2015 Q2 Form 10-Q Financial Statement

#000142529215000033 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $80.82M $77.22M
YoY Change 4.66% -13.08%
Cost Of Revenue $47.58M $19.44M
YoY Change 144.8% 24.82%
Gross Profit $33.24M $57.78M
YoY Change -42.48% -21.13%
Gross Profit Margin 41.12% 74.83%
Selling, General & Admin $4.523M $5.270M
YoY Change -14.17% -5.76%
% of Gross Profit 13.61% 9.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.010M $6.792M
YoY Change 3.21% 9.67%
% of Gross Profit 21.09% 11.76%
Operating Expenses $52.10M $58.42M
YoY Change -10.81% 12.83%
Operating Profit $28.71M $18.80M
YoY Change 52.72% -49.27%
Interest Expense $1.717M $1.669M
YoY Change 2.88% -0.36%
% of Operating Profit 5.98% 8.88%
Other Income/Expense, Net -$1.700M -$1.663M
YoY Change 2.22% 3.61%
Pretax Income $27.01M $17.14M
YoY Change 57.62% -51.67%
Income Tax -$4.000K $7.000K
% Of Pretax Income -0.01% 0.04%
Net Earnings $27.02M $17.13M
YoY Change 57.71% -51.66%
Net Earnings / Revenue 33.43% 22.18%
Basic Earnings Per Share $0.37 $0.23
Diluted Earnings Per Share $0.37 $0.23
COMMON SHARES
Basic Shares Outstanding 73.12M shares 73.11M shares
Diluted Shares Outstanding 73.13M shares 73.15M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $78.50M
YoY Change -14.65% -29.85%
Cash & Equivalents $66.98M $78.47M
Short-Term Investments
Other Short-Term Assets $4.700M $6.100M
YoY Change -22.95% 19.61%
Inventory $35.72M $30.91M
Prepaid Expenses
Receivables $10.40M $7.922M
Other Receivables $0.00 $0.00
Total Short-Term Assets $117.8M $123.5M
YoY Change -4.59% -20.22%
LONG-TERM ASSETS
Property, Plant & Equipment $397.8M $407.2M
YoY Change -2.3% -2.94%
Goodwill $40.97M $40.97M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $900.0K
YoY Change
Other Assets $3.376M $2.836M
YoY Change 19.04% -29.1%
Total Long-Term Assets $442.2M $451.7M
YoY Change -2.12% -2.74%
TOTAL ASSETS
Total Short-Term Assets $117.8M $123.5M
Total Long-Term Assets $442.2M $451.7M
Total Assets $560.0M $575.2M
YoY Change -2.65% -7.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.64M $16.25M
YoY Change -9.91% -25.47%
Accrued Expenses $9.900M $12.00M
YoY Change -17.5% 57.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $125.0M
YoY Change
Total Short-Term Liabilities $151.6M $29.56M
YoY Change 412.87% -6.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $125.0M
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $16.00K $693.0K
YoY Change -97.69% -50.5%
Total Long-Term Liabilities $16.00K $125.7M
YoY Change -99.99% -0.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $151.6M $29.56M
Total Long-Term Liabilities $16.00K $125.7M
Total Liabilities $151.6M $155.3M
YoY Change -2.33% -1.8%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $408.3M $419.9M
YoY Change
Total Liabilities & Shareholders Equity $560.0M $575.2M
YoY Change -2.65% -7.11%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $27.02M $17.13M
YoY Change 57.71% -51.66%
Depreciation, Depletion And Amortization $7.010M $6.792M
YoY Change 3.21% 9.67%
Cash From Operating Activities $30.60M $24.40M
YoY Change 25.41% 42.69%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$4.100M
YoY Change -19.51% -70.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$3.300M -$4.000M
YoY Change -17.5% -70.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.90M -27.80M
YoY Change 18.35% -37.95%
NET CHANGE
Cash From Operating Activities 30.60M 24.40M
Cash From Investing Activities -3.300M -4.000M
Cash From Financing Activities -32.90M -27.80M
Net Change In Cash -5.600M -7.400M
YoY Change -24.32% -82.13%
FREE CASH FLOW
Cash From Operating Activities $30.60M $24.40M
Capital Expenditures -$3.300M -$4.100M
Free Cash Flow $33.90M $28.50M
YoY Change 18.95% -7.77%

Facts In Submission

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CY2014Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
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CY2015Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
73122997 shares
CY2015Q2 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
73122997 shares
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2015Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
125000000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
125000000 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-6672000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
17130000 USD
us-gaap Net Income Loss
NetIncomeLoss
38583000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
27016000 USD
us-gaap Net Income Loss
NetIncomeLoss
56790000 USD
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1663000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3301000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1700000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3379000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
58415000 USD
us-gaap Operating Expenses
OperatingExpenses
115633000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
52103000 USD
us-gaap Operating Expenses
OperatingExpenses
113688000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
41898000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
28712000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
60177000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
19085000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1897000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2496000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3308000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4943000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3661000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2780000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4046000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2874000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3086000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3376000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
423000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
175000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
348000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
228000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
423000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-273000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-541000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-266000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-533000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-98000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-193000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-38000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-110000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9562000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5695000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
201000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000 USD
CY2014Q4 us-gaap Partners Capital
PartnersCapital
413931000 USD
CY2015Q2 us-gaap Partners Capital
PartnersCapital
408318000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7491000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6033000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6914000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4687000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
91000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
32000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
589157000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
595759000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
404934000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
397828000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
209000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
289000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
12113000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
13386000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
14848000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-20000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-16000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
77215000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
157531000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
80815000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
173865000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5270000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9924000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4523000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9106000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
14885000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
131611000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
65774000 USD
CY2015Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
10605000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73146000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73145000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73131000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73131000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73113000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73113000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73123000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73123000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(2) Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Partnership condensed consolidated financial statements include the accounts of CVR Partners and CRNF, its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements were prepared in accordance with U.S.&#160;generally accepted accounting principles (&#8220;GAAP&#8221;) and in accordance with the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). These condensed consolidated financial statements should be read in conjunction with the </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> audited consolidated financial statements and notes thereto included in CVR Partners&#8217; Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, which was filed with the SEC as of February 20, 2015 (the "2014 Form 10-K").</font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include certain selling, general and administrative expenses and direct operating expenses that CVR Energy and its subsidiaries incurred on behalf of the Partnership. These related party transactions are governed by the services agreement. See </font><font style="font-family:inherit;font-size:10pt;">Note 13 ("Related Party Transactions")</font><font style="font-family:inherit;font-size:10pt;"> for additional discussion of the services agreement and billing and allocation of certain costs. </font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of the Partnership&#8217;s management, the accompanying condensed consolidated financial statements and related notes reflect all adjustments (consisting only of normal recurring adjustments) that are necessary to fairly present the financial position of the Partnership as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the results of operations and comprehensive income of the Partnership for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, the cash flows of the Partnership for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> and the changes in partners&#8217; capital for the Partnership for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> or any other interim or annual period.</font></div></div>

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