$WHG
WESTWOOD HOLDINGS GROUP INC

2013 Q3 Form 10-Q Financial Statement

#000156459013000691 Filed on October 17, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q4 2012 Q3
Revenue $23.00M $20.62M $18.94M
YoY Change 21.42% 21.39% 18.01%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.57M $14.08M $13.96M
YoY Change 11.53% 38.45% 36.2%
% of Gross Profit
Research & Development $690.0K $680.0K $649.0K
YoY Change 6.32% 23.64% 29.8%
% of Gross Profit
Depreciation & Amortization $190.0K $190.0K $220.0K
YoY Change -13.64% -9.52% 29.41%
% of Gross Profit
Operating Expenses $16.23M $14.77M $14.61M
YoY Change 11.1% 37.78% 35.91%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $6.738M $5.859M $4.331M
YoY Change 55.58% -6.7% -18.28%
Income Tax $2.437M $2.260M $1.827M
% Of Pretax Income 36.17% 38.57% 42.18%
Net Earnings $4.301M $3.603M $2.504M
YoY Change 71.77% -12.55% -23.66%
Net Earnings / Revenue 18.7% 17.47% 13.22%
Basic Earnings Per Share $0.58 $0.50 $0.35
Diluted Earnings Per Share $0.57 $0.49 $0.34
COMMON SHARES
Basic Shares Outstanding 7.375M 7.166M
Diluted Shares Outstanding 7.597M 7.323M

Balance Sheet

Concept 2013 Q3 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.30M $63.70M $59.70M
YoY Change 12.73% 5.99% 11.8%
Cash & Equivalents $12.01M $3.817M $6.777M
Short-Term Investments $55.30M $59.90M $52.90M
Other Short-Term Assets $6.000M $1.365M $6.400M
YoY Change -6.25% -70.33% 36.17%
Inventory
Prepaid Expenses
Receivables $12.10M $8.920M $8.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $85.40M $77.37M $74.30M
YoY Change 14.94% 6.72% 12.41%
LONG-TERM ASSETS
Property, Plant & Equipment $2.400M $2.145M $2.200M
YoY Change 9.09% -2.5% 10.0%
Goodwill $11.26M $11.26M $11.26M
YoY Change 0.0% 0.0%
Intangibles $4.149M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $1.700M
YoY Change
Total Long-Term Assets $19.50M $19.25M $17.64M
YoY Change 10.54% 6.34% -2.52%
TOTAL ASSETS
Total Short-Term Assets $85.40M $77.37M $74.30M
Total Long-Term Assets $19.50M $19.25M $17.64M
Total Assets $104.9M $96.62M $91.94M
YoY Change 14.09% 6.64% 9.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $1.600M $1.800M
YoY Change 11.11% -5.88% 20.0%
Accrued Expenses $13.60M $14.50M $10.70M
YoY Change 27.1% 14.17% 5.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.20M $18.83M $16.20M
YoY Change 18.52% 7.58% 8.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $1.200M $1.300M
YoY Change 69.23% -7.69% -13.33%
Total Long-Term Liabilities $2.247M $1.238M $1.300M
YoY Change 72.85% -4.77% -13.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.20M $18.83M $16.20M
Total Long-Term Liabilities $2.247M $1.238M $1.300M
Total Liabilities $21.40M $20.06M $18.00M
YoY Change 18.89% 1.33% 1.69%
SHAREHOLDERS EQUITY
Retained Earnings $3.600M
YoY Change
Common Stock $91.39M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.50M
YoY Change
Treasury Stock Shares $495.6K
Shareholders Equity $83.50M $76.55M $73.90M
YoY Change
Total Liabilities & Shareholders Equity $104.9M $96.62M $91.90M
YoY Change 14.15% 6.64% 9.14%

Cashflow Statement

Concept 2013 Q3 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $4.301M $3.603M $2.504M
YoY Change 71.77% -12.55% -23.66%
Depreciation, Depletion And Amortization $190.0K $190.0K $220.0K
YoY Change -13.64% -9.52% 29.41%
Cash From Operating Activities $9.530M $4.340M $2.150M
YoY Change 343.26% 2.6% -61.95%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K -$20.00K -$50.00K
YoY Change 580.0% -94.12% -90.2%
Acquisitions
YoY Change
Other Investing Activities $950.0K $0.00
YoY Change -217.28%
Cash From Investing Activities -$340.0K $930.0K -$50.00K
YoY Change 580.0% -180.87% -90.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.380M -8.200M -2.540M
YoY Change 33.07% 244.54% -55.67%
NET CHANGE
Cash From Operating Activities 9.530M 4.340M 2.150M
Cash From Investing Activities -340.0K 930.0K -50.00K
Cash From Financing Activities -3.380M -8.200M -2.540M
Net Change In Cash 5.810M -2.930M -440.0K
YoY Change -1420.45% -518.57% -25.42%
FREE CASH FLOW
Cash From Operating Activities $9.530M $4.340M $2.150M
Capital Expenditures -$340.0K -$20.00K -$50.00K
Free Cash Flow $9.870M $4.360M $2.200M
YoY Change 348.64% -4.6% -64.29%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="margin:12pt 0pt 0pt; page-break-after:avoid"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold">1. </font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold">DESCRIPTION OF THE BUSINESS </font></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">Westwo</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">od Holdings Group, Inc. (&#8220;Westwood&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) was incorporated under the laws of the State of Delaware on December</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">&#160;</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">12, 2001. Westwood manages investment assets and provides services for its clients through its subsidiaries, Westwood Management Corp. (&#8220;Westwood Management&#8221;), Westwood Trust (&#8220;Westwood Trust&#8221;) and Westwood International Advisors Inc. (&#8220;Westwood International&#8221;). Westwood Management provides investment advisory services to corporate retirement plans, public retirement plans, endowments and foundations, mutual funds, individuals and clients of Westwood Trust. Westwood Trust provides institutions and high net worth individuals with trust and custodial services and participation in its sponsored common trust funds. Westwood International provides investment advisory services to institutional investors and to Westwood Investment Funds PLC</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">,</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt"> </font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">an Ireland-based umbrella </font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">fund organized pursuant to the European Union&#8217;s Undertaking for Collective Investment in Transferable Securit</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">ies (&#8220;UCITS&#8221;).</font></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">Westwood Management is a registered investment adviser under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking. Westwood International is registered as a portfolio manager and exempt market dealer with the Ontario Securities Commission. </font></p> </div>
us-gaap Use Of Estimates
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<div> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold">Use of Estimates </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </font></p> </div>
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30000
whg Number Of Limited Liability Companies In Which Some Clients Hold Their Investments
NumberOfLimitedLiabilityCompaniesInWhichSomeClientsHoldTheirInvestments
10
whg Number Of Clients Provided With Investment Advisory Services
NumberOfClientsProvidedWithInvestmentAdvisoryServices
2
CY2013Q2 us-gaap Variable Interest Entity Financial Or Other Support Amount
VariableInterestEntityFinancialOrOtherSupportAmount
300000
CY2013Q2 us-gaap Variable Interest Entity Financial Or Other Support Amount
VariableInterestEntityFinancialOrOtherSupportAmount
405750
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3898100
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
705000
CY2013Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
25000000
whg Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period Non Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriodNonEmployee
P1Y
CY2013Q1 whg Share Pretax Income Goal
SharePretaxIncomeGoal
27000000
CY2013Q1 whg Annual Growth Rate Period
AnnualGrowthRatePeriod
P5Y
CY2013Q1 whg Share Goal Growth Rate
ShareGoalGrowthRate
0.10
CY2008 whg Non Recurring Performance Fee
NonRecurringPerformanceFee
8700000
whg Percentage Of Deferred Share Units Vesting After Two Years Of Service
PercentageOfDeferredShareUnitsVestingAfterTwoYearsOfService
0.20
whg Percentage Of Deferred Share Units Vesting After Three Years Of Service
PercentageOfDeferredShareUnitsVestingAfterThreeYearsOfService
0.40
whg Percentage Of Deferred Share Units Vesting After Four Years Of Service
PercentageOfDeferredShareUnitsVestingAfterFourYearsOfService
0.60
whg Percentage Of Deferred Share Units Vesting After Five Years Of Service
PercentageOfDeferredShareUnitsVestingAfterFiveYearsOfService
0.80
CY2013Q3 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1900000
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
10000000
CY2013Q3 us-gaap Loss Contingency Receivable Current
LossContingencyReceivableCurrent
356000
CY2013Q3 whg Net Intersegment Revenues
NetIntersegmentRevenues
CY2012Q3 whg Net Intersegment Revenues
NetIntersegmentRevenues
CY2012Q3 us-gaap Assets
Assets
91943000
CY2012Q3 us-gaap Goodwill
Goodwill
11255000
whg Net Intersegment Revenues
NetIntersegmentRevenues
whg Net Intersegment Revenues
NetIntersegmentRevenues
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2

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