$VVX
V2X, Inc.

2015 Q1 Form 10-Q Financial Statement

#000160154815000022 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $260.9M $304.0M
YoY Change -14.18% -26.75%
Cost Of Revenue $236.4M $267.9M
YoY Change -11.78% -26.59%
Gross Profit $24.54M $36.00M
YoY Change -31.84% -28.0%
Gross Profit Margin 9.41% 11.84%
Selling, General & Admin $15.18M $18.46M
YoY Change -17.76% -16.09%
% of Gross Profit 61.88% 51.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $1.000M
YoY Change -10.0% 0.0%
% of Gross Profit 3.67% 2.78%
Operating Expenses $15.18M $18.46M
YoY Change -17.76% -16.09%
Operating Profit $9.355M $17.56M
YoY Change -46.71% -37.87%
Interest Expense -$1.596M $22.00K
YoY Change -7354.55%
% of Operating Profit -17.06% 0.13%
Other Income/Expense, Net
YoY Change
Pretax Income $7.759M $17.58M
YoY Change -55.86% -37.22%
Income Tax $2.794M $6.343M
% Of Pretax Income 36.01% 36.08%
Net Earnings $4.965M $11.23M
YoY Change -55.8% -38.09%
Net Earnings / Revenue 1.9% 3.7%
Basic Earnings Per Share $0.47 $1.07
Diluted Earnings Per Share $0.46 $1.07
COMMON SHARES
Basic Shares Outstanding 10.50M shares 10.47M shares
Diluted Shares Outstanding 10.78M shares 10.47M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.70M $7.000M
YoY Change 310.0%
Cash & Equivalents $7.000M
Short-Term Investments
Other Short-Term Assets $22.66M $10.00M
YoY Change 126.58%
Inventory $9.600M $9.000M
Prepaid Expenses
Receivables $212.3M
Other Receivables $0.00
Total Short-Term Assets $273.3M $296.0M
YoY Change -7.66%
LONG-TERM ASSETS
Property, Plant & Equipment $8.480M $9.000M
YoY Change -5.78%
Goodwill $216.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.705M $3.000M
YoY Change 123.5%
Total Long-Term Assets $235.4M $234.0M
YoY Change 0.62%
TOTAL ASSETS
Total Short-Term Assets $273.3M $296.0M
Total Long-Term Assets $235.4M $234.0M
Total Assets $508.8M $530.0M
YoY Change -4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.4M $101.0M
YoY Change 3.41%
Accrued Expenses $52.16M $52.00M
YoY Change 0.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.38M
YoY Change
Total Short-Term Liabilities $241.5M $182.0M
YoY Change 32.72%
LONG-TERM LIABILITIES
Long-Term Debt $121.0M $0.00
YoY Change
Other Long-Term Liabilities $13.11M $16.00M
YoY Change -18.09%
Total Long-Term Liabilities $208.2M $16.00M
YoY Change 1201.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.5M $182.0M
Total Long-Term Liabilities $208.2M $16.00M
Total Liabilities $449.7M $274.0M
YoY Change 64.13%
SHAREHOLDERS EQUITY
Retained Earnings $8.296M
YoY Change
Common Stock $105.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.05M $256.0M
YoY Change
Total Liabilities & Shareholders Equity $508.8M $530.0M
YoY Change -4.0%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $4.965M $11.23M
YoY Change -55.8% -38.09%
Depreciation, Depletion And Amortization $900.0K $1.000M
YoY Change -10.0% 0.0%
Cash From Operating Activities -$27.23M -$56.45M
YoY Change -51.77% 48.56%
INVESTING ACTIVITIES
Capital Expenditures $500.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$465.0K -$507.0K
YoY Change -8.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $14.13M $53.91M
YoY Change -73.79% 22.53%
NET CHANGE
Cash From Operating Activities -$27.23M -$56.45M
Cash From Investing Activities -$465.0K -$507.0K
Cash From Financing Activities $14.13M $53.91M
Net Change In Cash -$13.56M -$3.045M
YoY Change 345.35% -150.75%
FREE CASH FLOW
Cash From Operating Activities -$27.23M -$56.45M
Capital Expenditures $500.0K $0.00
Free Cash Flow -$27.73M -$56.45M
YoY Change -50.88% 48.56%

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CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15183000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1879000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
53875000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
59053000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
160735000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10474000 shares
CY2015Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
160473000 USD
CY2015Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
4800000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6900000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10780000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10474000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10495000 shares
CY2014Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
0 USD
CY2015Q1 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
14857000 USD
CY2015Q1 vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
CY2014Q1 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
735000 USD
CY2015Q1 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
920000 USD
CY2015Q1 vec Lineof Credit Facility Covenant Terms Maximum Allowed Dividend Distribution
LineofCreditFacilityCovenantTermsMaximumAllowedDividendDistribution
5000000 USD
CY2014Q1 vec Proceedsfrom Paymentsfor Insurance Financing
ProceedsfromPaymentsforInsuranceFinancing
0 USD
CY2015Q1 vec Proceedsfrom Paymentsfor Insurance Financing
ProceedsfromPaymentsforInsuranceFinancing
14857000 USD
CY2014Q1 vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
53913000 USD
CY2015Q1 vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
0 USD
CY2015Q1 vec Transition Services Agreement Term
TransitionServicesAgreementTerm
P1Y
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, income tax contingency accruals, fair value and impairment of goodwill and valuation of assets and certain contingent liabilities. Actual results could differ from these estimates.</font></div></div>

Files In Submission

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0001601548-15-000022-index-headers.html Edgar Link pending
0001601548-15-000022-index.html Edgar Link pending
0001601548-15-000022.txt Edgar Link pending
0001601548-15-000022-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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vec-0327201510xq.htm Edgar Link pending
vec-03272015x311.htm Edgar Link pending
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vec-20150327.xml Edgar Link completed
vec-20150327.xsd Edgar Link pending
vec-20150327_cal.xml Edgar Link unprocessable
vec-20150327_def.xml Edgar Link unprocessable
vec-20150327_lab.xml Edgar Link unprocessable
vec-20150327_pre.xml Edgar Link unprocessable