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ý
|
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
|
ý
|
|
Accelerated Filer
|
¨
|
Non-Accelerated Filer
|
¨
|
|
Smaller Reporting Company
|
¨
|
|
Page
|
EX-31.1 CERTIFICATION OF CEO PURSUANT TO RULE 13a-14(a)
|
|
EX-31.2 CERTIFICATION OF CFO PURSUANT TO RULE 13a-14(a)
|
|
EX-32 CERTIFICATION OF CEO AND CFO PURSUANT TO SECTION 1350
|
|
EX-101.INS XBRL INSTANCE DOCUMENT
|
|
EX-101.SCH XBRL TAXONOMY EXTENSION SCHEMA
|
|
EX-101.CAL XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
|
|
EX-101.LAB XBRL TAXONOMY EXTENSION LABEL LINKBASE
|
|
EX-101.PRE XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
|
|
EX-101.DEF XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
|
|
|
June 30,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
|
(In thousands, except share
and per share data)
|
||||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
483,432
|
|
|
$
|
448,776
|
|
Accounts receivable, net
|
124,144
|
|
|
103,803
|
|
||
Inventories
|
178,925
|
|
|
172,700
|
|
||
Prepaid income taxes and income taxes receivable
|
19,706
|
|
|
15,996
|
|
||
Prepaid expenses and other current assets
|
32,634
|
|
|
30,836
|
|
||
Deferred income taxes, net
|
15,251
|
|
|
14,232
|
|
||
Total current assets
|
854,092
|
|
|
786,343
|
|
||
DEFERRED INCOME TAXES, NET
|
8,139
|
|
|
4,799
|
|
||
GOODWILL
|
455
|
|
|
455
|
|
||
INTANGIBLE ASSETS, NET
|
8,472
|
|
|
9,564
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
268,122
|
|
|
252,245
|
|
||
OTHER ASSETS
|
19,106
|
|
|
7,810
|
|
||
TOTAL
|
$
|
1,158,386
|
|
|
$
|
1,061,216
|
|
LIABILITIES AND EQUITY
|
|||||||
CURRENT LIABILITIES:
|
|
|
|
||||
Revolving line-of-credit facilities
|
$
|
2,724
|
|
|
$
|
3,296
|
|
Current portion of long-term debt
|
12,000
|
|
|
1,333
|
|
||
Accounts payable
|
15,059
|
|
|
18,787
|
|
||
Accrued expenses and other liabilities
|
63,379
|
|
|
59,336
|
|
||
Deferred income taxes, net
|
3,187
|
|
|
2,109
|
|
||
Income taxes payable
|
16,823
|
|
|
15,218
|
|
||
Total current liabilities
|
113,172
|
|
|
100,079
|
|
||
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES
|
21,354
|
|
|
21,835
|
|
||
LONG-TERM DEBT, NET OF CURRENT PORTION
|
—
|
|
|
11,333
|
|
||
Total liabilities
|
134,526
|
|
|
133,247
|
|
||
COMMITMENTS AND CONTINGENCIES (NOTE 12)
|
|
|
|
||||
IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 52,121,222 shares issued and outstanding at June 30, 2014; 51,930,978 shares issued and outstanding at December 31, 2013
|
5
|
|
|
5
|
|
||
Additional paid-in capital
|
551,885
|
|
|
538,908
|
|
||
Retained earnings
|
479,571
|
|
|
390,757
|
|
||
Accumulated other comprehensive loss
|
(7,601
|
)
|
|
(1,701
|
)
|
||
Total IPG Photonics Corporation stockholders’ equity
|
1,023,860
|
|
|
927,969
|
|
||
TOTAL
|
$
|
1,158,386
|
|
|
$
|
1,061,216
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
NET SALES
|
$
|
192,204
|
|
|
$
|
168,171
|
|
|
$
|
362,779
|
|
|
$
|
310,023
|
|
COST OF SALES
|
87,977
|
|
|
78,249
|
|
|
169,268
|
|
|
144,460
|
|
||||
GROSS PROFIT
|
104,227
|
|
|
89,922
|
|
|
193,511
|
|
|
165,563
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
8,047
|
|
|
6,845
|
|
|
15,212
|
|
|
12,713
|
|
||||
Research and development
|
13,362
|
|
|
10,483
|
|
|
26,146
|
|
|
19,281
|
|
||||
General and administrative
|
13,124
|
|
|
12,829
|
|
|
26,040
|
|
|
24,639
|
|
||||
Loss (gain) on foreign exchange
|
945
|
|
|
(110
|
)
|
|
(425
|
)
|
|
(591
|
)
|
||||
Total operating expenses
|
35,478
|
|
|
30,047
|
|
|
66,973
|
|
|
56,042
|
|
||||
OPERATING INCOME
|
68,749
|
|
|
59,875
|
|
|
126,538
|
|
|
109,521
|
|
||||
OTHER INCOME (EXPENSE), Net:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
—
|
|
|
(35
|
)
|
|
(139
|
)
|
|
(88
|
)
|
||||
Other income (expense), net
|
239
|
|
|
(239
|
)
|
|
573
|
|
|
(169
|
)
|
||||
Total other income (expense)
|
239
|
|
|
(274
|
)
|
|
434
|
|
|
(257
|
)
|
||||
INCOME BEFORE PROVISION FOR INCOME TAXES
|
68,988
|
|
|
59,601
|
|
|
126,972
|
|
|
109,264
|
|
||||
PROVISION FOR INCOME TAXES
|
(20,705
|
)
|
|
(17,881
|
)
|
|
(38,158
|
)
|
|
(32,417
|
)
|
||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION
|
$
|
48,283
|
|
|
$
|
41,720
|
|
|
$
|
88,814
|
|
|
$
|
76,847
|
|
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.93
|
|
|
$
|
0.81
|
|
|
$
|
1.71
|
|
|
$
|
1.49
|
|
Diluted
|
$
|
0.92
|
|
|
$
|
0.80
|
|
|
$
|
1.68
|
|
|
$
|
1.47
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
||||||||
Basic
|
52,068
|
|
|
51,462
|
|
|
52,019
|
|
|
51,435
|
|
||||
Diluted
|
52,769
|
|
|
52,385
|
|
|
52,747
|
|
|
52,357
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
(In thousands)
|
||||||||||
Net income
|
$
|
48,283
|
|
|
$
|
41,720
|
|
|
$
|
88,814
|
|
|
$
|
76,847
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
6,683
|
|
|
(4,358
|
)
|
|
(5,983
|
)
|
|
(13,986
|
)
|
||||
Unrealized gain on derivatives
|
44
|
|
|
91
|
|
|
83
|
|
|
174
|
|
||||
Total other comprehensive income (loss)
|
6,727
|
|
|
(4,267
|
)
|
|
(5,900
|
)
|
|
(13,812
|
)
|
||||
Comprehensive income attributable to IPG Photonics Corporation
|
$
|
55,010
|
|
|
$
|
37,453
|
|
|
$
|
82,914
|
|
|
$
|
63,035
|
|
|
Six Months Ended June 30,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
88,814
|
|
|
$
|
76,847
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
17,088
|
|
|
14,885
|
|
||
Deferred income taxes
|
(4,893
|
)
|
|
(3,385
|
)
|
||
Stock-based compensation
|
7,172
|
|
|
5,472
|
|
||
Unrealized gains on foreign currency transactions
|
(2,225
|
)
|
|
(591
|
)
|
||
Other
|
335
|
|
|
460
|
|
||
Provisions for inventory, warranty & bad debt
|
12,207
|
|
|
10,255
|
|
||
Changes in assets and liabilities that (used) provided cash:
|
|
|
|
||||
Accounts receivable
|
(20,720
|
)
|
|
(21,212
|
)
|
||
Inventories
|
(14,988
|
)
|
|
(23,814
|
)
|
||
Prepaid expenses and other current assets
|
436
|
|
|
(1,503
|
)
|
||
Accounts payable
|
(2,684
|
)
|
|
2,508
|
|
||
Accrued expenses and other liabilities
|
(170
|
)
|
|
(880
|
)
|
||
Income and other taxes payable
|
(1,071
|
)
|
|
(32,412
|
)
|
||
Tax benefit from exercise of employee stock options
|
(2,426
|
)
|
|
(2,356
|
)
|
||
Net cash provided by operating activities
|
76,875
|
|
|
24,274
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of and deposits on property, plant and equipment
|
(45,781
|
)
|
|
(34,263
|
)
|
||
Proceeds from sales of property, plant and equipment
|
254
|
|
|
166
|
|
||
Acquisition of businesses
|
—
|
|
|
(5,555
|
)
|
||
Other
|
42
|
|
|
407
|
|
||
Net cash used in investing activities
|
(45,485
|
)
|
|
(39,245
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from line-of-credit facilities
|
15,376
|
|
|
11,971
|
|
||
Payments on line-of-credit facilities
|
(15,911
|
)
|
|
(12,591
|
)
|
||
Principal payments on long-term borrowings
|
(667
|
)
|
|
(2,186
|
)
|
||
Exercise of employee stock options and issuances under employee stock purchase plan
|
3,379
|
|
|
2,177
|
|
||
Tax benefit from exercise of employee stock options
|
2,426
|
|
|
2,356
|
|
||
Net cash provided by financing activities
|
4,603
|
|
|
1,727
|
|
||
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
|
(1,337
|
)
|
|
(1,325
|
)
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
34,656
|
|
|
(14,569
|
)
|
||
CASH AND CASH EQUIVALENTS — Beginning of period
|
448,776
|
|
|
384,053
|
|
||
CASH AND CASH EQUIVALENTS — End of period
|
$
|
483,432
|
|
|
$
|
369,484
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
223
|
|
|
$
|
165
|
|
Cash paid for income taxes
|
$
|
41,525
|
|
|
$
|
61,308
|
|
Non-cash transactions:
|
|
|
|
||||
Demonstration units transferred from inventory to other assets
|
$
|
1,318
|
|
|
$
|
2,410
|
|
Inventory transferred to machinery and equipment
|
$
|
1,030
|
|
|
$
|
—
|
|
Additions to property, plant and equipment included in accounts payable
|
$
|
1,209
|
|
|
$
|
605
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
(In thousands, except share and per share data)
|
||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||
COMMON STOCK
|
|
|
|
|
|
|
|
||||||
Balance, beginning of year
|
51,930,978
|
|
|
$
|
5
|
|
|
51,359,247
|
|
|
$
|
5
|
|
Exercise of stock options
|
172,786
|
|
|
—
|
|
|
144,891
|
|
|
—
|
|
||
Common stock issued under employee stock purchase plan
|
17,458
|
|
|
—
|
|
|
13,913
|
|
|
—
|
|
||
Balance, end of period
|
52,121,222
|
|
|
5
|
|
|
51,518,051
|
|
|
5
|
|
||
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|
|
|
|
||||||
Balance, beginning of year
|
|
|
538,908
|
|
|
|
|
511,039
|
|
||||
Stock-based compensation
|
|
|
7,172
|
|
|
|
|
5,472
|
|
||||
Exercise of stock options and related tax benefit from exercise
|
|
|
4,784
|
|
|
|
|
3,815
|
|
||||
Common stock issued under employee stock purchase plan
|
|
|
1,021
|
|
|
|
|
718
|
|
||||
Balance, end of period
|
|
|
551,885
|
|
|
|
|
521,044
|
|
||||
RETAINED EARNINGS
|
|
|
|
|
|
|
|
||||||
Balance, beginning of year
|
|
|
390,757
|
|
|
|
|
234,977
|
|
||||
Net income attributable to IPG Photonics Corporation
|
|
|
88,814
|
|
|
|
|
76,847
|
|
||||
Balance, end of period
|
|
|
479,571
|
|
|
|
|
311,824
|
|
||||
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
||||||
Balance, beginning of year
|
|
|
(1,701
|
)
|
|
|
|
(3,094
|
)
|
||||
Translation adjustments
|
|
|
(5,983
|
)
|
|
|
|
(13,986
|
)
|
||||
Unrealized gain on derivatives, net of tax
|
|
|
83
|
|
|
|
|
174
|
|
||||
Balance, end of period
|
|
|
(7,601
|
)
|
|
|
|
(16,906
|
)
|
||||
TOTAL IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY
|
|
|
$
|
1,023,860
|
|
|
|
|
$
|
815,967
|
|
|
June 30,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
Components and raw materials
|
$
|
54,376
|
|
|
$
|
54,539
|
|
Work-in-process
|
67,886
|
|
|
64,927
|
|
||
Finished goods
|
56,663
|
|
|
53,234
|
|
||
Total
|
$
|
178,925
|
|
|
$
|
172,700
|
|
|
June 30,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
Accrued compensation
|
$
|
26,956
|
|
|
$
|
25,727
|
|
Customer deposits and deferred revenue
|
21,213
|
|
|
18,489
|
|
||
Current portion of accrued warranty
|
7,821
|
|
|
7,724
|
|
||
Other
|
7,389
|
|
|
7,396
|
|
||
Total
|
$
|
63,379
|
|
|
$
|
59,336
|
|
|
June 30,
|
|
December 31,
|
||||
|
2014
|
|
2013
|
||||
Revolving line-of-credit facilities:
|
|
|
|
||||
European overdraft facilities
|
$
|
1,883
|
|
|
$
|
1,038
|
|
Euro line of credit
|
841
|
|
|
2,258
|
|
||
Total
|
$
|
2,724
|
|
|
$
|
3,296
|
|
Term debt:
|
|
|
|
||||
U.S. long-term note
|
$
|
12,000
|
|
|
$
|
12,666
|
|
Less: current portion
|
(12,000
|
)
|
|
(1,333
|
)
|
||
Total long-term debt
|
$
|
—
|
|
|
$
|
11,333
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net income attributable to IPG Photonics Corporation
|
$
|
48,283
|
|
|
$
|
41,720
|
|
|
$
|
88,814
|
|
|
$
|
76,847
|
|
Weighted average shares
|
52,068
|
|
|
51,462
|
|
|
52,019
|
|
|
51,435
|
|
||||
Dilutive effect of common stock equivalents
|
701
|
|
|
923
|
|
|
728
|
|
|
922
|
|
||||
Diluted weighted average common shares
|
52,769
|
|
|
52,385
|
|
|
52,747
|
|
|
52,357
|
|
||||
Basic net income attributable to IPG Photonics Corporation per share
|
$
|
0.93
|
|
|
$
|
0.81
|
|
|
$
|
1.71
|
|
|
$
|
1.49
|
|
Diluted net income attributable to IPG Photonics Corporation per share
|
$
|
0.92
|
|
|
$
|
0.80
|
|
|
$
|
1.68
|
|
|
$
|
1.47
|
|
Notional Amounts
1
|
|
Other Assets
|
|
Other Current Laibilities
2
|
|
Other Long-Term Laibilities
2
|
||||||||||||||||||||||||
June 30,
|
|
December 31,
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
December 31,
|
||||||||||||||||
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||||||
$
|
12,000
|
|
|
$
|
12,666
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
423
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Effective portion recognized in other comprehensive loss, pretax:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
145
|
|
|
$
|
280
|
|
|
$
|
283
|
|
|
$
|
547
|
|
Effective portion reclassified from other comprehensive loss to interest expense, pretax:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
(76
|
)
|
|
$
|
(135
|
)
|
|
$
|
(151
|
)
|
|
$
|
(270
|
)
|
Ineffective portion recognized in income:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements at June 30, 2014
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
239,860
|
|
|
$
|
239,860
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Auction rate securities
|
1,124
|
|
|
—
|
|
|
—
|
|
|
1,124
|
|
||||
Total assets
|
$
|
240,984
|
|
|
$
|
239,860
|
|
|
$
|
—
|
|
|
$
|
1,124
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent purchase consideration
|
$
|
357
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
357
|
|
Interest rate swaps
|
291
|
|
|
—
|
|
|
291
|
|
|
—
|
|
||||
Total liabilities
|
$
|
648
|
|
|
$
|
—
|
|
|
$
|
291
|
|
|
$
|
357
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements at December 31, 2013
|
||||||||||||
|
|
|
|||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
240,159
|
|
|
$
|
240,159
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Auction rate securities
|
1,120
|
|
|
—
|
|
|
—
|
|
|
1,120
|
|
||||
Total assets
|
$
|
241,279
|
|
|
$
|
240,159
|
|
|
$
|
—
|
|
|
$
|
1,120
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent purchase consideration
|
$
|
375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
375
|
|
Interest rate swaps
|
423
|
|
|
—
|
|
|
423
|
|
|
—
|
|
||||
Total liabilities
|
$
|
798
|
|
|
$
|
—
|
|
|
$
|
423
|
|
|
$
|
375
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Auction Rate Securities
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
1,122
|
|
|
$
|
1,114
|
|
|
$
|
1,120
|
|
|
$
|
1,112
|
|
Period transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Change in fair value and accretion
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
||||
Balance, end of period
|
$
|
1,124
|
|
|
$
|
1,116
|
|
|
$
|
1,124
|
|
|
$
|
1,116
|
|
Contingent Purchase Consideration
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
366
|
|
|
$
|
3,016
|
|
|
$
|
375
|
|
|
$
|
3,023
|
|
Period transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjustment for determination of final payment
|
—
|
|
|
(2,457
|
)
|
|
—
|
|
|
(2,464
|
)
|
||||
Change in fair value and currency fluctuations
|
(9
|
)
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
||||
Balance, end of period
|
$
|
357
|
|
|
$
|
559
|
|
|
$
|
357
|
|
|
$
|
559
|
|
|
June 30, 2014
|
|
December 31, 2013
|
|
||||||||||||||||
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Net Carrying
Amount
|
Weighted-
Average Lives
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Net Carrying
Amount
|
Weighted-
Average Lives
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Patents
|
$
|
4,643
|
|
$
|
(4,099
|
)
|
$
|
544
|
|
6 Years
|
$
|
4,667
|
|
$
|
(4,091
|
)
|
$
|
576
|
|
6 Years
|
Customer relationships
|
4,075
|
|
(3,507
|
)
|
568
|
|
5 Years
|
4,112
|
|
(3,324
|
)
|
788
|
|
5 Years
|
||||||
Production know-how
|
7,050
|
|
(2,245
|
)
|
4,805
|
|
8 Years
|
7,063
|
|
(1,747
|
)
|
5,316
|
|
8 Years
|
||||||
Technology, trademark and tradename
|
4,260
|
|
(1,705
|
)
|
2,555
|
|
8 Years
|
4,271
|
|
(1,387
|
)
|
2,884
|
|
8 Years
|
||||||
|
$
|
20,028
|
|
$
|
(11,556
|
)
|
$
|
8,472
|
|
|
$
|
20,113
|
|
$
|
(10,549
|
)
|
$
|
9,564
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
$1,066
|
|
$1,547
|
|
$1,453
|
|
$1,453
|
|
$1,388
|
|
$1,565
|
|
$8,472
|
|
2014
|
|
2013
|
||||
Balance at January 1
|
$
|
14,997
|
|
|
$
|
10,714
|
|
Provision for warranty accrual
|
5,936
|
|
|
4,984
|
|
||
Warranty claims and other reductions
|
(4,226
|
)
|
|
(2,586
|
)
|
||
Foreign currency translation
|
(132
|
)
|
|
(234
|
)
|
||
Balance at June 30
|
$
|
16,575
|
|
|
$
|
12,878
|
|
|
2014
|
|
2013
|
||||
Balance at January 1
|
$
|
6,501
|
|
|
$
|
5,392
|
|
Reductions of prior period positions
|
—
|
|
|
(63
|
)
|
||
Additions for tax positions in prior period
|
—
|
|
|
—
|
|
||
Additions for tax positions in current period
|
—
|
|
|
313
|
|
||
Balance at June 30
|
$
|
6,501
|
|
|
$
|
5,642
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2014
|
|
2013
|
|
Change
|
|||||||||||||||
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|
|||||||||
Materials processing
|
$
|
185,271
|
|
|
96.4
|
%
|
|
$
|
157,618
|
|
|
93.7
|
%
|
|
$
|
27,653
|
|
|
17.5
|
%
|
Other applications
|
6,933
|
|
|
3.6
|
%
|
|
10,553
|
|
|
6.3
|
%
|
|
(3,620
|
)
|
|
(34.3
|
)%
|
|||
Total
|
$
|
192,204
|
|
|
100.0
|
%
|
|
$
|
168,171
|
|
|
100.0
|
%
|
|
$
|
24,033
|
|
|
14.3
|
%
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||||||||
|
|
2014
|
|
2013
|
|
Change
|
|||||||||||||||
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|
|||||||||
Materials processing
|
|
$
|
347,996
|
|
|
95.9
|
%
|
|
$
|
290,663
|
|
|
93.8
|
%
|
|
$
|
57,333
|
|
|
19.7
|
%
|
Other applications
|
|
14,783
|
|
|
4.1
|
%
|
|
19,360
|
|
|
6.2
|
%
|
|
(4,577
|
)
|
|
(23.6
|
)%
|
|||
Total
|
|
$
|
362,779
|
|
|
100.0
|
%
|
|
$
|
310,023
|
|
|
100.0
|
%
|
|
$
|
52,756
|
|
|
17.0
|
%
|
•
|
Cash provided by operating activities in the
six months ended June 30, 2014
of
$76.9
million.
|
•
|
Cash provided by financing activities of
$4.6 million
from the exercise of stock options and their related tax benefit partially offset by payments on long-term borrowings and net payments of line-of-credit facilities.
|
•
|
Cash used by investing activities of
$45.5 million
which mostly relate to capital expenditures.
|
|
|
|
|
|
|
|
|
|
Description
|
|
Available Principal
|
|
Interest Rate
|
|
Maturity
|
|
Security
|
U.S. Revolving Line of Credit (1)
|
|
Up to $35.0 million
|
|
LIBOR plus 1.125% to 1.625%, depending on our performance
|
|
June 2015
|
|
Unsecured
|
Euro Credit Facility (Germany)(2)
|
|
Euro 20.0 million ($27.3 million)
|
|
Euribor + 1.25% or EONIA 1.75%
|
|
August 2014
|
|
Unsecured, guaranteed by parent company
|
Euro Overdraft Facilities(3)
|
|
Euro 2.0 million
($2.7 million) |
|
1.2%-6.5%
|
|
October 2014
|
|
Common pool of assets of Italian subsidiary
|
(1)
|
$14.1 million of this revolving credit facility is available to our foreign subsidiaries in their respective local currencies, including India, China, Japan and South Korea. There were no drawings at
June 30, 2014
.
|
(2)
|
$4.8 million
of this credit facility is available to our German subsidiary,
$20.5 million
is available to our Russian subsidiary and
$2.0 million
is available to our Italian subsidiary. Total drawings at
June 30, 2014
was
$0.8 million
with an interest rate of
1.6%
.
|
(3)
|
At
June 30, 2014
,
$1.9 million
of the
$2.7 million
was drawn upon with an interest rate of
1.2%
.
|
•
|
A decrease in income and other taxes payable of
$1.1 million
in the
six months ended June 30, 2014
compared to a decrease of
$32.4 million
in the
six months ended June 30, 2013
, which included cash payments for corporation tax in Germany of approximately $32 million for fiscal year 2011 and revised estimated payment for fiscal year 2012.
|
•
|
An increase in inventory of
$15.0 million
in the
six months ended June 30, 2014
compared to an increase of
$23.8 million
in the
six months ended June 30, 2013
;
|
•
|
An increase in cash provided by net income after adding back non-cash charges of
$118.5 million
in the
six months ended June 30, 2014
as compared to
$103.9 million
in the same period in
2013
; partially offset by
|
•
|
A decrease in accounts payable of
$2.7 million
in the
six months ended June 30, 2014
compared to an increase of
$2.5 million
in the
six months ended June 30, 2013
.
|
Date
|
|
Total Number of
Shares (or Units)
Purchased
|
|
|
|
Average Price
Paid per Share
(or Unit)
|
|
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
|||||||
January 1, 2014 — January 31, 2014
|
|
—
|
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
February 1, 2014 — February 28, 2014
|
|
—
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
March 1, 2014 — March 31, 2014
|
|
2,639
|
|
(1
|
)
|
|
71.10
|
|
|
—
|
|
|
—
|
|
|||
April 1, 2014 — April 30, 2014
|
|
—
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
May 1, 2014 — May 31, 2014
|
|
—
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
June 1, 2014 — June 30, 2014
|
|
2,785
|
|
(1
|
)
|
|
68.64
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
5,424
|
|
|
|
$
|
69.84
|
|
|
$
|
—
|
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$
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—
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(1)
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In 2012, our Board of Directors approved “withhold to cover” as a tax payment method for vesting of restricted stock awards for certain employees. Pursuant to the “withhold to cover” method, we withheld from such employees the shares noted in the table above to cover tax withholding related to the vesting of their awards. The average prices listed in the above table are averages of the fair market prices at which we valued shares withheld for purposes of calculating the number of shares to be withheld in 2014.
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Exhibit
No.
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Description
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31.1
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Certification of Chief Executive Officer pursuant to Rule 13a-14(a)
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31.2
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Certification of Chief Financial Officer pursuant to Rule 13a-14(a)
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32
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Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350
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101.INS
|
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XBRL Instance Document
|
101.SCH
|
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XBRL Taxonomy Extension Schema
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101.CAL
|
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XBRL Taxonomy Extension Calculation Linkbase
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101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
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101.PRE
|
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XBRL Taxonomy Extension Presentation Linkbase
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101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
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|
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IPG PHOTONICS CORPORATION
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Date: August 5, 2014
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By:
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/s/ Valentin P. Gapontsev
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Valentin P. Gapontsev
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Chairman and Chief Executive Officer
(Principal Executive Officer)
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Date: August 5, 2014
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By:
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/s/ Timothy P.V. Mammen
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Timothy P.V. Mammen
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
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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 |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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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 |
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