$PLXS
PLEXUS CORP

2016 Q2 Form 10-Q Financial Statement

#000078578616000073 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $618.7M $651.3M
YoY Change -5.01% 4.96%
Cost Of Revenue $565.4M $591.5M
YoY Change -4.42% 5.27%
Gross Profit $53.27M $59.78M
YoY Change -10.88% 2.02%
Gross Profit Margin 8.61% 9.18%
Selling, General & Admin $28.01M $30.33M
YoY Change -7.64% 3.92%
% of Gross Profit 52.58% 50.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.90M $11.90M
YoY Change 0.0% -1.65%
% of Gross Profit 22.34% 19.91%
Operating Expenses $28.01M $30.33M
YoY Change -7.64% 3.92%
Operating Profit $23.35M $29.45M
YoY Change -20.73% 4.45%
Interest Expense $3.674M $3.383M
YoY Change 8.6% 10.74%
% of Operating Profit 15.74% 11.49%
Other Income/Expense, Net -$1.128M -$60.00K
YoY Change 1780.0% -104.72%
Pretax Income $19.56M $26.80M
YoY Change -27.01% -1.42%
Income Tax $2.772M $3.203M
% Of Pretax Income 14.17% 11.95%
Net Earnings $16.79M $23.59M
YoY Change -28.85% -4.03%
Net Earnings / Revenue 2.71% 3.62%
Basic Earnings Per Share $0.50 $0.70
Diluted Earnings Per Share $0.50 $0.69
COMMON SHARES
Basic Shares Outstanding 33.32M shares 33.61M shares
Diluted Shares Outstanding 33.83M shares 34.34M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $409.8M $356.3M
YoY Change 15.02% 7.87%
Cash & Equivalents $409.8M $356.3M
Short-Term Investments
Other Short-Term Assets $37.60M $33.30M
YoY Change 12.91% 2.15%
Inventory $563.3M $557.0M
Prepaid Expenses
Receivables $325.4M $342.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.336B $1.289B
YoY Change 3.67% 6.69%
LONG-TERM ASSETS
Property, Plant & Equipment $307.2M $323.7M
YoY Change -5.1% -4.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.61M $40.08M
YoY Change -8.66% 1.67%
Total Long-Term Assets $347.4M $367.3M
YoY Change -5.41% -3.41%
TOTAL ASSETS
Total Short-Term Assets $1.336B $1.289B
Total Long-Term Assets $347.4M $367.3M
Total Assets $1.684B $1.656B
YoY Change 1.65% 4.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $383.1M $407.4M
YoY Change -5.97% -1.44%
Accrued Expenses $72.40M $75.00M
YoY Change -3.47% -8.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $4.800M
YoY Change -52.08% 14.29%
Total Short-Term Liabilities $529.2M $568.4M
YoY Change -6.91% 3.45%
LONG-TERM LIABILITIES
Long-Term Debt $259.6M $260.0M
YoY Change -0.16% -1.17%
Other Long-Term Liabilities $14.03M $14.04M
YoY Change -0.09% 4.19%
Total Long-Term Liabilities $283.3M $279.3M
YoY Change 1.43% 0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $529.2M $568.4M
Total Long-Term Liabilities $283.3M $279.3M
Total Liabilities $812.4M $847.7M
YoY Change -4.16% 2.36%
SHAREHOLDERS EQUITY
Retained Earnings $892.0M $813.1M
YoY Change 9.7% 9.88%
Common Stock $508.0K $503.0K
YoY Change 0.99% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $525.7M $495.0M
YoY Change 6.21% 4.81%
Treasury Stock Shares 17.82M shares 16.69M shares
Shareholders Equity $871.1M $808.5M
YoY Change
Total Liabilities & Shareholders Equity $1.684B $1.656B
YoY Change 1.65% 4.27%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $16.79M $23.59M
YoY Change -28.85% -4.03%
Depreciation, Depletion And Amortization $11.90M $11.90M
YoY Change 0.0% -1.65%
Cash From Operating Activities $70.00M $131.0M
YoY Change -46.56% 244.74%
INVESTING ACTIVITIES
Capital Expenditures -$5.100M -$7.100M
YoY Change -28.17% -74.37%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.100M -$7.100M
YoY Change -28.17% -71.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.300M $7.700M
YoY Change -5.19% 0.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.30M -9.400M
YoY Change 9.57% 59.32%
NET CHANGE
Cash From Operating Activities 70.00M 131.0M
Cash From Investing Activities -5.100M -7.100M
Cash From Financing Activities -10.30M -9.400M
Net Change In Cash 54.60M 114.5M
YoY Change -52.31% 1583.82%
FREE CASH FLOW
Cash From Operating Activities $70.00M $131.0M
Capital Expenditures -$5.100M -$7.100M
Free Cash Flow $75.10M $138.1M
YoY Change -45.62% 110.2%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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 March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The guidance also allows for the employer to repurchase more of an employee&#8217;s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Consolidated Financial Statements and the timing of adoption.</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 February 2016, the FASB issued guidance that primarily requires lessees to recognize most leases on their balance sheets but record expenses on their income statements in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Consolidated Financial Statements and the timing of adoption.</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 FASB 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;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. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements and the timing of its adoption.</font></div></div>

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