$VVX
V2X, Inc.

2015 Q2 Form 10-Q Financial Statement

#000160154815000041 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $309.5M $313.0M
YoY Change -1.12% -25.65%
Cost Of Revenue $282.6M $284.0M
YoY Change -0.49% -18.4%
Gross Profit $26.95M $29.00M
YoY Change -7.08% -60.27%
Gross Profit Margin 8.71% 9.27%
Selling, General & Admin $16.10M $19.53M
YoY Change -17.55% -18.63%
% of Gross Profit 59.75% 67.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $1.000M
YoY Change -10.0%
% of Gross Profit 3.34% 3.45%
Operating Expenses $16.10M $19.53M
YoY Change -17.55% -18.63%
Operating Profit $10.85M $9.422M
YoY Change 15.1% -80.78%
Interest Expense -$1.437M $27.00K
YoY Change -5422.22%
% of Operating Profit -13.25% 0.29%
Other Income/Expense, Net
YoY Change
Pretax Income $9.408M $9.449M
YoY Change -0.43% -80.72%
Income Tax $3.388M $3.317M
% Of Pretax Income 36.01% 35.1%
Net Earnings $6.020M $6.132M
YoY Change -1.83% -80.53%
Net Earnings / Revenue 1.95% 1.96%
Basic Earnings Per Share $0.57 $0.59
Diluted Earnings Per Share $0.56 $0.59
COMMON SHARES
Basic Shares Outstanding 10.55M shares 10.47M shares
Diluted Shares Outstanding 10.80M shares 10.47M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $9.000M
YoY Change 344.44%
Cash & Equivalents $9.000M
Short-Term Investments
Other Short-Term Assets $18.61M $10.00M
YoY Change 86.07%
Inventory $6.400M $4.000M
Prepaid Expenses
Receivables $212.7M
Other Receivables $0.00
Total Short-Term Assets $277.7M $265.0M
YoY Change 4.77%
LONG-TERM ASSETS
Property, Plant & Equipment $7.516M $9.000M
YoY Change -16.49%
Goodwill $216.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.190M $3.000M
YoY Change 106.33%
Total Long-Term Assets $230.6M $234.0M
YoY Change -1.44%
TOTAL ASSETS
Total Short-Term Assets $277.7M $265.0M
Total Long-Term Assets $230.6M $234.0M
Total Assets $508.3M $499.0M
YoY Change 1.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.4M $117.0M
YoY Change -12.51%
Accrued Expenses $43.98M $55.00M
YoY Change -20.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.13M
YoY Change
Total Short-Term Liabilities $250.5M $197.0M
YoY Change 27.13%
LONG-TERM LIABILITIES
Long-Term Debt $103.9M $0.00
YoY Change
Other Long-Term Liabilities $12.97M $15.00M
YoY Change -13.51%
Total Long-Term Liabilities $190.4M $15.00M
YoY Change 1169.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $250.5M $197.0M
Total Long-Term Liabilities $190.4M $15.00M
Total Liabilities $440.9M $293.0M
YoY Change 50.48%
SHAREHOLDERS EQUITY
Retained Earnings $14.32M
YoY Change
Common Stock $106.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.39M $206.0M
YoY Change
Total Liabilities & Shareholders Equity $508.3M $499.0M
YoY Change 1.86%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $6.020M $6.132M
YoY Change -1.83% -80.53%
Depreciation, Depletion And Amortization $900.0K $1.000M
YoY Change -10.0%
Cash From Operating Activities $27.00M $60.00M
YoY Change -55.0% 53.85%
INVESTING ACTIVITIES
Capital Expenditures $200.0K $1.000M
YoY Change -80.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$200.0K -$1.000M
YoY Change -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.20M -56.00M
YoY Change -72.86% 40.0%
NET CHANGE
Cash From Operating Activities 27.00M 60.00M
Cash From Investing Activities -200.0K -1.000M
Cash From Financing Activities -15.20M -56.00M
Net Change In Cash 11.60M 3.000M
YoY Change 286.67% -400.0%
FREE CASH FLOW
Cash From Operating Activities $27.00M $60.00M
Capital Expenditures $200.0K $1.000M
Free Cash Flow $26.80M $59.00M
YoY Change -54.58% 51.28%

Facts In Submission

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CY2015Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
27000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
27000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
CY2014Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
13000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
13000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-657000 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-618000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
405000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-849000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-657000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-618000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
432000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-822000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
29000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
29000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
69000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
69000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13544000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12973000 USD
CY2014Q3 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
136300000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
752000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1004000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
734000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
132500000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
107000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8920000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
132500000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
202732000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
212654000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
11250000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3331000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14316000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37989000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19528000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16101000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31284000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3852000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
53875000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
67394000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
160735000 USD
CY2015Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
168900000 USD
CY2015Q2 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
3600000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6900000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10474000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10474000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10804000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10789000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10474000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10474000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10548000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10520000 shares
CY2014Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
0 USD
CY2015Q2 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
10839000 USD
vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
1569000 USD
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
1753000 USD
vec Lineof Credit Facility Covenant Terms Maximum Allowed Dividend Distribution
LineofCreditFacilityCovenantTermsMaximumAllowedDividendDistribution
5000000 USD
vec Numberof Capability Areas Which Servicesare Offered
NumberofCapabilityAreasWhichServicesareOffered
3 capability_area
vec Paymentsfor Insurance Financing
PaymentsforInsuranceFinancing
0 USD
vec Paymentsfor Insurance Financing
PaymentsforInsuranceFinancing
4018000 USD
vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
0 USD
vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
14857000 USD
vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
-2105000 USD
vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
0 USD
vec Transition Services Agreement Term
TransitionServicesAgreementTerm
P1Y
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<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;">During the three months ended June 26, 2015, the Company identified an error in the presentation of borrowings and repayments of the Company&#8217;s revolving credit facility in the condensed consolidated and combined statement of cash flows for the three months ended March 27, 2015.&#160; The Company corrected the presentation of borrowings and repayments on the revolving credit facility to reflect them on a gross basis in the financing activities section of the condensed consolidated and combined statement of cash flows for the six months ended June 26, 2015.&#160; The correction did not change previously reported total financing activities.</font></div></div>
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>

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vec-0626201510xq.htm Edgar Link pending
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