2015 Q4 Form 10-Q Financial Statement

#000161154715000027 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $80.62M $79.83M $79.81M
YoY Change 1.02% 4.46% 4.19%
Cost Of Revenue $26.90M $25.20M $33.10M
YoY Change -18.73% -1.18% -2.07%
Gross Profit $53.80M $54.60M $46.50M
YoY Change 15.7% 7.27% 8.64%
Gross Profit Margin 66.73% 68.4% 58.26%
Selling, General & Admin $6.900M $6.800M -$1.200M
YoY Change -675.0% 47.83% -117.91%
% of Gross Profit 12.83% 12.45% -2.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.70M $12.70M $14.50M
YoY Change 15.17% -3.05% -9.38%
% of Gross Profit 31.04% 23.26% 31.18%
Operating Expenses $22.50M $45.81M $11.90M
YoY Change 89.08% -4.46% -46.64%
Operating Profit $29.58M $34.01M $30.73M
YoY Change -3.77% 19.48% 49.92%
Interest Expense -$13.50M -$13.60M -$14.20M
YoY Change -4.93% -4.9% 5.19%
% of Operating Profit -45.65% -39.99% -46.2%
Other Income/Expense, Net
YoY Change
Pretax Income $16.10M $20.44M $16.40M
YoY Change -1.83% 44.23% -629.03%
Income Tax -$100.0K $394.0K $100.0K
% Of Pretax Income -0.62% 1.93% 0.61%
Net Earnings $15.23M $18.86M $16.20M
YoY Change -6.02% 38.26% -700.07%
Net Earnings / Revenue 18.89% 23.63% 20.3%
Basic Earnings Per Share $0.15 $0.19 $0.16
Diluted Earnings Per Share $0.15 $0.19 $0.16
COMMON SHARES
Basic Shares Outstanding 99.29M shares 99.25M shares
Diluted Shares Outstanding 99.29M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.0M $197.3M $2.600M
YoY Change 6400.0% 48.57% -50.0%
Cash & Equivalents $169.0M $197.3M $2.600M
Short-Term Investments
Other Short-Term Assets $11.00M $9.600M $10.30M
YoY Change 6.8% -39.24% -5.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $268.8M $295.8M $102.1M
YoY Change 163.27% 24.7% -1.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.576B $1.548B $1.555B
YoY Change 1.3% -0.16% -0.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.30M $39.20M $27.60M
YoY Change 9.78% -1.26% -31.51%
Total Long-Term Assets $1.650B $1.632B $1.629B
YoY Change 1.29% -0.27% -1.08%
TOTAL ASSETS
Total Short-Term Assets $268.8M $295.8M $102.1M
Total Long-Term Assets $1.650B $1.632B $1.629B
Total Assets $1.919B $1.928B $1.731B
YoY Change 10.85% 2.89% -1.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.30M $38.00M $26.90M
YoY Change 68.4% 17.65% -11.8%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.30M $38.00M $26.90M
YoY Change 68.4% 17.65% -11.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.234B $1.246B $1.278B
YoY Change -3.46% -3.55% 6.45%
Other Long-Term Liabilities $168.2M $164.6M $167.2M
YoY Change 0.6% -4.58% -5.59%
Total Long-Term Liabilities $1.402B $1.411B $1.445B
YoY Change -2.99% -3.67% 4.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.30M $38.00M $26.90M
Total Long-Term Liabilities $1.402B $1.411B $1.445B
Total Liabilities $1.447B $1.449B $1.472B
YoY Change -1.69% -3.23% 4.52%
SHAREHOLDERS EQUITY
Retained Earnings -$38.44M -$33.85M $0.00
YoY Change
Common Stock $993.0K $993.0K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $437.9M $0.00 $258.5M
YoY Change
Total Liabilities & Shareholders Equity $1.919B $1.928B $1.731B
YoY Change 10.85% 2.89% -1.08%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $15.23M $18.86M $16.20M
YoY Change -6.02% 38.26% -700.07%
Depreciation, Depletion And Amortization $16.70M $12.70M $14.50M
YoY Change 15.17% -3.05% -9.38%
Cash From Operating Activities $38.20M $37.40M $26.00M
YoY Change 46.92% 32.62% -23.08%
INVESTING ACTIVITIES
Capital Expenditures -$38.60M -$9.400M -$20.50M
YoY Change 88.29% -46.29% 10.81%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $900.0K
YoY Change -550.0%
Cash From Investing Activities -$38.80M -$8.400M -$21.90M
YoY Change 77.17% -52.27% 247.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.70M -25.00M -133.5M
YoY Change -78.5% -121.5% 342.05%
NET CHANGE
Cash From Operating Activities 38.20M 37.40M 26.00M
Cash From Investing Activities -38.80M -8.400M -21.90M
Cash From Financing Activities -28.70M -25.00M -133.5M
Net Change In Cash -29.30M 4.000M -129.4M
YoY Change -77.36% -96.85% 4692.59%
FREE CASH FLOW
Cash From Operating Activities $38.20M $37.40M $26.00M
Capital Expenditures -$38.60M -$9.400M -$20.50M
Free Cash Flow $76.80M $46.80M $46.50M
YoY Change 65.16% 2.41% -11.09%

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1179000 USD
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us-gaap Payments To Acquire And Develop Real Estate
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us-gaap Payments To Acquire Commercial Real Estate
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18980000 USD
us-gaap Payments To Acquire Commercial Real Estate
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24643000 USD
CY2014Q3 us-gaap Percentage Rent
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200000 USD
us-gaap Percentage Rent
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1100000 USD
CY2015Q3 us-gaap Percentage Rent
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100000 USD
us-gaap Percentage Rent
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600000 USD
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10257000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets
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CY2015Q3 us-gaap Prepaid Insurance
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3340000 USD
CY2014Q4 us-gaap Prepaid Rent
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692000 USD
CY2015Q3 us-gaap Prepaid Rent
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CY2014Q4 us-gaap Prepaid Taxes
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CY2015Q3 us-gaap Prepaid Taxes
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us-gaap Prior Period Reclassification Adjustment
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5000000 USD
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us-gaap Proceeds From Notes Payable
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130000000 USD
CY2014Q3 us-gaap Profit Loss
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13646000 USD
us-gaap Profit Loss
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49586000 USD
CY2015Q3 us-gaap Profit Loss
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20045000 USD
us-gaap Profit Loss
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25181000 USD
CY2015Q3 us-gaap Real Estate Investment Property At Cost
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2048400000 USD
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1555301000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
35460 shares
CY2014Q3 us-gaap Provision For Doubtful Accounts
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27000 USD
us-gaap Provision For Doubtful Accounts
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754000 USD
CY2015Q3 us-gaap Provision For Doubtful Accounts
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427000 USD
us-gaap Provision For Doubtful Accounts
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1139000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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467503000 USD
CY2015Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
500654000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2022804000 USD
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1547746000 USD
CY2014Q3 us-gaap Real Estate Tax Expense
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us-gaap Real Estate Tax Expense
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12227000 USD
us-gaap Real Estate Tax Expense
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37568000 USD
us-gaap Repayments Of Long Term Debt
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38881000 USD
us-gaap Repayments Of Long Term Debt
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CY2015Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2014Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2014Q4 us-gaap Security Deposit
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us-gaap Share Based Compensation
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2986000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Stock Granted During Period Value Sharebased Compensation Gross
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stockholders Equity Note Spinoff Transaction
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us-gaap Straight Line Rent
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us-gaap Subsidiary Of Limited Liability Company Or Limited Partnership Ownership Interest
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Concentration Risk Credit Risk
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<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-style:italic;font-weight:bold;">Concentration of Credit Risk </font><font style="font-family:inherit;font-size:10pt;">&#8212;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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-style:italic;font-weight:bold;">Use of Estimates </font><font style="font-family:inherit;font-size:10pt;">&#8212;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. </font></div></div>

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