2013 Q4 Form 10-Q Financial Statement

#000119312513439822 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $487.5M $58.54M $56.03M
YoY Change 770.07% 481.9% 1173.39%
Cost Of Revenue $370.4M $247.7M $670.9M
YoY Change -44.79% 2683.15% 17102.56%
Gross Profit -$228.4M $76.20M $11.29M
YoY Change -2123.36% 6351.99% 2157.2%
Gross Profit Margin -46.84% 130.17% 20.14%
Selling, General & Admin $46.20M $44.37M $147.1M
YoY Change -68.59% 1629.86% 7255.0%
% of Gross Profit 58.23% 1303.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $9.000M $11.60M
YoY Change -62.93% 8900.0% 11500.0%
% of Gross Profit 11.81% 102.78%
Operating Expenses $46.30M $44.37M $274.3M
YoY Change -83.12% 1629.86% 13615.0%
Operating Profit -$274.7M $31.45M -$263.0M
YoY Change 4.43% -2372.04% 17434.27%
Interest Expense -$200.0K $828.0K $2.500M
YoY Change -108.0%
% of Operating Profit 2.63%
Other Income/Expense, Net $700.0K $186.0K -$1.500M
YoY Change -146.67% -293.75%
Pretax Income -$281.5M $31.53M $103.6M
YoY Change -371.72% -2230.41% -7500.0%
Income Tax -$101.9M $11.59M $38.90M
% Of Pretax Income 36.76% 37.55%
Net Earnings -$178.2M $20.16M $6.446M
YoY Change -2863.98% -1462.09% -560.43%
Net Earnings / Revenue -36.55% 34.44% 11.5%
Basic Earnings Per Share -$1.37 $0.16 $0.30
Diluted Earnings Per Share -$1.37 $0.15 $0.30
COMMON SHARES
Basic Shares Outstanding 31.60M shares 129.7M shares
Diluted Shares Outstanding 130.7M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $35.21M $19.80M
YoY Change -77.27% -22.11% 94.12%
Cash & Equivalents $4.510M $5.277M $5.212M
Short-Term Investments $29.93M
Other Short-Term Assets $8.600M
YoY Change
Inventory $1.466B $359.9M $194.1M
Prepaid Expenses
Receivables $8.600M $500.0K $500.0K
Other Receivables $51.80M $0.00 $0.00
Total Short-Term Assets $1.539B $392.7M $214.4M
YoY Change 617.82% 102.53% 132.29%
LONG-TERM ASSETS
Property, Plant & Equipment $17.39M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.90M $29.90M
YoY Change
Other Assets $289.0M
YoY Change
Total Long-Term Assets $371.5M $38.27M $3.116M
YoY Change 11821.18% 2291.75% 107.73%
TOTAL ASSETS
Total Short-Term Assets $1.539B $392.7M $214.4M
Total Long-Term Assets $371.5M $38.27M $3.116M
Total Assets $1.910B $431.0M $217.5M
YoY Change 778.31% 120.44% 131.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.70M $14.60M $7.823M
YoY Change 663.13% 274.31% 144.47%
Accrued Expenses $125.8M $11.07M $3.172M
YoY Change 3865.95% 751.69% 164.33%
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 $1.050B $25.70M $11.00M
YoY Change 9446.36% 394.23% 150.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $92.50M $57.40M
YoY Change -100.0% 99.35% 731.88%
Other Long-Term Liabilities $34.80M
YoY Change
Total Long-Term Liabilities $34.80M $92.50M $57.40M
YoY Change -39.37% 93.92% 731.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.050B $25.70M $11.00M
Total Long-Term Liabilities $34.80M $92.50M $57.40M
Total Liabilities $1.085B $118.1M $68.36M
YoY Change 1487.04% 123.29% 504.98%
SHAREHOLDERS EQUITY
Retained Earnings $462.2M $2.769M
YoY Change
Common Stock $334.9M $316.0K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $797.1M $312.8M $149.2M
YoY Change
Total Liabilities & Shareholders Equity $1.910B $431.0M $217.5M
YoY Change 778.31% 120.44% 131.89%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$178.2M $20.16M $6.446M
YoY Change -2863.98% -1462.09% -560.43%
Depreciation, Depletion And Amortization $4.300M $9.000M $11.60M
YoY Change -62.93% 8900.0% 11500.0%
Cash From Operating Activities $109.3M -$27.70M $132.2M
YoY Change -17.32% 37.81% -3672.97%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$8.500M -$3.400M
YoY Change -52.94% 3300.0%
Acquisitions
YoY Change
Other Investing Activities $2.500M $39.60M $1.400M
YoY Change 78.57%
Cash From Investing Activities $800.0K $31.20M -$2.000M
YoY Change -140.0% 1900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.9M -21.10M -163.2M
YoY Change -32.05% -136.82% -2465.22%
NET CHANGE
Cash From Operating Activities 109.3M -27.70M 132.2M
Cash From Investing Activities 800.0K 31.20M -2.000M
Cash From Financing Activities -110.9M -21.10M -163.2M
Net Change In Cash -800.0K -17.60M -33.00M
YoY Change -97.58% -147.31% -1164.52%
FREE CASH FLOW
Cash From Operating Activities $109.3M -$27.70M $132.2M
Capital Expenditures -$1.600M -$8.500M -$3.400M
Free Cash Flow $110.9M -$19.20M $135.6M
YoY Change -18.22% -4.48% -3866.67%

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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Use of Estimates</b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The preparation of the Company&#x2019;s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies. Accordingly, actual results could differ materially from these estimates.</p> </div>
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DepreciationDepletionAndAmortization
191000
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5742350 shares
CY2013Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
90800000
CY2013Q1 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
6800000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15484663 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2012Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
104000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15484663 shares
CY2012Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
9953000
CY2012Q3 us-gaap Revenues
Revenues
10060000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1480000
CY2012Q3 us-gaap Gross Profit
GrossProfit
1181000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1480000
CY2012Q3 us-gaap Construction Revenue
ConstructionRevenue
107000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-96000
CY2012Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
85000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1480000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
CY2012Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
10060000
CY2012Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
650000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
11444000
CY2012Q3 us-gaap Home Building Costs
HomeBuildingCosts
8784000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1504000
CY2012Q3 us-gaap Construction And Development Costs
ConstructionAndDevelopmentCosts
95000
CY2012Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
650000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
117000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1061000
CY2012Q3 us-gaap Interest Expense
InterestExpense
CY2012Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
49000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31618085 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.28 pure
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
20178 shares
CY2013Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
721000
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31597907 shares
CY2013Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
56801000
CY2013Q3 us-gaap Revenues
Revenues
58539000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4777000
CY2013Q3 us-gaap Gross Profit
GrossProfit
13199000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6495000
CY2013Q3 us-gaap Construction Revenue
ConstructionRevenue
1738000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-509000
CY2013Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
91000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7004000
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
690000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
4686000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
91000
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
58539000
CY2013Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
698000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
51535000
CY2013Q3 us-gaap Home Building Costs
HomeBuildingCosts
43765000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4148000
CY2013Q3 us-gaap Construction And Development Costs
ConstructionAndDevelopmentCosts
1575000
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
698000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
501000
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
244000
CY2013Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1809000
CY2012Q4 us-gaap Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
2015-02-28
CY2012Q4 us-gaap Debt Instrument Maturity Date Range Start1
DebtInstrumentMaturityDateRangeStart1
2013-08-01

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