$TREX
TREX CO INC

2014 Q4 Form 10-K Financial Statement

#000119312515059388 Filed on February 24, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013 Q3
Revenue $74.20M $63.83M $72.25M
YoY Change 16.25% 38.3% 2.02%
Cost Of Revenue $47.60M $44.10M $72.10M
YoY Change 7.94% 34.86% 4.99%
Gross Profit $26.64M $19.69M $151.0K
YoY Change 35.31% 46.62% -92.96%
Gross Profit Margin 35.9% 30.84% 0.21%
Selling, General & Admin $17.90M $15.40M $15.38M
YoY Change 16.23% -7.23% -2.91%
% of Gross Profit 67.2% 78.23% 10182.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $3.900M $4.100M
YoY Change -2.56% -4.88% -2.38%
% of Gross Profit 14.27% 19.81% 2715.23%
Operating Expenses $17.90M $15.40M $15.38M
YoY Change 16.23% -7.23% -2.91%
Operating Profit $8.735M $4.285M -$15.22M
YoY Change 103.85% -235.0% 11.21%
Interest Expense -$100.0K -$100.0K $70.00K
YoY Change 0.0% 0.0% -54.25%
% of Operating Profit -1.14% -2.33%
Other Income/Expense, Net
YoY Change
Pretax Income $8.600M $4.300M -$15.29M
YoY Change 100.0% -230.3% 10.48%
Income Tax $3.500M $10.90M $4.000K
% Of Pretax Income 40.7% 253.49%
Net Earnings $5.153M $15.10M -$15.30M
YoY Change -65.88% -517.33% 6.89%
Net Earnings / Revenue 6.94% 23.66% -21.17%
Basic Earnings Per Share $0.16 $0.46 -$0.45
Diluted Earnings Per Share $0.16 $0.45 -$0.45
COMMON SHARES
Basic Shares Outstanding 31.64M shares 16.68M shares 33.66M shares
Diluted Shares Outstanding 32.09M shares 33.66M shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.500M $3.800M $19.60M
YoY Change 150.0% 72.73% 684.0%
Cash & Equivalents $9.544M $3.772M $19.58M
Short-Term Investments
Other Short-Term Assets $1.908M $12.30M $5.600M
YoY Change -84.49% 105.0% 229.41%
Inventory $23.75M $22.43M $11.18M
Prepaid Expenses $1.117M
Receivables $36.39M $37.34M $24.02M
Other Receivables $0.00 $400.0K $1.000M
Total Short-Term Assets $85.24M $76.18M $61.41M
YoY Change 11.89% 44.73% 32.62%
LONG-TERM ASSETS
Property, Plant & Equipment $98.72M $100.8M $100.4M
YoY Change -2.05% -3.49% -5.7%
Goodwill $10.50M $10.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.333M $652.0K $1.081M
YoY Change 104.45% -35.0% -1.73%
Total Long-Term Assets $110.6M $112.0M $112.1M
YoY Change -1.24% -3.45% -5.12%
TOTAL ASSETS
Total Short-Term Assets $85.24M $76.18M $61.41M
Total Long-Term Assets $110.6M $112.0M $112.1M
Total Assets $195.8M $188.2M $173.5M
YoY Change 4.07% 11.59% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.05M $14.89M $6.673M
YoY Change 34.65% 33.42% -31.21%
Accrued Expenses $20.66M $23.30M $23.05M
YoY Change -11.31% 23.79% -15.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $49.45M $47.19M $38.72M
YoY Change 4.81% 11.08% -0.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.180M $2.183M $2.436M
YoY Change 91.48% -34.05% -90.02%
Total Long-Term Liabilities $4.180M $2.183M $2.436M
YoY Change 91.48% -34.05% -90.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.45M $47.19M $38.72M
Total Long-Term Liabilities $4.180M $2.183M $2.436M
Total Liabilities $82.44M $81.54M $79.64M
YoY Change 1.1% 9.26% 20.31%
SHAREHOLDERS EQUITY
Retained Earnings $71.30M $29.78M $14.67M
YoY Change 139.44% -717.5%
Common Stock $117.1M $346.0K $172.0K
YoY Change 33740.46% 103.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M $25.00M $25.00M
YoY Change 200.0%
Treasury Stock Shares 2.780M shares 1.123M shares 561.3K shares
Shareholders Equity $113.4M $106.6M $93.81M
YoY Change
Total Liabilities & Shareholders Equity $195.8M $188.2M $173.5M
YoY Change 4.07% 11.59% 5.51%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $5.153M $15.10M -$15.30M
YoY Change -65.88% -517.33% 6.89%
Depreciation, Depletion And Amortization $3.800M $3.900M $4.100M
YoY Change -2.56% -4.88% -2.38%
Cash From Operating Activities $13.30M -$8.500M $30.60M
YoY Change -256.47% 24.9%
INVESTING ACTIVITIES
Capital Expenditures -$4.200M -$4.100M -$3.900M
YoY Change 2.44% 105.0% 44.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K $100.0K
YoY Change -100.0% 0.0%
Cash From Investing Activities -$4.200M -$4.000M -$3.800M
YoY Change 5.0% 110.53% 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 -3.500M -3.400M -22.70M
YoY Change 2.94% -326.67% -67.48%
NET CHANGE
Cash From Operating Activities 13.30M -8.500M 30.60M
Cash From Investing Activities -4.200M -4.000M -3.800M
Cash From Financing Activities -3.500M -3.400M -22.70M
Net Change In Cash 5.600M -15.90M 4.100M
YoY Change -135.22% 3875.0% -108.54%
FREE CASH FLOW
Cash From Operating Activities $13.30M -$8.500M $30.60M
Capital Expenditures -$4.200M -$4.100M -$3.900M
Free Cash Flow $17.50M -$4.400M $34.50M
YoY Change -497.73% -320.0% 26.84%

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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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1466000
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CY2013 us-gaap Sales Revenue Net
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 trex Number Of Customer Accounted For Ten Percent Or More Sales Of Net Sales
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CY2014 us-gaap Comparability Of Prior Year Financial Data
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Stock Split</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In February 2014, the Company&#x2019;s Board of Directors approved a two-for-one stock split of the Company&#x2019;s common stock, par value $0.01. The stock split was in the form of a stock dividend distributed on May&#xA0;7, 2014 to stockholders of record at the close of business on April&#xA0;7, 2014. The stock split entitled 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 consolidated financial statements and related notes are presented on a post-split basis. Additionally, on April&#xA0;30, 2014, the Company&#x2019;s stockholders approved an amendment to the Company&#x2019;s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40&#xA0;million to 80&#xA0;million shares.</font></p> </div>
CY2014 us-gaap Earnings Per Share Diluted
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1.27
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P2M12D
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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35.73
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
TREX CO INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
TREX
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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1188 shares
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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CY2014 us-gaap Nature Of Operations
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<div> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>BUSINESS AND ORGANIZATION</b></font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Trex Company, Inc. (together with its subsidiary, the &#x201C;Company&#x201D;), a Delaware corporation, was incorporated on September&#xA0;4, 1998. The Company manufactures and distributes wood/plastic composite products, as well as related accessories, primarily for residential and commercial decking and railing applications. A majority of its products are manufactured in a proprietary process that combines waste wood fibers and scrap polyethylene. The Company operates in one business segment.</font></p> </div>
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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58642000
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y
CY2014 us-gaap Stockholders Equity Note Stock Split
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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 consolidated financial statements and related notes are presented on a post-split basis.
CY2014 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1.00 pure
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.</font></p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.06 pure
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
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P2M12D
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2014 dei Amendment Flag
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false
CY2014 dei Current Fiscal Year End Date
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--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014 us-gaap Earnings Per Share Basic
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1.28
CY2014 us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
(a) Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio is not permitted to be less than 1.5 to 1.0, measured as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ended September 30, 2014. (b) Consolidated Debt to Consolidated EBITDA Ratio. The Consolidated Debt to Consolidated EBITDA Ratio is not permitted to exceed 3.00 to 1.0 measured as of the end of each Fiscal Quarter (and in the case of Consolidated EBITDA, for the four-quarter period ending on such date).
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0
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0.526 pure
CY2014 dei Document Fiscal Period Focus
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FY
CY2014 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Concentrations and Credit Risk</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company from time to time may have bank deposits in excess of insurance limits of the Federal Deposit Insurance Corporation. As of December&#xA0;31, 2014, substantially all deposits are maintained in one financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to its cash and cash equivalents.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company routinely assesses the financial strength of its customers and believes that its trade receivables credit risk exposure is limited. Trade receivables are carried at the original invoice amount less an estimate made for payment discounts and doubtful accounts. A valuation allowance is provided for known and anticipated credit losses and disputed amounts, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration a customer&#x2019;s financial condition and credit history, as well as current economic conditions.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In the years ended December&#xA0;31, 2014, 2013 and 2012, sales to certain customers accounted for 10% or more of the Company&#x2019;s total net sales. For the year ended December&#xA0;31, 2014, one customer of the Company represented approximately 24% of the Company&#x2019;s net sales. For the year ended December&#xA0;31, 2013, one customer of the Company represented approximately 28% of the Company&#x2019;s net sales. For the year ended December&#xA0;31, 2012, two customers of the Company represented approximately 26% and 10% of the Company&#x2019;s net sales. As of December&#xA0;31, 2014, three customers represented 28%, 13%, and 11%, respectively, of the Company&#x2019;s accounts receivable balance.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Approximately 38%, 44%, and 40% of the Company&#x2019;s raw materials purchases for the years ended December&#xA0;31, 2014, 2013 and 2012, respectively, were purchased from its four largest suppliers.</font></p> </div>
CY2014 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><i>Reclassifications</i></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></p> </div>
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2014 dei Entity Current Reporting Status
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Yes
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11919000
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624000
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1319000
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44000
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21853000
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2856000
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CY2014 us-gaap Net Income Loss
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214000
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4807000
CY2014 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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12883000
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3574000
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CY2014 us-gaap Cost Of Goods And Services Sold
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CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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456000
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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12898000
CY2014 us-gaap Restructuring Charges
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1471000
CY2014 us-gaap Treasury Stock Value Acquired Cost Method
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50000000
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178000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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5772000
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CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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23432000
CY2014 us-gaap Income Tax Expense Benefit
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25427000
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9973000
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7500000
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79000
CY2014 us-gaap Current Federal Tax Expense Benefit
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18722000
CY2014 us-gaap Depreciation
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14800000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
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66000
CY2014 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2014 us-gaap Current State And Local Tax Expense Benefit
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3131000
CY2014 us-gaap Defined Contribution Plan Cost Recognized
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2000000
CY2014 us-gaap Goodwill Impairment Loss
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0
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
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-868000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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3729000
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-1909000
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307354000
CY2012 us-gaap Repayments Of Lines Of Credit
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88700000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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