-Term Liabilities $17.40M $10.70M
YoY Change 62.62% -15.08%
Total Long-Term Liabilities $42.40M $37.70M
YoY Change 12.47% -89.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $463.6M $466.9M
Total Long-Term Liabilities $42.40M $37.70M
Total Liabilities $506.1M $504.5M
YoY Change 0.31% 20.84%
SHAREHOLDERS EQUITY
Retained Earnings $177.2M $112.3M
YoY Change 57.75%
Common Stock $1.105B $937.1M
YoY Change 17.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.021B $878.3M
YoY Change
Total Liabilities & Shareholders Equity $1.527B $1.383B
YoY Change 10.44% 18.93%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $15.20M $12.00M
YoY Change 26.67% 10.09%
Depreciation, Depletion And Amortization $13.90M $17.10M
YoY Change -18.71% 92.13%
Cash From Operating Activities $28.90M $23.30M
YoY Change 24.03% 4.48%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$38.00M
YoY Change -92.63% -79.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.900M -$38.00M
YoY Change -92.37% -79.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.50M 6.800M
YoY Change -489.71% -95.9%
NET CHANGE
Cash From Operating Activities 28.90M 23.30M
Cash From Investing Activities -2.900M -38.00M
Cash From Financing Activities -26.50M 6.800M
Net Change In Cash -500.0K -7.900M
YoY Change -93.67% -8000.0%
FREE CASH FLOW
Cash From Operating Activities $28.90M $23.30M
Capital Expenditures -$2.800M -$38.00M
Free Cash Flow $31.70M $61.30M
YoY Change -48.29% -70.85%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Note 2.</font></b> <font style="FONT-SIZE: 10pt;" size="2">&#160; <b>Recent Accounting Pronouncements</b></font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Effective January&#160;2013, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Update No.&#160;2013-02, <i>Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income</i>. This update is the culmination of the FASB&#8217;s deliberation on reporting reclassification adjustments from accumulated other comprehensive income, or AOCI. This standard did not change the requirements for reporting net income or other comprehensive income. However, it requires disclosure of amounts reclassified out of AOCI in their entirety, by component, on the face of the statement of income and comprehensive income or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This update was effective prospectively for annual and interim reporting periods beginning after December&#160;15, 2012. The implementation of this update did not cause any changes to the disclosures in, or the presentation of, our condensed consolidated financial statements.</font></p> </div>
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0.73
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2013Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
332000 USD
CY2012Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
335000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
663000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
659000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17273000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15656000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
663000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
659000 USD
us-gaap Straight Line Rent
StraightLineRent
1654000 USD
us-gaap Straight Line Rent
StraightLineRent
1564000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10413000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9274000 USD
us-gaap Amortization Of Deferred Leasing Fees
AmortizationOfDeferredLeasingFees
590000 USD
us-gaap Amortization Of Deferred Leasing Fees
AmortizationOfDeferredLeasingFees
387000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
1046000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
646000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
183000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
2234000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
2075000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
811000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
59000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-3478000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1258000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2162000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
397000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
486000 USD
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-787000 USD
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-463000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
58489000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52568000 USD
us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
38850000 USD
us-gaap Real Estate Improvements
RealEstateImprovements
-6542000 USD
us-gaap Real Estate Improvements
RealEstateImprovements
-4711000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
18374000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
11832000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43561000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
955000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
881000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
46500000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
27000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
71000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
345500000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
350000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1964000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
47002000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
39540000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-72457000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10885000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2136000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1878000 USD
us-gaap Interest Paid
InterestPaid
7610000 USD
us-gaap Interest Paid
InterestPaid
7695000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
128000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
86000 USD
gov Stock Granted Or Issued During Period Value Sharebased Compensation
StockGrantedOrIssuedDuringPeriodValueSharebasedCompensation
821000 USD
gov Stock Granted Or Issued During Period Value Sharebased Compensation
StockGrantedOrIssuedDuringPeriodValueSharebasedCompensation
1165000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3272000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1394000 USD
CY2013Q2 us-gaap Share Price
SharePrice
26.60
CY2013Q2 gov Number Of Trustees
NumberOfTrustees
5 item
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2000 shares

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