2012 Q2 Form 10-Q Financial Statement

#000091259312000057 Filed on July 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $82.22M $68.26M
YoY Change 20.45% 2.34%
Cost Of Revenue $35.20M $28.20M
YoY Change 24.82% 0.36%
Gross Profit $47.00M $40.00M
YoY Change 17.5% 3.63%
Gross Profit Margin 57.16% 58.6%
Selling, General & Admin $7.300M $6.800M
YoY Change 7.35% -9.33%
% of Gross Profit 15.53% 17.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.07M $17.90M
YoY Change 17.69% 5.29%
% of Gross Profit 44.82% 44.75%
Operating Expenses $28.40M $24.90M
YoY Change 14.06% 2.47%
Operating Profit $44.23M $37.59M
YoY Change 17.67% 162.87%
Interest Expense $17.61M $16.05M
YoY Change 9.72% -198.49%
% of Operating Profit 39.82% 42.71%
Other Income/Expense, Net -$64.00K -$121.0K
YoY Change -47.11%
Pretax Income $632.0K -$2.096M
YoY Change -130.15% 4.8%
Income Tax $53.00K -$259.0K
% Of Pretax Income 8.39%
Net Earnings $1.663M -$890.0K
YoY Change -286.85% -62.92%
Net Earnings / Revenue 2.02% -1.3%
Basic Earnings Per Share $0.06 -$0.04
Diluted Earnings Per Share $0.06 -$0.04
COMMON SHARES
Basic Shares Outstanding 26.47M shares 21.09M shares
Diluted Shares Outstanding 26.49M shares 21.09M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $4.000M
YoY Change 0.0% -33.33%
Cash & Equivalents $4.499M $4.007M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.000M $4.000M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $115.0M $96.00M
YoY Change 19.79% 17.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.236B $1.167B
YoY Change 5.91% 11.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.297B $1.227B
YoY Change 5.73% 13.09%
TOTAL ASSETS
Total Short-Term Assets $115.0M $96.00M
Total Long-Term Assets $1.297B $1.227B
Total Assets $1.412B $1.323B
YoY Change 6.75% 13.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.311B $1.343B
YoY Change -2.38% 7.35%
Other Long-Term Liabilities $72.00M $45.00M
YoY Change 60.0% 15.38%
Total Long-Term Liabilities $1.383B $1.388B
YoY Change -0.36% 7.6%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.383B $1.388B
Total Liabilities $1.382B $1.419B
YoY Change -2.58% 10.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $283.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.60M
YoY Change
Treasury Stock Shares 1.802M shares
Shareholders Equity $5.780M -$96.00M
YoY Change
Total Liabilities & Shareholders Equity $1.412B $1.323B
YoY Change 6.75% 13.37%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $1.663M -$890.0K
YoY Change -286.85% -62.92%
Depreciation, Depletion And Amortization $21.07M $17.90M
YoY Change 17.69% 5.29%
Cash From Operating Activities $22.40M $12.80M
YoY Change 75.0% -12.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.90M
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$35.30M -$22.40M
YoY Change 57.59% 96.49%
Cash From Investing Activities -$35.40M -$73.30M
YoY Change -51.71% 542.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 59.70M
YoY Change -97.49% -1166.07%
NET CHANGE
Cash From Operating Activities 22.40M 12.80M
Cash From Investing Activities -35.40M -73.30M
Cash From Financing Activities 1.500M 59.70M
Net Change In Cash -11.50M -800.0K
YoY Change 1337.5% -65.22%
FREE CASH FLOW
Cash From Operating Activities $22.40M $12.80M
Capital Expenditures $0.00 -$50.90M
Free Cash Flow $22.40M $63.70M
YoY Change -64.84% 333.33%

Facts In Submission

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Revenues
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SalesRevenueNet
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us-gaap Share Based Compensation
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ShareBasedCompensation
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us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
100000 USD
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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100000 USD
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StockholdersEquity
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StockholdersEquity
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CY2012Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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TreasuryStockShares
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CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
63600000 USD
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
17000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2078000 shares
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
279000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
193000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
CY2011Q4 sui Allowance For Rent Water Sewer Usage Receivables
AllowanceForRentWaterSewerUsageReceivables
-400000 USD
CY2012Q2 sui Allowance For Rent Water Sewer Usage Receivables
AllowanceForRentWaterSewerUsageReceivables
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sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
20875000 shares
CY2012Q2 sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
26188000 shares
CY2011Q2 sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
21090000 shares
sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
25749000 shares
CY2012Q2 sui Business Acquisition Purchase Price Allocation Installment Note Receivables
BusinessAcquisitionPurchasePriceAllocationInstallmentNoteReceivables
3542000 USD
CY2012Q2 sui Business Acquisition Purchase Price Allocation Investment Of Manufactured Homes
BusinessAcquisitionPurchasePriceAllocationInvestmentOfManufacturedHomes
1298000 USD
sui Business Acquistion Management Fees
BusinessAcquistionManagementFees
700000 USD
CY2012Q2 sui Business Acquistion Purchase Price Allocation Assumed Debt
BusinessAcquistionPurchasePriceAllocationAssumedDebt
52398000 USD
CY2012Q2 sui Business Acquistion Purchase Price Allocation New Debt Proceeds
BusinessAcquistionPurchasePriceAllocationNewDebtProceeds
39930000 USD
CY2012Q2 sui Business Acquistion Purchase Price Allocation Other Assets
BusinessAcquistionPurchasePriceAllocationOtherAssets
1366000 USD
CY2012Q2 sui Business Acquistion Purchase Price Allocation Other Liabilities
BusinessAcquistionPurchasePriceAllocationOtherLiabilities
6176000 USD
sui Collateralized Receivables Interest Income And Expense Recognized
CollateralizedReceivablesInterestIncomeAndExpenseRecognized
4000000 USD
sui Collateralized Receivables Interest Income And Expense Recognized
CollateralizedReceivablesInterestIncomeAndExpenseRecognized
4400000 USD
CY2012Q2 sui Cost Of Home Sales
CostOfHomeSales
8971000 USD
sui Cost Of Home Sales
CostOfHomeSales
16744000 USD
sui Cost Of Home Sales
CostOfHomeSales
12892000 USD
CY2011Q2 sui Cost Of Home Sales
CostOfHomeSales
6401000 USD
sui Debt Assumed Acquisitions
DebtAssumedAcquisitions
0 USD
sui Debt Assumed Acquisitions
DebtAssumedAcquisitions
52449000 USD
sui Debt Weighted Average To Maturity Length
DebtWeightedAverageToMaturityLength
P6Y11M
CY2011 sui Debt Weighted Average To Maturity Length
DebtWeightedAverageToMaturityLength
P7Y4M
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
DistributionsToStockholdersOpUnitHoldersAndPreferredOpUnitHolders
29009000 USD
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
DistributionsToStockholdersOpUnitHoldersAndPreferredOpUnitHolders
34184000 USD
sui Dividends Distributions Declared
DividendsDistributionsDeclared
0 USD
sui Dividends Distributions Declared
DividendsDistributionsDeclared
2935000 USD
CY2012Q2 sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
1900000 USD
sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
2650000 USD
CY2011Q2 sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
850000 USD
sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
1200000 USD
sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
4447000 USD
sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
3925000 USD
CY2011Q2 sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
1952000 USD
CY2012Q2 sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
2238000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
9311000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
10240000 USD
CY2012Q2 sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
5182000 USD
CY2011Q2 sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
4833000 USD
CY2011Q4 sui Home Sale Proceeds
HomeSaleProceeds
3300000 USD
CY2012Q2 sui Home Sale Proceeds
HomeSaleProceeds
5200000 USD
sui Increase Decrease In Inventory Other Assets And Other Receivables Net
IncreaseDecreaseInInventoryOtherAssetsAndOtherReceivablesNet
4729000 USD
sui Increase Decrease In Inventory Other Assets And Other Receivables Net
IncreaseDecreaseInInventoryOtherAssetsAndOtherReceivablesNet
-7102000 USD
CY2012Q2 sui Insurance Receivables
InsuranceReceivables
1100000 USD
CY2011Q4 sui Insurance Receivables
InsuranceReceivables
800000 USD
CY2012Q2 sui Miscellaneous Note Receivable
MiscellaneousNoteReceivable
5000000 USD
CY2011Q4 sui Note Receivable Related To Acquistion
NoteReceivableRelatedToAcquistion
900000 USD
CY2011Q2 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
28247000 USD
CY2012Q2 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
35223000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
55984000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
67718000 USD
CY2011Q2 sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
146000 USD
sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
294000 USD
sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
329000 USD
CY2012Q2 sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
124000 USD
sui Other Income Loss Net
OtherIncomeLossNet
-24000 USD
CY2011Q2 sui Other Income Loss Net
OtherIncomeLossNet
25000 USD
CY2012Q2 sui Other Income Loss Net
OtherIncomeLossNet
175000 USD
sui Other Income Loss Net
OtherIncomeLossNet
435000 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
1833000 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
0 USD
CY2012Q2 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
2900000 USD
CY2011Q4 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
3000000 USD
CY2011Q2 sui Other Revenues Segment
OtherRevenuesSegment
2425000 USD
CY2012Q2 sui Other Revenues Segment
OtherRevenuesSegment
2922000 USD
sui Other Revenues Segment
OtherRevenuesSegment
5850000 USD
sui Other Revenues Segment
OtherRevenuesSegment
4738000 USD
sui Payment Of Notes Receivable Net
PaymentOfNotesReceivableNet
551000 USD
sui Payment Of Notes Receivable Net
PaymentOfNotesReceivableNet
5736000 USD
CY2012Q2 sui Preferred Op Units
PreferredOpUnits
45548000 USD
CY2011Q4 sui Preferred Op Units
PreferredOpUnits
45548000 USD
sui Preferred Operating Partnership Units Issued Acquisitions
PreferredOperatingPartnershipUnitsIssuedAcquisitions
0 USD
sui Preferred Operating Partnership Units Issued Acquisitions
PreferredOperatingPartnershipUnitsIssuedAcquisitions
45548000 USD
sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
1158000 USD
CY2012Q2 sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
579000 USD
sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
51000 USD
CY2011Q2 sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
51000 USD
sui Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1200000 USD
CY2012Q2 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1364660000 USD
sui Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2650000 USD
CY2011Q4 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1342325000 USD
CY2011Q4 sui Rebates Receivable In Association Of Fnma Settlement
RebatesReceivableInAssociationOfFnmaSettlement
4900000 USD
sui Rental Home Revenue
RentalHomeRevenue
10757000 USD
CY2012Q2 sui Rental Home Revenue
RentalHomeRevenue
6511000 USD
sui Rental Home Revenue
RentalHomeRevenue
12802000 USD
CY2011Q2 sui Rental Home Revenue
RentalHomeRevenue
5427000 USD
CY2012Q2 sui Revenue From Home Sales
RevenueFromHomeSales
11439000 USD
CY2011Q2 sui Revenue From Home Sales
RevenueFromHomeSales
8146000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
16381000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
21052000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912593
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
26471431 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SUN COMMUNITIES INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Trading Symbol
TradingSymbol
SUI

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