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Liquidity Services Inc – ‘10-K’ for 9/30/11 – ‘R8’

On:  Friday, 12/9/11, at 1:13pm ET   ·   For:  9/30/11   ·   Accession #:  1047469-11-10022   ·   File #:  0-51813

Previous ‘10-K’:  ‘10-K’ on 12/10/10 for 9/30/10   ·   Next:  ‘10-K’ on 11/29/12 for 9/30/12   ·   Latest:  ‘10-K’ on 12/7/23 for 9/30/23   ·   3 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/09/11  Liquidity Services Inc            10-K        9/30/11   39:4M                                     Toppan Merrill-FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    862K 
 2: EX-10.32    Material Contract                                   HTML    215K 
 3: EX-21.1     Subsidiaries List                                   HTML     16K 
 4: EX-23.1     Consent of Experts or Counsel                       HTML     14K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     19K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     16K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     16K 
25: R1          Consolidated Balance Sheets                         HTML    123K 
18: R2          Consolidated Balance Sheets (Parenthetical)         HTML     29K 
23: R3          Consolidated Statements of Operations               HTML    110K 
27: R4          Consolidated Statements of Changes in               HTML     61K 
                Stockholders' Equity                                             
36: R5          Consolidated Statements of Cash Flows               HTML    169K 
19: R6          Organization                                        HTML     26K 
22: R7          Summary of Significant Accounting Policies          HTML     71K 
17: R8          Significant Contracts                               HTML     28K 
15: R9          Acquisitions                                        HTML     40K 
37: R10         Summary of Discontinued Operations                  HTML     26K 
29: R11         Property and Equipment                              HTML     27K 
28: R12         Intangible Assets                                   HTML     31K 
32: R13         Debt                                                HTML     20K 
33: R14         Commitments                                         HTML     24K 
31: R15         401(k) Benefit Plan                                 HTML     24K 
34: R16         Income Taxes                                        HTML     62K 
24: R17         Stockholders' Equity                                HTML     65K 
26: R18         Fair Value Measurement                              HTML     35K 
30: R19         Quarterly Results (Unaudited)                       HTML     65K 
39: R20         Subsequent Events                                   HTML     25K 
35: R21         Schedule Ii - Valuation and Qualifying Accounts     HTML     30K 
21: R22         Document and Entity Information                     HTML     42K 
38: XML         IDEA XML File -- Filing Summary                      XML     46K 
16: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    386K 
 9: EX-101.INS  XBRL Instance -- lqdt-20110930                       XML    586K 
11: EX-101.CAL  XBRL Calculations -- lqdt-20110930_cal               XML    138K 
12: EX-101.DEF  XBRL Definitions -- lqdt-20110930_def                XML    223K 
13: EX-101.LAB  XBRL Labels -- lqdt-20110930_lab                     XML    694K 
14: EX-101.PRE  XBRL Presentations -- lqdt-20110930_pre              XML    320K 
10: EX-101.SCH  XBRL Schema -- lqdt-20110930                         XSD     62K 
20: ZIP         XBRL Zipped Folder -- 0001047469-11-010022-xbrl      Zip     77K 


‘R8’   —   Significant Contracts


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v2.4.0.6
Significant Contracts
12 Months Ended
Significant Contracts  
Significant Contracts

3. Significant Contracts

  • DLA Disposition Services

        The Company had a Surplus Contract with the DLA Disposition Services, which expired on December 17, 2008. Under the terms of the original Contract, the Company distributed to the DLA Disposition Services a fixed percentage of the profits realized from the ultimate sale of the inventory, after deduction for allowable expenses and profit-sharing distributions, as provided for under the terms of the Contract. Profit-sharing distributions to the DLA Disposition Services for the years ended September 30, 2011, 2010 and 2009 were $0, $385,000, and $18,009,000, respectively, including accrued amounts of $0, 169,000 and $207,000 as of September 30, 2011, 2010 and 2009, respectively.

        The Company responded to a RFP and was awarded the new Surplus Contract. Significant operations began under the new Surplus Contract during February 2009. The new Contract has a base term expiring in February 2012 with two one year renewal options. The DoD has exercised the first renewal option. Under the new Surplus Contract, the Company is required to purchase all usable surplus property offered to the Company by the Department of Defense at a fixed percentage equal to 1.8% of the DoD's original acquisition value. The Company retains 100% of the profits from the resale of the property and bears all of the costs for the merchandising and sale of the property. The new Surplus Contract contains a provision providing for a mutual termination of the contract for convenience.

        As a result of the Surplus Contract, the Company is the sole remarketer of all DoD surplus turned into the DLA Disposition Services available for sale within the United States, Puerto Rico, and Guam.

        The Company has a Scrap Contract with the DLA Disposition Services in which the base term expires in June 2012 with three one year renewal options. The DoD has exercised the first renewal option. Under the terms of the Scrap Contract, the Company is required to purchase all scrap government property referred to it by the DLA Disposition Services. The Company distributes to the DLA Disposition Services 77% of the profits realized from the ultimate sale of the inventory, after deduction for allowable expenses, as provided for under the terms of the contract. The Contract also has a performance incentive that allows it to receive up to an additional 2% of the profit sharing distribution. This incentive is measured annually on June 30th, and is applied to the prior 12 months. The Company earned a performance incentive for the years ended September 30, 2011, 2010 and 2009 of approximately $1,601,000, $1,286,000, and $975,000, respectively. For the years ended September 30, 2011, 2010 and 2009, profit-sharing distributions to the DLA Disposition Services under the Scrap Contract were $49,318,000, $40,926,000, and $25,713,000, including accrued amounts, as of September 30, 2011, 2010, and 2009, of $7,203,000, $5,349,000 and $4,407,000, respectively. The Scrap Contract may be terminated by either the Company or the DLA Disposition Services if the rate of return performance ratio does not exceed specified benchmark ratios for two consecutive quarterly periods and the preceding twelve months. The Company has performed in excess of the benchmark ratios throughout the contract period through September 30, 2011.

        As a result of the Scrap Contract, the Company is the sole remarketer of all U.S. Department of Defense scrap turned into the DLA Disposition Services available for sale within the United States, Puerto Rico, and Guam.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:12/9/114
For Period end:9/30/115,  ARS
9/30/1010-K,  4,  5,  ARS
9/30/0910-K,  10-K/A,  4,  5,  ARS
9/15/09
12/17/08
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/18/12  SEC                               UPLOAD10/07/17    1:36K  Liquidity Services Inc.
 3/19/12  SEC                               UPLOAD10/07/17    1:93K  Liquidity Services Inc.
 2/29/12  SEC                               UPLOAD10/07/17    1:103K Liquidity Services Inc.
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Filing Submission 0001047469-11-010022   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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