2014 Q4 Form 10-Q Financial Statement

#000089772315000005 Filed on January 30, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $1.671B $1.447B
YoY Change 15.45% -3.17%
Cost Of Revenue $1.545B $1.337B
YoY Change 15.57% -4.39%
Gross Profit $126.3M $110.8M
YoY Change 14.05% 14.3%
Gross Profit Margin 7.56% 7.65%
Selling, General & Admin $59.42M $59.18M
YoY Change 0.4% -1.15%
% of Gross Profit 47.03% 53.42%
Research & Development $8.069M $7.905M
YoY Change 2.07% 46.52%
% of Gross Profit 6.39% 7.14%
Depreciation & Amortization $24.66M $23.36M
YoY Change 5.55% -5.92%
% of Gross Profit 19.51% 21.09%
Operating Expenses $72.87M $71.27M
YoY Change 2.25% 8.86%
Operating Profit $53.48M $39.52M
YoY Change 35.32% 25.61%
Interest Expense $6.437M $7.473M
YoY Change -13.86% -42.88%
% of Operating Profit 12.04% 18.91%
Other Income/Expense, Net -$7.676M -$5.789M
YoY Change 32.6% -79.18%
Pretax Income $45.80M $33.73M
YoY Change 35.79% 823.13%
Income Tax $23.15M $10.63M
% Of Pretax Income 50.54% 31.51%
Net Earnings $22.66M $23.10M
YoY Change -1.93% 3619.97%
Net Earnings / Revenue 1.36% 1.6%
Basic Earnings Per Share $0.27 $0.28
Diluted Earnings Per Share $0.26 $0.26
COMMON SHARES
Basic Shares Outstanding 82.55M shares 83.77M shares
Diluted Shares Outstanding 86.68M shares 87.26M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $391.0M $407.0M
YoY Change -3.93% -17.11%
Cash & Equivalents $391.1M $407.1M
Short-Term Investments
Other Short-Term Assets $110.0M $88.00M
YoY Change 25.0% 8.64%
Inventory $907.7M $792.0M
Prepaid Expenses
Receivables $973.0M $917.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.382B $2.204B
YoY Change 8.06% -1.99%
LONG-TERM ASSETS
Property, Plant & Equipment $564.6M $562.5M
YoY Change 0.37% -0.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $279.7M $263.8M
YoY Change 6.01% -1.39%
Total Long-Term Assets $844.2M $826.3M
YoY Change 2.17% -0.52%
TOTAL ASSETS
Total Short-Term Assets $2.382B $2.204B
Total Long-Term Assets $844.2M $826.3M
Total Assets $3.226B $3.030B
YoY Change 6.45% -1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.080B $925.4M
YoY Change 16.75% 10.92%
Accrued Expenses $228.0M $225.0M
YoY Change 1.33% 5.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $63.00M $84.00M
YoY Change -25.0% -48.47%
Total Short-Term Liabilities $1.372B $1.240B
YoY Change 10.65% 2.39%
LONG-TERM LIABILITIES
Long-Term Debt $426.9M $560.6M
YoY Change -23.86% -23.72%
Other Long-Term Liabilities $144.9M $136.1M
YoY Change 6.46% -7.26%
Total Long-Term Liabilities $571.8M $696.8M
YoY Change -17.93% -20.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.372B $1.240B
Total Long-Term Liabilities $571.8M $696.8M
Total Liabilities $1.944B $1.937B
YoY Change 0.37% -7.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.282B $1.093B
YoY Change
Total Liabilities & Shareholders Equity $3.226B $3.030B
YoY Change 6.45% -1.6%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $22.66M $23.10M
YoY Change -1.93% 3619.97%
Depreciation, Depletion And Amortization $24.66M $23.36M
YoY Change 5.55% -5.92%
Cash From Operating Activities -$6.200M $38.20M
YoY Change -116.23% -60.65%
INVESTING ACTIVITIES
Capital Expenditures $28.71M $13.61M
YoY Change 110.98% -50.32%
Acquisitions $0.00 $57.66M
YoY Change -100.0%
Other Investing Activities $900.0K -$57.50M
YoY Change -101.57% -776.47%
Cash From Investing Activities -$27.80M -$71.10M
YoY Change -60.9% 277.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.62M
YoY Change -100.0% 1717.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.50M 37.00M
YoY Change -212.16% 998.57%
NET CHANGE
Cash From Operating Activities -6.200M 38.20M
Cash From Investing Activities -27.80M -71.10M
Cash From Financing Activities -41.50M 37.00M
Net Change In Cash -75.50M 4.100M
YoY Change -1941.46% -94.98%
FREE CASH FLOW
Cash From Operating Activities -$6.200M $38.20M
Capital Expenditures $28.71M $13.61M
Free Cash Flow -$34.91M $24.59M
YoY Change -241.94% -64.71%

Facts In Submission

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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
154000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-275000 USD
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
37000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1441000 USD
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
419000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
336000 USD
CY2013Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
386000 USD
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1398000 USD
CY2014Q4 us-gaap Other Information Pertaining To Income Taxes
OtherInformationPertainingToIncomeTaxes
In each of the past three years, the Company has released a portion of its valuation allowance attributable to certain deferred tax assets in the U.S. and foreign jurisdictions. These releases have ranged from $21.5 million to $158.7 million.
CY2014Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
110357000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
110000000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
145516000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
144936000 USD
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
878000 USD
CY2014Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1528000 USD
CY2014Q3 us-gaap Other Notes Payable
OtherNotesPayable
15097000 USD
CY2014Q4 us-gaap Other Notes Payable
OtherNotesPayable
15282000 USD
CY2013Q4 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-3000 USD
CY2014Q4 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-71000 USD
CY2013Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25623000 USD
CY2014Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1161000 USD
CY2013Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
57660000 USD
CY2014Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7619000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.90
CY2014Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
11851000 USD
CY2013Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
185000000 USD
CY2014Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
617500000 USD
CY2013Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
164000 USD
CY2014Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
932000 USD
CY2013Q4 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
21447000 USD
CY2014Q4 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
563016000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
109664000 USD
CY2013Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1128000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
564557000 USD
CY2014Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
25300000 CAD
CY2013Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
125000000 USD
CY2014Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
557500000 USD
CY2013Q4 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
19926000 USD
CY2014Q4 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
10221000 USD
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7905000 USD
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8069000 USD
CY2013Q4 us-gaap Restructuring Charges
RestructuringCharges
3704000 USD
CY2014Q4 us-gaap Restructuring Charges
RestructuringCharges
3000000 USD
CY2014Q3 us-gaap Restructuring Reserve
RestructuringReserve
6500000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
6800000 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1447498000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1671162000 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59182000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59418000 USD
CY2013Q4 us-gaap Share Based Compensation
ShareBasedCompensation
4275000 USD
CY2014Q4 us-gaap Share Based Compensation
ShareBasedCompensation
5717000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
547000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
24.54
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2341000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2732000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.29
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.62
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y0M4D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y0M29D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1900000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5920000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.59
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
486000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.75
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
93767000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
81973000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8181000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.06
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
80587000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7445000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.99
CY2014Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
24.65
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
66321000 USD
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M13D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M20D
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M9D
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y5M10D
CY2014Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
47000 shares
CY2013Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15136000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
14888000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13726000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
12336000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1764000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1420000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1516000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
30000 USD
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
125000000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
1246755000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1281612000 USD
CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3493000 shares
CY2014Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4134000 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87259000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86682000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83766000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82548000 shares

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