2020 Q1 Form 10-Q Financial Statement

#000147620420000045 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $131.5M $132.8M
YoY Change -0.94% 28.65%
Cost Of Revenue $38.87M $40.20M
YoY Change -3.3% 28.43%
Gross Profit $92.65M $92.60M
YoY Change 0.05% 28.79%
Gross Profit Margin 70.44% 69.75%
Selling, General & Admin $10.74M $13.30M
YoY Change -19.25% 26.67%
% of Gross Profit 11.59% 14.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.23M $59.34M
YoY Change -5.25% 41.16%
% of Gross Profit 60.69% 64.08%
Operating Expenses $105.8M $128.2M
YoY Change -17.44% 45.44%
Operating Profit -$13.19M -$35.61M
YoY Change -62.95% 119.11%
Interest Expense $22.78M $25.01M
YoY Change -8.93% 49.05%
% of Operating Profit
Other Income/Expense, Net $9.869M $7.536M
YoY Change 30.96% -7142.99%
Pretax Income $11.20M -$5.800M
YoY Change -293.09% 222.22%
Income Tax
% Of Pretax Income
Net Earnings $9.769M -$5.195M
YoY Change -288.05% 224.69%
Net Earnings / Revenue 7.43% -3.91%
Basic Earnings Per Share
Diluted Earnings Per Share $87.95K -$0.02
COMMON SHARES
Basic Shares Outstanding 96.65M shares 281.3M shares
Diluted Shares Outstanding 111.1M shares 325.3M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.53M $12.70M
YoY Change 187.65% -13.61%
Cash & Equivalents $36.53M $12.68M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $5.800M
Prepaid Expenses
Receivables $6.000M
Other Receivables $0.00
Total Short-Term Assets $36.53M $24.50M
YoY Change 49.11% 13.43%
LONG-TERM ASSETS
Property, Plant & Equipment $4.473B $4.738B
YoY Change -5.59% 45.16%
Goodwill $29.07M $29.07M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $41.90M $44.00M
YoY Change -4.76%
Other Assets $48.04M $74.10M
YoY Change -35.16% 328.32%
Total Long-Term Assets $4.730B $5.033B
YoY Change -6.0% 43.89%
TOTAL ASSETS
Total Short-Term Assets $36.53M $24.50M
Total Long-Term Assets $4.730B $5.033B
Total Assets $4.767B $5.057B
YoY Change -5.74% 43.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.0M $107.6M
YoY Change -4.24% -19.94%
Accrued Expenses $6.168M $5.900M
YoY Change 4.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $51.40M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.2M $164.9M
YoY Change -33.77% 22.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.356B $2.364B
YoY Change -0.34% 28.86%
Other Long-Term Liabilities $207.6M $178.7M
YoY Change 16.17% 101.92%
Total Long-Term Liabilities $2.564B $2.543B
YoY Change 0.82% 32.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.2M $164.9M
Total Long-Term Liabilities $2.564B $2.543B
Total Liabilities $2.673B $2.708B
YoY Change -1.28% 31.59%
SHAREHOLDERS EQUITY
Retained Earnings -$986.3M -$745.7M
YoY Change 32.26% 17.59%
Common Stock $2.903M $2.815M
YoY Change 3.13% 51.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.752B $1.951B
YoY Change
Total Liabilities & Shareholders Equity $4.767B $5.057B
YoY Change -5.74% 43.71%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $9.769M -$5.195M
YoY Change -288.05% 224.69%
Depreciation, Depletion And Amortization $56.23M $59.34M
YoY Change -5.25% 41.16%
Cash From Operating Activities $35.61M $41.24M
YoY Change -13.65% 75.43%
INVESTING ACTIVITIES
Capital Expenditures -$15.97M $8.600M
YoY Change -285.64% 0.0%
Acquisitions
YoY Change
Other Investing Activities $13.55M $37.00M
YoY Change -63.37% -545.78%
Cash From Investing Activities -$2.413M $28.38M
YoY Change -108.5% -267.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.176M $5.444M
YoY Change -4.92% 89.36%
Debt Paid & Issued, Net $32.66M $2.428M
YoY Change 1245.02% -8.24%
Cash From Financing Activities -$43.73M -$67.17M
YoY Change -34.89% 3163.75%
NET CHANGE
Cash From Operating Activities $35.61M $41.24M
Cash From Investing Activities -$2.413M $28.38M
Cash From Financing Activities -$43.73M -$67.17M
Net Change In Cash -$10.53M $2.454M
YoY Change -529.22% -45.76%
FREE CASH FLOW
Cash From Operating Activities $35.61M $41.24M
Capital Expenditures -$15.97M $8.600M
Free Cash Flow $51.58M $32.64M
YoY Change 58.0% 118.94%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;font-weight:bold;">Reclassifications</font><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8212;The following line item on our consolidated balance sheets as of </font><font style="font-family:Verdana,sans-serif;font-size:8pt;">December&#160;31, 2019</font><font style="font-family:Verdana,sans-serif;font-size:8pt;"> was reclassified to conform to current year presentation:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">Corporate Intangible Assets, Net was included in Other Assets, Net. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">The following line items on our consolidated statements of cash flows for the </font><font style="font-family:Verdana,sans-serif;font-size:8pt;">three months ended March 31, 2019</font><font style="font-family:Verdana,sans-serif;font-size:8pt;"> were reclassified to conform to current year presentation:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">Amortization of Debt and Derivative Adjustments was listed on a separate line from Other Cash Flows from Operating Activities; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Verdana,sans-serif;font-size:8pt;">Equity in Net Loss of Unconsolidated Joint Ventures was combined with Other Cash Flows from Operating Activities.</font></div></td></tr></table></div>

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