$SRDX
SURMODICS INC

2013 Q3 Form 10-Q Financial Statement

#000119312513316978 Filed on August 02, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $14.30M $14.29M $14.29M
YoY Change 0.0% 0.0% 9.92%
Cost Of Revenue $2.000M $1.990M $2.251M
YoY Change 2.04% -11.59% 73.15%
Gross Profit $12.29M $12.30M $12.04M
YoY Change 3.45% 2.17% 2.89%
Gross Profit Margin 85.96% 86.07% 84.25%
Selling, General & Admin $2.310M $4.052M $3.412M
YoY Change -38.4% 18.76% -3.34%
% of Gross Profit 18.8% 32.95% 28.34%
Research & Development $3.930M $4.009M $3.503M
YoY Change 12.61% 14.44% -10.41%
% of Gross Profit 31.98% 32.6% 29.1%
Depreciation & Amortization $720.0K $728.0K $734.0K
YoY Change 0.0% -0.82% -7.09%
% of Gross Profit 5.86% 5.92% 6.1%
Operating Expenses $6.240M $8.061M $6.915M
YoY Change -13.93% 16.57% -7.06%
Operating Profit $5.576M $4.238M $4.238M
YoY Change 0.0% 0.0% -0.52%
Interest Expense $1.350M $60.00K $140.0K
YoY Change 1025.0% -57.14% -6.67%
% of Operating Profit 24.21% 1.42% 3.3%
Other Income/Expense, Net -$1.320M $62.00K $139.0K
YoY Change -2300.0% -55.4% -18.24%
Pretax Income $5.600M $4.300M $4.932M
YoY Change 16.18% -12.81% 7.69%
Income Tax $1.870M $1.122M $1.758M
% Of Pretax Income 33.39% 26.09% 35.64%
Net Earnings $3.686M $3.131M $3.131M
YoY Change 0.0% 0.0% -18.46%
Net Earnings / Revenue 25.78% 21.91% 21.91%
Basic Earnings Per Share $0.26 $0.22 $0.22
Diluted Earnings Per Share $0.26 $0.21 $0.21
COMMON SHARES
Basic Shares Outstanding 14.27M shares 14.41M shares 17.53M shares
Diluted Shares Outstanding 14.74M shares 17.65M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.70M $28.40M $79.40M
YoY Change -13.47% -64.23% 131.49%
Cash & Equivalents $15.50M $17.71M $65.87M
Short-Term Investments $10.20M $10.70M $13.50M
Other Short-Term Assets $1.500M $1.900M $3.000M
YoY Change -11.76% -36.67% -9.09%
Inventory $3.328M $3.210M $3.300M
Prepaid Expenses
Receivables $5.332M $4.736M $5.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.78M $38.33M $90.80M
YoY Change -10.45% -57.78% 79.45%
LONG-TERM ASSETS
Property, Plant & Equipment $12.85M $12.87M $13.20M
YoY Change -5.62% -2.5% -79.31%
Goodwill $8.010M $8.010M
YoY Change 0.0%
Intangibles $3.688M $3.874M
YoY Change -16.75%
Long-Term Investments $0.00 $34.80M $28.80M
YoY Change -100.0% 20.83% -0.35%
Other Assets $3.166M $3.145M $12.20M
YoY Change -22.31% -74.22% 52.5%
Total Long-Term Assets $66.14M $65.59M $66.90M
YoY Change 2.77% -1.95% -45.52%
TOTAL ASSETS
Total Short-Term Assets $35.78M $38.33M $90.80M
Total Long-Term Assets $66.14M $65.59M $66.90M
Total Assets $101.9M $103.9M $157.7M
YoY Change -2.3% -34.1% -9.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $954.0K $736.0K $700.0K
YoY Change -42.43% 5.14% -56.25%
Accrued Expenses $4.400M $2.800M $2.700M
YoY Change 29.41% 3.7% -35.71%
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 $5.976M $3.799M $5.500M
YoY Change -13.38% -30.93% -26.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.970M $1.917M $2.600M
YoY Change -12.33% -26.27% -67.9%
Total Long-Term Liabilities $1.970M $1.917M $2.600M
YoY Change -12.33% -26.27% -67.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.976M $3.799M $5.500M
Total Long-Term Liabilities $1.970M $1.917M $2.600M
Total Liabilities $8.106M $5.887M $8.000M
YoY Change -13.13% -26.41% -48.72%
SHAREHOLDERS EQUITY
Retained Earnings $91.04M $87.35M
YoY Change 19.99%
Common Stock $2.723M $10.72M
YoY Change -85.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.82M $98.04M $149.7M
YoY Change
Total Liabilities & Shareholders Equity $101.9M $103.9M $157.7M
YoY Change -2.3% -34.1% -9.05%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $3.686M $3.131M $3.131M
YoY Change 0.0% 0.0% -18.46%
Depreciation, Depletion And Amortization $720.0K $728.0K $734.0K
YoY Change 0.0% -0.82% -7.09%
Cash From Operating Activities $5.880M $5.050M $5.920M
YoY Change 4.26% -14.7% 54.57%
INVESTING ACTIVITIES
Capital Expenditures -$470.0K -$210.0K -$160.0K
YoY Change 42.42% 31.25% 14.29%
Acquisitions
YoY Change
Other Investing Activities -$60.00K -$30.00K $70.00K
YoY Change -91.43% -142.86% -108.33%
Cash From Investing Activities -$530.0K -$240.0K -$80.00K
YoY Change -49.04% 200.0% -91.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.570M -7.630M -160.0K
YoY Change -86.22% 4668.75% -260.0%
NET CHANGE
Cash From Operating Activities 5.880M 5.050M 5.920M
Cash From Investing Activities -530.0K -240.0K -80.00K
Cash From Financing Activities -7.570M -7.630M -160.0K
Net Change In Cash -2.220M -2.820M 5.680M
YoY Change -95.59% -149.65% 92.54%
FREE CASH FLOW
Cash From Operating Activities $5.880M $5.050M $5.920M
Capital Expenditures -$470.0K -$210.0K -$160.0K
Free Cash Flow $6.350M $5.260M $6.080M
YoY Change 6.37% -13.49% 53.15%

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dei Trading Symbol
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dei Entity Registrant Name
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DiscreteTaxBenefit
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srdx Indemnification Period
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srdx Restricted Stock Unit Expense
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srdx Increase Decrease Of Strategic Investments Due To Error Correction
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.22
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14413000 shares
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
14289000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-158000
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-47000
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-47000
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5577000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4300000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2972000
CY2013Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
6000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4238000
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3178000
CY2013Q2 us-gaap Royalty Revenue
RoyaltyRevenue
7827000
CY2013Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
60000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
62000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
3131000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-159000
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
136000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1990000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
10051000
CY2013Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
8507000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4052000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1122000
CY2013Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
200000
CY2013Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
183000
CY2013Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
4000
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
728000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
745000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4009000
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1000
CY2013Q2 srdx Effective Tax Rate Applied To Discontinued Operations
EffectiveTaxRateAppliedToDiscontinuedOperations
1.346 pure
CY2013Q2 srdx Performance Shares
PerformanceShares
300000
CY2013Q2 srdx Research And Development Fees
ResearchAndDevelopmentFees
885000
CY2013Q2 srdx Pretax Intrinsic Value Of Options Exercised
PretaxIntrinsicValueOfOptionsExercised
26000
CY2013Q2 srdx Discrete Tax Benefit
DiscreteTaxBenefit
200000
CY2013Q2 srdx Income Tax Expense From Discontinued Operations
IncomeTaxExpenseFromDiscontinuedOperations
200000

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