$TREX
TREX CO INC

2014 Q2 Form 10-Q Financial Statement

#000119312514292640 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $121.3M $98.55M
YoY Change 23.09% 4.53%
Cost Of Revenue $76.29M $61.63M
YoY Change 23.78% 1.55%
Gross Profit $45.03M $36.92M
YoY Change 21.95% 9.92%
Gross Profit Margin 37.12% 37.46%
Selling, General & Admin $20.34M $23.39M
YoY Change -13.03% 12.11%
% of Gross Profit 45.18% 63.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $4.100M
YoY Change -4.88% -4.65%
% of Gross Profit 8.66% 11.1%
Operating Expenses $20.34M $23.39M
YoY Change -13.03% 12.11%
Operating Profit $24.68M $13.53M
YoY Change 82.42% 6.33%
Interest Expense $301.0K $210.0K
YoY Change 43.33% -95.12%
% of Operating Profit 1.22% 1.55%
Other Income/Expense, Net
YoY Change
Pretax Income $24.38M $13.32M
YoY Change 83.04% 58.1%
Income Tax $9.220M $96.00K
% Of Pretax Income 37.82% 0.72%
Net Earnings $15.16M $13.22M
YoY Change 14.65% 58.58%
Net Earnings / Revenue 12.5% 13.42%
Basic Earnings Per Share $0.46 $0.39
Diluted Earnings Per Share $0.46 $0.38
COMMON SHARES
Basic Shares Outstanding 32.90M shares 34.02M shares
Diluted Shares Outstanding 33.31M shares 34.78M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $15.60M
YoY Change -64.1% -69.17%
Cash & Equivalents $5.572M $15.58M
Short-Term Investments
Other Short-Term Assets $15.40M $5.600M
YoY Change 175.0% -88.21%
Inventory $21.06M $14.96M
Prepaid Expenses
Receivables $60.09M $50.96M
Other Receivables $0.00 $800.0K
Total Short-Term Assets $102.1M $87.88M
YoY Change 16.17% -45.42%
LONG-TERM ASSETS
Property, Plant & Equipment $98.26M $101.0M
YoY Change -2.67% -8.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $897.0K $1.195M
YoY Change -24.94% -0.42%
Total Long-Term Assets $109.7M $112.7M
YoY Change -2.67% -7.32%
TOTAL ASSETS
Total Short-Term Assets $102.1M $87.88M
Total Long-Term Assets $109.7M $112.7M
Total Assets $211.8M $200.6M
YoY Change 5.59% -29.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.47M $15.02M
YoY Change 29.65% 10.44%
Accrued Expenses $20.17M $20.03M
YoY Change 0.71% -25.28%
Deferred Revenue
YoY Change
Short-Term Debt $35.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.64M $42.55M
YoY Change 96.59% -72.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.148M $2.402M
YoY Change -10.57% -75.49%
Total Long-Term Liabilities $2.148M $2.402M
YoY Change -10.57% -75.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.64M $42.55M
Total Long-Term Liabilities $2.148M $2.402M
Total Liabilities $115.0M $69.77M
YoY Change 64.89% -58.98%
SHAREHOLDERS EQUITY
Retained Earnings $57.23M $29.97M
YoY Change 90.96%
Common Stock $348.0K $172.0K
YoY Change 102.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M
YoY Change
Treasury Stock Shares 2.780M shares
Shareholders Equity $96.74M $130.8M
YoY Change
Total Liabilities & Shareholders Equity $211.8M $200.6M
YoY Change 5.59% -29.03%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $15.16M $13.22M
YoY Change 14.65% 58.58%
Depreciation, Depletion And Amortization $3.900M $4.100M
YoY Change -4.88% -4.65%
Cash From Operating Activities $93.50M $89.10M
YoY Change 4.94% 9.59%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$3.200M
YoY Change -46.87% 88.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$1.700M -$3.100M
YoY Change -45.16% 82.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00M -72.30M
YoY Change 24.48% 113.27%
NET CHANGE
Cash From Operating Activities 93.50M 89.10M
Cash From Investing Activities -1.700M -3.100M
Cash From Financing Activities -90.00M -72.30M
Net Change In Cash 1.800M 13.70M
YoY Change -86.86% -70.02%
FREE CASH FLOW
Cash From Operating Activities $93.50M $89.10M
Capital Expenditures -$1.700M -$3.200M
Free Cash Flow $95.20M $92.30M
YoY Change 3.14% 11.2%

Facts In Submission

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TREX CO INC
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>3.</b></td> <td valign="top" align="left"><b>NEW ACCOUNTING STANDARDS</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, &#x201C;<i>Revenue from Contracts with Customers</i>&#x201D;. The new standard provides a single, comprehensive model for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The new standard requires an entity to recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2016 and allows for either full retrospective or modified retrospective application. No early adoption is permitted. The Company is currently assessing the impact of the adoption of this new standard on its consolidated financial statements and footnote disclosures.</p> </div>
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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 Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
48000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
44000
us-gaap Restructuring Charges
RestructuringCharges
741000
us-gaap Accretion Expense
AccretionExpense
79000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1800000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-6007000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
22794000
dei Entity Central Index Key
EntityCentralIndexKey
0001069878
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.54 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
12500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7660000
us-gaap Interest Expense
InterestExpense
623000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
38566000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
138764000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
12533000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33012845 shares
us-gaap Gross Profit
GrossProfit
83192000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6783000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
12533000
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0
us-gaap Sales Revenue Net
SalesRevenueNet
221956000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
85000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
206000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1373000
us-gaap Payments For Restructuring
PaymentsForRestructuring
256000
us-gaap Operating Income Loss
OperatingIncomeLoss
44626000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
27456000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
52892000
us-gaap Interest Paid Net
InterestPaidNet
384000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4927000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
245000
us-gaap Net Income Loss
NetIncomeLoss
27456000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16547000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
9764000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
39000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4774000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
48000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4884000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4583000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
13530000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13224000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
13224000
CY2013Q2 us-gaap Interest Expense
InterestExpense
210000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23392000
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
61629000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
585000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
120000000
us-gaap Share Based Compensation
ShareBasedCompensation
2455000
us-gaap Loss Contingency Accrual Carrying Value Payments
LossContingencyAccrualCarryingValuePayments
1700000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2013Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
186710 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
573738 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34784540 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34024092 shares
CY2013Q2 us-gaap Gross Profit
GrossProfit
36922000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
98551000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13320000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
96000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
902000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2014Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
145643 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
263532 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33307463 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32898288 shares
CY2014Q2 us-gaap Gross Profit
GrossProfit
45026000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
121311000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24381000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
24682000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15161000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
15161000
CY2014Q2 us-gaap Interest Expense
InterestExpense
301000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20344000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
76285000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9220000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1286000

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