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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3444218 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification Number) | |
50 Old Webster Road, Oxford, Massachusetts | 01540 | |
(Address of principal executive offices) | (Zip code) |
Large Accelerated Filer o | Accelerated Filer þ | Non-Accelerated Filer o | Smaller Reporting Company o | |||
(Do not check if a smaller reporting company) |
1
ITEM 1. | UNAUDITED INTERIM FINANCIAL STATEMENTS |
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(In thousands, except share and per | ||||||||
share data) | ||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 188,196 | $ | 147,860 | ||||
Accounts receivable, net
|
73,284 | 55,399 | ||||||
Inventories, net
|
109,273 | 72,470 | ||||||
Income taxes receivable
|
4,419 | 2,663 | ||||||
Prepaid expenses and other current assets
|
17,179 | 13,816 | ||||||
Deferred income taxes, net
|
7,449 | 8,593 | ||||||
|
||||||||
Total current assets
|
399,800 | 300,801 | ||||||
DEFERRED INCOME TAXES, NET
|
4,267 | 4,489 | ||||||
INTANGIBLE ASSETS, NET
|
7,736 | 7,131 | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
141,902 | 120,683 | ||||||
OTHER ASSETS
|
7,676 | 8,751 | ||||||
|
||||||||
TOTAL
|
$ | 561,381 | $ | 441,855 | ||||
|
||||||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Revolving line-of-credit facilities
|
$ | 7,205 | $ | 6,841 | ||||
Current portion of long-term debt
|
1,586 | 1,333 | ||||||
Accounts payable
|
14,884 | 9,510 | ||||||
Accrued expenses and other liabilities
|
50,732 | 50,105 | ||||||
Deferred income taxes, net
|
8,866 | 3,387 | ||||||
Income taxes payable
|
7,555 | 11,594 | ||||||
|
||||||||
Total current liabilities
|
90,828 | 82,770 | ||||||
DEFERRED INCOME TAXES, NET AND OTHER LONG-TERM LIABILITIES
|
4,661 | 1,735 | ||||||
LONG-TERM DEBT, NET OF CURRENT PORTION
|
16,758 | 15,644 | ||||||
REDEEMABLE NONCONTROLLING INTERESTS
|
46,730 | 24,903 | ||||||
|
||||||||
Total liabilities
|
158,977 | 125,052 | ||||||
|
||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 13)
|
||||||||
IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock, $0.0001 par value, 175,000,000 shares authorized;
47,437,688 shares issued and outstanding at June 30, 2011; 46,988,566
shares issued and outstanding at December 31, 2010
|
5 | 5 | ||||||
Additional paid-in capital
|
325,783 | 310,218 | ||||||
Retained earnings
|
59,371 | 5,567 | ||||||
Accumulated other comprehensive income
|
17,000 | 810 | ||||||
|
||||||||
Total IPG Photonics Corporation stockholders’ equity
|
402,159 | 316,600 | ||||||
NONCONTROLLING INTERESTS
|
245 | 203 | ||||||
|
||||||||
Total stockholders’ equity
|
402,404 | 316,803 | ||||||
|
||||||||
TOTAL
|
$ | 561,381 | $ | 441,855 | ||||
|
2
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
NET SALES
|
$ | 121,936 | $ | 67,258 | $ | 221,894 | $ | 118,462 | ||||||||
COST OF SALES
|
55,230 | 36,797 | 101,522 | 67,454 | ||||||||||||
|
||||||||||||||||
GROSS PROFIT
|
66,706 | 30,461 | 120,372 | 51,008 | ||||||||||||
|
||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Sales and marketing
|
5,847 | 4,932 | 10,795 | 9,270 | ||||||||||||
Research and development
|
6,610 | 4,729 | 12,341 | 8,887 | ||||||||||||
General and administrative
|
8,333 | 7,384 | 16,502 | 14,212 | ||||||||||||
(Gain) loss on foreign exchange
|
(206 | ) | (2,295 | ) | 514 | (2,403 | ) | |||||||||
|
||||||||||||||||
Total operating expenses
|
20,584 | 14,750 | 40,152 | 29,966 | ||||||||||||
|
||||||||||||||||
OPERATING INCOME
|
46,122 | 15,711 | 80,220 | 21,042 | ||||||||||||
|
||||||||||||||||
OTHER EXPENSE, Net:
|
||||||||||||||||
Interest expense, net
|
(170 | ) | (191 | ) | (376 | ) | (399 | ) | ||||||||
Other expense, net
|
(618 | ) | (26 | ) | (610 | ) | (92 | ) | ||||||||
|
||||||||||||||||
Total other expense
|
(788 | ) | (217 | ) | (986 | ) | (491 | ) | ||||||||
|
||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES
|
45,334 | 15,494 | 79,234 | 20,551 | ||||||||||||
PROVISION FOR INCOME TAXES
|
(13,827 | ) | (5,149 | ) | (24,349 | ) | (6,782 | ) | ||||||||
|
||||||||||||||||
NET INCOME
|
31,507 | 10,345 | 54,885 | 13,769 | ||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
771 | 39 | 1,081 | 66 | ||||||||||||
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS
CORPORATION
|
$ | 30,736 | $ | 10,306 | $ | 53,804 | $ | 13,703 | ||||||||
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS
|
||||||||||||||||
CORPORATION PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.65 | $ | 0.22 | $ | 1.14 | $ | 0.30 | ||||||||
Diluted
|
$ | 0.63 | $ | 0.22 | $ | 1.11 | $ | 0.29 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
||||||||||||||||
Basic
|
47,310 | 46,220 | 47,205 | 46,159 | ||||||||||||
Diluted
|
48,610 | 47,333 | 48,650 | 47,262 |
3
Six Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 54,885 | $ | 13,769 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
11,955 | 10,514 | ||||||
Deferred income taxes
|
6,624 | (2,766 | ) | |||||
Stock-based compensation
|
4,301 | 1,563 | ||||||
Gains (losses) on foreign currency transactions
|
551 | (2,403 | ) | |||||
Other
|
530 | (51 | ) | |||||
Provisions for inventory, warranty & bad debt
|
7,056 | 4,475 | ||||||
Changes in assets and liabilities that provided (used) cash:
|
||||||||
Accounts receivable
|
(16,928 | ) | (12,740 | ) | ||||
Inventories
|
(35,193 | ) | (9,515 | ) | ||||
Prepaid expenses and other current assets
|
(4,555 | ) | 391 | |||||
Accounts payable
|
4,888 | 4,191 | ||||||
Accrued expenses and other liabilities
|
(2,693 | ) | 13,237 | |||||
Income and other taxes payable
|
(4,429 | ) | 2,773 | |||||
|
||||||||
Net cash provided by operating activities
|
26,992 | 23,438 | ||||||
|
||||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment and intangible assets
|
(22,786 | ) | (8,701 | ) | ||||
Acquisition of businesses, net of cash acquired
|
(450 | ) | (4,108 | ) | ||||
Other
|
112 | 117 | ||||||
|
||||||||
Net cash used in investing activities
|
(23,124 | ) | (12,692 | ) | ||||
|
||||||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from line-of-credit facilities
|
6,951 | 5,543 | ||||||
Payments on line-of-credit facilities
|
(6,817 | ) | (5,033 | ) | ||||
Sale of redeemable noncontrolling interests
|
19,973 | — | ||||||
Principal payments on long-term borrowings
|
(666 | ) | (667 | ) | ||||
Exercise of employee stock options, issuances under employee stock purchase plan
and related tax benefit from exercise
|
10,247 | 1,266 | ||||||
|
||||||||
Net cash provided by financing activities
|
29,688 | 1,109 | ||||||
|
||||||||
|
||||||||
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
|
6,780 | (4,120 | ) | |||||
|
||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
40,336 | 7,735 | ||||||
CASH AND CASH EQUIVALENTS — Beginning of period
|
147,860 | 82,920 | ||||||
|
||||||||
CASH AND CASH EQUIVALENTS — End of period
|
$ | 188,196 | $ | 90,655 | ||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for interest
|
$ | 514 | $ | 515 | ||||
|
||||||||
Income taxes paid
|
$ | 14,905 | $ | 3,504 | ||||
|
||||||||
|
||||||||
Non-cash transactions:
|
||||||||
Demonstration units transferred from inventory to other assets
|
$ | 1,291 | $ | 652 | ||||
Amounts related to acquisition of businesses included in accounts payable and
accrued expenses and other liabilities
|
$ | 882 | $ | 1,478 | ||||
Additions to property, plant and equipment included in accounts payable
|
$ | 545 | $ | 286 | ||||
Change in fair value of warrant
|
$ | 654 | $ | — | ||||
Property purchase financed with debt
|
$ | 1,851 | $ | — |
4
Six Months Ended June 30, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
COMMON STOCK
|
||||||||||||||||
Balance, beginning of year
|
46,988,566 | $ | 5 | 46,076,472 | $ | 5 | ||||||||||
Exercise of stock options
|
433,050 | — | 201,637 | — | ||||||||||||
Common stock issued under employee stock purchase plan
|
16,072 | — | 24,829 | — | ||||||||||||
|
||||||||||||||||
Balance, end of period
|
47,437,688 | 5 | 46,302,938 | 5 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
ADDITIONAL PAID-IN CAPITAL
|
||||||||||||||||
Balance, beginning of year
|
310,218 | 293,743 | ||||||||||||||
Stock-based compensation
|
4,301 | 1,563 | ||||||||||||||
Exercise of stock options and related tax benefit from exercise
|
9,830 | 945 | ||||||||||||||
Common stock issued under employee stock purchase plan
|
417 | 321 | ||||||||||||||
Fair value of warrant transferred to additional paid-In capital upon exercise
|
674 | — | ||||||||||||||
Sale of redeemable noncontrolling interests (“NCI”)
|
10,138 | — | ||||||||||||||
Increase redeemable NCI to initial redemption value
|
(9,795 | ) | — | |||||||||||||
|
||||||||||||||||
Balance, end of period
|
325,783 | 296,572 | ||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
RETAINED EARNINGS (ACCUMULATED DEFICIT)
|
||||||||||||||||
Balance, beginning of year
|
5,567 | (48,424 | ) | |||||||||||||
Net income attributable to IPG Photonics Corporation
|
53,804 | 13,703 | ||||||||||||||
|
||||||||||||||||
Balance, end of period
|
59,371 | (34,721 | ) | |||||||||||||
|
||||||||||||||||
|
||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
Balance, beginning of year
|
810 | 11,106 | ||||||||||||||
Translation adjustments
|
17,335 | (20,664 | ) | |||||||||||||
Unrealized gain (loss) on derivatives, net of tax
|
13 | (182 | ) | |||||||||||||
Attribution to NCI & redeemable NCI
|
(1,158 | ) | — | |||||||||||||
|
||||||||||||||||
Balance, end of period
|
17,000 | (9,740 | ) | |||||||||||||
|
||||||||||||||||
TOTAL IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY
|
402,159 | 252,116 | ||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
NONCONTROLLING INTERESTS
|
||||||||||||||||
Balance, beginning of year
|
203 | 141 | ||||||||||||||
Net income attributable to NCI
|
31 | 66 | ||||||||||||||
Other comprehensive income attributable to NCI
|
11 | — | ||||||||||||||
|
||||||||||||||||
Balance, end of period
|
245 | 207 | ||||||||||||||
|
||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY
|
$ | 402,404 | $ | 252,323 | ||||||||||||
|
||||||||||||||||
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
Net income
|
$ | 54,885 | $ | 13,769 | ||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Translation adjustments
|
17,335 | (20,664 | ) | |||||||||||||
Unrealized gain (loss) on derivatives, net of tax
|
13 | (182 | ) | |||||||||||||
Change in cumulative translation adjustment attributable to NCI & redeemable NCI
|
(1,158 | ) | — | |||||||||||||
|
||||||||||||||||
Total comprehensive income (loss)
|
$ | 71,075 | $ | (7,077 | ) | |||||||||||
|
5
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Components and raw materials
|
$ | 38,963 | $ | 25,126 | ||||
Work-in-process
|
36,929 | 24,392 | ||||||
Finished goods
|
33,381 | 22,952 | ||||||
|
||||||||
Total
|
$ | 109,273 | $ | 72,470 | ||||
|
6
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Accrued Compensation
|
$ | 18,549 | $ | 16,065 | ||||
Customer Deposits and Deferred Revenue
|
20,599 | 20,685 | ||||||
Accrued Warranty
|
6,187 | 6,917 | ||||||
Other
|
5,397 | 6,438 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 50,732 | $ | 50,105 | ||||
|
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Revolving Line-of-Credit Facilities:
|
||||||||
Euro Overdraft Facilities
|
$ | 3,727 | $ | 1,882 | ||||
Foreign subsidiary drawings on U.S. Line of Credit
|
3,478 | 4,959 | ||||||
|
||||||||
Total
|
$ | 7,205 | $ | 6,841 | ||||
|
||||||||
|
||||||||
Term Debt:
|
||||||||
U.S. Long-Term Note
|
$ | 16,000 | $ | 16,666 | ||||
Other notes payable
|
2,344 | 311 | ||||||
Less: current portion
|
(1,586 | ) | (1,333 | ) | ||||
|
||||||||
Total long-term debt
|
$ | 16,758 | $ | 15,644 | ||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
|
||||||||||||||||
Net income attributable to IPG Photonics Corporation
|
$ | 30,736 | $ | 10,306 | $ | 53,804 | $ | 13,703 | ||||||||
Weighted average shares
|
47,310 | 46,220 | 47,205 | 46,159 | ||||||||||||
Dilutive effect of common stock equivalents
|
1,300 | 1,113 | 1,445 | 1,103 | ||||||||||||
|
||||||||||||||||
Diluted weighted average common shares
|
48,610 | 47,333 | 48,650 | 47,262 | ||||||||||||
|
||||||||||||||||
Basic net income attributable to IPG Photonics Corporation per share
|
$ | 0.65 | $ | 0.22 | $ | 1.14 | $ | 0.30 | ||||||||
|
||||||||||||||||
Diluted net income attributable to IPG Photonics Corporation per share
|
$ | 0.63 | $ | 0.22 | $ | 1.11 | $ | 0.29 | ||||||||
|
7
Deferred Income Taxes and Other | ||||||||||||||||||||||||
Notional Amounts 1 | Other Assets | Long-Term Liabilities | ||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
Interest rate swap(s)
|
$ | 16,000 | $ | 16,666 | $ | — | $ | — | $ | 1,135 | $ | 1,156 | ||||||||||||
|
||||||||||||||||||||||||
Total
|
$ | 16,000 | $ | 16,666 | $ | — | $ | — | $ | 1,135 | $ | 1,156 | ||||||||||||
|
(1) | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Effective portion recognized in other comprehensive (loss)
gain, pretax:
|
||||||||||||||||
Interest rate swap
|
$ | 1 | $ | (5 | ) | $ | 340 | $ | 51 | |||||||
Effective portion reclassified from other comprehensive (loss) gain to interest expense, pretax:
|
||||||||||||||||
Interest rate swap
|
$ | (164 | ) | $ | (173 | ) | $ | (319 | ) | $ | (346 | ) | ||||
Ineffective portion recognized in income:
|
||||||||||||||||
Interest rate swap
|
$ | — | $ | — | $ | — | $ | — |
Redeemable | ||||
Noncontrolling | ||||
Interest | ||||
Balance at December 31, 2010
|
$ | 24,903 | ||
Initial interest in book value of subsidiary
|
10,178 | |||
Increase to the initial redemption value
|
9,795 | |||
Net income attributable to redeemable NCI
|
1,049 | |||
Other comprehensive income attributable to redeemable NCI
|
805 | |||
|
||||
|
||||
Balance at June 30, 2011
|
$ | 46,730 | ||
|
8
Fair Value Measurements at | ||||||||||||||||
June 30, 2011 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets
|
||||||||||||||||
Money market funds
|
$ | 18,380 | $ | 18,380 | $ | — | $ | — | ||||||||
Treasury bills
|
44,984 | 44,984 | — | — | ||||||||||||
Auction rate securities
|
870 | — | — | 870 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total assets
|
$ | 64,234 | $ | 63,364 | $ | — | $ | 870 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Contingent purchase consideration
|
$ | 1,047 | $ | — | $ | — | $ | 1,047 | ||||||||
Warrant
|
160 | — | — | 160 | ||||||||||||
Interest rate swaps
|
1,135 | — | 1,135 | — | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total liabilities
|
$ | 2,342 | $ | — | $ | 1,135 | $ | 1,207 | ||||||||
|
9
Fair Value Measurements at | ||||||||||||||||
December 31, 2010 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets
|
||||||||||||||||
Money market funds
|
$ | 4,223 | $ | 4,223 | $ | — | $ | — | ||||||||
Treasury bills
|
55,679 | 55,679 | — | — | ||||||||||||
Auction rate securities
|
921 | — | — | 921 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total assets
|
$ | 60,823 | $ | 59,902 | $ | — | $ | 921 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Contingent purchase consideration
|
$ | 685 | $ | — | $ | — | $ | 685 | ||||||||
Warrant
|
180 | — | — | 180 | ||||||||||||
Interest rate swaps
|
1,156 | — | 1,156 | — | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total liabilities
|
$ | 2,021 | $ | — | $ | 1,156 | $ | 865 | ||||||||
|
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Auction Rate Securities
|
||||||||||||||||
Balance, beginning of period
|
$ | 870 | $ | 1,284 | $ | 921 | $ | 1,284 | ||||||||
Change in fair value
|
— | — | (51 | ) | — | |||||||||||
|
||||||||||||||||
Balance, end of period
|
$ | 870 | $ | 1,284 | $ | 870 | $ | 1,284 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Contingent Purchase Consideration
|
||||||||||||||||
|
||||||||||||||||
Balance, beginning of period
|
$ | 1,023 | $ | 289 | $ | 685 | $ | — | ||||||||
Period transactions
|
— | 381 | 282 | 670 | ||||||||||||
Change in fair value
|
24 | — | 80 | — | ||||||||||||
|
||||||||||||||||
Balance, end of period
|
$ | 1,047 | $ | 670 | $ | 1,047 | $ | 670 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Warrant
|
||||||||||||||||
|
||||||||||||||||
Balance, beginning of period
|
$ | 180 | $ | — | $ | 180 | $ | — | ||||||||
Period transactions
|
(674 | ) | — | (674 | ) | — | ||||||||||
Change in fair value
|
654 | — | 654 | — | ||||||||||||
|
||||||||||||||||
Balance, end of period
|
$ | 160 | $ | — | $ | 160 | $ | — | ||||||||
|
10
June 30, 2011 | December 31, 2010 | |||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted- | Gross Carrying | Accumulated | Net Carrying | Weighted- | |||||||||||||||||||||||||
(In thousands) | Amount | Amortization | Amount | Average Lives | Amount | Amortization | Amount | Average Lives | ||||||||||||||||||||||||
Amortizable intangible assets
|
||||||||||||||||||||||||||||||||
Patents
|
$ | 4,664 | $ | (2,819 | ) | $ | 1,845 | 6 Years | $ | 4,664 | $ | (2,361 | ) | $ | 2,303 | 6 Years | ||||||||||||||||
Customer relationships
|
3,922 | (1,364 | ) | 2,558 | 5 Years | 3,633 | (998 | ) | 2,635 | 5 Years | ||||||||||||||||||||||
Production know-how
|
2,676 | (494 | ) | 2,182 | 9 Years | 2,518 | (335 | ) | 2,183 | 9 Years | ||||||||||||||||||||||
Technology license
|
1,272 | (132 | ) | 1,140 | 4 Years | — | — | — | ||||||||||||||||||||||||
Other identifiable intangibles
|
11 | — | 11 | 10 | — | 10 | ||||||||||||||||||||||||||
|
$ | 12,545 | $ | (4,809 | ) | $ | 7,736 | $ | 10,825 | $ | (3,694 | ) | $ | 7,131 | ||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||
$ 1,179
|
$ | 2,076 | $ | 1,464 | $ | 1,279 | $ | 530 | $ | 1,208 | $ | 7,736 |
2011 | 2010 | |||||||
Balance at January 1
|
$ | 6,917 | $ | 3,886 | ||||
Provision for warranty accrual
|
3,293 | 2,384 | ||||||
Warranty claims and other reductions
|
(1,923 | ) | (1,490 | ) | ||||
Foreign currency translation
|
508 | (354 | ) | |||||
|
||||||||
|
||||||||
Balance at June 30
|
$ | 8,795 | $ | 4,426 | ||||
|
2011 | ||||
Beginning balance — January 1
|
$ | 2,951 | ||
Gross decreases — tax positions in prior periods
|
— | |||
Gross increases — tax positions in prior periods
|
473 | |||
|
||||
Ending balance — June 30
|
$ | 3,424 | ||
|
11
12
Three Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | Change | ||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||
Materials processing
|
$ | 107,900 | 88.5 | % | $ | 57,265 | 85.1 | % | $ | 50,635 | 88.4 | % | ||||||||||||
Advanced applications
|
6,253 | 5.1 | % | 5,382 | 8.0 | % | 871 | 16.2 | % | |||||||||||||||
Communications
|
5,866 | 4.8 | % | 2,133 | 3.2 | % | 3,733 | 175.0 | % | |||||||||||||||
Medical
|
1,917 | 1.6 | % | 2,478 | 3.7 | % | (561 | ) | -22.6 | % | ||||||||||||||
|
||||||||||||||||||||||||
Total
|
$ | 121,936 | 100.0 | % | $ | 67,258 | 100.0 | % | $ | 54,678 | 81.3 | % | ||||||||||||
13
14
Six Months Ended June 30, | ||||||||||||||||||||||||
2011 | 2010 | Change | ||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||
Materials processing
|
$ | 194,297 | 87.6 | % | $ | 100,006 | 84.4 | % | $ | 94,291 | 94.3 | % | ||||||||||||
Advanced applications
|
14,485 | 6.5 | % | 10,065 | 8.5 | % | 4,420 | 43.9 | % | |||||||||||||||
Communications
|
9,068 | 4.1 | % | 3,986 | 3.4 | % | 5,082 | 127.5 | % | |||||||||||||||
Medical
|
4,044 | 1.8 | % | 4,405 | 3.7 | % | (361 | ) | -8.2 | % | ||||||||||||||
|
||||||||||||||||||||||||
Total
|
$ | 221,894 | 100.0 | % | $ | 118,462 | 100.0 | % | $ | 103,432 | 87.3 | % | ||||||||||||
15
16
Description | Available Principal | Interest Rate | Maturity | Security | ||||
U.S. Revolving Line of
Credit (1)
|
Up to $35 million | LIBOR plus 0.125% to 1.625%, depending on our performance | July 2015 | Unsecured | ||||
|
||||||||
Euro Credit Facility
(Germany)(2) |
Euro 15.0 million ($21.6 million) | Euribor + 0.85% or EONIA 1.2% | June 2012 |
Unsecured, guaranteed
by parent company |
||||
|
||||||||
|
Common pool of assets | |||||||
Euro Overdraft
Facilities |
Euro 2.6 million ( $3.7 million) | 2.5%-6.5% | Between February 2012 and July 2012 | of German and Italian subsidiaries |
(1) | $15.0 million of this credit facility is available to our foreign subsidiaries in their respective local currencies, including India, Italy, China, Japan and South Korea. Total drawings at June 30, 2011 were $3.5 million with a weighted average interest rate of 1.3%. | |
(2) | $4.3 million of this credit facility is available to our Russian subsidiary and $4.3 million is available to our Italian subsidiary. Total drawing at June 30, 2011 was $3.1 million with an interest rate of 2.1%. |
• | An increase in cash provided by net income after adding back non-cash charges of $60.8 million in the six months ended June 30, 2011 as compared to the same period in 2010; partially offset by |
17
• | An increase in inventory of $35.2 million in the six months ended June 30, 2011 compared to an increase of inventory of $9.5 million in the six months ended June 30, 2010; and |
• | A decrease in accrued expenses and other liabilities of $2.7 million in the six months ended June 30, 2011 compared to an increase of $13.2 million in the six months ended June 30, 2010; and |
• | A decrease in income and other taxes payable of $4.4 million in the six months ended June 30, 2011 compared to an increase of $2.8 million in the six months ended June 30, 2010; and |
• | An increase in Accounts receivable of $16.9 million in the six months ended June 30, 2011 compared to $12.7 million increase in the six months ended June 30, 2010. |
18
19
20
Exhibit | ||
No. | Description | |
12.1
|
Statement Re Computation of Earnings to Fixed Charges | |
|
||
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) | |
|
||
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) | |
|
||
32
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350 | |
101.INS
|
XBRL Instance Document | |
|
||
101.SCH
|
XBRL Taxonomy Extension Schema | |
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase | |
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase | |
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase | |
|
||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase |
21
IPG PHOTONICS CORPORATION
|
||||
Date: August 8, 2011 | By: | /s/ Valentin P. Gapontsev | ||
Valentin P. Gapontsev | ||||
Chairman and Chief Executive Officer
(Principal Executive Officer) |
||||
Date: August 8, 2011 | By: | /s/ Timothy P.V. Mammen | ||
Timothy P.V. Mammen | ||||
Vice President and Chief Financial Officer
(Principal Financial Officer) |
22
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Medtronic plc | MDT |
Thermo Fisher Scientific Inc. | TMO |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|