2013 Q1 Form 10-Q Financial Statement

#000110465913032197 Filed on April 24, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $145.4M $125.7M
YoY Change 15.65% 12.33%
Cost Of Revenue $58.00M $50.61M
YoY Change 14.62% 24.03%
Gross Profit $87.37M $75.10M
YoY Change 16.35% 5.62%
Gross Profit Margin 60.1% 59.74%
Selling, General & Admin $29.15M $25.40M
YoY Change 14.77% -7.63%
% of Gross Profit 33.37% 33.83%
Research & Development $37.58M $32.90M
YoY Change 14.23% 0.92%
% of Gross Profit 43.01% 43.81%
Depreciation & Amortization $3.297M $3.543M
YoY Change -6.94% -30.53%
% of Gross Profit 3.77% 4.72%
Operating Expenses $66.74M $58.33M
YoY Change 14.41% -2.94%
Operating Profit $20.64M $16.76M
YoY Change 23.1% 52.4%
Interest Expense $842.0K $33.00K
YoY Change 2451.52% -93.4%
% of Operating Profit 4.08% 0.2%
Other Income/Expense, Net -$52.00K -$111.0K
YoY Change -53.15%
Pretax Income $20.08M $17.12M
YoY Change 17.3% 48.84%
Income Tax $44.00K $2.797M
% Of Pretax Income 0.22% 16.34%
Net Earnings $20.00M $14.30M
YoY Change 39.86% 10.85%
Net Earnings / Revenue 13.76% 11.38%
Basic Earnings Per Share $0.47 $0.34
Diluted Earnings Per Share $0.46 $0.33
COMMON SHARES
Basic Shares Outstanding 42.19M shares 42.46M shares
Diluted Shares Outstanding 43.11M shares 43.85M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.1M $333.3M
YoY Change -7.26% -8.91%
Cash & Equivalents $79.26M $98.04M
Short-Term Investments $229.8M $290.1M
Other Short-Term Assets $63.90M $52.40M
YoY Change 21.95% 20.46%
Inventory $56.95M $34.30M
Prepaid Expenses
Receivables $72.77M $61.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $502.7M $481.5M
YoY Change 4.41% -2.51%
LONG-TERM ASSETS
Property, Plant & Equipment $135.8M $24.00M
YoY Change 465.67% -19.73%
Goodwill $130.3M
YoY Change
Intangibles $87.91M
YoY Change
Long-Term Investments $11.20M $17.70M
YoY Change -36.72% 1.14%
Other Assets $28.80M $36.30M
YoY Change -20.67% 75.36%
Total Long-Term Assets $393.9M $251.3M
YoY Change 56.75% 7.49%
TOTAL ASSETS
Total Short-Term Assets $502.7M $481.5M
Total Long-Term Assets $393.9M $251.3M
Total Assets $896.6M $732.8M
YoY Change 22.36% 0.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.28M $30.00M
YoY Change 4.26% 22.95%
Accrued Expenses $36.89M $30.80M
YoY Change 19.76% 20.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M
YoY Change
Total Short-Term Liabilities $103.8M $90.30M
YoY Change 14.95% 13.02%
LONG-TERM LIABILITIES
Long-Term Debt $92.50M $0.00
YoY Change
Other Long-Term Liabilities $19.40M $19.10M
YoY Change 1.57% -14.73%
Total Long-Term Liabilities $92.50M $19.10M
YoY Change 384.29% -14.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.8M $90.30M
Total Long-Term Liabilities $92.50M $19.10M
Total Liabilities $215.7M $109.4M
YoY Change 97.19% 7.05%
SHAREHOLDERS EQUITY
Retained Earnings $660.8M
YoY Change
Common Stock $20.96M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $680.9M $623.4M
YoY Change
Total Liabilities & Shareholders Equity $896.6M $732.8M
YoY Change 22.36% 0.7%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $20.00M $14.30M
YoY Change 39.86% 10.85%
Depreciation, Depletion And Amortization $3.297M $3.543M
YoY Change -6.94% -30.53%
Cash From Operating Activities $29.50M $26.10M
YoY Change 13.03% -24.13%
INVESTING ACTIVITIES
Capital Expenditures $3.898M $2.428M
YoY Change 60.54% -134.2%
Acquisitions
YoY Change
Other Investing Activities -$54.40M -$23.20M
YoY Change 134.48% -23300.0%
Cash From Investing Activities -$58.30M -$25.60M
YoY Change 127.73% 271.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.915M $106.0K
YoY Change 4536.79%
Debt Paid & Issued, Net $2.500M
YoY Change
Cash From Financing Activities 2.600M 2.500M
YoY Change 4.0% -26.47%
NET CHANGE
Cash From Operating Activities 29.50M 26.10M
Cash From Investing Activities -58.30M -25.60M
Cash From Financing Activities 2.600M 2.500M
Net Change In Cash -26.20M 3.000M
YoY Change -973.33% -90.29%
FREE CASH FLOW
Cash From Operating Activities $29.50M $26.10M
Capital Expenditures $3.898M $2.428M
Free Cash Flow $25.60M $23.67M
YoY Change 8.15% -42.96%

Facts In Submission

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CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98038000 USD
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1549000 USD
CY2013Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
748000 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5144000 USD
CY2013Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5512000 USD
CY2013Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
60000000 USD
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6260000 USD
CY2012Q1 slab Employee Service Share Based Compensation Net Reduction In Selling General And Administrative Expense
EmployeeServiceShareBasedCompensationNetReductionInSellingGeneralAndAdministrativeExpense
1200000 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6693000 USD
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000 USD
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002 pure
CY2013Q1 slab Number Of Days In Fiscal Quarter52 Week Year
NumberOfDaysInFiscalQuarter52WeekYear
P91D
CY2012Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
60518000 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q1 us-gaap Notional Amount Of Interest Rate Cash Flow Hedge Derivatives
NotionalAmountOfInterestRateCashFlowHedgeDerivatives
100000000 USD
CY2013Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.163 pure
CY2013Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4300000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4100000 USD
CY2013Q1 slab Length Of Fiscal Year
LengthOfFiscalYear
P91D
CY2013Q1 us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
0 USD
CY2013Q1 slab Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-47000 USD
CY2013Q1 slab Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-118000 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2012 us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
0 USD
CY2013Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
72766000 USD
CY2013Q1 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
15411000 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
48514000 USD
CY2013Q1 us-gaap Assets Current
AssetsCurrent
502711000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
135761000 USD
CY2013Q1 us-gaap Goodwill
Goodwill
130265000 USD
CY2013Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
87910000 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28797000 USD
CY2013Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
31279000 USD
CY2013Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5000000 USD
CY2013Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
36886000 USD
CY2013Q1 slab Deferred Income On Shipments To Distributors Current
DeferredIncomeOnShipmentsToDistributorsCurrent
29661000 USD
CY2013Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
978000 USD
CY2013Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
92500000 USD
CY2013Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
19419000 USD
CY2013Q1 us-gaap Common Stock Value
CommonStockValue
4000 USD
CY2013Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
20954000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
660827000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
145375000 USD
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
58003000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29153000 USD
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
335000 USD
CY2013Q1 us-gaap Interest Expense
InterestExpense
842000 USD
CY2013Q1 us-gaap Depreciation
Depreciation
3297000 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-52000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
699000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-132000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeBeforeTax
433000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
1000000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
350000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
650000 USD
CY2013Q1 slab Amortization Of Intangibles And Other Assets
AmortizationOfIntangiblesAndOtherAssets
2840000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6260000 USD
CY2013Q1 slab Tax Benefit Detriment From Share Based Compensation
TaxBenefitDetrimentFromShareBasedCompensation
363000 USD
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
217000 USD
CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7521000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5256000 USD
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7350000 USD
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4620000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2356000 USD
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4330000 USD
CY2013Q1 slab Increase Decrease In Deferred Income On Shipments To Distributors
IncreaseDecreaseInDeferredIncomeOnShipmentsToDistributors
-598000 USD
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-9818000 USD
CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
78851000 USD
CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
25674000 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3898000 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1228000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4915000 USD
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
217000 USD
CY2013Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1300000 USD

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