2016 Q4 Form 10-Q Financial Statement

#000147909416000024 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $66.50M $62.60M $55.92M
YoY Change 12.93% 11.93% 32.02%
Cost Of Revenue $13.20M $11.30M $10.90M
YoY Change 15.79% 3.67% 41.56%
Gross Profit $53.30M $51.30M $45.00M
YoY Change 12.21% 14.0% 29.68%
Gross Profit Margin 80.15% 81.96% 80.47%
Selling, General & Admin $7.000M $7.600M $6.400M
YoY Change -4.11% 18.75% 12.28%
% of Gross Profit 13.13% 14.81% 14.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.70M $31.50M $28.60M
YoY Change 18.66% 10.14% 30.0%
% of Gross Profit 63.23% 61.4% 63.56%
Operating Expenses $39.40M $39.30M $35.40M
YoY Change 10.06% 11.02% 26.88%
Operating Profit $13.90M $12.00M $9.600M
YoY Change 18.8% 25.0% 41.18%
Interest Expense -$11.10M $10.50M $9.317M
YoY Change 13.27% 12.74% 44.18%
% of Operating Profit -79.86% 87.53% 97.05%
Other Income/Expense, Net -$9.858M -$7.602M
YoY Change 29.68% 74.56%
Pretax Income $34.70M $100.0K -$4.700M
YoY Change -292.78% -102.13% -1666.67%
Income Tax
% Of Pretax Income
Net Earnings $33.10M $320.0K -$4.321M
YoY Change -294.71% -107.41% -1367.16%
Net Earnings / Revenue 49.77% 0.51% -7.73%
Basic Earnings Per Share
Diluted Earnings Per Share $432.7K $4.219K -$63.42K
COMMON SHARES
Basic Shares Outstanding 75.59M shares 71.13M shares
Diluted Shares Outstanding 71.13M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.20M $12.30M $12.50M
YoY Change 1.67% -1.6% 135.85%
Cash & Equivalents $12.19M $12.27M $12.50M
Short-Term Investments
Other Short-Term Assets $20.80M $25.00M $26.50M
YoY Change 14.92% -5.66% 22.12%
Inventory
Prepaid Expenses
Receivables $25.20M $23.30M $20.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $58.20M $60.60M $59.50M
YoY Change 12.79% 1.85% 40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.822B $1.695B $1.492B
YoY Change 16.54% 13.61% 22.87%
Goodwill
YoY Change
Intangibles $294.5M $276.8M
YoY Change 6.61%
Long-Term Investments
YoY Change
Other Assets $9.600M $15.90M $8.500M
YoY Change 14.29% 87.06% 26.87%
Total Long-Term Assets $2.128B $1.988B $1.765B
YoY Change 15.01% 12.65% 20.99%
TOTAL ASSETS
Total Short-Term Assets $58.20M $60.60M $59.50M
Total Long-Term Assets $2.128B $1.988B $1.765B
Total Assets $2.186B $2.049B $1.824B
YoY Change 14.95% 12.3% 21.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.40M $35.00M $29.80M
YoY Change 37.74% 17.45% 22.63%
Accrued Expenses
YoY Change
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 $60.30M $59.00M $51.20M
YoY Change 24.07% 15.23% 25.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.036B $1.025B $860.3M
YoY Change 5.7% 19.12% 26.85%
Other Long-Term Liabilities $22.80M $30.90M $17.70M
YoY Change 50.0% 74.58% 126.92%
Total Long-Term Liabilities $1.059B $1.056B $878.0M
YoY Change 6.38% 20.24% 27.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.30M $59.00M $51.20M
Total Long-Term Liabilities $1.059B $1.056B $878.0M
Total Liabilities $1.119B $1.115B $929.3M
YoY Change 7.21% 19.94% 23.39%
SHAREHOLDERS EQUITY
Retained Earnings -$411.0M -$416.5M -$289.4M
YoY Change 23.69% 43.93%
Common Stock $804.0K $725.0K $1.016B
YoY Change 18.06% -99.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.027B $899.6M $858.2M
YoY Change
Total Liabilities & Shareholders Equity $2.186B $2.049B $1.824B
YoY Change 14.95% 12.3% 21.53%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $33.10M $320.0K -$4.321M
YoY Change -294.71% -107.41% -1367.16%
Depreciation, Depletion And Amortization $33.70M $31.50M $28.60M
YoY Change 18.66% 10.14% 30.0%
Cash From Operating Activities $37.90M $36.10M $36.20M
YoY Change 19.94% -0.28% 41.41%
INVESTING ACTIVITIES
Capital Expenditures -$229.3M -$171.4M -$107.4M
YoY Change 64.02% 59.59% -37.85%
Acquisitions
YoY Change
Other Investing Activities $103.0M $6.200M $9.000M
YoY Change 724.0% -31.11% 73.08%
Cash From Investing Activities -$126.3M -$165.2M -$98.50M
YoY Change -0.63% 67.72% -41.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 89.50M 133.4M 63.30M
YoY Change -5.89% 110.74% -55.2%
NET CHANGE
Cash From Operating Activities 37.90M 36.10M 36.20M
Cash From Investing Activities -126.3M -165.2M -98.50M
Cash From Financing Activities 89.50M 133.4M 63.30M
Net Change In Cash 1.100M 4.300M 1.000M
YoY Change -375.0% 330.0% -242.86%
FREE CASH FLOW
Cash From Operating Activities $37.90M $36.10M $36.20M
Capital Expenditures -$229.3M -$171.4M -$107.4M
Free Cash Flow $267.2M $207.5M $143.6M
YoY Change 55.89% 44.5% -27.62%

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CY2016Q3 us-gaap Number Of Real Estate Properties
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CY2016Q3 us-gaap Number Of States In Which Entity Operates
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CY2015Q3 us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Payments To Acquire Commercial Real Estate
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140000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Expenses
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us-gaap Other Expenses
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us-gaap Other Real Estate Revenue
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us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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21902000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
us-gaap Paid In Kind Interest
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us-gaap Paid In Kind Interest
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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0 USD
us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments To Acquire Other Productive Assets
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CY2015Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2015Q4 us-gaap Prepaid Expense And Other Assets
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18064000 USD
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24978000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Unsecured Notes Payable
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120000000 USD
us-gaap Proceeds From Unsecured Notes Payable
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us-gaap Profit Loss
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CY2016Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2016Q3 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2016Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Straight Line Rent
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2318000 USD
us-gaap Straight Line Rent
StraightLineRent
2205000 USD
CY2015Q3 us-gaap Tenant Reimbursements
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us-gaap Tenant Reimbursements
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us-gaap Tenant Reimbursements
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26807000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
95000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
291000 USD
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
95000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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289000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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68984670 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Revenue Recognition Leases Operating
RevenueRecognitionLeasesOperating
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Tenant Recoveries</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties&#8217; insurance, real estate taxes, ground lease payments, and certain other expenses, and these costs are not reflected on the Company&#8217;s consolidated financial statements. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses. To the extent any tenant responsible for these costs under its respective lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company will record a liability for such obligation.</font></div></div>

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