2017 Q2 Form 10-Q Financial Statement

#000104277617000171 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $148.7M $135.3M
YoY Change 9.88% -7.79%
Cost Of Revenue $55.80M $52.30M
YoY Change 6.69% -14.96%
Gross Profit $92.90M $83.00M
YoY Change 11.93% -2.7%
Gross Profit Margin 62.48% 61.34%
Selling, General & Admin $8.000M $8.300M
YoY Change -3.61% 2.47%
% of Gross Profit 8.61% 10.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.06M $31.56M
YoY Change -4.74% -38.37%
% of Gross Profit 32.36% 38.02%
Operating Expenses $113.2M $120.5M
YoY Change -6.08% -4.28%
Operating Profit $35.49M $14.79M
YoY Change 139.95% -28.97%
Interest Expense $18.42M $16.41M
YoY Change 12.23% -9.68%
% of Operating Profit 51.9% 110.97%
Other Income/Expense, Net -$18.28M -$16.34M
YoY Change 11.82% -6.35%
Pretax Income $17.20M -$1.600M
YoY Change -1175.0% -147.06%
Income Tax
% Of Pretax Income
Net Earnings $23.71M $72.28M
YoY Change -67.2% 141.12%
Net Earnings / Revenue 15.95% 53.42%
Basic Earnings Per Share
Diluted Earnings Per Share $118.0K -$11.02K
COMMON SHARES
Basic Shares Outstanding 145.4M shares 145.2M shares
Diluted Shares Outstanding 145.8M shares 145.7M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.600M $21.10M
YoY Change -54.5% 134.44%
Cash & Equivalents $9.596M $21.11M
Short-Term Investments
Other Short-Term Assets $29.50M $29.70M
YoY Change -0.67% -9.45%
Inventory $225.1M $69.80M
Prepaid Expenses
Receivables $201.7M $176.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $465.9M $296.6M
YoY Change 57.08% -4.32%
LONG-TERM ASSETS
Property, Plant & Equipment $3.373B $3.462B
YoY Change -2.57% -11.59%
Goodwill $98.92M $180.1M
YoY Change -45.08% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.800M $7.400M
YoY Change 5.41% -3.9%
Other Assets $289.9M $280.7M
YoY Change 3.28% -5.01%
Total Long-Term Assets $3.854B $4.002B
YoY Change -3.69% -10.5%
TOTAL ASSETS
Total Short-Term Assets $465.9M $296.6M
Total Long-Term Assets $3.854B $4.002B
Total Assets $4.320B $4.298B
YoY Change 0.51% -10.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.0M $122.4M
YoY Change -9.31% -5.04%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.0M $122.4M
YoY Change -9.31% -5.04%
LONG-TERM LIABILITIES
Long-Term Debt $2.053B $1.884B
YoY Change 8.96% -18.79%
Other Long-Term Liabilities $75.80M $85.10M
YoY Change -10.93% 11.53%
Total Long-Term Liabilities $2.129B $1.969B
YoY Change 8.1% -17.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.0M $122.4M
Total Long-Term Liabilities $2.129B $1.969B
Total Liabilities $2.240B $2.092B
YoY Change 7.09% -17.17%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.677B $3.673B
YoY Change 0.11% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.078B $2.206B
YoY Change
Total Liabilities & Shareholders Equity $4.320B $4.298B
YoY Change 0.51% -10.1%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $23.71M $72.28M
YoY Change -67.2% 141.12%
Depreciation, Depletion And Amortization $30.06M $31.56M
YoY Change -4.74% -38.37%
Cash From Operating Activities $61.40M $53.00M
YoY Change 15.85% 3.92%
INVESTING ACTIVITIES
Capital Expenditures -$30.00M -$37.90M
YoY Change -20.84% 43.56%
Acquisitions
YoY Change
Other Investing Activities $17.80M $152.9M
YoY Change -88.36% 174.01%
Cash From Investing Activities -$12.30M $115.0M
YoY Change -110.7% 289.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.30M -151.7M
YoY Change -69.48% 92.27%
NET CHANGE
Cash From Operating Activities 61.40M 53.00M
Cash From Investing Activities -12.30M 115.0M
Cash From Financing Activities -46.30M -151.7M
Net Change In Cash 2.800M 16.30M
YoY Change -82.82% 918.75%
FREE CASH FLOW
Cash From Operating Activities $61.40M $53.00M
Capital Expenditures -$30.00M -$37.90M
Free Cash Flow $91.40M $90.90M
YoY Change 0.55% 17.44%

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us-gaap Prior Period Reclassification Adjustment Description
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<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;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts presented in Piedmont's Amended Annual Report on Form 10-K/A for the year ended December 31, 2016 have been reclassified to conform to the current period financial statement presentation. The reclassifications relate to the Two Independence Square building, located in Washington, D.C., which was first classified as held for sale as of March 31, 2017, and continues to be presented as held for sale as of June 30, 2017. Applicable balances related to the same asset have been reclassified as held for sale as of December 31, 2016.</font></div></div>
us-gaap Use Of Estimates
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<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;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates.</font></div></div>

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