2019 Q2 Form 10-Q Financial Statement

#000155837019006672 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $222.2M $220.6M
YoY Change 0.74% 5.5%
Cost Of Revenue $165.4M $153.2M
YoY Change 7.98% 5.35%
Gross Profit $56.83M $67.42M
YoY Change -15.71% 5.84%
Gross Profit Margin 25.57% 30.56%
Selling, General & Admin $27.52M $35.26M
YoY Change -21.94% -1.24%
% of Gross Profit 48.43% 52.29%
Research & Development $14.04M $12.98M
YoY Change 8.16% 8.18%
% of Gross Profit 24.71% 19.25%
Depreciation & Amortization $7.618M $7.088M
YoY Change 7.48% -0.45%
% of Gross Profit 13.41% 10.51%
Operating Expenses $41.56M $48.24M
YoY Change -13.84% 1.13%
Operating Profit $49.19M $19.18M
YoY Change 156.43% 19.88%
Interest Expense $1.001M $1.170M
YoY Change -14.44% -217.0%
% of Operating Profit 2.04% 6.1%
Other Income/Expense, Net $97.00K $264.0K
YoY Change -63.26% -144.0%
Pretax Income $48.83M $18.94M
YoY Change 157.81% 34.33%
Income Tax $9.066M $3.820M
% Of Pretax Income 18.57% 20.17%
Net Earnings $39.76M $15.12M
YoY Change 162.99% 68.0%
Net Earnings / Revenue 17.89% 6.85%
Basic Earnings Per Share $1.43 $0.53
Diluted Earnings Per Share $1.41 $0.52
COMMON SHARES
Basic Shares Outstanding 27.89M 28.45M
Diluted Shares Outstanding 28.29M 28.98M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.50M $59.00M
YoY Change -12.71% 33.48%
Cash & Equivalents $51.50M $58.97M
Short-Term Investments
Other Short-Term Assets $32.20M $29.10M
YoY Change 10.65% 6.59%
Inventory $100.8M $80.20M
Prepaid Expenses
Receivables $151.7M $147.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $336.1M $316.0M
YoY Change 6.36% 10.41%
LONG-TERM ASSETS
Property, Plant & Equipment $117.0M $111.2M
YoY Change 5.17% 8.28%
Goodwill $36.38M
YoY Change
Intangibles $58.89M
YoY Change
Long-Term Investments $28.80M $30.00M
YoY Change -4.0% 56.25%
Other Assets
YoY Change
Total Long-Term Assets $260.0M $244.6M
YoY Change 6.28% 4.17%
TOTAL ASSETS
Total Short-Term Assets $336.1M $316.0M
Total Long-Term Assets $260.0M $244.6M
Total Assets $596.0M $560.6M
YoY Change 6.32% 7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.7M $84.50M
YoY Change 19.12% 7.1%
Accrued Expenses $62.00M $60.40M
YoY Change 2.65% 45.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $869.0K $3.200M
YoY Change -72.84% -50.77%
Total Short-Term Liabilities $163.5M $148.0M
YoY Change 10.48% 16.63%
LONG-TERM LIABILITIES
Long-Term Debt $732.0K $111.8M
YoY Change -99.35% -18.93%
Other Long-Term Liabilities $17.19M $25.00M
YoY Change -31.22% -11.66%
Total Long-Term Liabilities $151.0M $136.8M
YoY Change 10.4% -17.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $163.5M $148.0M
Total Long-Term Liabilities $151.0M $136.8M
Total Liabilities $314.5M $302.6M
YoY Change 3.95% -3.23%
SHAREHOLDERS EQUITY
Retained Earnings $195.7M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.69M
YoY Change
Treasury Stock Shares $1.599M
Shareholders Equity $281.5M $258.0M
YoY Change
Total Liabilities & Shareholders Equity $596.0M $560.6M
YoY Change 6.32% 7.6%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $39.76M $15.12M
YoY Change 162.99% 68.0%
Depreciation, Depletion And Amortization $7.618M $7.088M
YoY Change 7.48% -0.45%
Cash From Operating Activities $12.27M $19.24M
YoY Change -36.23% 11.8%
INVESTING ACTIVITIES
Capital Expenditures $8.795M $6.340M
YoY Change 38.72% -180.25%
Acquisitions
YoY Change
Other Investing Activities $33.64M $30.00K
YoY Change 112033.33% 50.0%
Cash From Investing Activities $24.84M -$6.310M
YoY Change -493.66% -20.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.92M -7.490M
YoY Change 419.63% -38.71%
NET CHANGE
Cash From Operating Activities 12.27M 19.24M
Cash From Investing Activities 24.84M -6.310M
Cash From Financing Activities -38.92M -7.490M
Net Change In Cash -1.810M 5.440M
YoY Change -133.27% -287.59%
FREE CASH FLOW
Cash From Operating Activities $12.27M $19.24M
Capital Expenditures $8.795M $6.340M
Free Cash Flow $3.475M $12.90M
YoY Change -73.06% -48.63%

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CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
111000
us-gaap Insurance Recoveries
InsuranceRecoveries
0
CY2018Q2 us-gaap Insurance Recoveries
InsuranceRecoveries
0
us-gaap Insurance Recoveries
InsuranceRecoveries
0
CY2019Q2 us-gaap Insurance Recoveries
InsuranceRecoveries
0
CY2017Q4 us-gaap Loss Contingency Receivable
LossContingencyReceivable
1644000
CY2019Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
3132000
CY2018Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
3283000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10494000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9979000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3506000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2791000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1687000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1569000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4442000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2876000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-189000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-525000
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11056000
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10938000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
742000
CY2019Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
27000
CY2018Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
520000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1162000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
742000
CY2019Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
27000
CY2018Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
520000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1162000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9066000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3820000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.202
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10901000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7053000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.181
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222241000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
220602000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
440538000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
446532000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
49186000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
19181000
us-gaap Operating Income Loss
OperatingIncomeLoss
60885000
us-gaap Operating Income Loss
OperatingIncomeLoss
36028000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7618000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7088000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14847000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14876000
CY2019Q2 us-gaap Interest Expense
InterestExpense
1001000
CY2018Q2 us-gaap Interest Expense
InterestExpense
1170000
us-gaap Interest Expense
InterestExpense
2004000
us-gaap Interest Expense
InterestExpense
2524000
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8795000
CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6340000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17479000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16845000
CY2019Q2 us-gaap Assets
Assets
596047000
CY2018Q4 us-gaap Assets
Assets
559519000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222241000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
220602000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
440538000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
446532000
CY2019Q2 us-gaap Noncurrent Assets
NoncurrentAssets
259958000
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
239342000
sri Asset Purchase Agreement Date
AssetPurchaseAgreementDate
2019-04-01
CY2019Q2 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
40000000

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