2015 Q4 Form 10-Q Financial Statement

#000160154815000060 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $311.2M $299.1M $301.0M
YoY Change 9.08% -0.63% -13.75%
Cost Of Revenue $283.9M $272.2M $273.7M
YoY Change 9.83% -0.54% -9.07%
Gross Profit $27.30M $26.84M $27.00M
YoY Change 1.87% -0.6% -43.75%
Gross Profit Margin 8.77% 8.97% 8.97%
Selling, General & Admin $16.00M $18.37M $23.65M
YoY Change -12.57% -22.34% 24.46%
% of Gross Profit 58.61% 68.44% 87.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $700.0K $0.00
YoY Change 500.0% -100.0%
% of Gross Profit 2.2% 2.61% 0.0%
Operating Expenses $16.00M $18.37M $23.65M
YoY Change -13.04% -22.34% 24.46%
Operating Profit $11.30M $8.471M $3.291M
YoY Change 38.67% 157.4% -88.61%
Interest Expense -$1.900M -$1.583M -$22.00K
YoY Change 26.67% 7095.45%
% of Operating Profit -16.81% -18.69% -0.67%
Other Income/Expense, Net
YoY Change
Pretax Income $9.400M $6.888M $3.269M
YoY Change 36.23% 110.71% -88.73%
Income Tax $3.400M -$7.140M $1.155M
% Of Pretax Income 36.17% -103.66% 35.33%
Net Earnings $6.000M $14.03M $2.115M
YoY Change 80.13% 563.26% -88.62%
Net Earnings / Revenue 1.93% 4.69% 0.7%
Basic Earnings Per Share $1.33 $0.20
Diluted Earnings Per Share $0.55 $1.29 $0.20
COMMON SHARES
Basic Shares Outstanding 10.60M shares 10.56M shares 10.47M shares
Diluted Shares Outstanding 10.85M shares 10.47M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $41.20M $42.00M
YoY Change -6.54% -1.9%
Cash & Equivalents $42.00M
Short-Term Investments
Other Short-Term Assets $9.708M $13.87M $18.00M
YoY Change -10.8% -22.93%
Inventory $1.200M $7.300M $6.000M
Prepaid Expenses $11.00M
Receivables $207.7M $214.9M
Other Receivables $2.833M $0.00
Total Short-Term Assets $261.5M $277.3M $248.0M
YoY Change -0.78% 11.8%
LONG-TERM ASSETS
Property, Plant & Equipment $4.762M $6.769M $9.000M
YoY Change -46.61% -24.79%
Goodwill $216.9M $216.9M $222.0M
YoY Change 0.0% -2.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.197M $1.587M $6.000M
YoY Change -81.79% -73.55%
Total Long-Term Assets $222.9M $225.3M $237.0M
YoY Change -4.1% -4.94%
TOTAL ASSETS
Total Short-Term Assets $261.5M $277.3M $248.0M
Total Long-Term Assets $222.9M $225.3M $237.0M
Total Assets $484.4M $502.5M $485.0M
YoY Change -2.33% 3.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.4M $115.9M $99.00M
YoY Change 6.95% 17.1%
Accrued Expenses $25.27M $37.86M $14.00M
YoY Change -31.84% 170.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M $17.00M $11.00M
YoY Change 93.41% 54.55%
Total Short-Term Liabilities $212.5M $243.7M $194.0M
YoY Change 3.51% 25.64%
LONG-TERM LIABILITIES
Long-Term Debt $89.62M $100.5M $129.0M
YoY Change -26.84% -22.06%
Other Long-Term Liabilities $1.610M $2.295M $18.00M
YoY Change -88.11% -87.25%
Total Long-Term Liabilities $182.6M $175.7M $223.0M
YoY Change -22.9% -21.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.5M $243.7M $194.0M
Total Long-Term Liabilities $182.6M $175.7M $223.0M
Total Liabilities $395.1M $419.5M $417.0M
YoY Change -10.63% 0.59%
SHAREHOLDERS EQUITY
Retained Earnings $34.30M $28.34M
YoY Change 929.84%
Common Stock $106.0K $106.0K
YoY Change 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.31M $83.08M $68.00M
YoY Change
Total Liabilities & Shareholders Equity $484.4M $502.5M $485.0M
YoY Change -2.33% 3.62%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $6.000M $14.03M $2.115M
YoY Change 80.13% 563.26% -88.62%
Depreciation, Depletion And Amortization $600.0K $700.0K $0.00
YoY Change 500.0% -100.0%
Cash From Operating Activities $8.900M $10.20M $37.00M
YoY Change 196.67% -72.43% -3800.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $100.0K $1.000M
YoY Change -100.0% -90.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $900.0K
YoY Change 80.0%
Cash From Investing Activities $900.0K -$100.0K -$1.000M
YoY Change -164.29% -90.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00M -9.600M -4.000M
YoY Change 1733.33% 140.0% -63.64%
NET CHANGE
Cash From Operating Activities 8.900M 10.20M 37.00M
Cash From Investing Activities 900.0K -100.0K -1.000M
Cash From Financing Activities -11.00M -9.600M -4.000M
Net Change In Cash -1.200M 500.0K 32.00M
YoY Change -220.0% -98.44% -346.15%
FREE CASH FLOW
Cash From Operating Activities $8.900M $10.20M $37.00M
Capital Expenditures $0.00 $100.0K $1.000M
Free Cash Flow $8.900M $10.10M $36.00M
YoY Change 641.67% -71.94% -1900.0%

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CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3291000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8471000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
28670000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16025000 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13156000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
10883000 USD
CY2015Q3 us-gaap Other Assets Current
OtherAssetsCurrent
13873000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6575000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1587000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-209000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-182000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-114000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-101000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-594000 USD
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
63000 USD
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
127000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-721000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-594000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
63000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-82000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-903000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-36000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-388000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-319000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13544000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2295000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3698000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
136281000 USD
CY2014Q3 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
136300000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 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
759000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2049000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
769000 USD
CY2015Q3 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
200000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
140000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
235500000 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
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6769000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
202732000 USD
CY2015Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
214942000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
235500000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
16875000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3331000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
28343000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61637000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23648000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18366000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
49650000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5621000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
53875000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
83075000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
160735000 USD
CY2015Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
167453000 USD
CY2015Q3 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
2900000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
6900000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10474000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10474000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10848000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10808000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10474000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10474000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10560000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10533000 shares
CY2014Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
0 USD
CY2015Q3 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
6795000 USD
vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
2382000 USD
vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
2500000 USD
vec Lineof Credit Facility Covenant Terms Maximum Allowed Dividend Distribution
LineofCreditFacilityCovenantTermsMaximumAllowedDividendDistribution
5000000 USD
vec Numberof Contracts Exceeding Threshold
NumberofContractsExceedingThreshold
4 contract
vec Paymentsfor Insurance Financing
PaymentsforInsuranceFinancing
0 USD
vec Paymentsfor Insurance Financing
PaymentsforInsuranceFinancing
8061000 USD
vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
0 USD
vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
14857000 USD
vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
-6372000 USD
vec Proceedsfrom Paymentsto Parent Net
ProceedsfromPaymentstoParentNet
0 USD
vec Restructuring Implementation Period
RestructuringImplementationPeriod
P2Y
vec Transition Services Agreement Term
TransitionServicesAgreementTerm
P1Y
CY2015Q3 vec Unrecognized Tax Benefits Decrease Resultingfrom Filingof Former Parents Return
UnrecognizedTaxBenefitsDecreaseResultingfromFilingofFormerParentsReturn
700000 USD
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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