$TREX
TREX CO INC

2015 Q3 Form 10-Q Financial Statement

#000119312515354200 Filed on October 27, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $94.02M $95.50M
YoY Change -1.55% 32.18%
Cost Of Revenue $71.88M $65.13M
YoY Change 10.36% -9.66%
Gross Profit $22.14M $30.37M
YoY Change -27.09% 20011.92%
Gross Profit Margin 23.55% 31.8%
Selling, General & Admin $15.70M $15.90M
YoY Change -1.28% 3.43%
% of Gross Profit 70.89% 52.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.600M $3.700M
YoY Change -2.7% -9.76%
% of Gross Profit 16.26% 12.18%
Operating Expenses $15.70M $15.90M
YoY Change -1.28% 3.43%
Operating Profit $6.445M $14.47M
YoY Change -55.45% -195.03%
Interest Expense $157.0K $167.0K
YoY Change -5.99% 138.57%
% of Operating Profit 2.44% 1.15%
Other Income/Expense, Net
YoY Change
Pretax Income $6.288M $14.30M
YoY Change -56.03% -193.5%
Income Tax $2.544M $5.387M
% Of Pretax Income 40.46% 37.67%
Net Earnings $3.744M $8.913M
YoY Change -57.99% -158.26%
Net Earnings / Revenue 3.98% 9.33%
Basic Earnings Per Share $0.12 $0.28
Diluted Earnings Per Share $0.12 $0.28
COMMON SHARES
Basic Shares Outstanding 31.23M shares 31.61M shares
Diluted Shares Outstanding 31.54M shares 32.01M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $3.800M
YoY Change -34.21% -80.61%
Cash & Equivalents $2.532M $3.841M
Short-Term Investments
Other Short-Term Assets $14.80M $12.80M
YoY Change 15.63% 128.57%
Inventory $16.96M $14.64M
Prepaid Expenses
Receivables $80.40M $44.98M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.6M $76.23M
YoY Change 50.36% 24.15%
LONG-TERM ASSETS
Property, Plant & Equipment $105.9M $98.20M
YoY Change 7.89% -2.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.537M $897.0K
YoY Change 71.35% -17.02%
Total Long-Term Assets $118.0M $109.6M
YoY Change 7.64% -2.16%
TOTAL ASSETS
Total Short-Term Assets $114.6M $76.23M
Total Long-Term Assets $118.0M $109.6M
Total Assets $232.6M $185.9M
YoY Change 25.16% 7.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.15M $12.86M
YoY Change -21.13% 92.78%
Accrued Expenses $30.30M $24.28M
YoY Change 24.82% 5.31%
Deferred Revenue
YoY Change
Short-Term Debt $48.50M $3.000M
YoY Change 1516.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $88.94M $48.64M
YoY Change 82.85% 25.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.774M $2.164M
YoY Change 74.4% -11.17%
Total Long-Term Liabilities $3.774M $2.164M
YoY Change 74.4% -11.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.94M $48.64M
Total Long-Term Liabilities $3.774M $2.164M
Total Liabilities $124.6M $78.75M
YoY Change 58.26% -1.12%
SHAREHOLDERS EQUITY
Retained Earnings $111.3M $66.14M
YoY Change 68.28% 350.79%
Common Stock $116.9M $348.0K
YoY Change 33497.41% 102.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $120.2M $75.00M
YoY Change 60.3% 200.0%
Treasury Stock Shares 3.915M shares 2.780M shares
Shareholders Equity $108.0M $107.1M
YoY Change
Total Liabilities & Shareholders Equity $232.6M $185.9M
YoY Change 25.16% 7.15%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $3.744M $8.913M
YoY Change -57.99% -158.26%
Depreciation, Depletion And Amortization $3.600M $3.700M
YoY Change -2.7% -9.76%
Cash From Operating Activities $40.10M $33.80M
YoY Change 18.64% 10.46%
INVESTING ACTIVITIES
Capital Expenditures -$4.200M -$3.900M
YoY Change 7.69% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% 0.0%
Cash From Investing Activities -$4.200M -$3.800M
YoY Change 10.53% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.50M -31.70M
YoY Change 18.3% 39.65%
NET CHANGE
Cash From Operating Activities 40.10M 33.80M
Cash From Investing Activities -4.200M -3.800M
Cash From Financing Activities -37.50M -31.70M
Net Change In Cash -1.600M -1.700M
YoY Change -5.88% -141.46%
FREE CASH FLOW
Cash From Operating Activities $40.10M $33.80M
Capital Expenditures -$4.200M -$3.900M
Free Cash Flow $44.30M $37.70M
YoY Change 17.51% 9.28%

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>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. (Company) 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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<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 No.&#xA0;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. In August 2015, the FASB issued Accounting Standards Update No.&#xA0;2015-14, &#x201C;<i>Revenue From Contracts with Customers (Topic 606): Deferral of the Effective Date,</i>&#x201D; which deferred the effective date of the standard by one year. 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 No.&#xA0;2015-03, &#x201C;<i>Simplifying the Presentation of Debt Issuance Costs</i>&#x201D; (ASU 2015-03), 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.&#xA0;In August 2015, the FASB amended ASU 2015-03 to include the guidance that SEC staff would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset, subsequently amortizing the related deferred debt issuance costs as an asset, and subsequently amortizing the related deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not believe the standard will have a material impact on its consolidated financial statements and footnote disclosures.</p> </div>
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-168000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
65133000
CY2014Q3 us-gaap Interest Expense
InterestExpense
167000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1217000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15902000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
trex Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
1 Plan
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31537010 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31227643 shares
us-gaap Payments For Restructuring
PaymentsForRestructuring
903000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20164000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
2400000
us-gaap Interest Paid Net
InterestPaidNet
390000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
150500000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
269000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23657000
us-gaap Share Based Compensation
ShareBasedCompensation
4021000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
228688000
us-gaap Restructuring Charges
RestructuringCharges
206000
us-gaap Interest Expense
InterestExpense
482000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-18276000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-887000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-589000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
35000
us-gaap Accretion Expense
AccretionExpense
173000
us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7012000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
4126000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4021000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
3626000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
257000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
199000000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2437000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58763000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9904000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10920000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32008781 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31606264 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
8913000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
95502000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14467000
CY2014Q3 us-gaap Gross Profit
GrossProfit
30369000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8913000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14300000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5387000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
3744000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
94023000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6445000
CY2015Q3 us-gaap Gross Profit
GrossProfit
22143000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3744000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6288000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2544000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
71880000
CY2015Q3 us-gaap Interest Expense
InterestExpense
157000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1304000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15698000

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