$TREX
TREX CO INC

2014 Q3 Form 10-Q Financial Statement

#000119312514382578 Filed on October 27, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $95.50M $72.25M
YoY Change 32.18% 2.02%
Cost Of Revenue $65.13M $72.10M
YoY Change -9.66% 4.99%
Gross Profit $30.37M $151.0K
YoY Change 20011.92% -92.96%
Gross Profit Margin 31.8% 0.21%
Selling, General & Admin $15.90M $15.38M
YoY Change 3.43% -2.91%
% of Gross Profit 52.36% 10182.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.700M $4.100M
YoY Change -9.76% -2.38%
% of Gross Profit 12.18% 2715.23%
Operating Expenses $15.90M $15.38M
YoY Change 3.43% -2.91%
Operating Profit $14.47M -$15.22M
YoY Change -195.03% 11.21%
Interest Expense $167.0K $70.00K
YoY Change 138.57% -54.25%
% of Operating Profit 1.15%
Other Income/Expense, Net
YoY Change
Pretax Income $14.30M -$15.29M
YoY Change -193.5% 10.48%
Income Tax $5.387M $4.000K
% Of Pretax Income 37.67%
Net Earnings $8.913M -$15.30M
YoY Change -158.26% 6.89%
Net Earnings / Revenue 9.33% -21.17%
Basic Earnings Per Share $0.28 -$0.45
Diluted Earnings Per Share $0.28 -$0.45
COMMON SHARES
Basic Shares Outstanding 31.61M shares 33.66M shares
Diluted Shares Outstanding 32.01M shares 33.66M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.800M $19.60M
YoY Change -80.61% 684.0%
Cash & Equivalents $3.841M $19.58M
Short-Term Investments
Other Short-Term Assets $12.80M $5.600M
YoY Change 128.57% 229.41%
Inventory $14.64M $11.18M
Prepaid Expenses
Receivables $44.98M $24.02M
Other Receivables $0.00 $1.000M
Total Short-Term Assets $76.23M $61.41M
YoY Change 24.15% 32.62%
LONG-TERM ASSETS
Property, Plant & Equipment $98.20M $100.4M
YoY Change -2.22% -5.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $897.0K $1.081M
YoY Change -17.02% -1.73%
Total Long-Term Assets $109.6M $112.1M
YoY Change -2.16% -5.12%
TOTAL ASSETS
Total Short-Term Assets $76.23M $61.41M
Total Long-Term Assets $109.6M $112.1M
Total Assets $185.9M $173.5M
YoY Change 7.15% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.86M $6.673M
YoY Change 92.78% -31.21%
Accrued Expenses $24.28M $23.05M
YoY Change 5.31% -15.25%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.64M $38.72M
YoY Change 25.6% -0.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.164M $2.436M
YoY Change -11.17% -90.02%
Total Long-Term Liabilities $2.164M $2.436M
YoY Change -11.17% -90.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.64M $38.72M
Total Long-Term Liabilities $2.164M $2.436M
Total Liabilities $78.75M $79.64M
YoY Change -1.12% 20.31%
SHAREHOLDERS EQUITY
Retained Earnings $66.14M $14.67M
YoY Change 350.79%
Common Stock $348.0K $172.0K
YoY Change 102.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M $25.00M
YoY Change 200.0%
Treasury Stock Shares 2.780M shares 561.3K shares
Shareholders Equity $107.1M $93.81M
YoY Change
Total Liabilities & Shareholders Equity $185.9M $173.5M
YoY Change 7.15% 5.51%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $8.913M -$15.30M
YoY Change -158.26% 6.89%
Depreciation, Depletion And Amortization $3.700M $4.100M
YoY Change -9.76% -2.38%
Cash From Operating Activities $33.80M $30.60M
YoY Change 10.46% 24.9%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$3.900M
YoY Change 0.0% 44.44%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$3.800M -$3.800M
YoY Change 0.0% 40.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.70M -22.70M
YoY Change 39.65% -67.48%
NET CHANGE
Cash From Operating Activities 33.80M 30.60M
Cash From Investing Activities -3.800M -3.800M
Cash From Financing Activities -31.70M -22.70M
Net Change In Cash -1.700M 4.100M
YoY Change -141.46% -108.54%
FREE CASH FLOW
Cash From Operating Activities $33.80M $30.60M
Capital Expenditures -$3.900M -$3.900M
Free Cash Flow $37.70M $34.50M
YoY Change 9.28% 26.84%

Facts In Submission

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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="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>1.</b></td> <td valign="top" align="left"><b>BUSINESS AND ORGANIZATION</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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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P5Y
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
Each stockholder to receive one additional share of common stock, par value $0.01, for each share they held as of the record date. All common stock share and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto are presented on a post-split basis.
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32966317 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.12
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-36525000
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
-8731000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2027000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
690000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
139000000
us-gaap Share Based Compensation
ShareBasedCompensation
3672000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-15294000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-15224000
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
0.53 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Loss Contingency Accrual Carrying Value Payments
LossContingencyAccrualCarryingValuePayments
1800000
trex Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
1 Plan
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32538832 shares
us-gaap Gross Profit
GrossProfit
113561000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9342000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
12677000
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0.0
us-gaap Sales Revenue Net
SalesRevenueNet
317458000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
136000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
415000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-7789000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
58302000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-169000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
44000
us-gaap Payments For Restructuring
PaymentsForRestructuring
281000
us-gaap Operating Income Loss
OperatingIncomeLoss
59093000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
36368000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
52892000
us-gaap Interest Paid Net
InterestPaidNet
498000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8794000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
245000
us-gaap Net Income Loss
NetIncomeLoss
36368000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7698000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
12700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11449000
us-gaap Interest Expense
InterestExpense
791000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
54468000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
203897000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
12677000
us-gaap Restructuring Charges
RestructuringCharges
1018000
us-gaap Accretion Expense
AccretionExpense
125000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
69000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3690000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21934000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
12630000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
59000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15298000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-15298000
CY2013Q3 us-gaap Interest Expense
InterestExpense
70000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15375000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
72098000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
984000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2014Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
164915 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
237602 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32008781 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31606264 shares
CY2014Q3 us-gaap Gross Profit
GrossProfit
30369000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
95502000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14300000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14467000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8913000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
8913000
CY2014Q3 us-gaap Interest Expense
InterestExpense
167000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15902000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
65133000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5387000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1217000

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