2015 Q1 Form 10-Q Financial Statement

#000093454915000013 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $34.21M $12.58M
YoY Change 171.98% -83.64%
Cost Of Revenue $9.330M $950.0K
YoY Change 882.11% -94.86%
Gross Profit $24.89M $11.63M
YoY Change 114.02% -80.08%
Gross Profit Margin 72.76% 92.46%
Selling, General & Admin $15.36M $13.22M
YoY Change 16.19% -54.22%
% of Gross Profit 61.71% 113.67%
Research & Development $1.000M $990.0K
YoY Change 1.01% -2.94%
% of Gross Profit 4.02% 8.51%
Depreciation & Amortization $13.10M $14.55M
YoY Change -9.97% 23.59%
% of Gross Profit 52.64% 125.12%
Operating Expenses $29.81M $28.69M
YoY Change 3.9% -31.1%
Operating Profit -$13.61M -$26.05M
YoY Change -47.76% -467.17%
Interest Expense $110.0K
YoY Change -91.47%
% of Operating Profit
Other Income/Expense, Net $228.0K $109.0K
YoY Change 109.17% -91.55%
Pretax Income -$13.38M -$25.94M
YoY Change -48.42% -409.39%
Income Tax $170.0K -$1.372M
% Of Pretax Income
Net Earnings -$13.13M -$24.42M
YoY Change -46.23% -577.63%
Net Earnings / Revenue -38.38% -194.16%
Basic Earnings Per Share -$0.27 -$0.51
Diluted Earnings Per Share -$0.27 -$0.51
COMMON SHARES
Basic Shares Outstanding 49.21M shares 48.33M shares
Diluted Shares Outstanding 49.21M shares 48.33M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.8M $229.0M
YoY Change -32.4% -30.05%
Cash & Equivalents $101.5M $146.0M
Short-Term Investments $53.30M $95.60M
Other Short-Term Assets $17.00M $10.70M
YoY Change 58.88% 109.8%
Inventory
Prepaid Expenses
Receivables $30.01M $13.54M
Other Receivables $0.00 $0.00
Total Short-Term Assets $201.8M $253.3M
YoY Change -20.34% -32.97%
LONG-TERM ASSETS
Property, Plant & Equipment $421.0K $782.0K
YoY Change -46.16% 45.9%
Goodwill $30.15M $30.15M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $355.0K $309.0K
YoY Change 14.89% 123.91%
Total Long-Term Assets $305.6M $321.4M
YoY Change -4.93% -4.51%
TOTAL ASSETS
Total Short-Term Assets $201.8M $253.3M
Total Long-Term Assets $305.6M $321.4M
Total Assets $507.4M $574.7M
YoY Change -11.72% -19.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.70M $12.30M
YoY Change 3.25% -28.07%
Accrued Expenses $900.0K $19.30M
YoY Change -95.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.73M $35.44M
YoY Change -7.64% -34.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $250.0K $319.0K
YoY Change -21.63% -35.43%
Total Long-Term Liabilities $250.0K $319.0K
YoY Change -21.63% -35.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.73M $35.44M
Total Long-Term Liabilities $250.0K $319.0K
Total Liabilities $34.15M $39.51M
YoY Change -13.57% -51.93%
SHAREHOLDERS EQUITY
Retained Earnings -$141.2M -$86.49M
YoY Change 63.29% 16564.16%
Common Stock $51.00K $50.00K
YoY Change 2.0% 2.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.64M $34.64M
YoY Change 0.0% 29.59%
Treasury Stock Shares 1.729M shares 1.729M shares
Shareholders Equity $468.2M $528.9M
YoY Change
Total Liabilities & Shareholders Equity $507.4M $574.7M
YoY Change -11.72% -19.57%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$13.13M -$24.42M
YoY Change -46.23% -577.63%
Depreciation, Depletion And Amortization $13.10M $14.55M
YoY Change -9.97% 23.59%
Cash From Operating Activities -$15.83M -$20.43M
YoY Change -22.52% -221.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $96.00K
YoY Change -100.0% -60.17%
Acquisitions
YoY Change
Other Investing Activities $5.200M $34.40M
YoY Change -84.88% -178.18%
Cash From Investing Activities -$11.65M $33.32M
YoY Change -134.97% -169.1%
FINANCING ACTIVITIES
Cash Dividend Paid $6.375M $6.255M
YoY Change 1.92%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.437M -$6.165M
YoY Change -11.81% -324.51%
NET CHANGE
Cash From Operating Activities -$15.83M -$20.43M
Cash From Investing Activities -$11.65M $33.32M
Cash From Financing Activities -$5.437M -$6.165M
Net Change In Cash -$32.92M $6.718M
YoY Change -590.0% -123.45%
FREE CASH FLOW
Cash From Operating Activities -$15.83M -$20.43M
Capital Expenditures $0.00 $96.00K
Free Cash Flow -$15.83M -$20.53M
YoY Change -22.89% -223.78%

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OtherOperatingActivitiesCashFlowStatement
0 USD
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-12000 USD
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6255000 USD
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6375000 USD
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
14234000 USD
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
13369000 USD
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
987000 USD
CY2015Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
16861000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-13552000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
500000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
48632000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
18579000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
90000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
938000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-24570000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
421000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10718000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-128095000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-141225000 USD
CY2014Q1 us-gaap Royalty Expense
RoyaltyExpense
951000 USD
CY2015Q1 us-gaap Royalty Expense
RoyaltyExpense
9325000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4765000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3247000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
58558000 USD
CY2015Q1 us-gaap Short Term Investments
ShortTermInvestments
53289000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
483557000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
468150000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
489048000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
473219000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48329375 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49212207 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48329375 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49212207 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations. </font><font style="font-family:inherit;font-size:10pt;">Two licensees individually accounted for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">58%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, and one licensee accounted for </font><font style="font-family:inherit;font-size:10pt;">39%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three </font><font style="font-family:inherit;font-size:10pt;">months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. Two licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">66%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">17%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">. Three licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">30%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">17%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at December 31, 2014. For the three </font><font style="font-family:inherit;font-size:10pt;">months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and 2014, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">62%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">16%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions, based on the jurisdiction of the entity obligated to satisfy payment obligations pursuant to the applicable revenue arrangement. The Company does not have any material foreign operations.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Acacia believes that, of the significant accounting policies described herein, the accounting policies associated with revenue recognition, stock-based compensation expense, impairment of marketable securities and intangible assets, the determination of the economic useful life of amortizable intangible assets, income taxes and valuation allowances against net deferred tax assets and the application of the acquisition method of accounting for business combinations, require its most difficult, subjective or complex judgments.</font></div></div>

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