2015 Q2 Form 10-Q Financial Statement

#000116330215000027 Filed on April 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $2.900B $3.272B $4.448B
YoY Change -34.09% -26.44% -3.2%
Cost Of Revenue $2.792B $3.066B $4.038B
YoY Change -31.85% -24.07% -4.81%
Gross Profit $108.0M $206.0M $410.0M
YoY Change -64.36% -49.76% 16.15%
Gross Profit Margin 3.72% 6.3% 9.22%
Selling, General & Admin $107.0M $102.0M $138.0M
YoY Change -25.17% -26.09% -4.83%
% of Gross Profit 99.07% 49.51% 33.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $138.0M $144.0M $166.0M
YoY Change -16.36% -13.25% -2.92%
% of Gross Profit 127.78% 69.9% 40.49%
Operating Expenses $107.0M $102.0M $138.0M
YoY Change -25.17% -26.09% -4.83%
Operating Profit -$392.0M -$187.0M $122.0M
YoY Change -1220.0% -253.28% 221.05%
Interest Expense $53.00M $51.00M $61.00M
YoY Change -11.67% -16.39% -28.24%
% of Operating Profit 50.0%
Other Income/Expense, Net -$2.000M -$11.00M -$9.000M
YoY Change -60.0% 22.22% -55.0%
Pretax Income -$447.0M -$249.0M $53.00M
YoY Change 1441.38% -569.81% -180.3%
Income Tax -$186.0M -$174.0M $1.000M
% Of Pretax Income 1.89%
Net Earnings -$261.0M -$75.00M $52.00M
YoY Change 1350.0% -244.23% -171.23%
Net Earnings / Revenue -9.0% -2.29% 1.17%
Basic Earnings Per Share -$1.79 -$0.52 $0.36
Diluted Earnings Per Share -$1.79 -$0.52 $0.34
COMMON SHARES
Basic Shares Outstanding 145.7M shares 145.7M shares 144.7M shares
Diluted Shares Outstanding 146.0M shares 145.7M shares 156.1M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.210B $1.266B $1.099B
YoY Change -17.74% 15.2% 49.93%
Cash & Equivalents $1.210B $1.266B $1.099B
Short-Term Investments
Other Short-Term Assets $46.00M $48.00M $87.00M
YoY Change -17.86% -44.83% 40.32%
Inventory $2.330B $2.418B $2.411B
Prepaid Expenses
Receivables $1.476B $1.599B $2.200B
Other Receivables $0.00 $0.00 $184.0M
Total Short-Term Assets $5.436B $5.742B $6.480B
YoY Change -16.72% -11.39% 16.67%
LONG-TERM ASSETS
Property, Plant & Equipment $4.431B $4.354B $5.791B
YoY Change -22.75% -24.81% -7.28%
Goodwill
YoY Change
Intangibles $200.0M $202.0M $266.0M
YoY Change -24.81% -24.06% 6.83%
Long-Term Investments $564.0M $578.0M $607.0M
YoY Change -9.32% -4.78% -2.72%
Other Assets $109.0M $116.0M $230.0M
YoY Change -54.01% -49.57% -24.34%
Total Long-Term Assets $5.777B $5.802B $6.914B
YoY Change -16.02% -16.08% -27.96%
TOTAL ASSETS
Total Short-Term Assets $5.436B $5.742B $6.480B
Total Long-Term Assets $5.777B $5.802B $6.914B
Total Assets $11.21B $11.54B $13.39B
YoY Change -16.36% -13.81% -11.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.0M $134.0M $100.0M
YoY Change 32.65% 34.0% 13.64%
Accrued Expenses $931.0M $929.0M $1.055B
YoY Change -11.33% -11.94% 4.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $362.0M $378.0M $323.0M
YoY Change 1710.0% 17.03% 16050.0%
Total Short-Term Liabilities $3.242B $3.309B $3.539B
YoY Change -7.92% -6.5% 14.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.124B $3.124B $3.615B
YoY Change -13.34% -13.58% -8.06%
Other Long-Term Liabilities $398.0M $403.0M $422.0M
YoY Change -5.01% -4.5% 6.03%
Total Long-Term Liabilities $398.0M $403.0M $422.0M
YoY Change -5.01% -4.5% 6.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.242B $3.309B $3.539B
Total Long-Term Liabilities $398.0M $403.0M $422.0M
Total Liabilities $7.732B $7.876B $9.943B
YoY Change -21.84% -20.79% -14.87%
SHAREHOLDERS EQUITY
Retained Earnings $1.510B $1.779B $1.807B
YoY Change -16.48% -1.55% -46.57%
Common Stock $151.0M $151.0M $151.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $345.0M $395.0M $479.0M
YoY Change -21.59% -17.54% -7.88%
Treasury Stock Shares 4.691M shares 5.255M shares 6.232M shares
Shareholders Equity $3.480B $3.667B $3.450B
YoY Change
Total Liabilities & Shareholders Equity $11.21B $11.54B $13.39B
YoY Change -16.36% -13.81% -11.6%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$261.0M -$75.00M $52.00M
YoY Change 1350.0% -244.23% -171.23%
Depreciation, Depletion And Amortization $138.0M $144.0M $166.0M
YoY Change -16.36% -13.25% -2.92%
Cash From Operating Activities $78.00M $73.00M $570.0M
YoY Change -90.04% -87.19% 144.64%
INVESTING ACTIVITIES
Capital Expenditures -$103.0M $109.0M $90.00M
YoY Change 7.29% 21.11% -22.41%
Acquisitions
YoY Change
Other Investing Activities -$20.00M $1.000M $24.00M
YoY Change -233.33% -95.83% 0.0%
Cash From Investing Activities -$123.0M -$108.0M -$66.00M
YoY Change 51.85% 63.64% -28.26%
FINANCING ACTIVITIES
Cash Dividend Paid $7.000M $7.000M
YoY Change 0.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities -25.00M -$7.000M -$7.000M
YoY Change -92.4% 0.0% -124.14%
NET CHANGE
Cash From Operating Activities 78.00M $73.00M $570.0M
Cash From Investing Activities -123.0M -$108.0M -$66.00M
Cash From Financing Activities -25.00M -$7.000M -$7.000M
Net Change In Cash -70.00M -$42.00M $497.0M
YoY Change -118.77% -108.45% 192.35%
FREE CASH FLOW
Cash From Operating Activities $78.00M $73.00M $570.0M
Capital Expenditures -$103.0M $109.0M $90.00M
Free Cash Flow $181.0M -$36.00M $480.0M
YoY Change -79.41% -107.5% 310.26%

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CY2014Q4 x Accounts Receivable Purchased By Subsidiary Under Receivables Purchase Agreement Excluding Revolving Interest Sold To Conduits
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CY2015Q1 x Accounts Receivable Purchased By Subsidiary Under Receivables Purchase Agreement Excluding Revolving Interest Sold To Conduits
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BankChecksOutstanding
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1800000000 USD
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352000000 USD
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CY2015Q1 x Maximum Default Payment
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NumberofBoilerstobeReconstructedforEnvironmentalCompliance
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CY2015Q1 x Numberof New Boilerstobe Builtfor Environmental Compliance
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Numberofyearsofprojectedadministrativeandlegalcostsincludedinaccrual
P3Y
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CY2015Q1 x Percentreductioninfreeallocationofemissions
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CY2015Q1 x Thresholdfor Subject To Title V And Preventionof Significant Deterioration Requirement Project Significantly Increases Emissions Numberof Non Ghg Pollutant
ThresholdforSubjectToTitleVAndPreventionofSignificantDeteriorationRequirementProjectSignificantlyIncreasesEmissionsNumberofNonGHGPollutant
1 non_GHG_pollutant
CY2014Q4 x Trade Receivables Net Purchased By Subsidiary Under Receivables Purchase Agreement
TradeReceivablesNetPurchasedBySubsidiaryUnderReceivablesPurchaseAgreement
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CY2015Q1 x Trade Receivables Net Purchased By Subsidiary Under Receivables Purchase Agreement
TradeReceivablesNetPurchasedBySubsidiaryUnderReceivablesPurchaseAgreement
782000000 USD

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