$PLXS
PLEXUS CORP

2016 Q1 Form 10-Q Financial Statement

#000078578616000057 Filed on February 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $616.7M $664.7M
YoY Change -7.23% 19.2%
Cost Of Revenue $566.6M $603.3M
YoY Change -6.08% 19.52%
Gross Profit $50.06M $61.40M
YoY Change -18.47% 16.21%
Gross Profit Margin 8.12% 9.24%
Selling, General & Admin $27.03M $30.90M
YoY Change -12.53% 11.19%
% of Gross Profit 53.99% 50.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.03M $12.70M
YoY Change -5.28% 6.72%
% of Gross Profit 24.03% 20.68%
Operating Expenses $27.03M $30.90M
YoY Change -12.53% 11.19%
Operating Profit $21.52M $30.50M
YoY Change -29.43% 60.53%
Interest Expense $3.534M -$2.900M
YoY Change -221.86% -194.09%
% of Operating Profit 16.42% -9.51%
Other Income/Expense, Net -$1.620M $100.0K
YoY Change -1720.0% -85.1%
Pretax Income $17.30M $26.00M
YoY Change -33.45% 50.53%
Income Tax $2.854M $3.000M
% Of Pretax Income 16.5% 11.54%
Net Earnings $14.45M $23.10M
YoY Change -37.45% 24.76%
Net Earnings / Revenue 2.34% 3.48%
Basic Earnings Per Share $0.43
Diluted Earnings Per Share $0.42 $671.5K
COMMON SHARES
Basic Shares Outstanding 33.40M shares 33.66M shares
Diluted Shares Outstanding 34.06M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $354.7M
YoY Change
Cash & Equivalents $354.7M $239.7M
Short-Term Investments
Other Short-Term Assets $33.80M $35.20M
YoY Change -3.98% 20.14%
Inventory $549.5M $539.6M
Prepaid Expenses
Receivables $360.2M $378.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.298B $1.193B
YoY Change 8.79% 6.88%
LONG-TERM ASSETS
Property, Plant & Equipment $313.7M $327.6M
YoY Change -4.25% -1.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.56M $38.49M
YoY Change -5.02% -9.26%
Total Long-Term Assets $353.8M $369.6M
YoY Change -4.28% -2.27%
TOTAL ASSETS
Total Short-Term Assets $1.298B $1.193B
Total Long-Term Assets $353.8M $369.6M
Total Assets $1.652B $1.563B
YoY Change 5.7% 4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $368.0M $347.1M
YoY Change 6.02% -0.31%
Accrued Expenses $71.60M $71.60M
YoY Change 0.0% -20.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.900M $4.800M
YoY Change -39.58% 23.08%
Total Short-Term Liabilities $518.5M $490.5M
YoY Change 5.71% 0.8%
LONG-TERM LIABILITIES
Long-Term Debt $259.3M $261.0M
YoY Change -0.65% 1.91%
Other Long-Term Liabilities $13.79M $13.98M
YoY Change -1.32% 3.9%
Total Long-Term Liabilities $282.7M $280.2M
YoY Change 0.92% 3.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $518.5M $490.5M
Total Long-Term Liabilities $282.7M $280.2M
Total Liabilities $801.2M $770.6M
YoY Change 3.97% 1.63%
SHAREHOLDERS EQUITY
Retained Earnings $875.2M $789.5M
YoY Change 10.86% 10.36%
Common Stock $506.0K $501.0K
YoY Change 1.0% 0.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $518.4M $487.3M
YoY Change 6.4% 4.89%
Treasury Stock Shares 17.82M shares 16.51M shares
Shareholders Equity $850.8M $792.3M
YoY Change
Total Liabilities & Shareholders Equity $1.652B $1.563B
YoY Change 5.7% 4.56%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $14.45M $23.10M
YoY Change -37.45% 24.76%
Depreciation, Depletion And Amortization $12.03M $12.70M
YoY Change -5.28% 6.72%
Cash From Operating Activities $21.27M -$90.30M
YoY Change -123.55% -664.38%
INVESTING ACTIVITIES
Capital Expenditures -$11.70M -$9.600M
YoY Change 21.88% 9.09%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% -66.67%
Cash From Investing Activities -$11.73M -$9.500M
YoY Change 23.48% 10.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.463M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$9.719M -6.700M
YoY Change 45.06% 0.0%
NET CHANGE
Cash From Operating Activities $21.27M -90.30M
Cash From Investing Activities -$11.73M -9.500M
Cash From Financing Activities -$9.719M -6.700M
Net Change In Cash -$184.0K -106.5M
YoY Change -99.83% -15314.29%
FREE CASH FLOW
Cash From Operating Activities $21.27M -$90.30M
Capital Expenditures -$11.70M -$9.600M
Free Cash Flow $32.97M -$80.70M
YoY Change -140.85% -425.4%

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SalesRevenueNet
664690000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
616664000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30940000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27028000 USD
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22882000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
23130000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
152000000 USD
CY2015Q4 us-gaap Senior Notes
SeniorNotes
175000000 USD
CY2016Q1 us-gaap Senior Notes
SeniorNotes
175000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3741000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3390000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6803000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5847000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5634000 USD
CY2015 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2698000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
637000 USD
CY2015 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1742000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
424000 USD
CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
30000000 USD
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
30000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
187819 shares
CY2015 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
745227 shares
CY2016Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
227312 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
842272000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
850794000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
38.81
CY2015 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
40.26
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
37.23
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
17054000 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
17282000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
509968000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
518431000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34439000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34062000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33602000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33396000 shares
CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued an accounting standard to simplify the presentation of deferred taxes. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet, as opposed to being presented as current and non-current. This guidance is required to be adopted for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, and the guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued amended guidance to simplify the subsequent measurement of inventory measured using first-in, first-out or average cost. The new standard replaces the current lower of cost or market test with a lower of cost and net realizable value test. Under the guidance, market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance should be applied on a prospective basis and is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Consolidated Financial Statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued amended guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under the new guidance, the recognition and measurement of debt issuance costs is not affected. This guidance is effective for annual periods beginning on or after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued amended guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. This may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In July 2015 the FASB approved a one-year deferral of the standard. The new standard will become effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements.</font></div></div>

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