Restatement of Prior Period Quarterly Financial Statements (Unaudited) | 12 Months Ended |
Dec. 31, 2013 |
Restatement Of Prior Period Quarterly Financial Statements [Abstract] | ' |
Restatement Of Prior Period Quarterly Financial Statements [Text Block] | ' |
20 | Restatement of Prior Period Quarterly Financial Statements (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | |
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As discussed in greater detail in Note 19 - Restatement of Prior Period Financial Statements, the Company determined that it needed to restate its previously issued consolidated financial information for the quarterly periods ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2103 and September 30, 2013. The following tables summarize the effects of the restatements on our previously issued unaudited condensed consolidated financial statements. |
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Condensed consolidated statements of income (unaudited) |
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| | Three Months Ended March 31, | | | | | | | | | | | | | | | | | | | |
| | 2012 | | 2013 | | | | | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | | | | | | | | | | | | | | | | | | |
Revenue | | $ | 187,577,031 | | $ | 204,577,416 | | | | | | | | | | | | | | | | | | | |
Cost of goods sold | | | 146,870,289 | | | 158,227,615 | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 40,706,742 | | | 46,349,801 | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 31,115,144 | | | 47,111,617 | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 2,444,096 | | | 2,465,667 | | | | | | | | | | | | | | | | | | | |
Change in fair value of contingent consideration | | | 200,141 | | | 608,832 | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | | 6,947,361 | | | -3,836,315 | | | | | | | | | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | 247,697 | | | - | | | | | | | | | | | | | | | | | | | |
Interest income | | | 51,741 | | | 7,334 | | | | | | | | | | | | | | | | | | | |
Interest expense | | | -698,094 | | | -485,107 | | | | | | | | | | | | | | | | | | | |
Other, net | | | 138,268 | | | -446,163 | | | | | | | | | | | | | | | | | | | |
Total other income (expense) | | | -260,388 | | | -923,936 | | | | | | | | | | | | | | | | | | | |
Income (loss) before taxes | | | 6,686,973 | | | -4,760,251 | | | | | | | | | | | | | | | | | | | |
Income tax expense (benefit) | | | 2,257,759 | | | -1,958,977 | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | $ | 4,429,214 | | $ | -2,801,274 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings (loss) per share | | $ | 0.09 | | $ | -0.06 | | | | | | | | | | | | | | | | | | | |
Diluted earnings (loss) per share | | $ | 0.09 | | $ | -0.06 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 4,861,474 | | $ | -4,718,963 | | | | | | | | | | | | | | | | | | | |
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| | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | | | | |
| | 2012 | | 2013 | | 2012 | | 2013 | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | (as restated) | | (as restated) | | | | | | | | | | | | | |
Revenue | | $ | 201,321,036 | | $ | 210,875,626 | | $ | 388,898,067 | | $ | 415,453,042 | | | | | | | | | | | | | |
Cost of goods sold | | | 153,523,598 | | | 162,699,024 | | | 300,393,887 | | | 320,926,639 | | | | | | | | | | | | | |
Gross profit | | | 47,797,438 | | | 48,176,602 | | | 88,504,180 | | | 94,526,403 | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 38,381,812 | | | 41,347,183 | | | 69,496,956 | | | 88,458,800 | | | | | | | | | | | | | |
Depreciation and amortization | | | 2,936,981 | | | 2,648,396 | | | 5,381,077 | | | 5,114,063 | | | | | | | | | | | | | |
Change in fair value of contingent consideration | | | 266,544 | | | -1,649,389 | | | 466,685 | | | -1,040,557 | | | | | | | | | | | | | |
Income from operations | | | 6,212,101 | | | 5,830,412 | | | 13,159,462 | | | 1,994,097 | | | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | 247,875 | | | - | | | 495,572 | | | - | | | | | | | | | | | | | |
Interest income | | | 43,047 | | | 555 | | | 94,788 | | | 7,889 | | | | | | | | | | | | | |
Interest expense | | | -660,492 | | | -514,825 | | | -1,358,586 | | | -999,932 | | | | | | | | | | | | | |
Other, net | | | -124,329 | | | 25,510 | | | 13,939 | | | -420,653 | | | | | | | | | | | | | |
Total other income (expense) | | | -493,899 | | | -488,760 | | | -754,287 | | | -1,412,696 | | | | | | | | | | | | | |
Income before taxes | | | 5,718,202 | | | 5,341,652 | | | 12,405,175 | | | 581,401 | | | | | | | | | | | | | |
Income tax expense (benefit) | | | 1,944,378 | | | 1,666,131 | | | 4,202,137 | | | -292,846 | | | | | | | | | | | | | |
Net income | | $ | 3,773,824 | | $ | 3,675,521 | | $ | 8,203,038 | | $ | 874,247 | | | | | | | | | | | | | |
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Basic earnings per share | | $ | 0.08 | | $ | 0.07 | | $ | 0.17 | | $ | 0.02 | | | | | | | | | | | | | |
Diluted earnings per share | | $ | 0.07 | | $ | 0.07 | | $ | 0.16 | | $ | 0.02 | | | | | | | | | | | | | |
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Comprehensive income (loss) | | $ | 2,829,531 | | $ | 3,477,251 | | $ | 7,691,005 | | $ | -1,241,712 | | | | | | | | | | | | | |
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| | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | |
| | 2012 | | 2013 | | 2012 | | 2013 | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | (as restated) | | (as restated) | | | | | | | | | | | | | |
Revenue | | $ | 198,843,932 | | $ | 232,629,788 | | $ | 587,741,999 | | $ | 648,082,830 | | | | | | | | | | | | | |
Cost of goods sold | | | 152,887,337 | | | 179,448,580 | | | 453,281,224 | | | 500,375,219 | | | | | | | | | | | | | |
Gross profit | | | 45,956,595 | | | 53,181,208 | | | 134,460,775 | | | 147,707,611 | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 36,299,315 | | | 44,724,982 | | | 105,796,271 | | | 133,183,782 | | | | | | | | | | | | | |
Depreciation and amortization | | | 2,696,255 | | | 3,880,431 | | | 8,077,332 | | | 8,994,494 | | | | | | | | | | | | | |
Change in fair value of contingent consideration | | | 330,791 | | | -29,627,005 | | | 797,476 | | | -30,667,562 | | | | | | | | | | | | | |
Goodwill impairment charge | | | - | | | 37,908,000 | | | - | | | 37,908,000 | | | | | | | | | | | | | |
Restructuring and other charges | | | - | | | 4,321,862 | | | - | | | 4,321,862 | | | | | | | | | | | | | |
Income (loss) from operations | | | 6,630,234 | | | -8,027,062 | | | 19,789,696 | | | -6,032,965 | | | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | 346,836 | | | - | | | 842,408 | | | - | | | | | | | | | | | | | |
Interest income | | | 10,667 | | | 14,887 | | | 105,455 | | | 22,776 | | | | | | | | | | | | | |
Interest expense | | | -633,085 | | | -820,081 | | | -1,991,671 | | | -1,820,013 | | | | | | | | | | | | | |
Other, net | | | 108,667 | | | 77,147 | | | 122,606 | | | -343,506 | | | | | | | | | | | | | |
Total other income (expense) | | | -166,915 | | | -728,047 | | | -921,202 | | | -2,140,743 | | | | | | | | | | | | | |
Income (loss) before taxes | | | 6,463,319 | | | -8,755,109 | | | 18,868,494 | | | -8,173,708 | | | | | | | | | | | | | |
Income tax expense (benefit) | | | 2,159,825 | | | 310,961 | | | 6,361,962 | | | 18,115 | | | | | | | | | | | | | |
Net income (loss) | | $ | 4,303,494 | | $ | -9,066,070 | | $ | 12,506,532 | | $ | -8,191,823 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings (loss) per share | | $ | 0.09 | | $ | -0.18 | | $ | 0.26 | | $ | -0.16 | | | | | | | | | | | | | |
Diluted earnings (loss) per share | | $ | 0.08 | | $ | -0.18 | | $ | 0.25 | | $ | -0.16 | | | | | | | | | | | | | |
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Comprehensive income (loss) | | $ | 4,724,259 | | $ | -5,694,098 | | $ | 12,415,264 | | $ | -6,935,810 | | | | | | | | | | | | | |
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Quarterly financial data (unaudited) |
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| | Three Months Ended December 31, 2012 | | | | | | | | | | | | | | | | |
| | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | | | | | |
Revenue | | $ | 207,987 | | $ | -6,143 | | $ | 201,844 | | | | | | | | | | | | | | | | |
Gross profit | | | 49,303 | | | -6,205 | | | 43,098 | | | | | | | | | | | | | | | | |
Net income | | | 5,974 | | | 20,313 | | | 26,287 | | | | | | | | | | | | | | | | |
Net income per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | $ | 0.12 | | $ | 0.41 | | $ | 0.53 | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.12 | | $ | 0.39 | | $ | 0.51 | | | | | | | | | | | | | | | | |
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Condensed consolidated balance sheets (unaudited) |
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| | March 31, | | June 30, | | September 30, | | | | | | | | | | | | | | | | |
2013 | 2013 | 2013 | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | (as restated) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 10,609,171 | | $ | 14,164,356 | | $ | 19,224,801 | | | | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | | 145,033,144 | | | 148,458,376 | | | 165,267,866 | | | | | | | | | | | | | | | | |
Unbilled revenue | | | 30,191,086 | | | 27,041,664 | | | 28,920,833 | | | | | | | | | | | | | | | | |
Inventories | | | 15,310,762 | | | 16,390,726 | | | 29,423,436 | | | | | | | | | | | | | | | | |
Prepaid expenses | | | 19,830,132 | | | 16,226,314 | | | 10,639,529 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 1,541,351 | | | 1,440,660 | | | 3,059,701 | | | | | | | | | | | | | | | | |
Other current assets | | | 20,934,611 | | | 18,735,224 | | | 23,766,065 | | | | | | | | | | | | | | | | |
Total current assets | | | 243,450,257 | | | 242,457,320 | | | 280,302,231 | | | | | | | | | | | | | | | | |
Property and equipment, net | | | 18,327,091 | | | 19,516,534 | | | 20,763,736 | | | | | | | | | | | | | | | | |
Intangibles and other assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 250,025,226 | | | 260,714,048 | | | 250,863,723 | | | | | | | | | | | | | | | | |
Intangible assets, net of accumulated amortization | | | 38,186,926 | | | 39,367,233 | | | 57,100,375 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Other assets | | | 1,417,979 | | | 699,262 | | | 1,035,867 | | | | | | | | | | | | | | | | |
| | | 289,630,131 | | | 300,780,543 | | | 308,999,965 | | | | | | | | | | | | | | | | |
Total assets | | $ | 551,407,479 | | $ | 562,754,397 | | $ | 610,065,932 | | | | | | | | | | | | | | | | |
Liabilities and stockholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 126,805,292 | | $ | 117,764,548 | | $ | 143,548,372 | | | | | | | | | | | | | | | | |
Current portion of contingent consideration | | | 26,678,442 | | | 29,241,446 | | | 24,876,636 | | | | | | | | | | | | | | | | |
Due to seller | | | 943,424 | | | 685,114 | | | 1,194,520 | | | | | | | | | | | | | | | | |
Other liabilities | | | 6,115,295 | | | 7,987,811 | | | 12,490,643 | | | | | | | | | | | | | | | | |
Accrued expenses | | | 9,258,800 | | | 9,467,010 | | | 11,106,292 | | | | | | | | | | | | | | | | |
Total current liabilities | | | 169,801,253 | | | 165,145,929 | | | 193,216,463 | | | | | | | | | | | | | | | | |
Revolving credit facility | | | 70,500,000 | | | 78,300,000 | | | 91,500,000 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 5,117,858 | | | 5,760,815 | | | 15,989,408 | | | | | | | | | | | | | | | | |
Contingent consideration, net of current portion | | | 60,712,734 | | | 63,083,023 | | | 64,212,585 | | | | | | | | | | | | | | | | |
Other long-term liabilities | | | 1,500,705 | | | 1,406,296 | | | 1,369,131 | | | | | | | | | | | | | | | | |
Total liabilities | | | 307,632,550 | | | 313,696,063 | | | 366,287,587 | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 60,971,436, 61,268,422 and 61,363,632 shares issued, 50,623,049, 50,932,298 and 51,250,323 shares outstanding, respectively | | | 6,097 | | | 6,127 | | | 6,136 | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 201,550,716 | | | 203,233,352 | | | 201,158,609 | | | | | | | | | | | | | | | | |
Treasury stock at cost, 10,336,124, 10,113,309 and 10,113,309 shares, respectively | | | -64,962,291 | | | -64,824,042 | | | -62,312,100 | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | -1,644,768 | | | -1,843,038 | | | 1,528,935 | | | | | | | | | | | | | | | | |
Retained earnings | | | 108,825,175 | | | 112,485,935 | | | 103,396,765 | | | | | | | | | | | | | | | | |
Total stockholders' equity | | | 243,774,929 | | | 249,058,334 | | | 243,778,345 | | | | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | $ | 551,407,479 | | $ | 562,754,397 | | $ | 610,065,932 | | | | | | | | | | | | | | | | |
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| | March 31, | | June 30, | | September 30, | | | | | | | | | | | | | | | | |
| | 2012 | | 2012 | | 2012 | | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | (as restated) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 15,665,972 | | $ | 11,971,416 | | $ | 9,156,463 | | | | | | | | | | | | | | | | |
Short-term investments | | | 888,897 | | | 793,707 | | | 362,259 | | | | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | | 146,907,627 | | | 139,259,771 | | | 152,529,957 | | | | | | | | | | | | | | | | |
Unbilled revenue | | | 30,883,113 | | | 33,512,456 | | | 33,630,255 | | | | | | | | | | | | | | | | |
Inventories | | | 12,198,821 | | | 11,787,614 | | | 14,401,850 | | | | | | | | | | | | | | | | |
Prepaid expenses | | | 10,696,763 | | | 11,288,934 | | | 14,109,383 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 1,463,492 | | | 1,734,274 | | | 1,681,213 | | | | | | | | | | | | | | | | |
Other current assets | | | 24,697,846 | | | 19,574,702 | | | 36,286,672 | | | | | | | | | | | | | | | | |
Total current assets | | | 243,402,531 | | | 229,922,874 | | | 262,158,052 | | | | | | | | | | | | | | | | |
Property and equipment, net | | | 12,168,279 | | | 13,707,584 | | | 14,531,012 | | | | | | | | | | | | | | | | |
Intangibles and other assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 199,257,989 | | | 202,761,094 | | | 211,191,783 | | | | | | | | | | | | | | | | |
Intangible assets, net of accumulated amortization | | | 37,268,369 | | | 36,918,524 | | | 36,594,576 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 3,715,207 | | | 3,716,284 | | | 2,695,971 | | | | | | | | | | | | | | | | |
Other assets | | | 791,106 | | | 1,061,292 | | | 1,043,296 | | | | | | | | | | | | | | | | |
| | | 241,032,671 | | | 244,457,194 | | | 251,525,626 | | | | | | | | | | | | | | | | |
Total assets | | $ | 496,603,481 | | $ | 488,087,652 | | $ | 528,214,690 | | | | | | | | | | | | | | | | |
Liabilities and stockholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 120,157,340 | | $ | 100,268,319 | | $ | 125,889,990 | | | | | | | | | | | | | | | | |
Current portion of contingent consideration | | | 16,199,571 | | | 15,396,575 | | | 16,923,240 | | | | | | | | | | | | | | | | |
Due to seller | | | 1,532,592 | | | - | | | - | | | | | | | | | | | | | | | | |
Other liabilities | | | 7,633,577 | | | 9,587,750 | | | 7,086,530 | | | | | | | | | | | | | | | | |
Accrued expenses | | | 15,050,039 | | | 12,148,857 | | | 12,076,796 | | | | | | | | | | | | | | | | |
Total current liabilities | | | 160,573,119 | | | 137,401,501 | | | 161,976,556 | | | | | | | | | | | | | | | | |
Revolving credit facility | | | 71,400,000 | | | 73,000,000 | | | 74,000,000 | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 6,833,274 | | | 7,002,310 | | | 7,301,933 | | | | | | | | | | | | | | | | |
Contingent consideration, net of current portion | | | 63,411,139 | | | 66,107,784 | | | 69,546,954 | | | | | | | | | | | | | | | | |
Other long-term liabilities | | | 1,370,976 | | | 1,354,311 | | | 1,379,506 | | | | | | | | | | | | | | | | |
Total liabilities | | | 303,588,508 | | | 284,865,906 | | | 314,204,949 | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 58,961,117, 59,833,466 and 60,460,457 shares issued, 48,123,303, 49,184,937 and 49,924,994 shares outstanding, respectively | | | 5,896 | | | 5,983 | | | 6,046 | | | | | | | | | | | | | | | | |
Additional paid-in capital | | | 185,458,845 | | | 190,769,991 | | | 195,558,997 | | | | | | | | | | | | | | | | |
Treasury stock at cost, 10,837,814, 10,648,529 and 10,535,463 shares, respectively | | | -70,479,927 | | | -68,345,991 | | | -67,071,323 | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | 700,591 | | | -243,701 | | | 177,063 | | | | | | | | | | | | | | | | |
Retained earnings | | | 77,329,568 | | | 81,035,464 | | | 85,338,958 | | | | | | | | | | | | | | | | |
Total stockholders' equity | | | 193,014,973 | | | 203,221,746 | | | 214,009,741 | | | | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | $ | 496,603,481 | | $ | 488,087,652 | | $ | 528,214,690 | | | | | | | | | | | | | | | | |
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Condensed consolidated statements of cash flows (unaudited) |
|
| | Three Months Ended March 31, | | | | | | | | | | | | | | | | | | | |
| | 2012 | | 2013 | | | | | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | | | | | | | | | | | | | | | | | | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 4,429,214 | | $ | -2,801,274 | | | | | | | | | | | | | | | | | | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 2,444,096 | | | 2,465,667 | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 1,047,645 | | | 973,193 | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 902,380 | | | 585,098 | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | -247,697 | | | - | | | | | | | | | | | | | | | | | | | |
Bad debt provision | | | 145,447 | | | 13,844 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | -4,163,793 | | | -951,066 | | | | | | | | | | | | | | | | | | | |
Change in fair value of contingent consideration liability | | | 200,141 | | | 608,832 | | | | | | | | | | | | | | | | | | | |
Other operating activities | | | 30,254 | | | 55,629 | | | | | | | | | | | | | | | | | | | |
Change in assets, net of acquisitions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenue | | | -21,904,760 | | | -1,304,702 | | | | | | | | | | | | | | | | | | | |
Inventories | | | 1,648,396 | | | 2,920,270 | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other | | | -10,351,793 | | | -3,098,782 | | | | | | | | | | | | | | | | | | | |
Change in liabilities, net of acquisitons: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 16,003,529 | | | 3,710,942 | | | | | | | | | | | | | | | | | | | |
Accrued expenses and other | | | 2,344,303 | | | -4,020,290 | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities | | | -7,472,638 | | | -842,639 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -1,862,648 | | | -2,886,245 | | | | | | | | | | | | | | | | | | | |
Payments for acquisitions, net of cash acquired | | | -1,587,576 | | | -6,261,942 | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of marketable securities | | | 249,540 | | | - | | | | | | | | | | | | | | | | | | | |
Other investing activities | | | 11,567 | | | - | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | -3,189,117 | | | -9,148,187 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings (repayments) from revolving credit facility and short-term debt | | | 11,400,000 | | | 5,500,000 | | | | | | | | | | | | | | | | | | | |
Payments of contingent consideration | | | -3,228,375 | | | -3,720,821 | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | 555,355 | | | 846,541 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | 4,163,793 | | | 951,066 | | | | | | | | | | | | | | | | | | | |
Other financing activities | | | -4,349 | | | -36,642 | | | | | | | | | | | | | | | | | | | |
Net cash provided by financing activites | | | 12,886,424 | | | 3,540,144 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 221,918 | | | -159,046 | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | 2,446,587 | | | -6,609,728 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | | 13,219,385 | | | 17,218,899 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 15,665,972 | | $ | 10,609,171 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | |
| | 2012 | | 2013 | | | | | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | | | | | | | | | | | | | | | | | | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 8,203,038 | | $ | 874,247 | | | | | | | | | | | | | | | | | | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 5,381,077 | | | 5,114,063 | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 2,451,374 | | | 2,054,106 | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 806,152 | | | 720,547 | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | -495,572 | | | - | | | | | | | | | | | | | | | | | | | |
Bad debt provision | | | 352,332 | | | 158,730 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | -7,447,068 | | | -1,066,357 | | | | | | | | | | | | | | | | | | | |
Change in fair value of contingent consideration liability | | | 466,685 | | | -1,040,557 | | | | | | | | | | | | | | | | | | | |
Other operating activities | | | 81,728 | | | 111,258 | | | | | | | | | | | | | | | | | | | |
Change in assets, net of acquisitions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenue | | | -15,750,384 | | | 1,449,472 | | | | | | | | | | | | | | | | | | | |
Inventories | | | 1,984,370 | | | 1,984,593 | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other | | | -6,975,351 | | | 4,288,640 | | | | | | | | | | | | | | | | | | | |
Change in liabilities, net of acquisitons: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | -5,392,463 | | | -7,511,701 | | | | | | | | | | | | | | | | | | | |
Accrued expenses and other | | | 5,212,828 | | | -4,227,037 | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | -11,121,254 | | | 2,910,004 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -5,045,823 | | | -5,822,741 | | | | | | | | | | | | | | | | | | | |
Payments for acquisitions, net of cash acquired | | | 287,396 | | | -11,559,092 | | | | | | | | | | | | | | | | | | | |
Payments to seller for acquisitions closed prior to 2009 | | | -3,000,000 | | | - | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of marketable securities | | | 499,122 | | | - | | | | | | | | | | | | | | | | | | | |
Other investing activities | | | 11,567 | | | - | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | -7,247,738 | | | -17,381,833 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings (repayments) from revolving credit facility and short-term debt | | | 13,000,000 | | | 13,300,000 | | | | | | | | | | | | | | | | | | | |
Payments of contingent consideration | | | -4,367,253 | | | -4,664,219 | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | 1,171,660 | | | 1,842,044 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | 7,447,068 | | | 1,066,357 | | | | | | | | | | | | | | | | | | | |
Other financing activities | | | -7,270 | | | -36,642 | | | | | | | | | | | | | | | | | | | |
Net cash provided by financing activites | | | 17,244,205 | | | 11,507,540 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | -123,182 | | | -90,254 | | | | | | | | | | | | | | | | | | | |
Decrease in cash and cash equivalents | | | -1,247,969 | | | -3,054,543 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | | 13,219,385 | | | 17,218,899 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 11,971,416 | | $ | 14,164,356 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | |
| | 2012 | | 2013 | | | | | | | | | | | | | | | | | | | |
| | (as restated) | | (as restated) | | | | | | | | | | | | | | | | | | | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 12,506,532 | | $ | -8,191,823 | | | | | | | | | | | | | | | | | | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 8,077,332 | | | 8,994,494 | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 3,171,073 | | | 3,036,188 | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 1,908,788 | | | 4,026,444 | | | | | | | | | | | | | | | | | | | |
Gain on sale of investment | | | -842,408 | | | - | | | | | | | | | | | | | | | | | | | |
Bad debt provision | | | 856,098 | | | 372,482 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | -8,352,190 | | | 1,768,277 | | | | | | | | | | | | | | | | | | | |
Change in fair value of contingent consideration liability | | | 797,476 | | | -30,667,562 | | | | | | | | | | | | | | | | | | | |
Goodwill impairment charge | | | - | | | 37,908,000 | | | | | | | | | | | | | | | | | | | |
Reduction of prepaid commissions | | | - | | | 3,939,974 | | | | | | | | | | | | | | | | | | | |
Other operating activities | | | - | | | 166,888 | | | | | | | | | | | | | | | | | | | |
Change in assets, net of acquisitions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenue | | | -28,134,374 | | | -6,171,498 | | | | | | | | | | | | | | | | | | | |
Inventories | | | 397,738 | | | -7,321,557 | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other | | | -26,239,457 | | | 999,626 | | | | | | | | | | | | | | | | | | | |
Change in liabilities, net of acquisitons: | | | - | | | - | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | 18,587,299 | | | 6,752,468 | | | | | | | | | | | | | | | | | | | |
Accrued expenses and other | | | 3,040,904 | | | -6,148,551 | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | -14,225,189 | | | 9,463,850 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | -7,462,169 | | | -8,690,905 | | | | | | | | | | | | | | | | | | | |
Payments for acquisitions, net of cash acquired | | | -946,060 | | | -19,795,603 | | | | | | | | | | | | | | | | | | | |
Payments to seller for acquisitions closed prior to 2009 | | | -3,000,000 | | | - | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of marketable securities | | | 603,053 | | | - | | | | | | | | | | | | | | | | | | | |
Other investing activities | | | 11,567 | | | - | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | -10,793,609 | | | -28,486,508 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings (repayments) from revolving credit facility and short-term debt | | | 14,000,000 | | | 26,500,000 | | | | | | | | | | | | | | | | | | | |
Payments of contingent consideration | | | -5,015,639 | | | -5,489,373 | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | 3,958,789 | | | 1,939,274 | | | | | | | | | | | | | | | | | | | |
Excess tax benefit from exercise of stock awards | | | 8,352,190 | | | -1,768,277 | | | | | | | | | | | | | | | | | | | |
Other financing activities | | | -7,270 | | | -274,052 | | | | | | | | | | | | | | | | | | | |
Net cash provided by financing activites | | | 21,288,070 | | | 20,907,572 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | -332,194 | | | 120,988 | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents | | | -4,062,922 | | | 2,005,902 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | | 13,219,385 | | | 17,218,899 | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 9,156,463 | | $ | 19,224,801 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of restated quarterly financial statement amounts (unaudited) |
|
Restated consolidated statements of income amounts (unaudited) |
|
| | Three Months Ended March 31, 2012 | | Three Months Ended March 31, 2013 | |
| | | | | Adjustments | | | | | | | | Adjustments | | | | |
| | | As Reported | | | Productions | | | Other | | | As Restated | | | As Reported | | | Productions | | | Other | | | As Restated | |
Graphics | Graphics |
Revenue | | $ | 188,546,402 | | $ | -649,526 | | $ | -319,845 | | $ | 187,577,031 | | $ | 204,316,125 | | $ | 261,291 | | $ | - | | $ | 204,577,416 | |
Cost of goods sold | | | 147,153,019 | | | - | | | -282,730 | | | 146,870,289 | | | 158,323,630 | | | -96,015 | | | - | | | 158,227,615 | |
Gross profit | | | 41,393,383 | | | -649,526 | | | -37,115 | | | 40,706,742 | | | 45,992,495 | | | 357,306 | | | - | | | 46,349,801 | |
Selling, general and administrative expenses | | | 32,883,123 | | | -1,410,979 | | | -357,000 | | | 31,115,144 | | | 41,126,957 | | | 6,308,660 | | | -324,000 | | | 47,111,617 | |
Income (loss) from operations | | | 5,866,023 | | | 761,453 | | | 319,885 | | | 6,947,361 | | | 1,791,039 | | | -5,951,355 | | | 324,001 | | | -3,836,315 | |
Income (loss) before taxes | | | 5,605,635 | | | 761,453 | | | 319,885 | | | 6,686,973 | | | 867,103 | | | -5,951,355 | | | 324,001 | | | -4,760,251 | |
Income tax expense (benefit) | | | 1,917,947 | | | 214,417 | | | 125,395 | | | 2,257,759 | | | -28,027 | | | -2,057,958 | | | 127,008 | | | -1,958,977 | |
Net income (loss) | | | 3,687,688 | | | 547,036 | | | 194,490 | | | 4,429,214 | | | 895,130 | | | -3,893,397 | | | 196,993 | | | -2,801,274 | |
Basic earnings (loss) per share | | | 0.08 | | | 0.01 | | | - | | | 0.09 | | | 0.02 | | | -0.08 | | | - | | | -0.06 | |
Diluted earnings (loss) per share | | | 0.07 | | | 0.01 | | | 0.01 | | | 0.09 | | | 0.02 | | | -0.07 | | | - | | | -0.06 | |
Comprehensive income (loss) | | | 4,089,394 | | | 577,590 | | | 194,490 | | | 4,861,474 | | | -956,066 | | | -3,959,890 | | | 196,993 | | | -4,718,963 | |
|
| | Three Months Ended June 30, 2012 | | Three Months Ended June 30, 2013 | |
| | | | | Adjustments | | | | | | | | Adjustments | | | | |
| | | As Reported | | | Productions | | | Other | | | As Restated | | | As Reported | | | Productions | | | Other | | | As Restated | |
Graphics | Graphics |
Revenue | | $ | 201,397,471 | | $ | -76,435 | | $ | - | | $ | 201,321,036 | | $ | 210,875,626 | | $ | - | | $ | - | | $ | 210,875,626 | |
Cost of goods sold | | | 153,551,408 | | | -27,810 | | | - | | | 153,523,598 | | | 162,699,024 | | | - | | | - | | | 162,699,024 | |
Gross profit | | | 47,846,063 | | | -48,625 | | | - | | | 47,797,438 | | | 48,176,602 | | | - | | | - | | | 48,176,602 | |
Selling, general and administrative expenses | | | 37,377,559 | | | 1,004,253 | | | - | | | 38,381,812 | | | 43,907,070 | | | -2,559,887 | | | - | | | 41,347,183 | |
Income from operations | | | 7,264,979 | | | -1,052,878 | | | - | | | 6,212,101 | | | 3,270,525 | | | 2,559,887 | | | - | | | 5,830,412 | |
Income before taxes | | | 6,771,080 | | | -1,052,878 | | | - | | | 5,718,202 | | | 2,781,765 | | | 2,559,887 | | | - | | | 5,341,652 | |
Income tax expense | | | 2,296,680 | | | -352,302 | | | - | | | 1,944,378 | | | 878,420 | | | 787,711 | | | - | | | 1,666,131 | |
Net income | | | 4,474,400 | | | -700,576 | | | - | | | 3,773,824 | | | 1,903,345 | | | 1,772,176 | | | - | | | 3,675,521 | |
Basic earnings per share | | | 0.09 | | | -0.01 | | | - | | | 0.08 | | | 0.04 | | | 0.03 | | | - | | | 0.07 | |
Diluted earnings per share | | | 0.09 | | | -0.02 | | | - | | | 0.07 | | | 0.04 | | | 0.03 | | | - | | | 0.07 | |
Comprehensive income | | | 3,493,203 | | | -663,672 | | | - | | | 2,829,531 | | | 1,705,075 | | | 1,772,176 | | | - | | | 3,477,251 | |
|
| | Six Months Ended June 30, 2012 | | Six Months Ended June 30, 2013 | |
| | | | | Adjustments | | | | | | | | Adjustments | | | | |
| | | As Reported | | | Productions | | | Other | | | As Restated | | | As Reported | | | Productions | | | Other | | | As Restated | |
Graphics | Graphics |
Revenue | | $ | 389,943,873 | | $ | -725,961 | | $ | -319,845 | | $ | 388,898,067 | | $ | 415,191,751 | | $ | 261,291 | | $ | - | | $ | 415,453,042 | |
Cost of goods sold | | | 300,704,427 | | | -27,810 | | | -282,730 | | | 300,393,887 | | | 321,022,654 | | | -96,015 | | | - | | | 320,926,639 | |
Gross profit | | | 89,239,446 | | | -698,151 | | | -37,115 | | | 88,504,180 | | | 94,169,097 | | | 357,306 | | | - | | | 94,526,403 | |
Selling, general and administrative expenses | | | 70,260,682 | | | -406,726 | | | -357,000 | | | 69,496,956 | | | 85,034,027 | | | 3,748,773 | | | -324,000 | | | 88,458,800 | |
Income from operations | | | 13,131,002 | | | -291,425 | | | 319,885 | | | 13,159,462 | | | 5,061,564 | | | -3,391,467 | | | 324,000 | | | 1,994,097 | |
Income before taxes | | | 12,376,715 | | | -291,425 | | | 319,885 | | | 12,405,175 | | | 3,648,868 | | | -3,391,467 | | | 324,000 | | | 581,401 | |
Income tax expense (benefit) | | | 4,214,627 | | | -137,885 | | | 125,395 | | | 4,202,137 | | | 850,393 | | | -1,270,246 | | | 127,007 | | | -292,846 | |
Net income | | | 8,162,088 | | | -153,540 | | | 194,490 | | | 8,203,038 | | | 2,798,475 | | | -2,121,221 | | | 196,993 | | | 874,247 | |
Basic earnings per share | | | 0.17 | | | - | | | - | | | 0.17 | | | 0.06 | | | -0.04 | | | - | | | 0.02 | |
Diluted earnings per share | | | 0.16 | | | - | | | - | | | 0.16 | | | 0.05 | | | -0.03 | | | - | | | 0.02 | |
Comprehensive income (loss) | | | 7,582,597 | | | -86,082 | | | 194,490 | | | 7,691,005 | | | 749,009 | | | -2,187,714 | | | 196,993 | | | -1,241,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
As a result of the revised estimates of fair value as of December 31, 2012, the contingent consideration liability decreased by $17.2 million. This amount has been reflected as a reduction in the fair value adjustment originally recognized as of September 30, 2013. |
|
| | Three Months Ended September 30, 2012 | | Three Months Ended September 30, 2013 | |
| | | | Adjustments | | | | | | Adjustments | | | |
| | | | | | Productions | | | | | | | | | | | | Productions | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | As Reported | | Graphics | | Other | | As Restated | |
Revenue | | $ | 199,768,676 | | $ | -924,744 | | $ | - | | $ | 198,843,932 | | $ | 232,629,788 | | $ | - | | $ | - | | $ | 232,629,788 | |
Cost of goods sold | | | 152,887,337 | | | - | | | - | | | 152,887,337 | | | 179,511,134 | | | -62,554 | | | - | | | 179,448,580 | |
Gross profit | | | 46,881,339 | | | -924,744 | | | - | | | 45,956,595 | | | 53,118,654 | | | 62,554 | | | - | | | 53,181,208 | |
Selling, general and administrative expenses | | | 36,253,631 | | | -4,355 | | | 50,040 | | | 36,299,315 | | | 45,832,645 | | | -1,107,663 | | | - | | | 44,724,982 | |
Change in fair value of contingent consideration | | | 330,791 | | | - | | | - | | | 330,791 | | | -46,793,951 | | | 17,166,946 | | | - | | | -29,627,005 | |
Income (loss) from operations | | | 7,600,662 | | | -920,388 | | | -50,040 | | | 6,630,234 | | | 7,969,667 | | | -15,996,729 | | | - | | | -8,027,062 | |
Income (loss) before taxes | | | 7,433,747 | | | -920,388 | | | -50,040 | | | 6,463,319 | | | 7,241,620 | | | -15,996,729 | | | - | | | -8,755,109 | |
Income tax expense (benefit) | | | 2,457,403 | | | -277,962 | | | -19,616 | | | 2,159,825 | | | -50,301 | | | 361,262 | | | - | | | 310,961 | |
Net income (loss) | | | 4,976,344 | | | -642,426 | | | -30,424 | | | 4,303,494 | | | 7,291,921 | | | -16,357,992 | | | - | | | -9,066,070 | |
Basic earnings (loss) per share | | | 0.1 | | | -0.01 | | | - | | | 0.09 | | | 0.14 | | | -0.32 | | | - | | | -0.18 | |
Diluted earnings (loss) per share | | | 0.1 | | | -0.02 | | | - | | | 0.08 | | | 0.14 | | | -0.32 | | | - | | | -0.18 | |
Comprehensive income (loss) | | | 5,397,109 | | | -642,426 | | | -30,424 | | | 4,724,259 | | | 10,663,894 | | | -16,357,992 | | | - | | | -5,694,098 | |
|
| | Nine Months Ended September 30, 2012 | | Nine Months Ended September 30, 2013 | |
| | | | Adjustments | | | | | | Adjustments | | | |
| | | | | Productions | | | | | | | | | | | Productions | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | As Reported | | Graphics | | Other | | As Restated | |
Revenue | | $ | 589,712,549 | | $ | -1,650,705 | | $ | -319,845 | | $ | 587,741,999 | | $ | 647,821,539 | | $ | 261,291 | | $ | - | | $ | 648,082,830 | |
Cost of goods sold | | | 453,591,764 | | | -27,810 | | | -282,730 | | | 453,281,224 | | | 500,533,788 | | | -158,569 | | | - | | | 500,375,219 | |
Gross profit | | | 136,120,785 | | | -1,622,895 | | | -37,115 | | | 134,460,775 | | | 147,287,751 | | | 419,860 | | | - | | | 147,707,611 | |
Selling, general and administrative expenses | | | 106,514,313 | | | -411,082 | | | -306,960 | | | 105,796,271 | | | 130,866,672 | | | 2,641,110 | | | -323,999 | | | 133,183,782 | |
Change in fair value of contingent consideration | | | 797,476 | | | - | | | - | | | 797,476 | | | -47,834,508 | | | 17,166,946 | | | - | | | -30,667,562 | |
Income (loss) from operations | | | 20,731,664 | | | -1,211,813 | | | 269,845 | | | 19,789,696 | | | 13,031,231 | | | -19,388,196 | | | 324,000 | | | -6,032,965 | |
Income (loss) before taxes | | | 19,810,462 | | | -1,211,813 | | | 269,845 | | | 18,868,494 | | | 10,890,488 | | | -19,388,196 | | | 324,000 | | | -8,173,708 | |
Income tax expense (benefit) | | | 6,672,030 | | | -415,847 | | | 105,779 | | | 6,361,962 | | | 800,092 | | | -908,984 | | | 127,007 | | | 18,115 | |
Net income (loss) | | | 13,138,432 | | | -795,966 | | | 164,066 | | | 12,506,532 | | | 10,090,396 | | | -18,479,213 | | | 196,994 | | | -8,191,823 | |
Basic earnings (loss) per share | | | 0.27 | | | -0.01 | | | - | | | 0.26 | | | 0.2 | | | -0.36 | | | - | | | -0.16 | |
Diluted earnings (loss) per share | | | 0.26 | | | -0.01 | | | - | | | 0.25 | | | 0.19 | | | -0.35 | | | - | | | -0.16 | |
Comprehensive income (loss) | | | 12,979,706 | | | -728,508 | | | 164,066 | | | 12,415,264 | | | 11,412,903 | | | -18,545,706 | | | 196,993 | | | -6,935,810 | |
|
Restated consolidated balance sheets amounts (unaudited) |
|
| | As of March 31, 2013 | | | | | | | | | | | | | |
| | | | | Adjustments | | | | | | | | | | | | | | | | |
| | As Reported | | Productions | | Other | | As Restated | | | | | | | | | | | | | |
Graphics | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 150,492,103 | | $ | -5,458,959 | | $ | - | | $ | 145,033,144 | | | | | | | | | | | | | |
Prepaid expenses | | | 19,880,172 | | | - | | | -50,040 | | | 19,830,132 | | | | | | | | | | | | | |
Other current assets | | | 20,914,995 | | | - | | | 19,616 | | | 20,934,611 | | | | | | | | | | | | | |
Total current assets | | | 248,939,640 | | | -5,458,959 | | | -30,424 | | | 243,450,257 | | | | | | | | | | | | | |
Goodwill | | | 251,315,684 | | | - | | | -1,290,458 | | | 250,025,226 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 290,920,589 | | | - | | | -1,290,458 | | | 289,630,131 | | | | | | | | | | | | | |
Total assets | | | 558,187,320 | | | -5,458,959 | | | -1,320,882 | | | 551,407,479 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 126,701,960 | | $ | 103,332 | | $ | - | | $ | 126,805,292 | | | | | | | | | | | | | |
Other liabilities | | | 7,616,000 | | | - | | | -1,500,705 | | | 6,115,295 | | | | | | | | | | | | | |
Accrued expenses | | | 13,985,283 | | | -4,690,811 | | | -35,672 | | | 9,258,800 | | | | | | | | | | | | | |
Total current liabilities | | | 175,925,109 | | | -4,587,479 | | | -1,536,377 | | | 169,801,253 | | | | | | | | | | | | | |
Deferred income taxes | | | 6,317,317 | | | - | | | -1,199,459 | | | 5,117,858 | | | | | | | | | | | | | |
Contingent consideration, net of current portion | | | 77,879,680 | | | -17,166,946 | | | - | | | 60,712,734 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,500,705 | | | 1,500,705 | | | | | | | | | | | | | |
Total liabilities | | | 330,622,106 | | | -21,754,424 | | | -1,235,132 | | | 307,632,550 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | -1,645,734 | | | 966 | | | - | | | -1,644,768 | | | | | | | | | | | | | |
Retained earnings | | | 92,616,426 | | | 16,294,500 | | | -85,751 | | | 108,825,175 | | | | | | | | | | | | | |
Total stockholders' equity | | | 227,565,214 | | | 16,295,466 | | | -85,751 | | | 243,774,929 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 558,187,320 | | | -5,458,959 | | | -1,320,882 | | | 551,407,479 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | As of June 30, 2013 | | | | | | | | | | | | | |
| | | | Adjustments | | | | | | | | | | | | | | | |
| | | | Productions | | | | | | | | | | | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 151,357,448 | | $ | -2,899,072 | | $ | - | | $ | 148,458,376 | | | | | | | | | | | | | |
Prepaid expenses | | | 16,276,354 | | | - | | | -50,040 | | | 16,226,314 | | | | | | | | | | | | | |
Other current assets | | | 18,715,608 | | | - | | | 19,616 | | | 18,735,224 | | | | | | | | | | | | | |
Total current assets | | | 245,386,816 | | | -2,899,072 | | | -30,424 | | | 242,457,320 | | | | | | | | | | | | | |
Goodwill | | | 262,004,506 | | | - | | | -1,290,458 | | | 260,714,048 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 302,071,001 | | | - | | | -1,290,458 | | | 300,780,543 | | | | | | | | | | | | | |
Total assets | | | 566,974,351 | | | -2,899,072 | | | -1,320,882 | | | 562,754,397 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 117,661,216 | | $ | 103,332 | | $ | - | | $ | 117,764,548 | | | | | | | | | | | | | |
Other liabilities | | | 9,394,107 | | | - | | | -1,406,296 | | | 7,987,811 | | | | | | | | | | | | | |
Accrued expenses | | | 13,405,782 | | | -3,903,100 | | | -35,672 | | | 9,467,010 | | | | | | | | | | | | | |
Total current liabilities | | | 170,387,665 | | | -3,799,767 | | | -1,441,969 | | | 165,145,929 | | | | | | | | | | | | | |
Deferred income taxes | | | 6,960,274 | | | - | | | -1,199,459 | | | 5,760,815 | | | | | | | | | | | | | |
Contingent consideration, net of current portion | | | 80,249,969 | | | -17,166,946 | | | - | | | 63,083,023 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,406,296 | | | 1,406,296 | | | | | | | | | | | | | |
Total liabilities | | | 335,897,908 | | | -20,966,713 | | | -1,235,132 | | | 313,696,063 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | -1,844,004 | | | 966 | | | - | | | -1,843,038 | | | | | | | | | | | | | |
Retained earnings | | | 94,505,010 | | | 18,066,675 | | | -85,750 | | | 112,485,935 | | | | | | | | | | | | | |
Total stockholders' equity | | | 231,076,443 | | | 18,067,640 | | | -85,750 | | | 249,058,334 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 566,974,351 | | | -2,899,072 | | | -1,320,882 | | | 562,754,397 | | | | | | | | | | | | | |
|
| | As of September 30, 2013 | | | | | | | | | | | | | |
| | | | Adjustments | | | | | | | | | | | | | | | |
| | | | Productions | | | | | | | | | | | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 167,059,275 | | $ | -1,791,409 | | $ | - | | $ | 165,267,866 | | | | | | | | | | | | | |
Prepaid expenses | | | 10,689,569 | | | - | | | -50,040 | | | 10,639,529 | | | | | | | | | | | | | |
Other current assets | | | 23,746,449 | | | - | | | 19,616 | | | 23,766,065 | | | | | | | | | | | | | |
Total current assets | | | 282,124,064 | | | -1,791,409 | | | -30,424 | | | 280,302,231 | | | | | | | | | | | | | |
Goodwill | | | 252,154,181 | | | - | | | -1,290,458 | | | 250,863,723 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 310,290,423 | | | - | | | -1,290,458 | | | 308,999,965 | | | | | | | | | | | | | |
Total assets | | | 613,178,223 | | | -1,791,409 | | | -1,320,882 | | | 610,065,932 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 143,507,594 | | $ | 40,778 | | $ | - | | $ | 143,548,372 | | | | | | | | | | | | | |
Other liabilities | | | 13,859,774 | | | - | | | -1,369,131 | | | 12,490,643 | | | | | | | | | | | | | |
Accrued expenses | | | 14,683,802 | | | -3,541,838 | | | -35,672 | | | 11,106,292 | | | | | | | | | | | | | |
Total current liabilities | | | 198,122,326 | | | -3,501,059 | | | -1,404,804 | | | 193,216,463 | | | | | | | | | | | | | |
Deferred income taxes | | | 17,188,867 | | | - | | | -1,199,459 | | | 15,989,408 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,369,131 | | | 1,369,131 | | | | | | | | | | | | | |
Total liabilities | | | 371,023,778 | | | -3,501,059 | | | -1,235,132 | | | 366,287,587 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | 1,527,969 | | | 966 | | | - | | | 1,528,935 | | | | | | | | | | | | | |
Retained earnings | | | 101,773,831 | | | 1,708,684 | | | -85,750 | | | 103,396,765 | | | | | | | | | | | | | |
Total stockholders' equity | | | 242,154,445 | | | 1,709,650 | | | -85,750 | | | 243,778,345 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 613,178,223 | | | -1,791,409 | | | -1,320,882 | | | 610,065,932 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | As of March 31, 2012 | | | | | | | | | | | | | |
| | | | | Adjustments | | | | | | | | | | | | | | | | |
| | | | | Productions | | | | | | | | | | | | | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 147,099,923 | | $ | -192,296 | | $ | - | | $ | 146,907,627 | | | | | | | | | | | | | |
Total current assets | | | 243,594,827 | | | -192,296 | | | - | | | 243,402,531 | | | | | | | | | | | | | |
Goodwill | | | 208,313,495 | | | - | | | -9,055,506 | | | 199,257,989 | | | | | | | | | | | | | |
Intangible assets, net of accumulated amortization | | | 25,743,759 | | | - | | | 11,524,610 | | | 37,268,369 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 238,563,567 | | | - | | | 2,469,104 | | | 241,032,671 | | | | | | | | | | | | | |
Total assets | | | 494,326,673 | | | -192,296 | | | 2,469,104 | | | 496,603,481 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 119,991,824 | | $ | 165,516 | | $ | - | | $ | 120,157,340 | | | | | | | | | | | | | |
Due to seller | | | 2,620,392 | | | -1,087,800 | | | - | | | 1,532,592 | | | | | | | | | | | | | |
Other liabilities | | | 9,004,553 | | | - | | | -1,370,976 | | | 7,633,577 | | | | | | | | | | | | | |
Accrued expenses | | | 15,406,150 | | | -320,439 | | | -35,672 | | | 15,050,039 | | | | | | | | | | | | | |
Total current liabilities | | | 163,222,490 | | | -1,242,723 | | | -1,406,648 | | | 160,573,119 | | | | | | | | | | | | | |
Deferred income taxes | | | - | | | - | | | 6,833,274 | | | 6,833,274 | | | | | | | | | | | | | |
Contingent consideration, net of current portion | | | 67,684,309 | | | - | | | -4,273,170 | | | 63,411,139 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,370,976 | | | 1,370,976 | | | | | | | | | | | | | |
Total liabilities | | | 302,306,799 | | | -1,242,723 | | | 2,524,432 | | | 303,588,508 | | | | | | | | | | | | | |
Common stock | | | 4,812 | | | - | | | 1,084 | | | 5,896 | | | | | | | | | | | | | |
Additional paid-in capital | | | 185,459,929 | | | - | | | -1,084 | | | 185,458,845 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | 670,037 | | | 30,554 | | | - | | | 700,591 | | | | | | | | | | | | | |
Retained earnings | | | 76,365,023 | | | 1,019,873 | | | -55,328 | | | 77,329,568 | | | | | | | | | | | | | |
Total stockholders' equity | | | 192,019,874 | | | 1,050,427 | | | -55,328 | | | 193,014,973 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 494,326,673 | | | -192,296 | | | 2,469,104 | | | 496,603,481 | | | | | | | | | | | | | |
|
| | As of June 30, 2012 | | | | | | | | | | | | | |
| | | | | Adjustments | | | | | | | | | | | | | | | | |
| | | | | Productions | | | | | | | | | | | | | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 139,408,050 | | $ | -148,279 | | $ | - | | $ | 139,259,771 | | | | | | | | | | | | | |
Total current assets | | | 230,071,153 | | | -148,279 | | | - | | | 229,922,874 | | | | | | | | | | | | | |
Goodwill | | | 196,756,214 | | | - | | | 6,004,880 | | | 202,761,094 | | | | | | | | | | | | | |
Intangible assets, net of accumulated amortization | | | 36,012,094 | | | - | | | 906,430 | | | 36,918,524 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 237,545,884 | | | - | | | 6,911,310 | | | 244,457,194 | | | | | | | | | | | | | |
Total assets | | | 481,324,621 | | | -148,279 | | | 6,911,310 | | | 488,087,652 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 100,130,613 | | $ | 137,706 | | $ | - | | $ | 100,268,319 | | | | | | | | | | | | | |
Other liabilities | | | 10,942,061 | | | - | | | -1,354,311 | | | 9,587,750 | | | | | | | | | | | | | |
Accrued expenses | | | 12,857,270 | | | -672,741 | | | -35,672 | | | 12,148,857 | | | | | | | | | | | | | |
Total current liabilities | | | 139,326,519 | | | -535,035 | | | -1,389,983 | | | 137,401,501 | | | | | | | | | | | | | |
Deferred income taxes | | | - | | | - | | | 7,002,310 | | | 7,002,310 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,354,311 | | | 1,354,311 | | | | | | | | | | | | | |
Total liabilities | | | 278,434,303 | | | -535,035 | | | 6,966,638 | | | 284,865,906 | | | | | | | | | | | | | |
Common stock | | | 4,918 | | | - | | | 1,065 | | | 5,983 | | | | | | | | | | | | | |
Additional paid-in capital | | | 190,771,056 | | | - | | | -1,065 | | | 190,769,991 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | -311,160 | | | 67,459 | | | - | | | -243,701 | | | | | | | | | | | | | |
Retained earnings | | | 80,771,495 | | | 319,297 | | | -55,328 | | | 81,035,464 | | | | | | | | | | | | | |
Total stockholders' equity | | | 202,890,318 | | | 386,756 | | | -55,328 | | | 203,221,746 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 481,324,621 | | | -148,279 | | | 6,911,310 | | | 488,087,652 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | As of September 30, 2012 | | | | | | | | | | | | | |
| | | | | Adjustments | | | | | | | | | | | | | | | | |
| | | | | Productions | | | | | | | | | | | | | | | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts | | $ | 153,598,624 | | $ | -1,068,667 | | $ | - | | $ | 152,529,957 | | | | | | | | | | | | | |
Prepaid expenses | | | 14,159,423 | | | - | | | -50,040 | | | 14,109,383 | | | | | | | | | | | | | |
Other current assets | | | 36,267,056 | | | - | | | 19,616 | | | 36,286,672 | | | | | | | | | | | | | |
Total current assets | | | 263,257,143 | | | -1,068,667 | | | -30,424 | | | 262,158,052 | | | | | | | | | | | | | |
Goodwill | | | 204,887,280 | | | - | | | 6,304,503 | | | 211,191,783 | | | | | | | | | | | | | |
Intangible assets, net of accumulated amortization | | | 35,688,146 | | | - | | | 906,430 | | | 36,594,576 | | | | | | | | | | | | | |
Total intangibles and other assets | | | 244,314,693 | | | - | | | 7,210,933 | | | 251,525,626 | | | | | | | | | | | | | |
Total assets | | | 522,102,848 | | | -1,068,667 | | | 7,180,509 | | | 528,214,690 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable-trade | | $ | 125,752,284 | | $ | 137,706 | | $ | - | | $ | 125,889,990 | | | | | | | | | | | | | |
Other liabilities | | | 8,466,036 | | | - | | | -1,379,506 | | | 7,086,530 | | | | | | | | | | | | | |
Accrued expenses | | | 13,063,171 | | | -950,703 | | | -35,672 | | | 12,076,796 | | | | | | | | | | | | | |
Total current liabilities | | | 164,204,731 | | | -812,997 | | | -1,415,178 | | | 161,976,556 | | | | | | | | | | | | | |
Deferred income taxes | | | - | | | - | | | 7,301,933 | | | 7,301,933 | | | | | | | | | | | | | |
Other long-term liabilities | | | - | | | - | | | 1,379,506 | | | 1,379,506 | | | | | | | | | | | | | |
Total liabilities | | | 307,751,685 | | | -812,997 | | | 7,266,261 | | | 314,204,949 | | | | | | | | | | | | | |
Common stock | | | 4,992 | | | - | | | 1,054 | | | 6,046 | | | | | | | | | | | | | |
Additional paid-in capital | | | 195,560,051 | | | - | | | -1,054 | | | 195,558,997 | | | | | | | | | | | | | |
Accumulated other comprehensive income | | | 109,604 | | | 67,459 | | | - | | | 177,063 | | | | | | | | | | | | | |
Retained earnings | | | 85,747,839 | | | -323,129 | | | -85,752 | | | 85,338,958 | | | | | | | | | | | | | |
Total stockholders' equity | | | 214,351,163 | | | -255,670 | | | -85,752 | | | 214,009,741 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | | 522,102,848 | | | -1,068,667 | | | 7,180,509 | | | 528,214,690 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Restated consolidated statements of cash flows amounts (unaudited) |
|
| | Three Months Ended March 31, 2012 | | Three Months Ended March 31, 2013 | |
| | | | Adjustments | | | | | | Adjustments | | | |
| | | | Productions | | | | | | | | Productions | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | As Reported | | Graphics | | Other | | As Restated | |
Net income | | $ | 3,687,688 | | $ | 547,036 | | $ | 194,490 | | $ | 4,429,214 | | $ | 895,130 | | $ | -3,893,397 | | $ | 196,993 | | $ | -2,801,274 | |
Accounts receivable and unbilled revenue | | | -22,809,398 | | | -1,258,207 | | | 2,162,845 | | | -21,904,760 | | | 378,286 | | | -1,682,988 | | | - | | | -1,304,702 | |
Inventories | | | 2,119,878 | | | - | | | -471,482 | | | 1,648,396 | | | 1,964,851 | | | - | | | 955,419 | | | 2,920,270 | |
Prepaid expenses and other | | | -10,271,793 | | | - | | | -80,000 | | | -10,351,793 | | | -3,142,790 | | | - | | | 44,008 | | | -3,098,782 | |
Accounts payable | | | 16,003,529 | | | - | | | - | | | 16,003,529 | | | 4,843,377 | | | -96,015 | | | -1,036,420 | | | 3,710,942 | |
Accrued expenses and other | | | 3,438,985 | | | 711,171 | | | -1,805,853 | | | 2,344,303 | | | -4,137,671 | | | 277,381 | | | -160,000 | | | -4,020,290 | |
Net cash provided by operating activities | | | -7,472,638 | | | - | | | - | | | -7,472,638 | | | 4,552,380 | | | -5,395,019 | | | - | | | -842,639 | |
Payments of contingent consideration | | | -3,228,375 | | | - | | | - | | | -3,228,375 | | | -9,115,840 | | | 5,395,019 | | | - | | | -3,720,821 | |
Net cash provided by (used in) financing activites | | | 12,886,424 | | | - | | | - | | | 12,886,424 | | | -1,854,875 | | | 5,395,019 | | | - | | | 3,540,144 | |
|
| | Six Months Ended June 30, 2012 | | Six Months Ended June 30, 2013 | |
| | | | Adjustments | | | | | | Adjustments | | | |
| | | | Productions | | | | | | | | Productions | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | As Reported | | Graphics | | Other | | As Restated | |
Net income | | $ | 8,162,088 | | $ | -153,540 | | $ | 194,490 | | $ | 8,203,038 | | $ | 2,798,475 | | $ | -2,121,221 | | $ | 196,993 | | $ | 874,247 | |
Accounts receivable and unbilled revenue | | | -16,611,005 | | | -1,302,224 | | | 2,162,845 | | | -15,750,384 | | | 5,692,347 | | | -4,242,875 | | | - | | | 1,449,472 | |
Inventories | | | 2,455,852 | | | - | | | -471,482 | | | 1,984,370 | | | 1,029,174 | | | - | | | 955,419 | | | 1,984,593 | |
Prepaid expenses and other | | | -6,895,351 | | | - | | | -80,000 | | | -6,975,351 | | | 4,244,632 | | | - | | | 44,008 | | | 4,288,640 | |
Accounts payable | | | -5,364,653 | | | -27,810 | | | - | | | -5,392,463 | | | -6,379,266 | | | -96,015 | | | -1,036,420 | | | -7,511,701 | |
Accrued expenses and other | | | 6,659,812 | | | 358,869 | | | -1,805,853 | | | 5,212,828 | | | -5,132,129 | | | 1,065,092 | | | -160,000 | | | -4,227,037 | |
Net cash provided by operating activities | | | -9,996,549 | | | -1,124,705 | | | - | | | -11,121,254 | | | 8,305,023 | | | -5,395,019 | | | - | | | 2,910,004 | |
Payments of contingent consideration | | | -5,491,958 | | | 1,124,705 | | | - | | | -4,367,253 | | | -10,059,238 | | | 5,395,019 | | | - | | | -4,664,219 | |
Net cash provided by financing activites | | | 16,119,500 | | | 1,124,705 | | | - | | | 17,244,205 | | | 6,112,521 | | | 5,395,019 | | | - | | | 11,507,540 | |
|
| | Nine Months Ended September 30, 2012 | | Nine Months Ended September 30, 2013 | |
| | | | Adjustments | | | | | | Adjustments | | | |
| | | | Productions | | | | | | | | Productions | | | | | |
| | As Reported | | Graphics | | Other | | As Restated | | As Reported | | Graphics | | Other | | As Restated | |
Net income | | $ | 13,138,432 | | $ | -795,967 | | $ | 164,067 | | $ | 12,506,532 | | $ | 10,090,396 | | $ | -18,479,212 | | $ | 196,993 | | $ | -8,191,823 | |
Bad debt provision | | | 856,098 | | | - | | | - | | | 856,098 | | | 569,334 | | | -196,852 | | | - | | | 372,482 | |
Change in fair value of contingent consideration liability | | | 797,476 | | | - | | | - | | | 797,476 | | | -47,834,508 | | | 17,166,946 | | | - | | | -30,667,562 | |
Accounts receivable and unbilled revenue | | | -29,915,383 | | | -381,836 | | | 2,162,845 | | | -28,134,374 | | | -1,017,812 | | | -5,153,686 | | | - | | | -6,171,498 | |
Inventories | | | 869,220 | | | - | | | -471,482 | | | 397,738 | | | -8,276,976 | | | - | | | 955,419 | | | -7,321,557 | |
Prepaid expenses and other | | | -26,189,881 | | | - | | | -49,576 | | | -26,239,457 | | | 955,618 | | | - | | | 44,008 | | | 999,626 | |
Accounts payable | | | 18,615,109 | | | -27,810 | | | - | | | 18,587,299 | | | 7,947,457 | | | -158,569 | | | -1,036,420 | | | 6,752,468 | |
Accrued expenses and other | | | 4,765,850 | | | 80,908 | | | -1,805,854 | | | 3,040,904 | | | -7,414,905 | | | 1,426,354 | | | -160,000 | | | -6,148,551 | |
Net cash provided by operating activities | | | -13,100,484 | | | -1,124,705 | | | - | | | -14,225,189 | | | 14,858,869 | | | -5,395,019 | | | - | | | 9,463,850 | |
Payments of contingent consideration | | | -6,140,344 | | | 1,124,705 | | | - | | | -5,015,639 | | | -10,884,392 | | | 5,395,019 | | | - | | | -5,489,373 | |
Net cash provided by financing activites | | | 20,163,365 | | | 1,124,705 | | | - | | | 21,288,070 | | | 15,512,553 | | | 5,395,019 | | | - | | | 20,907,572 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |