2015 Q3 Form 10-Q Financial Statement

#000009434415000005 Filed on November 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $555.7M $508.1M
YoY Change 9.37% -5.35%
Cost Of Revenue $25.88M $9.084M
YoY Change 184.93% -72.16%
Gross Profit $529.8M $499.0M
YoY Change 6.17% -1.03%
Gross Profit Margin 95.34% 98.21%
Selling, General & Admin $165.0M $164.4M
YoY Change 0.36% 11.76%
% of Gross Profit 31.14% 32.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.600M $6.600M
YoY Change 15.15% 60.98%
% of Gross Profit 1.43% 1.32%
Operating Expenses $525.7M $464.2M
YoY Change 13.25% -8.37%
Operating Profit $4.122M $34.81M
YoY Change -88.16% -1553.57%
Interest Expense $601.0K $1.101M
YoY Change -45.41% 69.65%
% of Operating Profit 14.58% 3.16%
Other Income/Expense, Net
YoY Change
Pretax Income -$5.568M $42.82M
YoY Change -113.0% 44.71%
Income Tax $4.859M $16.76M
% Of Pretax Income 39.14%
Net Earnings -$13.47M $23.72M
YoY Change -156.78% 53.92%
Net Earnings / Revenue -2.42% 4.67%
Basic Earnings Per Share -$0.58 $1.07
Diluted Earnings Per Share -$0.58 $0.97
COMMON SHARES
Basic Shares Outstanding 23.29M shares 22.27M shares
Diluted Shares Outstanding 23.29M shares 24.66M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $211.3M $168.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $72.48M $75.41M
YoY Change -3.89% 31.71%
Goodwill $218.7M $248.0M
YoY Change -11.83% 7.69%
Intangibles $20.06M $31.25M
YoY Change -35.81% 460.49%
Long-Term Investments $9.673M $10.07M
YoY Change -3.95% -2.06%
Other Assets $600.0K $200.0K
YoY Change 200.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.318B $1.381B
YoY Change -4.57% 4.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.9M $122.0M
YoY Change -9.92% 14.13%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.9M $122.0M
YoY Change -9.92% 8.64%
LONG-TERM LIABILITIES
Long-Term Debt $82.10M $91.30M
YoY Change -10.08% 236.9%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $82.10M $91.30M
YoY Change -10.08% 236.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.9M $122.0M
Total Long-Term Liabilities $82.10M $91.30M
Total Liabilities $674.2M $714.5M
YoY Change -5.64% 7.97%
SHAREHOLDERS EQUITY
Retained Earnings $459.6M $470.2M
YoY Change -2.25% 7.61%
Common Stock $180.3M $179.2M
YoY Change 0.58% -8.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.666M $2.666M
YoY Change 0.0% 0.0%
Treasury Stock Shares 352.2K shares 352.2K shares
Shareholders Equity $636.0M $659.9M
YoY Change
Total Liabilities & Shareholders Equity $1.318B $1.381B
YoY Change -4.57% 4.9%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$13.47M $23.72M
YoY Change -156.78% 53.92%
Depreciation, Depletion And Amortization $7.600M $6.600M
YoY Change 15.15% 60.98%
Cash From Operating Activities $60.00M $47.00M
YoY Change 27.66% 69.68%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$6.400M
YoY Change -75.0% 20.75%
Acquisitions
YoY Change
Other Investing Activities $1.700M -$1.900M
YoY Change -189.47% -94.81%
Cash From Investing Activities $100.0K -$8.300M
YoY Change -101.2% -80.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.600M -17.30M
YoY Change -44.51% 476.67%
NET CHANGE
Cash From Operating Activities 60.00M 47.00M
Cash From Investing Activities 100.0K -8.300M
Cash From Financing Activities -9.600M -17.30M
Net Change In Cash 50.50M 21.40M
YoY Change 135.98% -224.42%
FREE CASH FLOW
Cash From Operating Activities $60.00M $47.00M
Capital Expenditures -$1.600M -$6.400M
Free Cash Flow $61.60M $53.40M
YoY Change 15.36% 61.82%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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2720000 USD
us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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2366000 USD
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Interest Expense
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1525000 USD
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Land
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Land
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
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OtherComprehensiveIncomeLossBeforeTax
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OtherComprehensiveIncomeLossBeforeTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
185000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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439000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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203000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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236000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Payments For Proceeds From Short Term Investments
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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0 USD
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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39359000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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3958000 USD
us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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13373000 USD
us-gaap Payments To Minority Shareholders
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7044000 USD
us-gaap Payments To Minority Shareholders
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6861000 USD
CY2014Q3 us-gaap Policyholder Benefits And Claims Incurred Net
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9084000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
50021000 USD
CY2015Q3 us-gaap Policyholder Benefits And Claims Incurred Net
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25883000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
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78593000 USD
CY2014Q4 us-gaap Premiums And Other Receivables Net
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CY2015Q3 us-gaap Premiums And Other Receivables Net
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
40270000 USD
us-gaap Proceeds From Notes Payable
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3000 USD
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23000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
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51068000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
60314000 USD
CY2014Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
45777000 USD
CY2015Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
15809000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
60314000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
26060000 USD
us-gaap Profit Loss
ProfitLoss
24179000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-10427000 USD
us-gaap Profit Loss
ProfitLoss
-1146000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72475000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
749000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1672000 USD
CY2014Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
600000 USD
CY2015Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
584000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
54437000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
19325000 USD
CY2014Q4 us-gaap Restricted Investments
RestrictedInvestments
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CY2015Q3 us-gaap Restricted Investments
RestrictedInvestments
480132000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
479733000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
459644000 USD
CY2014Q3 us-gaap Revenues
Revenues
508097000 USD
us-gaap Revenues
Revenues
1348511000 USD
CY2015Q3 us-gaap Revenues
Revenues
556572000 USD
us-gaap Revenues
Revenues
1537349000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1102000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4626000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
25042000 USD
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
21882000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
54000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
27815000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
693185000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
635953000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
700453000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
644145000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
352161 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
352161 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2666000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
2666000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24663000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24812000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23286000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23631000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22267000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22416000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23286000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23631000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:Tahoma,sans-serif;font-size:10pt;font-weight:bold;">Reclassifications.</font><font style="font-family:Tahoma,sans-serif;font-size:10pt;"> Certain amounts in the </font><font style="font-family:Tahoma,sans-serif;font-size:10pt;">2014</font><font style="font-family:Tahoma,sans-serif;font-size:10pt;"> interim financial statements have been reclassified for comparative purposes. Net income attributable to Stewart, as previously reported, was not affected.</font></div></div>

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