2013 Q1 Form 10-Q Financial Statement

#000119312513198691 Filed on May 03, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $83.11M $77.44M
YoY Change 7.32% 7.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.200M $3.200M
YoY Change -31.25% 18.52%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $6.905M $7.380M
YoY Change -6.44% -32.09%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $28.63M $15.96M
YoY Change 79.38% 63.87%
Income Tax $7.787M $4.441M
% Of Pretax Income 27.19% 27.82%
Net Earnings $20.89M $11.30M
YoY Change 84.82% 119.29%
Net Earnings / Revenue 25.13% 14.59%
Basic Earnings Per Share $0.24 $0.12
Diluted Earnings Per Share $0.24 $0.12
COMMON SHARES
Basic Shares Outstanding 85.32M shares 81.36M shares
Diluted Shares Outstanding 85.98M shares 82.23M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.858B
YoY Change
Cash & Equivalents $556.3M $179.8M
Short-Term Investments $1.302B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $107.1M $105.0M
YoY Change 2.0% -6.25%
Goodwill $23.22M
YoY Change
Intangibles $5.942M
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00M
YoY Change -31.25%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.174B $6.925B
YoY Change 18.04% 8.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.0M
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $20.00M $308.0M
YoY Change -93.51% 30.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.0M $308.0M
YoY Change -57.79% 30.51%
LONG-TERM LIABILITIES
Long-Term Debt $331.0M $37.00M
YoY Change 794.59% -13.95%
Other Long-Term Liabilities $27.00M
YoY Change 3.85%
Total Long-Term Liabilities $331.0M $64.00M
YoY Change 417.19% -7.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.0M $308.0M
Total Long-Term Liabilities $331.0M $64.00M
Total Liabilities $7.393B $6.271B
YoY Change 17.89% 8.06%
SHAREHOLDERS EQUITY
Retained Earnings -$153.9M
YoY Change
Common Stock $9.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $781.0M $654.0M
YoY Change
Total Liabilities & Shareholders Equity $8.174B $6.925B
YoY Change 18.04% 8.12%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $20.89M $11.30M
YoY Change 84.82% 119.29%
Depreciation, Depletion And Amortization $2.200M $3.200M
YoY Change -31.25% 18.52%
Cash From Operating Activities $46.09M $36.43M
YoY Change 26.53% -7.07%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$1.900M
YoY Change -57.89%
Acquisitions
YoY Change
Other Investing Activities -$192.5M -$79.80M
YoY Change 141.23% -23.42%
Cash From Investing Activities -$193.2M -$81.73M
YoY Change 136.42% -21.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $498.8M 70.06M
YoY Change 611.95% -66.89%
NET CHANGE
Cash From Operating Activities $46.09M 36.43M
Cash From Investing Activities -$193.2M -81.73M
Cash From Financing Activities $498.8M 70.06M
Net Change In Cash $351.7M 24.76M
YoY Change 1320.35% -83.11%
FREE CASH FLOW
Cash From Operating Activities $46.09M $36.43M
Capital Expenditures -$800.0K -$1.900M
Free Cash Flow $46.89M $38.33M
YoY Change 22.35%

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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of estimates</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">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 and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; fair value determinations related to acquisitions; fair value of other real estate owned; determination of the valuation allowance related to deferred tax assets; impairment of goodwill and other intangible assets and other than temporary impairment on securities. Although Management believes these estimates to be reasonably accurate, actual amounts may differ. In the opinion of Management, all adjustments considered necessary have been reflected in the financial statements during their preparation.</font></p> </div>
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295000
CY2012Q1 wal Change In Fair Value Of Assets And Liabilities Measured At Fair Value
ChangeInFairValueOfAssetsAndLiabilitiesMeasuredAtFairValue
-333000
CY2012Q1 wal Customer Service
CustomerService
591000
CY2012Q1 wal Dividend Income Operating Non Taxable
DividendIncomeOperatingNonTaxable
653000
CY2012Q1 wal Dividend Income Operating Taxable
DividendIncomeOperatingTaxable
280000
CY2012Q1 wal Financing Receivable Waived Fees And Other Expenses
FinancingReceivableWaivedFeesAndOtherExpenses
70000
CY2012Q1 wal Investment In Money Market
InvestmentInMoneyMarket
2489000
CY2012Q1 wal Legal Professional And Director Fees
LegalProfessionalAndDirectorFees
1572000
CY2012Q1 wal Loan And Repossessed Asset Expense
LoanAndRepossessedAssetExpense
1684000
CY2012Q1 wal Mark To Market Losses Gains Net
MarkToMarketLossesGainsNet
-333000
CY2012Q1 wal Net Gains And Losses Recognized On Trading Securities
NetGainsAndLossesRecognizedOnTradingSecurities
-43000
CY2012Q1 wal Net Gains And Losses Recognized On Trading Securities Sold
NetGainsAndLossesRecognizedOnTradingSecuritiesSold
CY2012Q1 wal Net Loss Gain On Sales Valuations Of Repossessed Assets And Bank Premises Net
NetLossGainOnSalesValuationsOfRepossessedAssetsAndBankPremisesNet
2651000
CY2012Q1 wal Other Real Estate And Foreclosed Assets Valuation Adjustment
OtherRealEstateAndForeclosedAssetsValuationAdjustment
-2254000
CY2012Q1 wal Principal Pay Downs And Maturities Of Securities Measured At Fair Value
PrincipalPayDownsAndMaturitiesOfSecuritiesMeasuredAtFairValue
303000
CY2012Q1 wal Proceeds From Issuance Of Common Stock Options And Stock Warrants
ProceedsFromIssuanceOfCommonStockOptionsAndStockWarrants
552000
CY2012Q1 wal Proceeds From Sale Of Other Real Estate Owned Net
ProceedsFromSaleOfOtherRealEstateOwnedNet
9986000
CY2012Q1 wal Sale Of Premises And Equipment Net
SaleOfPremisesAndEquipmentNet
64000
CY2012Q1 wal Sale Of Repossessed Assets Net
SaleOfRepossessedAssetsNet
2587000
CY2012Q1 wal Service Charges And Fees Net
ServiceChargesAndFeesNet
2285000
CY2012Q1 wal Transfers To Other Assets Acquired Through Foreclosure Net
TransfersToOtherAssetsAcquiredThroughForeclosureNet
4914000
CY2012Q1 wal Weighted Average Interest Rates
WeightedAverageInterestRates
0.1081 pure
CY2012Q1 wal Non Interest Expense Related To Discontinued Affinity Credit Card
NonInterestExpenseRelatedToDiscontinuedAffinityCreditCard
678000
CY2012Q1 wal Financing Receivables Impaired Troubled Debt Restructuring Write Down Due To Interest Concessions
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDownDueToInterestConcessions
551000
CY2012Q1 wal Income Loss From Discontinuing Operations Per Basic Share
IncomeLossFromDiscontinuingOperationsPerBasicShare
0.00
CY2012Q1 wal Interest Expense Junior Subordinated Debt
InterestExpenseJuniorSubordinatedDebt
484000

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