2012 Q3 Form 10-Q Financial Statement

#000091259312000077 Filed on October 25, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $83.02M $74.72M
YoY Change 11.1% 15.49%
Cost Of Revenue $35.90M $31.50M
YoY Change 13.97% 15.81%
Gross Profit $47.10M $43.30M
YoY Change 8.78% 15.47%
Gross Profit Margin 56.73% 57.95%
Selling, General & Admin $7.100M $7.200M
YoY Change -1.39% 35.85%
% of Gross Profit 15.07% 16.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.09M $18.60M
YoY Change 18.77% 24.83%
% of Gross Profit 46.9% 42.96%
Operating Expenses $29.20M $26.00M
YoY Change 12.31% 15.56%
Operating Profit $44.28M $40.55M
YoY Change 9.2% 170.32%
Interest Expense $17.89M $17.46M
YoY Change 2.47% -205.82%
% of Operating Profit 40.41% 43.06%
Other Income/Expense, Net -$112.0K $144.0K
YoY Change -177.78%
Pretax Income -$791.0K -$321.0K
YoY Change 146.42% -77.07%
Income Tax $84.00K $150.0K
% Of Pretax Income
Net Earnings -$650.0K -$373.0K
YoY Change 74.26% -73.36%
Net Earnings / Revenue -0.78% -0.5%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 26.94M shares 21.37M shares
Diluted Shares Outstanding 26.94M shares 21.37M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.00M $5.000M
YoY Change 680.0% 0.0%
Cash & Equivalents $38.72M $4.741M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $6.000M $4.000M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $156.0M $100.0M
YoY Change 56.0% 19.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.278B $1.169B
YoY Change 9.32% 12.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.345B $1.229B
YoY Change 9.46% 13.8%
TOTAL ASSETS
Total Short-Term Assets $156.0M $100.0M
Total Long-Term Assets $1.345B $1.229B
Total Assets $1.501B $1.329B
YoY Change 12.96% 14.18%
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 $1.272B $1.356B
YoY Change -6.19% 7.88%
Other Long-Term Liabilities $77.00M $45.00M
YoY Change 71.11% 18.42%
Total Long-Term Liabilities $1.349B $1.401B
YoY Change -3.71% 8.19%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.349B $1.401B
Total Liabilities $1.348B $1.430B
YoY Change -5.71% 11.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $315.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.60M
YoY Change
Treasury Stock Shares 1.802M shares
Shareholders Equity $130.2M -$101.0M
YoY Change
Total Liabilities & Shareholders Equity $1.501B $1.329B
YoY Change 12.96% 14.18%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$650.0K -$373.0K
YoY Change 74.26% -73.36%
Depreciation, Depletion And Amortization $22.09M $18.60M
YoY Change 18.77% 24.83%
Cash From Operating Activities $14.40M $17.30M
YoY Change -16.76% 64.76%
INVESTING ACTIVITIES
Capital Expenditures -$35.20M -$600.0K
YoY Change 5766.67%
Acquisitions
YoY Change
Other Investing Activities -$29.00M -$23.50M
YoY Change 23.4% 88.0%
Cash From Investing Activities -$64.20M -$24.10M
YoY Change 166.39% 92.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.00M 7.600M
YoY Change 1005.26% 660.0%
NET CHANGE
Cash From Operating Activities 14.40M 17.30M
Cash From Investing Activities -64.20M -24.10M
Cash From Financing Activities 84.00M 7.600M
Net Change In Cash 34.20M 800.0K
YoY Change 4175.0% -180.0%
FREE CASH FLOW
Cash From Operating Activities $14.40M $17.30M
Capital Expenditures -$35.20M -$600.0K
Free Cash Flow $49.60M $17.90M
YoY Change 177.09% 70.48%

Facts In Submission

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OtherNonoperatingIncomeExpense
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CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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PreferredStockSharesIssued
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us-gaap Proceeds From Issuance Of Common Stock
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ProceedsFromIssuanceOfLongTermDebt
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ProceedsFromLinesOfCredit
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ProceedsFromLinesOfCredit
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ProceedsFromSaleOfOtherAssets
1355000 USD
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2530000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
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ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromStockOptionsExercised
149000 USD
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CY2012Q3 us-gaap Profit Loss
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CY2011Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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RealEstateInvestmentPropertyAccumulatedDepreciation
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RealEstateInvestmentPropertyAtCost
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CY2011Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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RealEstateRevenueNet
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RealEstateTaxExpense
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CY2011Q4 us-gaap Rental Properties
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RepaymentsOfLongTermDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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us-gaap Revenues
Revenues
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CY2011Q3 us-gaap Revenues
Revenues
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CY2012Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
212699000 USD
CY2011Q3 us-gaap Sales Revenue Net
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SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
205254000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
239845000 USD
CY2012Q3 us-gaap Secured Debt
SecuredDebt
1268672000 USD
CY2011Q4 us-gaap Secured Debt
SecuredDebt
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us-gaap Share Based Compensation
ShareBasedCompensation
1070000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1273000 USD
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
200000 USD
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
100000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
-126609000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
152817000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-100655000 USD
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1802000 shares
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1802000 shares
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
63600000 USD
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
63600000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2083000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
17000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21366000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23343000 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26938000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26444000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21366000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26427000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21260000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26938000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
221000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
282000 shares
CY2011Q4 sui Allowance For Rent Water Sewer Usage Receivables
AllowanceForRentWaterSewerUsageReceivables
-400000 USD
CY2012Q3 sui Allowance For Rent Water Sewer Usage Receivables
AllowanceForRentWaterSewerUsageReceivables
-400000 USD
CY2011Q3 sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
21366000 shares
sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
26145000 shares
sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
21039000 shares
CY2012Q3 sui Business Acquisition Purchase Price Allocation Installment Note Receivables
BusinessAcquisitionPurchasePriceAllocationInstallmentNoteReceivables
4711000 USD
CY2012Q3 sui Business Acquisition Purchase Price Allocation Investment Of Manufactured Homes
BusinessAcquisitionPurchasePriceAllocationInvestmentOfManufacturedHomes
1705000 USD
sui Business Acquistion Management Fees
BusinessAcquistionManagementFees
800000 USD
CY2012Q3 sui Business Acquistion Purchase Price Allocation Assumed Debt
BusinessAcquistionPurchasePriceAllocationAssumedDebt
56502000 USD
CY2012Q3 sui Business Acquistion Purchase Price Allocation New Debt Proceeds
BusinessAcquistionPurchasePriceAllocationNewDebtProceeds
39930000 USD
CY2012Q3 sui Business Acquistion Purchase Price Allocation Other Assets
BusinessAcquistionPurchasePriceAllocationOtherAssets
1559000 USD
CY2012Q3 sui Business Acquistion Purchase Price Allocation Other Liabilities
BusinessAcquistionPurchasePriceAllocationOtherLiabilities
6576000 USD
sui Collateralized Receivables Interest Income And Expense Recognized
CollateralizedReceivablesInterestIncomeAndExpenseRecognized
6800000 USD
sui Collateralized Receivables Interest Income And Expense Recognized
CollateralizedReceivablesInterestIncomeAndExpenseRecognized
6100000 USD
sui Cost Of Home Sales
CostOfHomeSales
24535000 USD
CY2011Q3 sui Cost Of Home Sales
CostOfHomeSales
6357000 USD
sui Cost Of Home Sales
CostOfHomeSales
19249000 USD
CY2012Q3 sui Cost Of Home Sales
CostOfHomeSales
7791000 USD
sui Debt Assumed Acquisitions
DebtAssumedAcquisitions
4104000 USD
sui Debt Assumed Acquisitions
DebtAssumedAcquisitions
52398000 USD
CY2011 sui Debt Weighted Average To Maturity Length
DebtWeightedAverageToMaturityLength
P7Y4M
sui Debt Weighted Average To Maturity Length
DebtWeightedAverageToMaturityLength
P6Y11M
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
DistributionsToStockholdersOpUnitHoldersAndPreferredOpUnitHolders
44470000 USD
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
DistributionsToStockholdersOpUnitHoldersAndPreferredOpUnitHolders
52928000 USD
sui Dividends Distributions Declared
DividendsDistributionsDeclared
0 USD
sui Dividends Distributions Declared
DividendsDistributionsDeclared
4814000 USD
sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
1650000 USD
CY2011Q3 sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
450000 USD
CY2012Q3 sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
2011000 USD
sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
6458000 USD
CY2011Q3 sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
2109000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
15405000 USD
sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
3250000 USD
CY2012Q3 sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
600000 USD
sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
6034000 USD
CY2011Q3 sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
5138000 USD
CY2012Q3 sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
5165000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
14449000 USD
CY2012Q3 sui Home Sale Proceeds
HomeSaleProceeds
4400000 USD
CY2011Q4 sui Home Sale Proceeds
HomeSaleProceeds
3300000 USD
sui Increase Decrease In Inventory Other Assets And Other Receivables Net
IncreaseDecreaseInInventoryOtherAssetsAndOtherReceivablesNet
-6652000 USD
sui Increase Decrease In Inventory Other Assets And Other Receivables Net
IncreaseDecreaseInInventoryOtherAssetsAndOtherReceivablesNet
1892000 USD
CY2011Q4 sui Insurance Receivables
InsuranceReceivables
800000 USD
CY2012Q3 sui Insurance Receivables
InsuranceReceivables
1300000 USD
CY2012Q3 sui Miscellaneous Note Receivable
MiscellaneousNoteReceivable
5000000 USD
CY2011Q4 sui Note Receivable Related To Acquistion
NoteReceivableRelatedToAcquistion
900000 USD
CY2011Q3 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
31468000 USD
CY2012Q3 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
35909000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
87452000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
103627000 USD
sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
396000 USD
CY2011Q3 sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
102000 USD
CY2012Q3 sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
147000 USD
sui Other Income Brokerage Commissions
OtherIncomeBrokerageCommissions
476000 USD
CY2011Q3 sui Other Income Loss Net
OtherIncomeLossNet
246000 USD
CY2012Q3 sui Other Income Loss Net
OtherIncomeLossNet
95000 USD
sui Other Income Loss Net
OtherIncomeLossNet
530000 USD
sui Other Income Loss Net
OtherIncomeLossNet
222000 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
1343000 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
0 USD
CY2011Q4 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
3000000 USD
CY2012Q3 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
3300000 USD
CY2011Q3 sui Other Revenues Segment
OtherRevenuesSegment
2707000 USD
CY2012Q3 sui Other Revenues Segment
OtherRevenuesSegment
2936000 USD
sui Other Revenues Segment
OtherRevenuesSegment
8786000 USD
sui Other Revenues Segment
OtherRevenuesSegment
7445000 USD
sui Payment Of Notes Receivable Net
PaymentOfNotesReceivableNet
555000 USD
sui Payment Of Notes Receivable Net
PaymentOfNotesReceivableNet
6054000 USD
CY2011 sui Planparticipantsbenefittingfromstockpurchases
Planparticipantsbenefittingfromstockpurchases
85
CY2012Q3 sui Preferred Op Units
PreferredOpUnits
45548000 USD
CY2011Q4 sui Preferred Op Units
PreferredOpUnits
45548000 USD
sui Preferred Operating Partnership Units Issued Acquisitions
PreferredOperatingPartnershipUnitsIssuedAcquisitions
45548000 USD
sui Preferred Operating Partnership Units Issued Acquisitions
PreferredOperatingPartnershipUnitsIssuedAcquisitions
0 USD
sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
636000 USD
sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
1744000 USD
CY2011Q3 sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
585000 USD
CY2012Q3 sui Preferred Return To Noncontrolling Interest
PreferredReturnToNoncontrollingInterest
586000 USD
sui Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1650000 USD
sui Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
3250000 USD
CY2011Q4 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1342325000 USD
CY2012Q3 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1406738000 USD
CY2011Q4 sui Rebates Receivable In Association Of Fnma Settlement
RebatesReceivableInAssociationOfFnmaSettlement
4900000 USD
CY2011Q3 sui Rental Home Revenue
RentalHomeRevenue
5650000 USD
sui Rental Home Revenue
RentalHomeRevenue
16407000 USD
sui Rental Home Revenue
RentalHomeRevenue
19514000 USD
CY2012Q3 sui Rental Home Revenue
RentalHomeRevenue
6712000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
24496000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
31513000 USD
CY2011Q3 sui Revenue From Home Sales
RevenueFromHomeSales
8115000 USD
CY2012Q3 sui Revenue From Home Sales
RevenueFromHomeSales
10461000 USD
CY2011 sui Sharespurchasedby401 Kplan
Sharespurchasedby401Kplan
3301 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912593
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
29733864 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

Files In Submission

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0000912593-12-000077-index.html Edgar Link pending
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sui2012093010q.htm Edgar Link pending
sui2012093010q.pdf Edgar Link pending