2017 Q4 Form 10-Q Financial Statement

#000104277617000182 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $139.4M $137.6M $138.5M
YoY Change -3.1% -0.65% -6.94%
Cost Of Revenue $55.40M $54.10M $54.90M
YoY Change -3.65% -1.46% -11.02%
Gross Profit $84.10M $83.50M $83.60M
YoY Change -2.66% -0.12% -4.02%
Gross Profit Margin 60.31% 60.69% 60.37%
Selling, General & Admin $7.900M $6.600M $7.400M
YoY Change 38.6% -10.81% -9.76%
% of Gross Profit 9.39% 7.9% 8.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.30M $30.00M $31.61M
YoY Change -15.96% -5.09% 1.32%
% of Gross Profit 53.86% 35.93% 37.81%
Operating Expenses $53.80M $108.8M $135.5M
YoY Change -10.03% -19.68% -9.64%
Operating Profit -$16.25M $28.76M $2.988M
YoY Change -161.01% 862.38% -363.72%
Interest Expense -$15.50M $16.18M $15.50M
YoY Change -6.63% 4.43% -17.71%
% of Operating Profit 56.28% 518.61%
Other Income/Expense, Net $400.0K -$12.14M -$16.05M
YoY Change -20.0% -24.38% -10.29%
Pretax Income -$31.30M $16.60M -$13.10M
YoY Change -398.1% -226.72% -31.05%
Income Tax
% Of Pretax Income
Net Earnings -$31.38M $126.1M -$13.11M
YoY Change -203.96% -1062.33% 599.04%
Net Earnings / Revenue -22.51% 91.68% -9.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$217.2K $113.9K -$90.22K
COMMON SHARES
Basic Shares Outstanding 144.4M shares 145.4M shares 145.2M shares
Diluted Shares Outstanding 145.7M shares 145.7M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.400M $36.10M $6.000M
YoY Change 5.71% 501.67% -22.08%
Cash & Equivalents $7.382M $36.11M $6.032M
Short-Term Investments
Other Short-Term Assets $20.80M $28.20M $28.70M
YoY Change -10.73% -1.74% -9.75%
Inventory $561.4M $0.00 $0.00
Prepaid Expenses
Receivables $156.6M $195.4M $183.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $746.2M $259.7M $218.3M
YoY Change -7.47% 18.96% -70.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.746B $3.347B $3.596B
YoY Change -9.07% -6.93% 5.7%
Goodwill $98.92M $98.92M $180.1M
YoY Change 0.0% -45.08% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $7.400M
YoY Change -100.0% -100.0% -3.9%
Other Assets $330.8M $276.1M $293.7M
YoY Change -1.72% -5.99% -17.8%
Total Long-Term Assets $3.254B $3.801B $4.170B
YoY Change -8.65% -8.85% 4.03%
TOTAL ASSETS
Total Short-Term Assets $746.2M $259.7M $218.3M
Total Long-Term Assets $3.254B $3.801B $4.170B
Total Assets $4.000B $4.061B $4.388B
YoY Change -8.43% -7.47% -7.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $114.9M $108.1M $133.1M
YoY Change -30.53% -18.78% 0.3%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $216.7M $108.1M $133.1M
YoY Change 31.02% -18.78% 0.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.727B $1.704B $1.994B
YoY Change -14.53% -14.57% -17.88%
Other Long-Term Liabilities $69.90M $74.90M $92.10M
YoY Change -17.38% -18.68% 6.97%
Total Long-Term Liabilities $1.797B $1.779B $2.086B
YoY Change -14.65% -14.75% -17.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $216.7M $108.1M $133.1M
Total Long-Term Liabilities $1.797B $1.779B $2.086B
Total Liabilities $2.013B $1.887B $2.219B
YoY Change -11.32% -14.99% -16.16%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.679B $3.678B $3.674B
YoY Change 0.11% 0.12% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.985B $2.172B $2.167B
YoY Change
Total Liabilities & Shareholders Equity $4.000B $4.061B $4.388B
YoY Change -8.43% -7.47% -7.42%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$31.38M $126.1M -$13.11M
YoY Change -203.96% -1062.33% 599.04%
Depreciation, Depletion And Amortization $45.30M $30.00M $31.61M
YoY Change -15.96% -5.09% 1.32%
Cash From Operating Activities $66.40M $64.70M $69.30M
YoY Change 11.04% -6.64% 83.33%
INVESTING ACTIVITIES
Capital Expenditures -$49.70M -$7.100M -$90.90M
YoY Change -83.68% -92.19% 81.44%
Acquisitions
YoY Change
Other Investing Activities -$11.30M $353.8M -$71.70M
YoY Change -105.22% -593.44% -241.98%
Cash From Investing Activities -$60.90M $346.6M -$162.6M
YoY Change -31.03% -313.16% -54300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.10M -384.9M 78.20M
YoY Change -233.73% -592.2% -298.48%
NET CHANGE
Cash From Operating Activities 66.40M 64.70M 69.30M
Cash From Investing Activities -60.90M 346.6M -162.6M
Cash From Financing Activities -34.10M -384.9M 78.20M
Net Change In Cash -28.60M 26.40M -15.10M
YoY Change 853.33% -274.83% 1061.54%
FREE CASH FLOW
Cash From Operating Activities $66.40M $64.70M $69.30M
Capital Expenditures -$49.70M -$7.100M -$90.90M
Free Cash Flow $116.1M $71.80M $160.2M
YoY Change -68.14% -55.18% 82.25%

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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 was sold on July 5, 2017. Applicable balances related to the same asset remain classified as held for sale as of December 31, 2016.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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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