2015 Q1 Form 10-Q Financial Statement

#000149229815000017 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $55.57M $40.85M
YoY Change 36.04% 27.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.000M $5.900M
YoY Change 35.59% 25.53%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.15M $9.350M
YoY Change 51.34% 13.39%
% of Gross Profit
Operating Expenses $22.10M $15.30M
YoY Change 44.44% 22.4%
Operating Profit
YoY Change
Interest Expense -$13.90M -$11.10M
YoY Change 25.23% 11.0%
% of Operating Profit
Other Income/Expense, Net -$100.0K $300.0K
YoY Change -133.33%
Pretax Income $19.40M -$7.300M
YoY Change -365.75% -176.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings $19.45M -$7.303M
YoY Change -366.33% -176.42%
Net Earnings / Revenue 35.0% -17.88%
Basic Earnings Per Share $0.29 -$0.25
Diluted Earnings Per Share $0.28 -$0.25
COMMON SHARES
Basic Shares Outstanding 59.19M shares 38.97M shares
Diluted Shares Outstanding 59.56M shares 38.97M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.200M $4.300M
YoY Change -2.33% -91.98%
Cash & Equivalents $4.171M $4.286M
Short-Term Investments
Other Short-Term Assets $102.3M $75.20M
YoY Change 36.04% 100.53%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.5M $79.50M
YoY Change 33.96% -12.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.633B $1.022B
YoY Change 59.8% 24.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.900M $30.60M
YoY Change -77.45% 3.73%
Total Long-Term Assets $1.898B $1.252B
YoY Change 51.61% 43.32%
TOTAL ASSETS
Total Short-Term Assets $106.5M $79.50M
Total Long-Term Assets $1.898B $1.252B
Total Assets $2.004B $1.331B
YoY Change 50.56% 38.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.70M $26.30M
YoY Change -9.89% 42.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.70M $50.50M
YoY Change -53.07% 18.54%
LONG-TERM LIABILITIES
Long-Term Debt $1.049B $842.1M
YoY Change 24.52% 74.78%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.049B $842.1M
YoY Change 24.52% 74.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.70M $50.50M
Total Long-Term Liabilities $1.049B $842.1M
Total Liabilities $1.072B $892.6M
YoY Change 20.13% 70.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $592.0K $391.0K
YoY Change 51.41% 4.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $932.2M $438.7M
YoY Change
Total Liabilities & Shareholders Equity $2.004B $1.331B
YoY Change 50.56% 38.03%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $19.45M -$7.303M
YoY Change -366.33% -176.42%
Depreciation, Depletion And Amortization $14.15M $9.350M
YoY Change 51.34% 13.39%
Cash From Operating Activities $24.70M $1.207M
YoY Change 1946.48% -94.41%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$108.7M
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$6.200M $0.00
YoY Change -100.0%
Cash From Investing Activities -$6.237M -$128.1M
YoY Change -95.13% 736.91%
FINANCING ACTIVITIES
Cash Dividend Paid $25.67M $16.60M
YoY Change 54.68% 30.52%
Common Stock Issuance & Retirement, Net -$7.587M -$648.0K
YoY Change 1070.83% -74.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$76.09M $126.9M
YoY Change -159.95% 320.62%
NET CHANGE
Cash From Operating Activities $24.70M $1.207M
Cash From Investing Activities -$6.237M -$128.1M
Cash From Financing Activities -$76.09M $126.9M
Net Change In Cash -$57.62M -$22.00K
YoY Change 261818.18% -100.06%
FREE CASH FLOW
Cash From Operating Activities $24.70M $1.207M
Capital Expenditures $0.00 -$108.7M
Free Cash Flow $24.70M $109.9M
YoY Change -77.53%

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CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
19450000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-18000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-11000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9864000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16889000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
2122812000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
131801000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
196153000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
190603000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
185745000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
180904000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
1237606000 USD
CY2014Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
36093000 USD
CY2015Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
49505000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1545000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-70000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-113000 USD
CY2014Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
300000 USD
CY2015Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-100000 USD
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
16597000 USD
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
25672000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
9873000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
130000 USD
CY2014Q1 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
56000 USD
CY2015Q1 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
675000 USD
CY2014Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5000 USD
CY2015Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
311000 USD
CY2014Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
19428000 USD
CY2015Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
7303000 USD
CY2014Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
108650000 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2015Q1 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
0 USD
CY2013Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.07125
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2561000 USD
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2561000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5750000 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5750000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
5800000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5750000 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5750000 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
58000 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
58000 USD
CY2014Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 USD
CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2052000 USD
CY2014Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 USD
CY2015Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 USD
CY2014Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
219100000 USD
CY2014Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
160600000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-648000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-7587000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
138300000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
350000000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
46103000 USD
CY2015Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
26500000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-42000000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1144000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
185994000 USD
CY2015Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
199767000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1831799000 USD
CY2015Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1832474000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1645805000 USD
CY2015Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1632707000 USD
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
57325000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
697000 USD
CY2014Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
211250000 USD
CY2015Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7024000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6948000 USD
CY2014Q1 us-gaap Revenues
Revenues
40850000 USD
CY2015Q1 us-gaap Revenues
Revenues
55572000 USD
CY2013Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
25.00
CY2014Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
28.35
CY2014Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
24.25
CY2014Q4 us-gaap Secured Debt
SecuredDebt
124022000 USD
CY2015Q1 us-gaap Secured Debt
SecuredDebt
123325000 USD
CY2014Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
400000 USD
CY2015Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
400000 USD
CY2014Q4 us-gaap Senior Notes
SeniorNotes
700000000 USD
CY2015Q1 us-gaap Senior Notes
SeniorNotes
700000000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2513000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2918000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2015Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
4700000 shares
CY2014Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8100000 shares
CY2014Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6900000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
941866000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
932208000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
460164000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
438723000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
941823000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
932154000 USD
CY2014Q1 us-gaap Straight Line Rent
StraightLineRent
4186000 USD
CY2015Q1 us-gaap Straight Line Rent
StraightLineRent
5656000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
0 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
-1545000 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
699272000 USD
CY2015Q1 us-gaap Unsecured Debt
UnsecuredDebt
699298000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38968403 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59559253 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38968403 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59185225 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div></div>

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