2015 Q4 Form 10-Q Financial Statement

#000127547715000082 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $12.28M $18.35M $12.15M
YoY Change 1.1% 97.63% 332.86%
Cost Of Revenue $3.420M $3.100M $1.860M
YoY Change 83.87% 127.94% 287.5%
Gross Profit $8.860M -$8.430M $4.230M
YoY Change 109.46% -210.63% 150.3%
Gross Profit Margin 72.15% -45.94% 34.83%
Selling, General & Admin $980.0K $2.050M $1.445M
YoY Change -32.18% 47.16% 245.69%
% of Gross Profit 11.06% 34.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.050M $2.050M $1.445M
YoY Change -27.34% 47.16% 245.69%
Operating Profit $7.810M -$10.48M $2.785M
YoY Change 180.43% -268.3% 118.95%
Interest Expense $2.371M $2.037M $1.126M
YoY Change 110.57% 149.02%
% of Operating Profit 30.36% 40.43%
Other Income/Expense, Net $759.0K $729.0K $708.0K
YoY Change 7.2% -14.24% 190.16%
Pretax Income $7.810M -$9.420M $3.520M
YoY Change 121.88% -239.14% 144.44%
Income Tax
% Of Pretax Income
Net Earnings $7.811M -$9.417M $3.521M
YoY Change 121.84% -239.14% 143.67%
Net Earnings / Revenue 63.61% -51.31% 28.99%
Basic Earnings Per Share $0.36 -$0.42 $0.24
Diluted Earnings Per Share $0.36 -$0.42 $0.24
COMMON SHARES
Basic Shares Outstanding 21.77M shares 22.96M shares 13.08M shares
Diluted Shares Outstanding 21.77M shares 22.55M shares 14.57M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.20M $67.10M $93.10M
YoY Change -38.56% 22.0% 1035.37%
Cash & Equivalents $69.96M $67.10M $93.14M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $87.60M
Other Receivables $8.300M
Total Short-Term Assets $65.70M $163.0M $99.30M
YoY Change -33.84% -47.44% 913.27%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.158B $2.118B $1.549B
YoY Change 39.3% 80.14% 341.12%
Other Assets $4.200M $2.000M $2.600M
YoY Change 61.54% -58.33% 8.33%
Total Long-Term Assets $2.176B $2.130B $1.559B
YoY Change 39.63% 78.92% 340.54%
TOTAL ASSETS
Total Short-Term Assets $65.70M $163.0M $99.30M
Total Long-Term Assets $2.176B $2.130B $1.559B
Total Assets $2.242B $2.293B $1.658B
YoY Change 35.23% 52.81% 355.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $400.0K $300.0K
YoY Change 66.67% 33.33% 200.0%
Accrued Expenses $900.0K $500.0K $600.0K
YoY Change 50.0% 25.0% 500.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.799B $1.943B $1.437B
YoY Change 25.2% 54.72% 350.94%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.800B $2.037B $1.438B
YoY Change 25.22% 53.87% 350.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $188.4M $800.0K $2.100M
YoY Change 8871.43% -81.82% 2000.0%
Total Long-Term Liabilities $188.4M $800.0K $2.100M
YoY Change 8871.43% -81.82% 2000.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.800B $2.037B $1.438B
Total Long-Term Liabilities $188.4M $800.0K $2.100M
Total Liabilities $1.989B $2.037B $1.440B
YoY Change 38.12% 53.42% 351.59%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 -$6.246M $492.0K
YoY Change -100.0% -135.55%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $253.3M $255.9M $218.1M
YoY Change
Total Liabilities & Shareholders Equity $2.242B $2.293B $1.658B
YoY Change 35.23% 52.8% 355.97%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $7.811M -$9.417M $3.521M
YoY Change 121.84% -239.14% 143.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $28.33M -$7.940M $3.270M
YoY Change 766.36% -190.74% 26.74%
INVESTING ACTIVITIES
Capital Expenditures -$3.750M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$66.97M $64.28M -$187.6M
YoY Change -64.3% -112.87% 959.77%
Cash From Investing Activities -$70.72M $64.28M -$187.6M
YoY Change -62.3% -112.87% 959.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.53M -89.71M 222.4M
YoY Change -85.37% -117.5% 1345.22%
NET CHANGE
Cash From Operating Activities 28.33M -7.940M 3.270M
Cash From Investing Activities -70.72M 64.28M -187.6M
Cash From Financing Activities 32.53M -89.71M 222.4M
Net Change In Cash -9.860M -33.37M 38.11M
YoY Change -125.87% -253.43% 14014.81%
FREE CASH FLOW
Cash From Operating Activities $28.33M -$7.940M $3.270M
Capital Expenditures -$3.750M
Free Cash Flow $32.08M
YoY Change

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
550813000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-26035000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8169000 USD
us-gaap Interest Paid
InterestPaid
5076000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
-29598000 USD
orc Amortization Of Equity Awards
AmortizationOfEquityAwards
107000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4000000 shares
orc Award Date
AwardDate
2014-04-25
orc Shares Granted To Each Director
SharesGrantedToEachDirector
6000 shares
orc Shares Vesting Per Director Each Year
SharesVestingPerDirectorEachYear
2000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y7M
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6738000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6738000 USD
orc Effect Of Weighting
EffectOfWeighting
-2167000 shares
dei Entity Central Index Key
EntityCentralIndexKey
0001518621
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
257000 USD
us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments
-10102000 USD
orc Gains On Tba Securities
GainsOnTbaSecurities
24000 USD
orc Gains On Tba Securities
GainsOnTbaSecurities
0 USD
orc Proceeds From Net Tba Settlements
ProceedsFromNetTbaSettlements
24000 USD
orc Proceeds From Net Tba Settlements
ProceedsFromNetTbaSettlements
0 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
484000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
450000 USD
orc Directors Fees And Liability Insurance
DirectorsFeesAndLiabilityInsurance
732000 USD
orc Directors Fees And Liability Insurance
DirectorsFeesAndLiabilityInsurance
405000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-83275000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-121449000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
49719000 USD
us-gaap Repurchase Agreements Interest Expense Amount
RepurchaseAgreementsInterestExpenseAmount
4900000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
44819000 USD
orc Realized Gains On Investments
RealizedGainsOnInvestments
-1073000 USD
orc Unrealized Gains On Investments
UnrealizedGainsOnInvestments
-9029000 USD
us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
-35660000 USD
orc Net Portfolio Income
NetPortfolioIncome
-943000 USD
orc Management Fees
ManagementFees
2929000 USD
orc Management Fees
ManagementFees
1276000 USD
us-gaap Professional Fees
ProfessionalFees
493000 USD
us-gaap Professional Fees
ProfessionalFees
406000 USD
orc Direct Reit Operating Expenses
DirectReitOperatingExpenses
174000 USD
orc Direct Reit Operating Expenses
DirectReitOperatingExpenses
124000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
983000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
381000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5795000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3042000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
19658000 USD
us-gaap Repurchase Agreements Interest Expense Amount
RepurchaseAgreementsInterestExpenseAmount
1905000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
17753000 USD
orc Realized Gains On Investments
RealizedGainsOnInvestments
1932000 USD
orc Unrealized Gains On Investments
UnrealizedGainsOnInvestments
8720000 USD
us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
-4364000 USD
orc Net Portfolio Income
NetPortfolioIncome
24041000 USD
us-gaap Profit Loss
ProfitLoss
-6738000 USD
us-gaap Profit Loss
ProfitLoss
20999000 USD
CY2015Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
18352000 USD
CY2015Q3 us-gaap Repurchase Agreements Interest Expense Amount
RepurchaseAgreementsInterestExpenseAmount
2037000 USD
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
16315000 USD
CY2015Q3 orc Realized Gains On Investments
RealizedGainsOnInvestments
850000 USD
CY2015Q3 orc Unrealized Gains On Investments
UnrealizedGainsOnInvestments
-2026000 USD
CY2015Q3 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
-22506000 USD
CY2015Q3 orc Net Portfolio Income
NetPortfolioIncome
-7367000 USD
CY2015Q3 orc Management Fees
ManagementFees
1061000 USD
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
162000 USD
CY2015Q3 orc Directors Fees And Liability Insurance
DirectorsFeesAndLiabilityInsurance
250000 USD
CY2015Q3 us-gaap Professional Fees
ProfessionalFees
160000 USD
CY2015Q3 orc Direct Reit Operating Expenses
DirectReitOperatingExpenses
86000 USD
CY2015Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
331000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2050000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-9417000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.53
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.53
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
19725675 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
8314512 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
22545019 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19725675 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8314512 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22545019 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.5
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.62
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.1 pure
orc Effect Of Weighting
EffectOfWeighting
-4733000 shares
CY2015Q3 orc Effect Of Weighting
EffectOfWeighting
652 shares
CY2014Q3 orc Effect Of Weighting
EffectOfWeighting
-2338 shares
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9417000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6768000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6768000 USD
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13024000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
24000 shares
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
13352147 shares
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
171295000 USD
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6235017 shares
CY2014Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
9286000 USD
CY2014Q3 us-gaap Repurchase Agreements Interest Expense Amount
RepurchaseAgreementsInterestExpenseAmount
818000 USD
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
8468000 USD
CY2014Q3 orc Realized Gains On Investments
RealizedGainsOnInvestments
-1960000 USD
CY2014Q3 orc Unrealized Gains On Investments
UnrealizedGainsOnInvestments
-1404000 USD
CY2014Q3 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
3057000 USD
CY2014Q3 orc Net Portfolio Income
NetPortfolioIncome
8161000 USD
CY2014Q3 orc Management Fees
ManagementFees
543000 USD
CY2014Q3 orc Directors Fees And Liability Insurance
DirectorsFeesAndLiabilityInsurance
165000 USD
CY2014Q3 orc Direct Reit Operating Expenses
DirectReitOperatingExpenses
36000 USD
CY2014Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
264000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1393000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
6768000 USD
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2014Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
10710153 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10710153 shares
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.54
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
-9512000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
0 USD
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55027000 USD
CY2015Q3 orc Securities Sales Settled In Later Period
SecuritiesSalesSettledInLaterPeriod
87558000 USD
CY2014Q3 orc Securities Sales Settled In Later Period
SecuritiesSalesSettledInLaterPeriod
249410000 USD
CY2014Q3 orc Securities Acquisitions Settled In Later Period
SecuritiesAcquisitionsSettledInLaterPeriod
66812000 USD
CY2015Q3 orc Declaration Date
DeclarationDate
July 9, 2015
CY2015Q2 orc Record Date
RecordDate
June 22, 2015
CY2015Q2 orc Payment Date
PaymentDate
June 30, 2015
CY2015Q2 orc Declaration Date
DeclarationDate
May 11, 2015
CY2015Q2 orc Record Date
RecordDate
May 26, 2015
CY2015Q2 orc Payment Date
PaymentDate
May 29, 2015
CY2015Q2 orc Declaration Date
DeclarationDate
April 9, 2015
CY2015Q1 orc Declaration Date
DeclarationDate
January 13, 2015
CY2015Q3 us-gaap Dividends
Dividends
3218000 USD
CY2015Q2 us-gaap Dividends
Dividends
4057000 USD
CY2015Q2 us-gaap Dividends
Dividends
3580000 USD
CY2015Q2 us-gaap Dividends
Dividends
3303000 USD
CY2015Q1 us-gaap Dividends
Dividends
3205000 USD
CY2015Q1 us-gaap Dividends
Dividends
3017000 USD
CY2015Q1 us-gaap Dividends
Dividends
3017000 USD
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2015Q3 orc Pledged Unsettled Securities Sold
PledgedUnsettledSecuritiesSold
84100000 USD
orc Stock Repurchase Program Authorization Date
StockRepurchaseProgramAuthorizationDate
2015-07-29
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2000000 shares
orc Stock Repurchase Program Cumulative Shares Repurchased
StockRepurchaseProgramCumulativeSharesRepurchased
1069720 shares
orc Stock Repurchase Program Cumulative Cost
StockRepurchaseProgramCumulativeCost
9500000 USD
CY2015Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1069720 shares
CY2015Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
9512000 USD
CY2015Q4 orc Declaration Date
DeclarationDate
October 8, 2015
CY2015Q3 orc Declaration Date
DeclarationDate
September 11, 2015
CY2015Q3 orc Declaration Date
DeclarationDate
August 11, 2015
CY2015Q4 orc Record Date
RecordDate
October 26, 2015
CY2015Q4 orc Payment Date
PaymentDate
October 30, 2015
CY2015Q3 orc Record Date
RecordDate
September 25, 2015
CY2015Q3 orc Payment Date
PaymentDate
September 30, 2015
CY2015Q3 orc Record Date
RecordDate
August 26, 2015
CY2015Q3 orc Payment Date
PaymentDate
August 31, 2015
CY2015Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.14
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.14
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26300 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23508 shares
orc Stock Repurchase Program Weighted Average Price Cumulative
StockRepurchaseProgramWeightedAveragePriceCumulative
8.89
CY2015Q3 orc Stock Repurchase Program Weighted Average Price
StockRepurchaseProgramWeightedAveragePrice
8.89
CY2015Q3 orc Unsettled Sales
UnsettledSales
87558000 USD

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