$WHG
WESTWOOD HOLDINGS GROUP INC

2014 Q3 Form 10-Q Financial Statement

#000156459014004470 Filed on October 23, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $28.12M $23.00M
YoY Change 22.28% 21.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.840M $15.57M
YoY Change -88.18% 11.53%
% of Gross Profit
Research & Development $807.0K $690.0K
YoY Change 16.96% 6.32%
% of Gross Profit
Depreciation & Amortization $240.0K $190.0K
YoY Change 26.32% -13.64%
% of Gross Profit
Operating Expenses $2.647M $16.23M
YoY Change -83.69% 11.1%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.59M $6.738M
YoY Change 57.2% 55.58%
Income Tax $3.474M $2.437M
% Of Pretax Income 32.8% 36.17%
Net Earnings $7.118M $4.301M
YoY Change 65.5% 71.77%
Net Earnings / Revenue 25.31% 18.7%
Basic Earnings Per Share $0.95 $0.58
Diluted Earnings Per Share $0.92 $0.57
COMMON SHARES
Basic Shares Outstanding 7.525M shares 7.375M
Diluted Shares Outstanding 7.734M shares 7.597M

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.60M $67.30M
YoY Change 33.14% 12.73%
Cash & Equivalents $16.49M $12.01M
Short-Term Investments $73.10M $55.30M
Other Short-Term Assets $1.948M $6.000M
YoY Change -67.53% -6.25%
Inventory
Prepaid Expenses
Receivables $13.80M $12.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $109.5M $85.40M
YoY Change 28.19% 14.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.623M $2.400M
YoY Change 9.29% 9.09%
Goodwill $11.26M $11.26M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.700M $2.000M
YoY Change 185.0%
Total Long-Term Assets $23.14M $19.50M
YoY Change 18.64% 10.54%
TOTAL ASSETS
Total Short-Term Assets $109.5M $85.40M
Total Long-Term Assets $23.14M $19.50M
Total Assets $132.6M $104.9M
YoY Change 26.42% 14.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $2.000M
YoY Change 5.0% 11.11%
Accrued Expenses $13.60M $13.60M
YoY Change 0.0% 27.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.40M $19.20M
YoY Change 32.29% 18.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.400M $2.200M
YoY Change 9.09% 69.23%
Total Long-Term Liabilities $2.400M $2.247M
YoY Change 6.81% 72.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.40M $19.20M
Total Long-Term Liabilities $2.400M $2.247M
Total Liabilities $27.72M $21.40M
YoY Change 29.51% 18.89%
SHAREHOLDERS EQUITY
Retained Earnings $18.51M
YoY Change
Common Stock $116.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.03M
YoY Change
Treasury Stock Shares $701.8K
Shareholders Equity $104.9M $83.50M
YoY Change
Total Liabilities & Shareholders Equity $132.6M $104.9M
YoY Change 26.42% 14.15%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $7.118M $4.301M
YoY Change 65.5% 71.77%
Depreciation, Depletion And Amortization $240.0K $190.0K
YoY Change 26.32% -13.64%
Cash From Operating Activities $4.140M $9.530M
YoY Change -56.56% 343.26%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$340.0K
YoY Change -88.24% 580.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$340.0K
YoY Change -88.24% 580.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.440M -3.380M
YoY Change 1.78% 33.07%
NET CHANGE
Cash From Operating Activities 4.140M 9.530M
Cash From Investing Activities -40.00K -340.0K
Cash From Financing Activities -3.440M -3.380M
Net Change In Cash 660.0K 5.810M
YoY Change -88.64% -1420.45%
FREE CASH FLOW
Cash From Operating Activities $4.140M $9.530M
Capital Expenditures -$40.00K -$340.0K
Free Cash Flow $4.180M $9.870M
YoY Change -57.65% 348.64%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. DESCRIPTION OF THE BUSINESS </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Westwood Holdings Group, Inc. (&#8220;Westwood&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) was incorporated under the laws of the State of Delaware on December&#160;12, 2001. Westwood provides investment management services to institutional investors, private wealth clients and financial intermediaries through its subsidiaries, Westwood Management Corp. (&#8220;Westwood Management&#8221;), Westwood Trust (&#8220;Westwood Trust&#8221;), Westwood International Advisors Inc. (&#8220;Westwood International&#8221;) and Westwood Advisors, LLC. Revenue is largely dependent on the total value and composition of assets under management (&#8220;AUM&#8221;). Accordingly, fluctuations in financial markets and in the composition of AUM impact revenues and results of operations. </p></div>
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
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CY2014Q3 us-gaap Trading Securities
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Correction of Immaterial Errors</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Pursuant to Staff Accounting Bulletin (&#8220;SAB&#8221;) No. 99, <font style="font-style:italic;">Materiality</font>, the Company concluded that certain misstatements were not material to any of its prior period financial statements, including its financial statements for the first and second quarters of 2014.&nbsp;&nbsp;Although the misstatements were immaterial to prior periods, the prior period financial statements have been revised in this report in accordance with SAB No. 108, <font style="font-style:italic;">Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</font>, due to the significance of the out-of-period correction of this non-cash adjustment to the third quarter of 2014. See Note 3 for further discussion.</p></div>
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us-gaap Goodwill Impairment Loss
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dei Entity Incorporation Date Of Incorporation
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2001-12-12
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-257000
whg Number Of Limited Liability Companies In Which Some Clients Hold Their Investments
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10
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2
CY2014Q3 us-gaap Assets Under Management Carrying Amount
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SharePretaxIncomeGoal
34000000
CY2014Q1 whg Annual Growth Rate Period
AnnualGrowthRatePeriod
P5Y
CY2014Q1 whg Share Goal Growth Rate
ShareGoalGrowthRate
0.10
CY2014Q3 whg Litigation Counter Claim For General Damages
LitigationCounterClaimForGeneralDamages
1000000
CY2014Q3 whg Litigation Counter Claim For Special Damages
LitigationCounterClaimForSpecialDamages
10000000
CY2014Q3 whg Litigation Counter Claim For Punitive Damages
LitigationCounterClaimForPunitiveDamages
1000000
whg Percentage Of Defense Costs
PercentageOfDefenseCosts
0.50
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
240000
CY2014Q3 us-gaap Loss Contingency Receivable Current
LossContingencyReceivableCurrent
325000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2014Q3 us-gaap Fees And Commissions
FeesAndCommissions
28139000
CY2014Q3 us-gaap Investment Income Net
InvestmentIncomeNet
42000
CY2014Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
-59000
CY2014Q3 whg Economic Earnings Losses
EconomicEarningsLosses
10881000
CY2013Q3 us-gaap Fees And Commissions
FeesAndCommissions
22654000
CY2013Q3 us-gaap Investment Income Net
InvestmentIncomeNet
140000
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
204000
CY2013Q3 whg Economic Earnings Losses
EconomicEarningsLosses
7344000
CY2013Q3 us-gaap Assets
Assets
104902000
CY2013Q3 us-gaap Goodwill
Goodwill
11255000
us-gaap Fees And Commissions
FeesAndCommissions
84608000
us-gaap Investment Income Net
InvestmentIncomeNet
208000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
160000
whg Economic Earnings Losses
EconomicEarningsLosses
31758000
us-gaap Fees And Commissions
FeesAndCommissions
66013000
us-gaap Investment Income Net
InvestmentIncomeNet
418000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
142000
whg Economic Earnings Losses
EconomicEarningsLosses
20970000
us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2015-01-02
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2014-12-15

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