$VVX
V2X, Inc.

2016 Q2 Form 10-Q Financial Statement

#000160154816000107 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $310.7M $260.9M
YoY Change 0.39% -14.18%
Cost Of Revenue $283.7M $236.4M
YoY Change 0.41% -11.78%
Gross Profit $26.97M $24.54M
YoY Change 0.09% -31.84%
Gross Profit Margin 8.68% 9.41%
Selling, General & Admin $15.16M $15.18M
YoY Change -5.84% -17.76%
% of Gross Profit 56.21% 61.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $900.0K
YoY Change -33.33% -10.0%
% of Gross Profit 2.22% 3.67%
Operating Expenses $15.16M $15.18M
YoY Change -5.84% -17.76%
Operating Profit $11.81M $9.355M
YoY Change 8.91% -46.71%
Interest Expense -$1.312M -$1.596M
YoY Change -8.7% -7354.55%
% of Operating Profit -11.11% -17.06%
Other Income/Expense, Net
YoY Change
Pretax Income $10.50M $7.759M
YoY Change 11.6% -55.86%
Income Tax $3.910M $2.794M
% Of Pretax Income 37.24% 36.01%
Net Earnings $6.589M $4.965M
YoY Change 9.45% -55.8%
Net Earnings / Revenue 2.12% 1.9%
Basic Earnings Per Share $0.62 $0.47
Diluted Earnings Per Share $0.61 $0.46
COMMON SHARES
Basic Shares Outstanding 10.63M shares 10.50M shares
Diluted Shares Outstanding 10.86M shares 10.78M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.60M $28.70M
YoY Change -3.5% 310.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $8.461M $22.66M
YoY Change -54.53% 126.58%
Inventory $2.200M $9.600M
Prepaid Expenses
Receivables $191.5M $212.3M
Other Receivables $2.792M $0.00
Total Short-Term Assets $243.5M $273.3M
YoY Change -12.29% -7.66%
LONG-TERM ASSETS
Property, Plant & Equipment $3.800M $8.480M
YoY Change -49.44% -5.78%
Goodwill $216.9M $216.9M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.638M $6.705M
YoY Change -73.54% 123.5%
Total Long-Term Assets $222.4M $235.4M
YoY Change -3.58% 0.62%
TOTAL ASSETS
Total Short-Term Assets $243.5M $273.3M
Total Long-Term Assets $222.4M $235.4M
Total Assets $465.9M $508.8M
YoY Change -8.34% -4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.15M $104.4M
YoY Change -15.84% 3.41%
Accrued Expenses $25.27M $52.16M
YoY Change -42.55% 0.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M $16.38M
YoY Change 15.03%
Total Short-Term Liabilities $189.2M $241.5M
YoY Change -24.45% 32.72%
LONG-TERM LIABILITIES
Long-Term Debt $86.34M $121.0M
YoY Change -16.86%
Other Long-Term Liabilities $1.918M $13.11M
YoY Change -85.22% -18.09%
Total Long-Term Liabilities $179.7M $208.2M
YoY Change -5.65% 1201.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $189.2M $241.5M
Total Long-Term Liabilities $179.7M $208.2M
Total Liabilities $368.9M $449.7M
YoY Change -16.33% 64.13%
SHAREHOLDERS EQUITY
Retained Earnings $40.89M $8.296M
YoY Change 185.65%
Common Stock $107.0K $105.0K
YoY Change 0.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $97.00M $59.05M
YoY Change
Total Liabilities & Shareholders Equity $465.9M $508.8M
YoY Change -8.34% -4.0%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $6.589M $4.965M
YoY Change 9.45% -55.8%
Depreciation, Depletion And Amortization $600.0K $900.0K
YoY Change -33.33% -10.0%
Cash From Operating Activities $1.685M -$27.23M
YoY Change -93.76% -51.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $500.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change
Cash From Investing Activities $80.00K -$465.0K
YoY Change -140.0% -8.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.500M
YoY Change
Cash From Financing Activities -$4.127M $14.13M
YoY Change -72.85% -73.79%
NET CHANGE
Cash From Operating Activities $1.685M -$27.23M
Cash From Investing Activities $80.00K -$465.0K
Cash From Financing Activities -$4.127M $14.13M
Net Change In Cash -$2.362M -$13.56M
YoY Change -120.36% 345.35%
FREE CASH FLOW
Cash From Operating Activities $1.685M -$27.23M
Capital Expenditures $0.00 $500.0K
Free Cash Flow $1.685M -$27.73M
YoY Change -93.71% -50.88%

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OtherReceivablesNetCurrent
2792000 USD
CY2014Q3 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
136300000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
724000 USD
CY2016Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
627000 USD
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
465000 USD
CY2016Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
31000 USD
CY2016Q2 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
200000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
55000000 USD
CY2016Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
59000000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10780000 shares
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
111000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4762000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3800000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
210561000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
194292000 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
55000000 USD
CY2016Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
59000000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2016Q2 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3500000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
34304000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
40893000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15183000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15160000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1879000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1713000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
89310000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
97000000 USD
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
154658000 USD
CY2016Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
136206000 USD
CY2016Q2 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
4600000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10856000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10495000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10628000 shares
CY2015Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
2727000 USD
CY2016Q2 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
0 USD
CY2016Q2 vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
CY2015Q1 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
920000 USD
CY2016Q2 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
605000 USD
CY2016Q2 vec Lineof Credit Facility Covenant Terms Maximum Allowed Dividend Distribution
LineofCreditFacilityCovenantTermsMaximumAllowedDividendDistribution
5000000 USD
CY2015Q1 vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
14857000 USD
CY2016Q2 vec Proceedsfrom Insurance Financing
ProceedsfromInsuranceFinancing
0 USD
CY2016Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Presentation Correction</font></div><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;">Subsequent to the issuance of the financial statements for the quarter ended March 27, 2015, the Company identified an error in the reporting of borrowings and repayments on the Company&#8217;s revolving credit facility in the condensed consolidated statement of cash flows for the quarter ended March 27, 2015. 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 statement of cash flows.&#160; The correction did not change previously reported total financing activities.</font></div></div>
CY2016Q2 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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0001601548-16-000107-index-headers.html Edgar Link pending
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0001601548-16-000107.txt Edgar Link pending
0001601548-16-000107-xbrl.zip Edgar Link pending
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report.css Edgar Link pending
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vec-0401201610xq.htm Edgar Link pending
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vec-20160401.xml Edgar Link completed
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vec-20160401_cal.xml Edgar Link unprocessable
vec-20160401_def.xml Edgar Link unprocessable
vec-20160401_lab.xml Edgar Link unprocessable
vec-20160401_pre.xml Edgar Link unprocessable