2016 Q3 Form 10-Q Financial Statement

#000091276716000068 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $826.7M $762.3M
YoY Change 8.45% 6.84%
Cost Of Revenue $708.6M $651.6M
YoY Change 8.75% 4.43%
Gross Profit $118.1M $110.7M
YoY Change 6.64% 23.58%
Gross Profit Margin 14.28% 14.52%
Selling, General & Admin $74.46M $67.95M
YoY Change 9.57% 13.37%
% of Gross Profit 63.07% 61.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.40M $10.40M
YoY Change 0.0% 14.29%
% of Gross Profit 8.81% 9.39%
Operating Expenses $74.46M $67.95M
YoY Change 9.57% 13.37%
Operating Profit $43.55M $42.53M
YoY Change 2.42% 31.98%
Interest Expense $1.096M $1.060M
YoY Change 3.4% 4.33%
% of Operating Profit 2.52% 2.49%
Other Income/Expense, Net -$927.0K -$924.0K
YoY Change 0.32% 67.39%
Pretax Income $42.63M $41.60M
YoY Change 2.46% 31.37%
Income Tax $13.86M $14.72M
% Of Pretax Income 32.52% 35.38%
Net Earnings $27.82M $25.56M
YoY Change 8.86% 32.87%
Net Earnings / Revenue 3.37% 3.35%
Basic Earnings Per Share $1.36 $1.26
Diluted Earnings Per Share $1.36 $1.26
COMMON SHARES
Basic Shares Outstanding 20.06M shares 19.94M shares
Diluted Shares Outstanding 20.10M shares 19.98M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.10M $61.30M
YoY Change -23.16% 133.97%
Cash & Equivalents $36.68M $55.37M
Short-Term Investments $10.50M $6.000M
Other Short-Term Assets $21.64M $16.65M
YoY Change 29.91% -19.71%
Inventory $369.9M $288.2M
Prepaid Expenses
Receivables $343.8M $273.7M
Other Receivables $7.400M $200.0K
Total Short-Term Assets $790.8M $647.5M
YoY Change 22.12% 10.61%
LONG-TERM ASSETS
Property, Plant & Equipment $284.5M $254.5M
YoY Change 11.77% 3.87%
Goodwill $207.8M $182.4M
YoY Change 13.95% 13.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.757M $7.843M
YoY Change 11.65% -47.42%
Total Long-Term Assets $519.9M $464.4M
YoY Change 11.94% 7.98%
TOTAL ASSETS
Total Short-Term Assets $790.8M $647.5M
Total Long-Term Assets $519.9M $464.4M
Total Assets $1.311B $1.112B
YoY Change 17.87% 9.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.0M $101.1M
YoY Change 36.45% 2.13%
Accrued Expenses $150.4M $108.2M
YoY Change 39.0% 15.23%
Deferred Revenue
YoY Change
Short-Term Debt $13.90M $0.00
YoY Change
Long-Term Debt Due $1.584M $834.0K
YoY Change 89.93%
Total Short-Term Liabilities $310.2M $214.3M
YoY Change 44.73% 11.07%
LONG-TERM LIABILITIES
Long-Term Debt $110.4M $84.72M
YoY Change 30.26% 0.03%
Other Long-Term Liabilities $28.96M $25.84M
YoY Change 12.09% 62.89%
Total Long-Term Liabilities $139.3M $110.6M
YoY Change 26.02% 9.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.2M $214.3M
Total Long-Term Liabilities $139.3M $110.6M
Total Liabilities $463.5M $355.8M
YoY Change 30.29% 11.04%
SHAREHOLDERS EQUITY
Retained Earnings $637.5M $555.2M
YoY Change 14.83% 10.78%
Common Stock $20.33M $20.13M
YoY Change 0.98% 0.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $837.0M $744.1M
YoY Change
Total Liabilities & Shareholders Equity $1.311B $1.112B
YoY Change 17.87% 9.5%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $27.82M $25.56M
YoY Change 8.86% 32.87%
Depreciation, Depletion And Amortization $10.40M $10.40M
YoY Change 0.0% 14.29%
Cash From Operating Activities $96.40M $84.60M
YoY Change 13.95% 77.36%
INVESTING ACTIVITIES
Capital Expenditures -$11.40M -$8.700M
YoY Change 31.03% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$159.3M -$4.500M
YoY Change 3440.0% -176.27%
Cash From Investing Activities -$170.7M -$13.20M
YoY Change 1193.18% 131.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.00M -40.00M
YoY Change -160.0% 154.78%
NET CHANGE
Cash From Operating Activities 96.40M 84.60M
Cash From Investing Activities -170.7M -13.20M
Cash From Financing Activities 24.00M -40.00M
Net Change In Cash -50.30M 31.40M
YoY Change -260.19% 19.39%
FREE CASH FLOW
Cash From Operating Activities $96.40M $84.60M
Capital Expenditures -$11.40M -$8.700M
Free Cash Flow $107.8M $93.30M
YoY Change 15.54% 57.34%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment.&#160; In certain circumstances, the customer takes title when the shipment arrives at the destination.&#160; However, our shipping process is typically completed the same day.</font></div><div style="line-height:120%;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations.&#160; Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs.&#160; Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units.&#160; Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known.&#160; Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent. Construction contract revenue decreased to approximately </font><font style="font-family:inherit;font-size:10pt;">$31.9 million</font><font style="font-family:inherit;font-size:10pt;">, during the third quarter of 2016, from </font><font style="font-family:inherit;font-size:10pt;">$39.6 million</font><font style="font-family:inherit;font-size:10pt;"> during the same period of 2015. Construction contract revenue was approximately </font><font style="font-family:inherit;font-size:10pt;">$95.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$98.4 million</font><font style="font-family:inherit;font-size:10pt;"> through the first nine months of 2016 and 2015, respectively.</font></div><div style="line-height:120%;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our construction contracts are generally entered into with a fixed price and completion of the projects can range from </font><font style="font-family:inherit;font-size:10pt;">6</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> months in duration.&#160; Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs.&#160; During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.</font></div></div>

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