2019 Q1 Form 10-Q Financial Statement

#000082414219000081 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $113.8M $99.08M
YoY Change 14.88% 15.11%
Cost Of Revenue $88.39M $83.89M
YoY Change 5.37% 37.31%
Gross Profit $25.43M $15.20M
YoY Change 67.35% -39.18%
Gross Profit Margin 22.34% 15.34%
Selling, General & Admin $13.68M $11.65M
YoY Change 17.39% 10.65%
% of Gross Profit 53.78% 76.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.914M $4.129M
YoY Change 43.23% 13.5%
% of Gross Profit 23.26% 27.17%
Operating Expenses $13.68M $11.65M
YoY Change 17.39% 10.65%
Operating Profit $11.47M $3.552M
YoY Change 222.89% -75.43%
Interest Expense $0.00 $100.0K
YoY Change -100.0% 0.0%
% of Operating Profit 0.0% 2.82%
Other Income/Expense, Net -$26.00K -$6.000K
YoY Change 333.33% -154.55%
Pretax Income $11.45M $3.614M
YoY Change 216.88% -75.12%
Income Tax $2.695M $460.0K
% Of Pretax Income 23.53% 12.73%
Net Earnings $8.757M $3.154M
YoY Change 177.65% -69.13%
Net Earnings / Revenue 7.69% 3.18%
Basic Earnings Per Share $0.17 $0.06
Diluted Earnings Per Share $0.17 $0.06
COMMON SHARES
Basic Shares Outstanding 51.99M shares 52.43M shares
Diluted Shares Outstanding 52.37M shares 52.91M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.100M $23.10M
YoY Change -69.26% -44.87%
Cash & Equivalents $7.143M $8.173M
Short-Term Investments $14.90M
Other Short-Term Assets $1.600M $1.200M
YoY Change 33.33% 33.33%
Inventory $74.58M $68.68M
Prepaid Expenses
Receivables $58.69M $54.32M
Other Receivables $4.800M $7.400M
Total Short-Term Assets $146.5M $154.5M
YoY Change -5.14% 5.64%
LONG-TERM ASSETS
Property, Plant & Equipment $166.7M $147.9M
YoY Change 12.66% 24.92%
Goodwill $3.229M $3.677M
YoY Change -12.18%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $172.7M $152.3M
YoY Change 13.44% 27.87%
TOTAL ASSETS
Total Short-Term Assets $146.5M $154.5M
Total Long-Term Assets $172.7M $152.3M
Total Assets $319.2M $306.7M
YoY Change 4.09% 15.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.947M $22.21M
YoY Change -73.23% 123.57%
Accrued Expenses $38.05M $35.08M
YoY Change 8.48% 12.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.08M $56.58M
YoY Change -23.86% 37.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.400M $1.600M
YoY Change 112.5% -23.81%
Total Long-Term Liabilities $3.400M $1.600M
YoY Change 112.5% -23.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.08M $56.58M
Total Long-Term Liabilities $3.400M $1.600M
Total Liabilities $60.20M $67.30M
YoY Change -10.55% 25.79%
SHAREHOLDERS EQUITY
Retained Earnings $258.2M $239.4M
YoY Change 7.85% 13.15%
Common Stock $208.0K $210.0K
YoY Change -0.95% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.4M $239.6M
YoY Change
Total Liabilities & Shareholders Equity $319.5M $306.9M
YoY Change 4.1% 15.7%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $8.757M $3.154M
YoY Change 177.65% -69.13%
Depreciation, Depletion And Amortization $5.914M $4.129M
YoY Change 43.23% 13.5%
Cash From Operating Activities $14.91M $10.74M
YoY Change 38.8% 5.69%
INVESTING ACTIVITIES
Capital Expenditures -$8.800M -$8.500M
YoY Change 3.53% 39.34%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$12.00M
YoY Change -100.83% -229.03%
Cash From Investing Activities -$8.703M -$20.42M
YoY Change -57.38% -724.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.061M -$3.607M
YoY Change -70.58% -39.53%
NET CHANGE
Cash From Operating Activities $14.91M $10.74M
Cash From Investing Activities -$8.703M -$20.42M
Cash From Financing Activities -$1.061M -$3.607M
Net Change In Cash $5.149M -$13.28M
YoY Change -138.76% -277.83%
FREE CASH FLOW
Cash From Operating Activities $14.91M $10.74M
Capital Expenditures -$8.800M -$8.500M
Free Cash Flow $23.71M $19.24M
YoY Change 23.22% 18.31%

Facts In Submission

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CY2019Q1 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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CY2019Q1 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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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2019Q1 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
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26.91
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6400000.0 shares
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1600000 USD
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2100000 USD
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58198 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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34.33
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1933920 shares
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2445849 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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30.77
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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35.74
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
27.43
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
41.36
CY2018Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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CY2019Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
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CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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11400000 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
18.67
CY2019Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
26.11
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y3M18D
CY2019Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P6Y8M12D
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StandardProductWarrantyAccrual
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CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11424000 USD
CY2018Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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1106000 USD
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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StandardProductWarrantyAccrualWarrantiesIssued
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CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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4010000 USD
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
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5071000 USD
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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259370000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.64
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36.94
CY2019Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
39.46
us-gaap Treasury Stock Shares Acquired
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13225308 shares
CY2018Q1 us-gaap Treasury Stock Shares Acquired
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133695 shares
CY2019Q1 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Value Acquired Cost Method
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193592573 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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4938613 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
377510 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52369660 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52433902 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q4 us-gaap Workers Compensation Liability Current
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567000 USD
CY2019Q1 us-gaap Workers Compensation Liability Current
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504000 USD
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 fair-value of acquisitions, 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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