2017 Q1 Form 10-Q Financial Statement

#000082414217000083 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $86.08M $85.42M
YoY Change 0.77% 11.27%
Cost Of Revenue $61.09M $59.69M
YoY Change 2.35% 8.59%
Gross Profit $24.99M $25.73M
YoY Change -2.9% 18.04%
Gross Profit Margin 29.03% 30.12%
Selling, General & Admin $10.53M $8.913M
YoY Change 18.14% 7.17%
% of Gross Profit 42.14% 34.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.638M $3.171M
YoY Change 14.73% 13.09%
% of Gross Profit 14.56% 12.32%
Operating Expenses $10.53M $8.913M
YoY Change 18.14% 7.17%
Operating Profit $14.46M $16.83M
YoY Change -14.08% 24.86%
Interest Expense $100.0K $100.0K
YoY Change 0.0%
% of Operating Profit 0.69% 0.59%
Other Income/Expense, Net $11.00K $117.0K
YoY Change -90.6% -256.0%
Pretax Income $14.53M $17.02M
YoY Change -14.63% 26.57%
Income Tax $4.311M $5.466M
% Of Pretax Income 29.67% 32.12%
Net Earnings $10.22M $11.55M
YoY Change -11.55% 37.53%
Net Earnings / Revenue 11.87% 13.52%
Basic Earnings Per Share $0.19 $0.22
Diluted Earnings Per Share $0.19 $0.22
COMMON SHARES
Basic Shares Outstanding 52.62M shares 53.06M shares
Diluted Shares Outstanding 53.19M shares 53.59M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.90M $43.20M
YoY Change -3.01% 1.17%
Cash & Equivalents $31.62M $17.25M
Short-Term Investments $10.30M $26.00M
Other Short-Term Assets $900.0K $2.500M
YoY Change -64.0% -65.28%
Inventory $55.99M $42.48M
Prepaid Expenses
Receivables $44.38M $42.00M
Other Receivables $3.000M $0.00
Total Short-Term Assets $146.2M $130.2M
YoY Change 12.3% -4.75%
LONG-TERM ASSETS
Property, Plant & Equipment $118.4M $105.8M
YoY Change 11.95% 14.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets
YoY Change
Total Long-Term Assets $119.1M $106.5M
YoY Change 11.83% 6.4%
TOTAL ASSETS
Total Short-Term Assets $146.2M $130.2M
Total Long-Term Assets $119.1M $106.5M
Total Assets $265.3M $236.7M
YoY Change 12.09% -0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.936M $3.604M
YoY Change 175.69% -64.4%
Accrued Expenses $31.19M $34.44M
YoY Change -9.44% 20.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.12M $38.04M
YoY Change 8.1% -1.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.100M $2.300M
YoY Change -8.7% -11.54%
Total Long-Term Liabilities $2.100M $2.300M
YoY Change -8.7% -11.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.12M $38.04M
Total Long-Term Liabilities $2.100M $2.300M
Total Liabilities $53.50M $48.00M
YoY Change 11.46% -12.09%
SHAREHOLDERS EQUITY
Retained Earnings $211.6M $188.5M
YoY Change 12.27% 3.6%
Common Stock $210.0K $212.0K
YoY Change -0.94% -2.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.8M $188.7M
YoY Change
Total Liabilities & Shareholders Equity $265.3M $236.7M
YoY Change 12.09% -0.04%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $10.22M $11.55M
YoY Change -11.55% 37.53%
Depreciation, Depletion And Amortization $3.638M $3.171M
YoY Change 14.73% 13.09%
Cash From Operating Activities $10.17M $15.99M
YoY Change -36.43% 271.93%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$7.300M
YoY Change -16.44% 102.78%
Acquisitions
YoY Change
Other Investing Activities $9.300M $3.400M
YoY Change 173.53% -70.69%
Cash From Investing Activities $3.269M -$3.906M
YoY Change -183.69% -148.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.965M -$2.747M
YoY Change 117.15% 243.38%
NET CHANGE
Cash From Operating Activities $10.17M $15.99M
Cash From Investing Activities $3.269M -$3.906M
Cash From Financing Activities -$5.965M -$2.747M
Net Change In Cash $7.470M $9.340M
YoY Change -20.02% -18.78%
FREE CASH FLOW
Cash From Operating Activities $10.17M $15.99M
Capital Expenditures -$6.100M -$7.300M
Free Cash Flow $16.27M $23.29M
YoY Change -30.17% 194.85%

Facts In Submission

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ShareBasedCompensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
20.02
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2300000 USD
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28.93
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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24.34
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.76
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.14
CY2016Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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CY2017Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6995000 USD
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2016Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
8.48
CY2017Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
11.96
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y3M22D
CY2017Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y6M6D
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StandardProductWarrantyAccrual
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StandardProductWarrantyAccrual
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CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1342000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1218000 USD
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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898000 USD
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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205898000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
211795000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
12.45
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.62
CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.50
us-gaap Treasury Stock Shares Acquired
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11989822 shares
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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us-gaap Treasury Stock Value Acquired Cost Method
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149219902 USD
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
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3455501 USD
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CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
567518 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q4 us-gaap Workers Compensation Liability Current
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CY2017Q1 us-gaap Workers Compensation Liability Current
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558000 USD
CY2017Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP&#160;&#160;requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions as needed, but at a minimum on a quarterly basis. The most significant estimates include, but are not limited to, the allowance for doubtful accounts, inventory reserves, warranty accrual, worker's compensation accrual, medical insurance accrual, income taxes and share-based compensation. Actual results could differ materially from those estimates.</font></div></div>

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