$TREX
TREX CO INC

2015 Q2 Form 10-Q Financial Statement

#000119312515274161 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $136.8M $74.20M $121.3M
YoY Change 12.75% 16.25% 23.09%
Cost Of Revenue $84.26M $47.60M $76.29M
YoY Change 10.45% 7.94% 23.78%
Gross Profit $52.52M $26.64M $45.03M
YoY Change 16.65% 35.31% 21.95%
Gross Profit Margin 38.4% 35.9% 37.12%
Selling, General & Admin $22.47M $17.90M $20.34M
YoY Change 10.46% 16.23% -13.03%
% of Gross Profit 42.78% 67.2% 45.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.700M $3.800M $3.900M
YoY Change -5.13% -2.56% -4.88%
% of Gross Profit 7.04% 14.27% 8.66%
Operating Expenses $22.47M $17.90M $20.34M
YoY Change 10.46% 16.23% -13.03%
Operating Profit $30.05M $8.735M $24.68M
YoY Change 21.76% 103.85% 82.42%
Interest Expense $188.0K -$100.0K $301.0K
YoY Change -37.54% 0.0% 43.33%
% of Operating Profit 0.63% -1.14% 1.22%
Other Income/Expense, Net
YoY Change
Pretax Income $29.86M $8.600M $24.38M
YoY Change 22.49% 100.0% 83.04%
Income Tax $11.15M $3.500M $9.220M
% Of Pretax Income 37.33% 40.7% 37.82%
Net Earnings $18.72M $5.153M $15.16M
YoY Change 23.44% -65.88% 14.65%
Net Earnings / Revenue 13.68% 6.94% 12.5%
Basic Earnings Per Share $0.59 $0.16 $0.46
Diluted Earnings Per Share $0.58 $0.16 $0.46
COMMON SHARES
Basic Shares Outstanding 31.74M shares 31.64M shares 32.90M shares
Diluted Shares Outstanding 32.14M shares 32.09M shares 33.31M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.100M $9.500M $5.600M
YoY Change -26.79% 150.0% -64.1%
Cash & Equivalents $4.149M $9.544M $5.572M
Short-Term Investments
Other Short-Term Assets $11.90M $1.908M $15.40M
YoY Change -22.73% -84.49% 175.0%
Inventory $18.63M $23.75M $21.06M
Prepaid Expenses $1.117M
Receivables $124.5M $36.39M $60.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $159.1M $85.24M $102.1M
YoY Change 55.89% 11.89% 16.17%
LONG-TERM ASSETS
Property, Plant & Equipment $105.5M $98.72M $98.26M
YoY Change 7.4% -2.05% -2.67%
Goodwill $10.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.559M $1.333M $897.0K
YoY Change 73.8% 104.45% -24.94%
Total Long-Term Assets $117.6M $110.6M $109.7M
YoY Change 7.23% -1.24% -2.67%
TOTAL ASSETS
Total Short-Term Assets $159.1M $85.24M $102.1M
Total Long-Term Assets $117.6M $110.6M $109.7M
Total Assets $276.8M $195.8M $211.8M
YoY Change 30.68% 4.07% 5.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.95M $20.05M $19.47M
YoY Change 2.42% 34.65% 29.65%
Accrued Expenses $28.46M $20.66M $20.17M
YoY Change 41.13% -11.31% 0.71%
Deferred Revenue
YoY Change
Short-Term Debt $37.50M $0.00 $35.00M
YoY Change 7.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.10M $49.45M $83.64M
YoY Change 12.5% 4.81% 96.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.285M $4.180M $2.148M
YoY Change 99.49% 91.48% -10.57%
Total Long-Term Liabilities $4.285M $4.180M $2.148M
YoY Change 99.49% 91.48% -10.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.10M $49.45M $83.64M
Total Long-Term Liabilities $4.285M $4.180M $2.148M
Total Liabilities $125.3M $82.44M $115.0M
YoY Change 8.89% 1.1% 64.89%
SHAREHOLDERS EQUITY
Retained Earnings $107.6M $71.30M $57.23M
YoY Change 87.95% 139.44% 90.96%
Common Stock $118.9M $117.1M $348.0K
YoY Change 34073.85% 33740.46% 102.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M $75.00M $75.00M
YoY Change 0.0% 200.0%
Treasury Stock Shares 2.780M shares 2.780M shares 2.780M shares
Shareholders Equity $151.5M $113.4M $96.74M
YoY Change
Total Liabilities & Shareholders Equity $276.8M $195.8M $211.8M
YoY Change 30.68% 4.07% 5.59%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $18.72M $5.153M $15.16M
YoY Change 23.44% -65.88% 14.65%
Depreciation, Depletion And Amortization $3.700M $3.800M $3.900M
YoY Change -5.13% -2.56% -4.88%
Cash From Operating Activities $53.10M $13.30M $93.50M
YoY Change -43.21% -256.47% 4.94%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$4.200M -$1.700M
YoY Change 194.12% 2.44% -46.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$5.000M -$4.200M -$1.700M
YoY Change 194.12% 5.0% -45.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.50M -3.500M -90.00M
YoY Change -48.33% 2.94% 24.48%
NET CHANGE
Cash From Operating Activities 53.10M 13.30M 93.50M
Cash From Investing Activities -5.000M -4.200M -1.700M
Cash From Financing Activities -46.50M -3.500M -90.00M
Net Change In Cash 1.600M 5.600M 1.800M
YoY Change -11.11% -135.22% -86.86%
FREE CASH FLOW
Cash From Operating Activities $53.10M $13.30M $93.50M
Capital Expenditures -$5.000M -$4.200M -$1.700M
Free Cash Flow $58.10M $17.50M $95.20M
YoY Change -38.97% -497.73% 3.14%

Facts In Submission

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dei Document Type
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dei Entity Registrant Name
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TREX CO INC
dei Trading Symbol
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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 (FASB) 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. On July&#xA0;9, 2015, the FASB voted to approve a one-year deferral of the effective date of the standard and expects to issue its final Accounting Standards Update formally amending the effective date by the end of the third quarter of 2015. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2017. The Company is currently assessing the impact of the adoption of this new standard on its consolidated financial statements and footnote disclosures and has not yet selected a method of adoption.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> On April&#xA0;7, 2015, the FASB issued Accounting Standards Update 2015-03, &#x201C;<i>Simplifying the Presentation of Debt Issuance Costs</i>,&#x201D; which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Debt issuance costs are specific incremental costs, other than those paid to the lender, that are directly attributable to issuing a debt instrument. The effective date of the new standard is for fiscal years beginning after December&#xA0;15, 2015, and interim periods within those fiscal years. The Company is assessing the impact of this new standard but does not believe it will have a material impact on its consolidated financial statements and footnote disclosures.</p> </div>
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us-gaap Nature Of Operations
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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>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-27900000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
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
2015
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32119026 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
us-gaap Payments For Restructuring
PaymentsForRestructuring
461000
us-gaap Operating Income Loss
OperatingIncomeLoss
57707000
us-gaap Gross Profit
GrossProfit
100771000
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
0.44 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
36268000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31709645 shares
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
10342000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1771000
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0
us-gaap Sales Revenue Net
SalesRevenueNet
257579000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
80500000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-979000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-5121000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
3000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
31000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
57382000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2847000
us-gaap Interest Paid Net
InterestPaidNet
284000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14088000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
270000
us-gaap Net Income Loss
NetIncomeLoss
36268000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
88074000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
1800000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-589000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7322000
us-gaap Interest Expense
InterestExpense
325000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43064000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
156808000
CY2015Q2 us-gaap Gross Profit
GrossProfit
52524000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
136779000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1771000
us-gaap Restructuring Charges
RestructuringCharges
206000
us-gaap Accretion Expense
AccretionExpense
117000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-856000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21114000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
11360000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
36621000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14116000
us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-5395000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-104000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
197000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
118000000
us-gaap Share Based Compensation
ShareBasedCompensation
2717000
trex Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
1 Plan
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 Operating Income Loss
OperatingIncomeLoss
24682000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15161000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
24381000
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
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2015Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
180926 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
226680 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32142939 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31735333 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
30052000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18715000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29864000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
18715000
CY2015Q2 us-gaap Interest Expense
InterestExpense
188000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22472000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
84255000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11149000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1262000

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0001193125-15-274161.txt Edgar Link pending
0001193125-15-274161-xbrl.zip Edgar Link pending
d929693d10q.htm Edgar Link pending
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trex-20150630.xml Edgar Link completed
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