2014 Q3 Form 10-Q Financial Statement

#000156459014003488 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $18.04M $15.00M $12.64M
YoY Change 100.85% 38.34% 47.81%
Cost Of Revenue $4.880M $3.890M $3.080M
YoY Change 84.85% 80.09% 80.12%
Gross Profit $13.16M $11.10M $9.160M
YoY Change 40.6% 27.88% 33.92%
Gross Profit Margin 72.97% 74.02% 72.48%
Selling, General & Admin $3.270M $2.780M $2.830M
YoY Change -25.51% 98.57% 124.6%
% of Gross Profit 24.85% 25.05% 30.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.200M $6.100M $5.000M
YoY Change 95.24% 74.29% 78.57%
% of Gross Profit 62.31% 54.95% 54.59%
Operating Expenses $16.18M $12.68M $8.480M
YoY Change 100.99% 101.19% 97.21%
Operating Profit $12.71M $10.58M $680.0K
YoY Change 871.33% 344.41% -73.23%
Interest Expense $1.957M $1.537M -$840.0K
YoY Change 172.94% -129.22% -75.0%
% of Operating Profit 15.4% 14.53% -123.53%
Other Income/Expense, Net $2.383M $2.189M
YoY Change 185.05%
Pretax Income -$680.0K $80.00K -$570.0K
YoY Change -87.79% -102.29% -51.69%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$623.0K $49.00K -$910.0K
YoY Change -343.36% -102.15% -40.52%
Net Earnings / Revenue -3.45% 0.33% -7.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$17.89K $2.754K -$33.87K
COMMON SHARES
Basic Shares Outstanding 25.65M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.50M $9.300M $9.000M
YoY Change 1275.0% -62.8% -79.31%
Cash & Equivalents $60.54M $9.272M $8.997M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00 $14.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $60.50M $9.300M $23.00M
YoY Change 1275.0% -62.8% -61.67%
LONG-TERM ASSETS
Property, Plant & Equipment $722.7M $653.8M $481.7M
YoY Change 64.7% 69.51% 50.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.744M $5.758M $5.687M
YoY Change -44.77% -50.79% -55.21%
Other Assets $3.300M $3.600M $1.900M
YoY Change 73.68% 2.86% -42.42%
Total Long-Term Assets $787.7M $716.5M $531.7M
YoY Change 62.52% 67.65% 47.48%
TOTAL ASSETS
Total Short-Term Assets $60.50M $9.300M $23.00M
Total Long-Term Assets $787.7M $716.5M $531.7M
Total Assets $848.2M $725.8M $554.7M
YoY Change 73.43% 60.44% 31.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.600M $6.300M $5.800M
YoY Change 108.7% 152.0% 123.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.70M $16.80M $17.30M
YoY Change 138.95% 136.62% 127.63%
LONG-TERM LIABILITIES
Long-Term Debt $269.8M $369.9M $192.5M
YoY Change 119.53% 5.32% -36.43%
Other Long-Term Liabilities $3.300M $2.900M $3.200M
YoY Change 200.0% 314.29% -76.98%
Total Long-Term Liabilities $273.1M $372.8M $195.7M
YoY Change 120.24% 5.94% -38.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.70M $16.80M $17.30M
Total Long-Term Liabilities $273.1M $372.8M $195.7M
Total Liabilities $295.8M $389.6M $212.9M
YoY Change 64.7% -16.75% -50.85%
SHAREHOLDERS EQUITY
Retained Earnings -$10.78M -$5.993M
YoY Change
Common Stock $431.0K $255.0K $312.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $522.3M $301.5M $306.2M
YoY Change
Total Liabilities & Shareholders Equity $848.2M $725.8M $554.7M
YoY Change 73.44% 60.44% 31.91%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$623.0K $49.00K -$910.0K
YoY Change -343.36% -102.15% -40.52%
Depreciation, Depletion And Amortization $8.200M $6.100M $5.000M
YoY Change 95.24% 74.29% 78.57%
Cash From Operating Activities $8.500M $6.200M $5.400M
YoY Change 141.68% 520.0% -871.43%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$2.600M -$1.100M
YoY Change 411.11% 271.43% 175.0%
Acquisitions
YoY Change
Other Investing Activities -$71.00M -$141.8M -$64.80M
YoY Change 400.0% 166.54% 478.57%
Cash From Investing Activities -$75.50M -$144.5M -$65.90M
YoY Change 379.49% 168.09% 468.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $221.8M
YoY Change 3659.32%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 118.2M 141.2M 65.10M
YoY Change 610.85% 364.47% 166.8%
NET CHANGE
Cash From Operating Activities 8.500M 6.200M 5.400M
Cash From Investing Activities -75.50M -144.5M -65.90M
Cash From Financing Activities 118.2M 141.2M 65.10M
Net Change In Cash 51.20M 2.900M 4.600M
YoY Change 1063.9% -112.89% -61.98%
FREE CASH FLOW
Cash From Operating Activities $8.500M $6.200M $5.400M
Capital Expenditures -$4.600M -$2.600M -$1.100M
Free Cash Flow $13.10M $8.800M $6.500M
YoY Change 196.58% 417.65% -2266.67%

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CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
500000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
81826000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
92305000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
186409000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
12263000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
174287000
CY2014Q2 rexr Asset Acquisition Capitalized Acquisition Costs
AssetAcquisitionCapitalizedAcquisitionCosts
121000
CY2014Q2 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
1322000
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
1693000
CY2014Q2 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
286000
us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
209000
CY2014Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
17169000
CY2013Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14008000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
33938000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
26610000
CY2014Q2 rexr Business Acquisitions Pro Forma Net Operating Income Loss
BusinessAcquisitionsProFormaNetOperatingIncomeLoss
12276000
CY2013Q2 rexr Business Acquisitions Pro Forma Net Operating Income Loss
BusinessAcquisitionsProFormaNetOperatingIncomeLoss
10049000
rexr Business Acquisitions Pro Forma Net Operating Income Loss
BusinessAcquisitionsProFormaNetOperatingIncomeLoss
23706000
rexr Business Acquisitions Pro Forma Net Operating Income Loss
BusinessAcquisitionsProFormaNetOperatingIncomeLoss
19036000
CY2014Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
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368000
CY2013Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
990000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Mortgage Loans On Real Estate Collections Of Principal
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5400000
us-gaap Proceeds From Interest Received
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us-gaap Repayments Of Secured Debt
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2500000
CY2014Q2 us-gaap Notes Receivable Gross
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14030000
CY2013Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
14161000
CY2014Q2 us-gaap Certain Loans Acquired In Transfer Accretable Yield
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894000
CY2013Q4 us-gaap Certain Loans Acquired In Transfer Accretable Yield
CertainLoansAcquiredInTransferAccretableYield
1022000
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194000
CY2014Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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600000000
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Receivable Current
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53080000
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41982000
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28324000
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18659000
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11553000
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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17814000
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2014Q2 us-gaap Derivative Number Of Instruments Held
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2
CY2014Q2 invest Derivative Notional Amount
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60000000
CY2014Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
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459000
CY2014Q2 us-gaap Derivative Instruments Gain Recognized In Other Comprehensive Income Effective Portion
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760000
us-gaap Derivative Instruments Gain Recognized In Other Comprehensive Income Effective Portion
DerivativeInstrumentsGainRecognizedInOtherComprehensiveIncomeEffectivePortion
459000
CY2014Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
CY2013Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
CY2014Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
CY2013Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
CY2014Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
218000
CY2014Q2 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
489000
CY2014Q2 us-gaap Interest Rate Derivative Assets At Fair Value
InterestRateDerivativeAssetsAtFairValue
459000
CY2014Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
369931000
CY2013Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
192492000
CY2014Q2 rexr Maximum Amount To Be Reallocated Or Cancelled Related To Accommodation
MaximumAmountToBeReallocatedOrCancelledRelatedToAccommodation
32100000
us-gaap Lease Expiration Date1
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2062-06-01
CY2014Q2 us-gaap Other Commitment
OtherCommitment
1100000
CY2014Q2 rexr Cost Incurred Management Leasing And Development Fees
CostIncurredManagementLeasingAndDevelopmentFees
94000
rexr Cost Incurred Management Leasing And Development Fees
CostIncurredManagementLeasingAndDevelopmentFees
188000
CY2014Q2 rexr Management Leasing And Development Fee Revenue From Equity Method Investment
ManagementLeasingAndDevelopmentFeeRevenueFromEquityMethodInvestment
130000
rexr Management Leasing And Development Fee Revenue From Equity Method Investment
ManagementLeasingAndDevelopmentFeeRevenueFromEquityMethodInvestment
269000
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
85000
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
0
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
57000
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
0
CY2014Q2 rexr Disposal Group Including Discontinued Operation Loss On Extinguishment Of Debt
DisposalGroupIncludingDiscontinuedOperationLossOnExtinguishmentOfDebt
0
CY2014Q2 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
0
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
140468
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
89048
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
25289
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
963
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
203264
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-459000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-49000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-410000
CY2014Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
8000
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
-67000
CY2014Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
73000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-569000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
227000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
73000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1350000
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0
CY2014Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic And Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare
0
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic And Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare
0.07
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0
CY2013Q1 rexr Additional Equity Interest Granted
AdditionalEquityInterestGranted
0.020
rexr Fair Value Of Equity Interest Granted
FairValueOfEquityInterestGranted
1000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P7Y

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