2019 Q1 Form 10-Q Financial Statement

#000007628219000035 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $420.1M $405.7M $366.0M
YoY Change 3.55% 18.0% 19.3%
Cost Of Revenue $354.8M $340.6M $306.2M
YoY Change 4.17% 17.94% 17.68%
Gross Profit $65.30M $65.10M $61.30M
YoY Change 0.31% 18.36% 31.55%
Gross Profit Margin 15.54% 16.05% 16.75%
Selling, General & Admin $42.80M $43.00M $43.00M
YoY Change -0.47% 13.76% 43.81%
% of Gross Profit 65.54% 66.05% 70.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.200M $8.900M $7.900M
YoY Change 3.37% 14.1% 8.22%
% of Gross Profit 14.09% 13.67% 12.89%
Operating Expenses $42.80M $43.00M $43.00M
YoY Change -0.47% 13.76% 43.81%
Operating Profit $22.50M $22.10M $18.30M
YoY Change 1.81% 7.8% 9.58%
Interest Expense $8.200M $8.400M -$8.400M
YoY Change -2.38% 13.51% 21.74%
% of Operating Profit 36.44% 38.01% -45.9%
Other Income/Expense, Net $1.300M $2.300M $6.400M
YoY Change -43.48%
Pretax Income $15.60M $16.00M $14.80M
YoY Change -2.5% 8.11% 51.02%
Income Tax $3.900M $5.800M $4.600M
% Of Pretax Income 25.0% 36.25% 31.08%
Net Earnings $11.20M $9.800M $5.800M
YoY Change 14.29% 0.0% -10.77%
Net Earnings / Revenue 2.67% 2.42% 1.58%
Basic Earnings Per Share $0.92 $0.80 $0.48
Diluted Earnings Per Share $0.90 $0.78 $0.46
COMMON SHARES
Basic Shares Outstanding 12.20M shares 12.30M shares 12.53M shares
Diluted Shares Outstanding 12.40M shares 12.50M shares

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.50M $89.20M $82.80M
YoY Change -46.75% 32.15% 28.77%
Cash & Equivalents $47.50M $89.20M $82.80M
Short-Term Investments
Other Short-Term Assets $75.60M $79.20M $16.90M
YoY Change -4.55% 41.18% -68.35%
Inventory $329.7M $299.7M $282.8M
Prepaid Expenses
Receivables $287.9M $272.5M $242.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $740.7M $740.6M $669.6M
YoY Change 0.01% 23.83% 21.15%
LONG-TERM ASSETS
Property, Plant & Equipment $224.7M $196.4M $177.0M
YoY Change 14.41% 16.35% 5.92%
Goodwill $103.2M $106.5M $100.2M
YoY Change -3.1% 22.27% 15.7%
Intangibles $93.50M $106.0M $99.50M
YoY Change -11.79% 11.46% 3.0%
Long-Term Investments
YoY Change
Other Assets $79.80M $84.20M $11.90M
YoY Change -5.23% 14.4% 23.96%
Total Long-Term Assets $569.1M $493.1M $462.9M
YoY Change 15.41% 16.13% 9.8%
TOTAL ASSETS
Total Short-Term Assets $740.7M $740.6M $669.6M
Total Long-Term Assets $569.1M $493.1M $462.9M
Total Assets $1.310B $1.234B $1.133B
YoY Change 6.17% 20.63% 16.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $194.9M $187.8M $173.7M
YoY Change 3.78% 21.55% 30.01%
Accrued Expenses $100.1M $97.30M $84.70M
YoY Change 2.88% 13.14% 9.29%
Deferred Revenue $23.00M
YoY Change
Short-Term Debt $0.00 $0.00 $2.300M
YoY Change -100.0% -54.0%
Long-Term Debt Due $17.90M $14.50M $15.40M
YoY Change 23.45% -42.69% -40.31%
Total Short-Term Liabilities $325.7M $299.6M $276.1M
YoY Change 8.71% 10.88% 14.14%
LONG-TERM LIABILITIES
Long-Term Debt $546.1M $568.7M $515.5M
YoY Change -3.97% 25.82% 17.43%
Other Long-Term Liabilities $108.7M $33.00M $30.60M
YoY Change 229.39% 47.98% 3.03%
Total Long-Term Liabilities $654.8M $629.3M $568.4M
YoY Change 4.05% 25.28% 14.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $325.7M $299.6M $276.1M
Total Long-Term Liabilities $654.8M $629.3M $568.4M
Total Liabilities $980.5M $928.9M $844.5M
YoY Change 5.55% 20.25% 14.38%
SHAREHOLDERS EQUITY
Retained Earnings $216.1M
YoY Change 11.62%
Common Stock $133.0M
YoY Change 7.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.20M
YoY Change 13.58%
Treasury Stock Shares 2.624M shares
Shareholders Equity $315.5M $292.4M $276.0M
YoY Change
Total Liabilities & Shareholders Equity $1.310B $1.234B $1.133B
YoY Change 6.17% 20.63% 16.24%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $11.20M $9.800M $5.800M
YoY Change 14.29% 0.0% -10.77%
Depreciation, Depletion And Amortization $9.200M $8.900M $7.900M
YoY Change 3.37% 14.1% 8.22%
Cash From Operating Activities $6.600M $8.400M $19.50M
YoY Change -21.43% -4300.0% -39.25%
INVESTING ACTIVITIES
Capital Expenditures $10.60M $8.900M -$9.000M
YoY Change 19.1% 45.9% 9.76%
Acquisitions $0.00 $36.70M
YoY Change -100.0%
Other Investing Activities $0.00 -$36.70M -$29.20M
YoY Change -100.0% 24.79%
Cash From Investing Activities -$10.60M -$45.60M -$38.20M
YoY Change -76.75% 647.54% 20.89%
FINANCING ACTIVITIES
Cash Dividend Paid $1.900M $1.600M
YoY Change 18.75% 0.0%
Common Stock Issuance & Retirement, Net $0.00 $600.0K
YoY Change -100.0%
Debt Paid & Issued, Net $2.200M $3.600M
YoY Change -38.89% 20.0%
Cash From Financing Activities -$4.300M $42.90M 20.20M
YoY Change -110.02% 387.5% 180.56%
NET CHANGE
Cash From Operating Activities $6.600M $8.400M 19.50M
Cash From Investing Activities -$10.60M -$45.60M -38.20M
Cash From Financing Activities -$4.300M $42.90M 20.20M
Net Change In Cash -$8.200M $5.700M 1.500M
YoY Change -243.86% 128.0% -80.52%
FREE CASH FLOW
Cash From Operating Activities $6.600M $8.400M $19.50M
Capital Expenditures $10.60M $8.900M -$9.000M
Free Cash Flow -$4.000M -$500.0K $28.50M
YoY Change 700.0% -92.06% -29.28%

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CY2019Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-1300000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22100000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22500000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4600000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
68700000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12800000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
55900000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4400000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67900000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M18D
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
82700000 USD
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
75600000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
69800000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
79800000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4200000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
700000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5500000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-5300000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
600000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1600000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1900000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1100000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1000000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
36700000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8900000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10600000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
3700000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
1100000 USD
CY2018Q1 us-gaap Proceeds From Long Term Capital Lease Obligations
ProceedsFromLongTermCapitalLeaseObligations
-1200000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
47300000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1300000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7900000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7900000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6200000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6700000 USD
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1600000 USD
CY2019Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
800000 USD
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1600000 USD
CY2019Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1300000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
10200000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
11700000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
219400000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
224700000 USD
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1600000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3600000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2200000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
405700000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
420100000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2200000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43000000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42800000 USD
CY2018Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
547500000 USD
CY2019Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
546100000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2200000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1900000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
299000000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
315500000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
288000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
304800000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
312600000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
329300000 USD
CY2018Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
26917 shares
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12500000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12400000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12300000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12200000 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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