2013 Q3 Form 10-Q Financial Statement

#000078578613000026 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $567.7M $571.9M $608.8M
YoY Change -4.55% -6.06% 7.16%
Cost Of Revenue $513.2M $516.5M $551.4M
YoY Change -4.7% -6.34% 7.55%
Gross Profit $54.53M $55.47M $57.39M
YoY Change -3.05% -3.35% 3.47%
Gross Profit Margin 9.6% 9.7% 9.43%
Selling, General & Admin $27.80M $30.29M $30.11M
YoY Change -3.81% 0.58% 3.48%
% of Gross Profit 50.98% 54.6% 52.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.30M $12.40M $12.20M
YoY Change 0.0% 1.64% 8.93%
% of Gross Profit 22.56% 22.35% 21.26%
Operating Expenses $27.80M $30.29M $30.11M
YoY Change -3.81% 0.58% 3.84%
Operating Profit $26.73M $25.18M $27.28M
YoY Change -2.25% -7.68% 3.06%
Interest Expense -$2.200M $2.650M $4.125M
YoY Change -35.29% -35.76% -329.17%
% of Operating Profit -8.23% 10.52% 15.12%
Other Income/Expense, Net -$200.0K $8.000K $1.860M
YoY Change 0.0% -99.57%
Pretax Income $24.40M $22.94M $25.46M
YoY Change 2.95% -9.89% 3.5%
Income Tax $0.00 -$260.0K $1.928M
% Of Pretax Income 0.0% -1.13% 7.57%
Net Earnings $24.46M $23.20M $23.53M
YoY Change 3260.44% -1.4% -1.37%
Net Earnings / Revenue 4.31% 4.06% 3.87%
Basic Earnings Per Share $0.73 $0.69 $0.67
Diluted Earnings Per Share $0.71 $0.68 $0.66
COMMON SHARES
Basic Shares Outstanding 33.75M shares 33.80M shares 34.98M shares
Diluted Shares Outstanding 34.36M shares 35.64M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.9M $285.6M $277.9M
YoY Change 14.89% 2.77% 125.2%
Cash & Equivalents $341.9M $285.6M $277.9M
Short-Term Investments
Other Short-Term Assets $27.80M $24.60M $30.60M
YoY Change 30.52% -19.61% -25.91%
Inventory $404.0M $439.6M $487.7M
Prepaid Expenses
Receivables $305.4M $335.1M $312.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.079B $1.085B $1.109B
YoY Change -1.89% -2.16% 17.5%
LONG-TERM ASSETS
Property, Plant & Equipment $325.1M $314.5M $253.0M
YoY Change 22.58% 24.31% 6.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.09M $41.55M $37.82M
YoY Change -2.48% 9.85% 46.02%
Total Long-Term Assets $368.7M $360.1M $302.2M
YoY Change 18.29% 19.19% 14.71%
TOTAL ASSETS
Total Short-Term Assets $1.079B $1.085B $1.109B
Total Long-Term Assets $368.7M $360.1M $302.2M
Total Assets $1.448B $1.445B $1.411B
YoY Change 2.57% 2.41% 16.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $313.4M $304.9M $358.7M
YoY Change -8.17% -15.0% 11.27%
Accrued Expenses $85.10M $74.20M $84.90M
YoY Change -7.5% -12.6% 4.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.600M $3.000M $13.80M
YoY Change -64.71% -78.26% -19.3%
Total Short-Term Liabilities $471.4M $488.7M $492.6M
YoY Change -1.77% -0.78% 9.29%
LONG-TERM LIABILITIES
Long-Term Debt $257.8M $258.8M $260.8M
YoY Change -0.92% -0.77% 150.77%
Other Long-Term Liabilities $17.11M $17.93M $18.94M
YoY Change -10.42% -5.33% -13.91%
Total Long-Term Liabilities $277.0M $276.7M $279.8M
YoY Change -1.97% -1.11% 122.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $471.4M $488.7M $492.6M
Total Long-Term Liabilities $277.0M $276.7M $279.8M
Total Liabilities $748.4M $765.4M $772.3M
YoY Change -1.84% -0.9% 33.95%
SHAREHOLDERS EQUITY
Retained Earnings $679.2M $654.7M $596.2M
YoY Change 13.78% 9.82%
Common Stock $492.0K $490.0K $487.0K
YoY Change 0.61% 0.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $450.0M $436.2M $400.1M
YoY Change 12.46% 9.01%
Treasury Stock Shares 16.31M shares 15.16M shares 13.75M shares
Shareholders Equity $699.3M $679.5M $638.6M
YoY Change
Total Liabilities & Shareholders Equity $1.448B $1.445B $1.411B
YoY Change 2.57% 2.41% 16.89%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $24.46M $23.20M $23.53M
YoY Change 3260.44% -1.4% -1.37%
Depreciation, Depletion And Amortization $12.30M $12.40M $12.20M
YoY Change 0.0% 1.64% 8.93%
Cash From Operating Activities $90.70M $54.00M $34.80M
YoY Change 122.85% 55.17% -49.93%
INVESTING ACTIVITIES
Capital Expenditures -$23.80M -$31.00M -$12.20M
YoY Change 27.96% 154.1% 4.27%
Acquisitions
YoY Change
Other Investing Activities $400.0K $300.0K $3.300M
YoY Change -55.56% -90.91% 371.43%
Cash From Investing Activities -$23.50M -$30.60M -$8.900M
YoY Change 32.77% 243.82% -19.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.80M -15.00M -5.100M
YoY Change 168.18% 194.12% -94.0%
NET CHANGE
Cash From Operating Activities 90.70M 54.00M 34.80M
Cash From Investing Activities -23.50M -30.60M -8.900M
Cash From Financing Activities -11.80M -15.00M -5.100M
Net Change In Cash 55.40M 8.400M 20.80M
YoY Change 197.85% -59.62% -178.49%
FREE CASH FLOW
Cash From Operating Activities $90.70M $54.00M $34.80M
Capital Expenditures -$23.80M -$31.00M -$12.20M
Free Cash Flow $114.5M $85.00M $47.00M
YoY Change 93.09% 80.85% -42.12%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
-74470000 USD
CY2013Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
41547000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
42136000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-3202000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2546000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-2479000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33744000 shares
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-83739000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
116902000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
116819000 USD
us-gaap Net Income Loss
NetIncomeLoss
57795000 USD
us-gaap Net Income Loss
NetIncomeLoss
61361000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
23204000 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
23533000 USD
CY2013Q2 us-gaap Notional Amount Of Interest Rate Cash Flow Hedge Derivatives
NotionalAmountOfInterestRateCashFlowHedgeDerivatives
75000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
69856000 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
27280000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
25184000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
76810000 USD
CY2012Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1113000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1298000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1271000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1861000 USD
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2475000 USD
CY2012Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
46550000 USD
CY2013Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39035000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17930000 USD
CY2012Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
19095000 USD
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1860000 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1543000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-467000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
36047000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2013Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
34155000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
45068000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
84259000 USD
CY2012Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
725000 USD
CY2013Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6087000 USD
CY2013Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
22267000 USD
CY2012Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
15785000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in prior year periods within financing activities on the Consolidated Statements of Cash Flows were reclassified to conform to the current year presentation.</font></div></div>
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
89082000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Sale Of Longterm Investments
ProceedsFromSaleOfLongtermInvestments
0 USD
us-gaap Proceeds From Sale Of Longterm Investments
ProceedsFromSaleOfLongtermInvestments
2000000 USD
CY2012Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
591432000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
669344000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
265191000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
314511000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
102977000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
9929000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
596913000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
654708000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
608819000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
571945000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1711943000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1660301000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1400000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
86859000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30289000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
88800000 USD
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30113000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9012000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9588000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5403000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5453000 USD
CY2012Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5145000 USD
CY2012 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-957000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-249000 USD
CY2012 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
649000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
507000 USD
CY2012Q4 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
50000000 USD
CY2013Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
500000 shares
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
649022000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
679539000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
25.55
CY2013Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
27.19
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
13754000 shares
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
15164000 shares
CY2013Q2 us-gaap Treasury Stock Value
TreasuryStockValue
436157000 USD
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
400110000 USD
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35643000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34363000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35501000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34226000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34819000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34982000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33797000 shares
CY2011Q1 plxs Amortization Period Of Treasury Rate Lock Settlement
AmortizationPeriodOfTreasuryRateLockSettlement
7 Y
CY2013Q2 plxs Committed Payments For Repurchase Of Common Stock
CommittedPaymentsForRepurchaseOfCommonStock
600000 USD
CY2013Q2 plxs Computer Hardware And Software
ComputerHardwareAndSoftware
92084000 USD
CY2012Q3 plxs Computer Hardware And Software
ComputerHardwareAndSoftware
85433000 USD
CY2012Q2 plxs Contractual Balloon Debt Repayment
ContractualBalloonDebtRepayment
75000000 USD
CY2012Q2 plxs Contractual Quarterly Debt Repayment Amount
ContractualQuarterlyDebtRepaymentAmount
3750000 USD
CY2008Q2 plxs Conversion Of Variable Rate Term Loan Into Fixed Rate Debt
ConversionOfVariableRateTermLoanIntoFixedRateDebt
150000000 USD
CY2013Q2 plxs Customer Deposits Related To Inventory
CustomerDepositsRelatedToInventory
61400000 USD
CY2012Q3 plxs Customer Deposits Related To Inventory
CustomerDepositsRelatedToInventory
34800000 USD
CY2012Q3 plxs Land Buildings And Improvements
LandBuildingsAndImprovements
170557000 USD
CY2013Q2 plxs Land Buildings And Improvements
LandBuildingsAndImprovements
211894000 USD
CY2013Q2 plxs Line Of Credit Unused Capacity Commitment Fee Percentage At Period End
LineOfCreditUnusedCapacityCommitmentFeePercentageAtPeriodEnd
0.002
plxs Liquid Investments Maximum Maturity Period Months
LiquidInvestmentsMaximumMaturityPeriodMonths
3 M
CY2013Q2 plxs Shares Of Common Stock Committed To Purchase
SharesOfCommonStockCommittedToPurchase
21749 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000785786
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33750676 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PLEXUS CORP

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