$TREX
TREX CO INC

2013 Q4 Form 10-Q Financial Statement

#000119312513410895 Filed on October 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $63.83M $72.25M $70.82M
YoY Change 38.3% 2.02% 4.3%
Cost Of Revenue $44.10M $72.10M $68.67M
YoY Change 34.86% 4.99% 35.72%
Gross Profit $19.69M $151.0K $2.146M
YoY Change 46.62% -92.96% -87.6%
Gross Profit Margin 30.84% 0.21% 3.03%
Selling, General & Admin $15.40M $15.38M $15.84M
YoY Change -7.23% -2.91% 21.82%
% of Gross Profit 78.23% 10182.12% 737.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $4.100M $4.200M
YoY Change -4.88% -2.38% -16.0%
% of Gross Profit 19.81% 2715.23% 195.71%
Operating Expenses $15.40M $15.38M $15.84M
YoY Change -7.23% -2.91% 21.82%
Operating Profit $4.285M -$15.22M -$13.69M
YoY Change -235.0% 11.21% -418.37%
Interest Expense -$100.0K $70.00K $153.0K
YoY Change 0.0% -54.25% -103.19%
% of Operating Profit -2.33%
Other Income/Expense, Net
YoY Change
Pretax Income $4.300M -$15.29M -$13.84M
YoY Change -230.3% 10.48% 2668.6%
Income Tax $10.90M $4.000K $469.0K
% Of Pretax Income 253.49%
Net Earnings $15.10M -$15.30M -$14.31M
YoY Change -517.33% 6.89% 2762.4%
Net Earnings / Revenue 23.66% -21.17% -20.21%
Basic Earnings Per Share $0.46 -$0.45 -$0.86
Diluted Earnings Per Share $0.45 -$0.45 -$0.86
COMMON SHARES
Basic Shares Outstanding 16.68M shares 33.66M shares 16.68M shares
Diluted Shares Outstanding 33.66M shares 16.68M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.800M $19.60M $2.500M
YoY Change 72.73% 684.0% -95.02%
Cash & Equivalents $3.772M $19.58M $2.500M
Short-Term Investments
Other Short-Term Assets $12.30M $5.600M $1.700M
YoY Change 105.0% 229.41% -39.29%
Inventory $22.43M $11.18M $8.600M
Prepaid Expenses
Receivables $37.34M $24.02M $32.80M
Other Receivables $400.0K $1.000M $700.0K
Total Short-Term Assets $76.18M $61.41M $46.30M
YoY Change 44.73% 32.62% -54.02%
LONG-TERM ASSETS
Property, Plant & Equipment $100.8M $100.4M $106.5M
YoY Change -3.49% -5.7% -10.65%
Goodwill $10.50M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $652.0K $1.081M $1.100M
YoY Change -35.0% -1.73% 10.0%
Total Long-Term Assets $112.0M $112.1M $118.1M
YoY Change -3.45% -5.12% -9.64%
TOTAL ASSETS
Total Short-Term Assets $76.18M $61.41M $46.30M
Total Long-Term Assets $112.0M $112.1M $118.1M
Total Assets $188.2M $173.5M $164.4M
YoY Change 11.59% 5.51% -28.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.89M $6.673M $9.700M
YoY Change 33.42% -31.21% -3.0%
Accrued Expenses $23.30M $23.05M $27.20M
YoY Change 23.79% -15.25% 57.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.000M
YoY Change -97.63%
Total Short-Term Liabilities $47.19M $38.72M $39.00M
YoY Change 11.08% -0.71% -65.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.183M $2.436M $24.40M
YoY Change -34.05% -90.02% 320.69%
Total Long-Term Liabilities $2.183M $2.436M $24.40M
YoY Change -34.05% -90.02% 320.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.19M $38.72M $39.00M
Total Long-Term Liabilities $2.183M $2.436M $24.40M
Total Liabilities $81.54M $79.64M $66.20M
YoY Change 9.26% 20.31% -45.33%
SHAREHOLDERS EQUITY
Retained Earnings $29.78M $14.67M
YoY Change -717.5%
Common Stock $346.0K $172.0K
YoY Change 103.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change
Treasury Stock Shares 1.123M shares 561.3K shares
Shareholders Equity $106.6M $93.81M $98.20M
YoY Change
Total Liabilities & Shareholders Equity $188.2M $173.5M $164.4M
YoY Change 11.59% 5.51% -28.95%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $15.10M -$15.30M -$14.31M
YoY Change -517.33% 6.89% 2762.4%
Depreciation, Depletion And Amortization $3.900M $4.100M $4.200M
YoY Change -4.88% -2.38% -16.0%
Cash From Operating Activities -$8.500M $30.60M $24.50M
YoY Change 24.9% -35.36%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$3.900M -$2.700M
YoY Change 105.0% 44.44% 107.69%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$4.000M -$3.800M -$2.700M
YoY Change 110.53% 40.74% 107.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.400M -22.70M -69.80M
YoY Change -326.67% -67.48% 1103.45%
NET CHANGE
Cash From Operating Activities -8.500M 30.60M 24.50M
Cash From Investing Activities -4.000M -3.800M -2.700M
Cash From Financing Activities -3.400M -22.70M -69.80M
Net Change In Cash -15.90M 4.100M -48.00M
YoY Change 3875.0% -108.54% -255.84%
FREE CASH FLOW
Cash From Operating Activities -$8.500M $30.60M $24.50M
Capital Expenditures -$4.100M -$3.900M -$2.700M
Free Cash Flow -$4.400M $34.50M $27.20M
YoY Change -320.0% 26.84% -30.61%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>BUSINESS AND ORGANIZATION</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Trex Company, Inc. (the &#x201C;Company&#x201D;) is the world&#x2019;s largest manufacturer of wood-alternative decking and railing products, which are marketed under the brand name Trex<sup style="font-size:85%; vertical-align:top">&#xAE;</sup>. The Company is incorporated in Delaware. The principal executive offices are located at 160 Exeter Drive, Winchester, Virginia 22603, and the telephone number at that address is (540)&#xA0;542-6300. The Company operates in one business segment.</p> </div>
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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421539 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
60376000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
35889 shares
us-gaap Interest Paid Net
InterestPaidNet
5771000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-86000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6339000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
750000
us-gaap Gross Profit
GrossProfit
71156000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1909000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
384000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78700000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
91875000
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
1400000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
314000
us-gaap Operating Income Loss
OperatingIncomeLoss
15852000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6989000
us-gaap Increase Decrease In Accounts Receivable
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3597000
us-gaap Net Income Loss
NetIncomeLoss
6339000
us-gaap Increase Decrease In Inventories
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us-gaap Payments For Repurchase Of Common Stock
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3785000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Payments For Restructuring
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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352000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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us-gaap Proceeds From Collection Of Notes Receivable
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87000
us-gaap Share Based Compensation
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2583000
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Interest Expense
InterestExpense
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Accretion Expense
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us-gaap Proceeds From Stock Options Exercised
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571000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
80700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12901000
us-gaap Restructuring Charges
RestructuringCharges
127000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
37000000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5450000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
650000
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
25000000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.86
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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ComprehensiveIncomeNetOfTax
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CY2012Q3 us-gaap Gross Profit
GrossProfit
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CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
20000000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
70819000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012Q3 us-gaap Interest Expense
InterestExpense
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CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
469000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.91
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16830106 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.91
CY2013Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.54
CY2013Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
561255 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16830106 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15298000
CY2013Q3 us-gaap Gross Profit
GrossProfit
151000
CY2013Q3 us-gaap Operating Income Loss
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-15294000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2013Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
72249000
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CostOfGoodsAndServicesSold
72098000
CY2013Q3 us-gaap Treasury Stock Value Acquired Cost Method
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25000000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
984000
CY2013Q3 us-gaap Interest Expense
InterestExpense
70000
CY2013Q3 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2600000
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
1100000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15375000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2013Q3 trex Number Of Letters Sent To Homeowner
NumberOfLettersSentToHomeowner
10000 Letter

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