2021 Q4 Form 10-K Financial Statement

#000140282922000007 Filed on March 07, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $162.3M $601.4M $170.2M
YoY Change -4.65% -15.29% -14.82%
Cost Of Revenue $155.6M $560.4M $148.5M
YoY Change 4.81% -10.37% -17.82%
Gross Profit $6.633M $40.97M $21.70M
YoY Change -69.43% -51.63% 13.68%
Gross Profit Margin 4.09% 6.81% 12.75%
Selling, General & Admin $16.10M $60.18M $17.40M
YoY Change -7.45% -7.54% 6.75%
% of Gross Profit 242.77% 146.9% 80.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.290M $22.61M $6.560M
YoY Change -4.12% -5.38% -7.21%
% of Gross Profit 94.83% 55.19% 30.23%
Operating Expenses $16.48M $60.18M $17.90M
YoY Change -7.92% -7.54% 5.29%
Operating Profit -$9.850M -$9.317M $5.052M
YoY Change -294.97% -135.04% 87.04%
Interest Expense -$507.0K $5.076M -$1.200M
YoY Change -57.75% 3.17% -33.33%
% of Operating Profit -23.75%
Other Income/Expense, Net $40.00K -$4.741M $100.0K
YoY Change -60.0% 8.0% -50.0%
Pretax Income -$8.662M -$14.06M $3.982M
YoY Change -317.53% -163.34% 259.71%
Income Tax $161.0K $502.0K $300.0K
% Of Pretax Income 7.53%
Net Earnings -$8.823M -$14.56M $3.666M
YoY Change -340.67% -172.01% 2205.66%
Net Earnings / Revenue -5.44% -2.42% 2.15%
Basic Earnings Per Share -$0.47 $0.12
Diluted Earnings Per Share -$285.2K -$0.47 $0.12
COMMON SHARES
Basic Shares Outstanding 31.06M 30.76M 30.42M
Diluted Shares Outstanding 30.76M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.29M $12.29M $1.600M
YoY Change 668.31% 668.31% 1500.0%
Cash & Equivalents $12.29M $12.29M $1.589M
Short-Term Investments
Other Short-Term Assets $8.142M $8.142M $7.200M
YoY Change 13.08% 13.08% 9.09%
Inventory $1.428M $29.96M $1.548M
Prepaid Expenses
Receivables $88.17M $88.17M $96.40M
Other Receivables $552.0K $59.37M $1.023M
Total Short-Term Assets $197.9M $197.9M $235.4M
YoY Change -15.92% -15.92% 11.06%
LONG-TERM ASSETS
Property, Plant & Equipment $106.7M $135.9M $125.5M
YoY Change -15.01% -13.55% -5.18%
Goodwill
YoY Change
Intangibles $8.556M $10.08M
YoY Change -15.09% -17.04%
Long-Term Investments
YoY Change
Other Assets $3.900M $9.359M $4.956M
YoY Change -21.31% -18.62% -7.69%
Total Long-Term Assets $153.8M $153.8M $178.8M
YoY Change -13.97% -13.97% -2.24%
TOTAL ASSETS
Total Short-Term Assets $197.9M $197.9M $235.4M
Total Long-Term Assets $153.8M $153.8M $178.8M
Total Assets $351.8M $351.8M $414.2M
YoY Change -15.08% -15.08% 4.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.22M $48.22M $48.30M
YoY Change -0.17% -0.17% -31.39%
Accrued Expenses $38.59M $42.45M $84.64M
YoY Change -54.4% -52.62% 398.86%
Deferred Revenue $27.00M $33.14M
YoY Change -18.52% -32.07%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $39.14M $42.55M $4.344M
YoY Change 801.04% 418.87% 18.43%
Total Short-Term Liabilities $161.7M $161.7M $180.6M
YoY Change -10.45% -10.44% 20.61%
LONG-TERM LIABILITIES
Long-Term Debt $259.0K $11.17M $29.52M
YoY Change -99.12% -70.54% -56.6%
Other Long-Term Liabilities $18.94M $30.58M $19.84M
YoY Change -4.51% -15.06% -2.93%
Total Long-Term Liabilities $19.20M $41.75M $49.36M
YoY Change -61.1% -43.51% -44.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.7M $161.7M $180.6M
Total Long-Term Liabilities $19.20M $41.75M $49.36M
Total Liabilities $203.7M $203.7M $254.7M
YoY Change -20.04% -20.04% -0.83%
SHAREHOLDERS EQUITY
Retained Earnings -$31.56M -$17.00M
YoY Change 85.65% -54.33%
Common Stock $317.0K $312.0K
YoY Change 1.6% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.540M $6.540M
YoY Change 0.0% 0.0%
Treasury Stock Shares $711.2K $711.2K
Shareholders Equity $148.1M $148.1M $159.5M
YoY Change
Total Liabilities & Shareholders Equity $351.8M $351.8M $414.2M
YoY Change -15.08% -15.08% 4.9%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$8.823M -$14.56M $3.666M
YoY Change -340.67% -172.01% 2205.66%
Depreciation, Depletion And Amortization $6.290M $22.61M $6.560M
YoY Change -4.12% -5.38% -7.21%
Cash From Operating Activities -$4.171M $69.00K $7.650M
YoY Change -154.52% -99.85% 548.31%
INVESTING ACTIVITIES
Capital Expenditures -$5.381M $16.98M -$5.250M
YoY Change 2.5% 15.52% 26.2%
Acquisitions
YoY Change
Other Investing Activities $1.521M $27.60M $4.320M
YoY Change -64.79% 138.58% 800.0%
Cash From Investing Activities -$3.860M $10.63M -$930.0K
YoY Change 315.05% -439.69% -74.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.43M 6.000K -7.870M
YoY Change -346.9% -100.01% -451.34%
NET CHANGE
Cash From Operating Activities -4.171M 69.00K 7.650M
Cash From Investing Activities -3.860M 10.63M -930.0K
Cash From Financing Activities 19.43M 6.000K -7.870M
Net Change In Cash 11.40M 10.70M -1.150M
YoY Change -1091.3% 2028.03% 342.31%
FREE CASH FLOW
Cash From Operating Activities -$4.171M $69.00K $7.650M
Capital Expenditures -$5.381M $16.98M -$5.250M
Free Cash Flow $1.210M -$16.91M $12.90M
YoY Change -90.62% -153.95% 141.57%

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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Risk Concentrations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers.</p>
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
93000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
329000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
769000
CY2021 orn Defined Contribution Plan Requisite Service Period
DefinedContributionPlanRequisiteServicePeriod
P6M
CY2021 orn Defined Contribution Plan Annual Contribution By Employee Minimum Allowable Amount Percent
DefinedContributionPlanAnnualContributionByEmployeeMinimumAllowableAmountPercent
0.01
CY2021 orn Defined Contribution Plan Annual Contribution By Employee Maximum Allowable Amount Percent
DefinedContributionPlanAnnualContributionByEmployeeMaximumAllowableAmountPercent
0.80
CY2021 orn Defined Contribution Plan Employers Matching Contribution Vesting Period
DefinedContributionPlanEmployersMatchingContributionVestingPeriod
P4Y
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1400000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1200000
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1300000
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14686000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18874000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
14561000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
12858000
CY2021Q4 orn Right Of Use Asset
RightOfUseAsset
29247000
CY2020Q4 orn Right Of Use Asset
RightOfUseAsset
31732000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3857000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4989000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3406000
CY2020Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3901000
CY2021Q4 orn Operating And Finance Lease Liability Current
OperatingAndFinanceLeaseLiabilityCurrent
7263000
CY2020Q4 orn Operating And Finance Lease Liability Current
OperatingAndFinanceLeaseLiabilityCurrent
8890000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11637000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14537000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
10908000
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
8376000
CY2021Q4 orn Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
22545000
CY2020Q4 orn Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
22913000
CY2021Q4 orn Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
29808000
CY2020Q4 orn Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
31803000
CY2021Q4 orn Operating Lease Right Of Use Asset Accumulated Depreciation
OperatingLeaseRightOfUseAssetAccumulatedDepreciation
9500000
CY2020Q4 orn Operating Lease Right Of Use Asset Accumulated Depreciation
OperatingLeaseRightOfUseAssetAccumulatedDepreciation
9000000.0
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
2700000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
6400000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y11M15D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0475
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0473
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0428
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0446
CY2019 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2906000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
5814000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
6430000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
6930000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1607000
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3871000
CY2019 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2001000
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
491000
CY2020 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
548000
CY2019 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
362000
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2822000
CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3324000
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2312000
CY2021 us-gaap Lease Cost
LeaseCost
10734000
CY2020 us-gaap Lease Cost
LeaseCost
14173000
CY2019 us-gaap Lease Cost
LeaseCost
11605000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
5666000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
6262000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
6887000
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
491000
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
548000
CY2019 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
362000
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3035000
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3619000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1567000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7829000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25743000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
7318000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
11270000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2838000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2574000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2354000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1968000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1730000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
2105000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2359000
CY2021Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
2322000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1021000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4495000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
3990000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3666000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
3134000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17442000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
16093000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1948000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1779000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15494000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
14314000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3857000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3406000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11637000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
10908000

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