$TREX
TREX CO INC

2016 Q3 Form 10-Q Financial Statement

#000119312516762453 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $106.2M $94.02M
YoY Change 12.92% -1.55%
Cost Of Revenue $76.22M $71.88M
YoY Change 6.04% 10.36%
Gross Profit $29.95M $22.14M
YoY Change 35.23% -27.09%
Gross Profit Margin 28.21% 23.55%
Selling, General & Admin $19.38M $15.70M
YoY Change 23.45% -1.28%
% of Gross Profit 64.72% 70.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.500M $3.600M
YoY Change -2.78% -2.7%
% of Gross Profit 11.69% 16.26%
Operating Expenses $19.38M $15.70M
YoY Change 23.45% -1.28%
Operating Profit $10.57M $6.445M
YoY Change 63.94% -55.45%
Interest Expense $77.00K $157.0K
YoY Change -50.96% -5.99%
% of Operating Profit 0.73% 2.44%
Other Income/Expense, Net
YoY Change
Pretax Income $10.49M $6.288M
YoY Change 66.81% -56.03%
Income Tax $2.702M $2.544M
% Of Pretax Income 25.76% 40.46%
Net Earnings $7.787M $3.744M
YoY Change 107.99% -57.99%
Net Earnings / Revenue 7.33% 3.98%
Basic Earnings Per Share $0.27 $0.12
Diluted Earnings Per Share $0.26 $0.12
COMMON SHARES
Basic Shares Outstanding 29.30M shares 31.23M shares
Diluted Shares Outstanding 29.52M shares 31.54M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.90M $2.500M
YoY Change 816.0% -34.21%
Cash & Equivalents $22.94M $2.532M
Short-Term Investments
Other Short-Term Assets $1.394M $14.80M
YoY Change -90.58% 15.63%
Inventory $16.51M $16.96M
Prepaid Expenses $1.497M
Receivables $45.81M $80.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $99.29M $114.6M
YoY Change -13.38% 50.36%
LONG-TERM ASSETS
Property, Plant & Equipment $98.84M $105.9M
YoY Change -6.71% 7.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.005M $1.537M
YoY Change 30.45% 71.35%
Total Long-Term Assets $111.4M $118.0M
YoY Change -5.63% 7.64%
TOTAL ASSETS
Total Short-Term Assets $99.29M $114.6M
Total Long-Term Assets $111.4M $118.0M
Total Assets $210.7M $232.6M
YoY Change -9.45% 25.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.97M $10.15M
YoY Change 8.16% -21.13%
Accrued Expenses $34.60M $30.30M
YoY Change 14.19% 24.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $48.50M
YoY Change -100.0% 1516.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.93M $88.94M
YoY Change -44.99% 82.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.699M $3.774M
YoY Change -1.99% 74.4%
Total Long-Term Liabilities $3.699M $3.774M
YoY Change -1.99% 74.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.93M $88.94M
Total Long-Term Liabilities $3.699M $3.774M
Total Liabilities $90.13M $124.6M
YoY Change -27.68% 58.26%
SHAREHOLDERS EQUITY
Retained Earnings $173.0M $111.3M
YoY Change 55.4% 68.28%
Common Stock $121.1M $116.9M
YoY Change 3.54% 33497.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $173.5M $120.2M
YoY Change 44.32% 60.3%
Treasury Stock Shares 5.494M shares 3.915M shares
Shareholders Equity $120.5M $108.0M
YoY Change
Total Liabilities & Shareholders Equity $210.7M $232.6M
YoY Change -9.45% 25.16%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $7.787M $3.744M
YoY Change 107.99% -57.99%
Depreciation, Depletion And Amortization $3.500M $3.600M
YoY Change -2.78% -2.7%
Cash From Operating Activities $67.20M $40.10M
YoY Change 67.58% 18.64%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$4.200M
YoY Change -21.43% 7.69%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.400M -$4.200M
YoY Change -19.05% 10.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.40M -37.50M
YoY Change 15.73% 18.3%
NET CHANGE
Cash From Operating Activities 67.20M 40.10M
Cash From Investing Activities -3.400M -4.200M
Cash From Financing Activities -43.40M -37.50M
Net Change In Cash 20.40M -1.600M
YoY Change -1375.0% -5.88%
FREE CASH FLOW
Cash From Operating Activities $67.20M $40.10M
Capital Expenditures -$3.300M -$4.200M
Free Cash Flow $70.50M $44.30M
YoY Change 59.14% 17.51%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.&#xA0;2014-09, &#x201C;<i>Revenue from Contracts with Customers (Topic 606).</i>&#x201D; 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 revenue standard will be effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2017. The methods of adoption provided for in the new standard are the retrospective method and the cumulative effect method. In 2016, the FASB issued final amendments clarifying the implementation guidance for principal versus agent considerations, identifying performance obligations, and the accounting of intellectual property licenses. Also, the FASB provided for practical expedients related to disclosures of remaining performance obligations, and guidance on collectability, non-cash consideration and the presentation of sales and similar taxes. The Company is currently assessing the impact that adoption of the new standard and the guidance will have on its consolidated financial statements and related note disclosures and has not yet selected a method of adoption.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> In February 2016, the FASB issued ASU No.&#xA0;2016-02, &#x201C;<i>Leases (Topic 842)</i>.&#x201D; The new standard requires lessees to recognize leases on the balance sheet as a right-of-use asset and a lease liability for all leases with terms greater than 12 months. The liability will be equal to the present value of the lease payments. The asset will be based on the liability, subject to adjustment. For income statement purposes, the leases will continue to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) and finance leases will result in a front-loaded expense pattern (similar to current capital leases). The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2018. Early adoption is permitted and the new standard must be adopted using the modified retrospective transition method, which includes a number of optional practical expedients that entities may elect to apply. The Company is currently assessing the impact of adoption of the new standard on its consolidated financial statements and related note disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> In March 2016, the FASB issued ASU No.&#xA0;2016-09, &#x201C;<i>Compensation &#x2013; Stock Compensation (Topic 718)</i>.&#x201D; The guidance amends certain aspects of accounting for employee share-based payment transactions, including accounting for income taxes related to those transactions. The guidance will require recognizing excess tax benefits and deficiencies on share-based awards in the tax provision, instead of in equity. Also, the guidance requires these amounts to be classified as an operating activity and shares withheld to satisfy employee taxes to be classified as a financing activity in the statement of cash flow, rather than as currently classified as financing and operating activities, respectively. The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2016 and interim periods within that reporting period. Early adoption is permitted.&#xA0;All provisions of the guidance must be adopted in the same period. The Company is currently evaluating the impact that adoption of the ASU will have on its consolidated financial statements and related disclosures. The guidance is required to be adopted as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Prospectively for the recognition of excess tax benefits and deficiencies in the tax provision;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Retrospectively or prospectively for the classification of income tax benefits and deficiencies in the statement of cash flows; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Retrospectively for the classification of shares withheld to satisfy employee taxes in the statement of cash flows.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> In August 2016, the FASB issued ASU No.&#xA0;2016-15, &#x201C;<i>Statement of Cash Flows (Topic 230)</i>.&#x201D; The guidance is intended to reduce diversity in practice across all industries in how certain transactions are classified in the statement of cash flows. The standard is effective for financial statements issued for fiscal years beginning after December&#xA0;15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance requires application using a retrospective translation method. The Company is assessing the impact of adoption of the new standard on its consolidated financial statements and related note 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. (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 manufactures and distributes high-performance, low-maintenance wood/plastic composite outdoor living products and related accessories. A majority of its products are manufactured in a proprietary process that combines reclaimed wood fibers and scrap polyethylene. 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 a single reportable segment.</p> </div>
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