2014 Q2 Form 10-Q Financial Statement

#000091259314000062 Filed on July 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $115.4M $100.2M
YoY Change 15.21% 21.8%
Cost Of Revenue $50.70M $41.90M
YoY Change 21.0% 19.03%
Gross Profit $67.80M $57.80M
YoY Change 17.3% 22.98%
Gross Profit Margin 58.76% 57.71%
Selling, General & Admin $11.50M $8.700M
YoY Change 32.18% 19.18%
% of Gross Profit 16.96% 15.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.05M $26.06M
YoY Change 15.27% 23.72%
% of Gross Profit 44.31% 45.09%
Operating Expenses $41.60M $34.80M
YoY Change 19.54% 22.54%
Operating Profit $64.18M $55.00M
YoY Change 16.7% 24.33%
Interest Expense $17.94M $18.20M
YoY Change -1.43% 3.33%
% of Operating Profit 27.95% 33.09%
Other Income/Expense, Net -$27.00K
YoY Change -57.81%
Pretax Income $6.394M $2.861M
YoY Change 123.49% 352.69%
Income Tax $70.00K $37.00K
% Of Pretax Income 1.09% 1.29%
Net Earnings $4.928M $1.035M
YoY Change 376.14% -37.76%
Net Earnings / Revenue 4.27% 1.03%
Basic Earnings Per Share $0.12 $0.03
Diluted Earnings Per Share $0.12 $0.03
COMMON SHARES
Basic Shares Outstanding 40.33M shares 35.89M shares
Diluted Shares Outstanding 40.55M shares 35.91M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.000M $6.000M
YoY Change 33.33% 50.0%
Cash & Equivalents $7.620M $6.488M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $6.000M $9.000M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $155.0M $151.0M
YoY Change 2.65% 31.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900B $1.677B
YoY Change 13.3% 35.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.989B $1.766B
YoY Change 12.64% 36.11%
TOTAL ASSETS
Total Short-Term Assets $155.0M $151.0M
Total Long-Term Assets $1.989B $1.766B
Total Assets $2.144B $1.917B
YoY Change 11.85% 35.72%
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 $1.446B $1.372B
YoY Change 5.39% 4.65%
Other Long-Term Liabilities $127.0M $106.0M
YoY Change 19.81% 47.22%
Total Long-Term Liabilities $1.573B $1.478B
YoY Change 6.43% 6.87%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.573B $1.478B
Total Liabilities $1.572B $1.478B
YoY Change 6.41% 6.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $411.0K $379.0K
YoY Change 8.44% 33.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.60M
YoY Change 0.0%
Treasury Stock Shares 1.802M shares
Shareholders Equity $559.7M $418.7M
YoY Change
Total Liabilities & Shareholders Equity $2.144B $1.917B
YoY Change 11.85% 35.72%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $4.928M $1.035M
YoY Change 376.14% -37.76%
Depreciation, Depletion And Amortization $30.05M $26.06M
YoY Change 15.27% 23.72%
Cash From Operating Activities $32.40M $32.80M
YoY Change -1.22% 46.43%
INVESTING ACTIVITIES
Capital Expenditures -$33.30M -$27.10M
YoY Change 22.88%
Acquisitions
YoY Change
Other Investing Activities -$24.90M -$51.30M
YoY Change -51.46% 45.33%
Cash From Investing Activities -$58.10M -$78.40M
YoY Change -25.89% 121.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.00M -9.000M
YoY Change -366.67% -700.0%
NET CHANGE
Cash From Operating Activities 32.40M 32.80M
Cash From Investing Activities -58.10M -78.40M
Cash From Financing Activities 24.00M -9.000M
Net Change In Cash -1.700M -54.60M
YoY Change -96.89% 374.78%
FREE CASH FLOW
Cash From Operating Activities $32.40M $32.80M
Capital Expenditures -$33.30M -$27.10M
Free Cash Flow $65.70M $59.90M
YoY Change 9.68% 167.41%

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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Share Based Compensation
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CY2013Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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20000 shares
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2014Q2 sui Allowance For Rent Water Sewer Usage Receivables
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sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
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sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
32954000 shares
CY2013Q2 sui Brokeragecommissionsandotherincomenet
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CY2014Q2 sui Brokeragecommissionsandotherincomenet
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sui Brokeragecommissionsandotherincomenet
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270000 USD
sui Brokeragecommissionsandotherincomenet
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sui Debt Weighted Average To Maturity Length
DebtWeightedAverageToMaturityLength
P7Y1M6D
CY2013 sui Debt Weighted Average To Maturity Length
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sui Distributions From Affiliate
DistributionsFromAffiliate
800000 USD
CY2013Q2 sui Distributions From Affiliate
DistributionsFromAffiliate
450000 USD
sui Distributions From Affiliate
DistributionsFromAffiliate
850000 USD
CY2014Q2 sui Distributions From Affiliate
DistributionsFromAffiliate
400000 USD
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
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56156000 USD
sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
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sui Equity Income Loss And Distributions From Affiliates
EquityIncomeLossAndDistributionsFromAffiliates
800000 USD
sui Equity Income Loss And Distributions From Affiliates
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850000 USD
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sui General And Administrative Expenses Home Sales And Rentals
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GeneralAndAdministrativeExpensesHomeSalesAndRentals
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sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
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GeneralAndAdministrativeRealProperty
8393000 USD
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GeneralAndAdministrativeRealProperty
6369000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
13159000 USD
sui General And Administrative Real Property
GeneralAndAdministrativeRealProperty
16206000 USD
CY2013Q4 sui Home Sale Proceeds
HomeSaleProceeds
5700000 USD
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HomeSaleProceeds
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2700000 USD
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sui Issuanceofnotesandotherreceivables
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sui Issuanceofnotesandotherreceivables
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sui Minimum Percent Of Income From Qualifying Sources To Allow For Real Estate Investment Trust Classification
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0.95
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2200000 USD
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3463000 USD
CY2013Q4 sui Note Receivable Related To Acquistion
NoteReceivableRelatedToAcquistion
4300000 USD
CY2014Q2 sui Note Receivable Related To Acquistion
NoteReceivableRelatedToAcquistion
4300000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
81705000 USD
sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
89882000 USD
CY2014Q2 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
47585000 USD
CY2013Q2 sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
41924000 USD
sui Other Noncash Consideration Acquisitions
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0 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
49441000 USD
CY2013Q4 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
6900000 USD
CY2014Q2 sui Other Receivables For Rent Water Sewer Usage
OtherReceivablesForRentWaterSewerUsage
8400000 USD
sui Other Revenues Segment
OtherRevenuesSegment
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sui Other Revenues Segment
OtherRevenuesSegment
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CY2014Q2 sui Other Revenues Segment
OtherRevenuesSegment
4736000 USD
CY2013Q2 sui Other Revenues Segment
OtherRevenuesSegment
3229000 USD
CY2014Q2 sui Pledged Assets Series A3 Preferred Op Units
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4000000 USD
sui Preferredreturnto Series A1preferred O Punits
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1219000 USD
CY2013Q2 sui Preferredreturnto Series A1preferred O Punits
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CY2014Q2 sui Preferredreturnto Series A1preferred O Punits
PreferredreturntoSeriesA1preferredOPunits
664000 USD
sui Preferredreturnto Series A1preferred O Punits
PreferredreturntoSeriesA1preferredOPunits
1336000 USD
CY2013Q2 sui Preferredreturnto Series A3preferred O Punits
PreferredreturntoSeriesA3preferredOPunits
46000 USD
sui Preferredreturnto Series A3preferred O Punits
PreferredreturntoSeriesA3preferredOPunits
91000 USD
CY2014Q2 sui Preferredreturnto Series A3preferred O Punits
PreferredreturntoSeriesA3preferredOPunits
46000 USD
sui Preferredreturnto Series A3preferred O Punits
PreferredreturntoSeriesA3preferredOPunits
76000 USD
sui Proceedsfromsaleofproperties
Proceedsfromsaleofproperties
-15298000 USD
sui Proceedsfromsaleofproperties
Proceedsfromsaleofproperties
0 USD
CY2013Q4 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1806546000 USD
CY2014Q2 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1915042000 USD
sui Rental Home Revenue
RentalHomeRevenue
15338000 USD
sui Rental Home Revenue
RentalHomeRevenue
19135000 USD
CY2013Q2 sui Rental Home Revenue
RentalHomeRevenue
7977000 USD
CY2014Q2 sui Rental Home Revenue
RentalHomeRevenue
9733000 USD
sui Repaymentof Notesand Other Receivables
RepaymentofNotesandOtherReceivables
5114000 USD
sui Repaymentof Notesand Other Receivables
RepaymentofNotesandOtherReceivables
621000 USD
sui Required Minimum Percent Of Taxable Income Distributed To Stock Holders
RequiredMinimumPercentOfTaxableIncomeDistributedToStockHolders
0.90
sui Revenue From Home Sales
RevenueFromHomeSales
24936000 USD
CY2014Q2 sui Revenue From Home Sales
RevenueFromHomeSales
14813000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
26055000 USD
CY2013Q2 sui Revenue From Home Sales
RevenueFromHomeSales
13199000 USD
sui Stock Issued During Period Value New Issues Series A3 Preferred Op Units
StockIssuedDuringPeriodValueNewIssuesSeriesA3PreferredOPUnits
0 USD
sui Stock Issued During Period Value New Issues Series A3 Preferred Op Units
StockIssuedDuringPeriodValueNewIssuesSeriesA3PreferredOPUnits
3463000 USD
CY2014Q2 sui Vi Easa Percentageof Total Equity
VIEasaPercentageofTotalEquity
0.01 Rate
CY2013Q4 sui Vi Easa Percentageof Total Equity
VIEasaPercentageofTotalEquity
0.01 Rate
CY2014Q2 sui Variable Interest Entities Consolidated Debt
VariableInterestEntitiesConsolidatedDebt
44848000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Debt
VariableInterestEntitiesConsolidatedDebt
45209000 USD
CY2014Q2 sui Variable Interest Entities Consolidated Investment Propertynet
VariableInterestEntitiesConsolidatedInvestmentPropertynet
56002000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Investment Propertynet
VariableInterestEntitiesConsolidatedInvestmentPropertynet
56805000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Other Assets
VariableInterestEntitiesConsolidatedOtherAssets
3926000 USD
CY2014Q2 sui Variable Interest Entities Consolidated Other Assets
VariableInterestEntitiesConsolidatedOtherAssets
3816000 USD
CY2014Q2 sui Variable Interest Entities Consolidated Other Liabilities
VariableInterestEntitiesConsolidatedOtherLiabilities
9160000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Other Liabilities
VariableInterestEntitiesConsolidatedOtherLiabilities
6564000 USD
CY2014Q2 sui Variable Interest Entities Consolidated Total Liabilities And Stockholders Equity
VariableInterestEntitiesConsolidatedTotalLiabilitiesAndStockholdersEquity
53740000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Total Liabilities And Stockholders Equity
VariableInterestEntitiesConsolidatedTotalLiabilitiesAndStockholdersEquity
51236000 USD
CY2014Q2 sui Variable Interest Entityasa Percentageof Consolidated Assets
VariableInterestEntityasaPercentageofConsolidatedAssets
0.028 Rate
CY2013Q4 sui Variable Interest Entityasa Percentageof Consolidated Assets
VariableInterestEntityasaPercentageofConsolidatedAssets
0.030 Rate
CY2014Q2 sui Variable Interest Entityasa Percentageof Consolidated Liabilities
VariableInterestEntityasaPercentageofConsolidatedLiabilities
0.034 Rate
CY2013Q4 sui Variable Interest Entityasa Percentageof Consolidated Liabilities
VariableInterestEntityasaPercentageofConsolidatedLiabilities
0.032 Rate
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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912593
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
41107511 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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0000912593-14-000062-index-headers.html Edgar Link pending
0000912593-14-000062-index.html Edgar Link pending
0000912593-14-000062.txt Edgar Link pending
R52.htm Edgar Link pending
0000912593-14-000062-xbrl.zip Edgar Link pending
exhibit311-ceocertification.htm Edgar Link pending
exhibit312-cfocertification.htm Edgar Link pending
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