2022 Q4 Form 10-Q Financial Statement

#000156459022037198 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $44.11M $49.74M
YoY Change -3.67% 3.8%
Cost Of Revenue $30.03M $33.82M
YoY Change 0.98% 9.38%
Gross Profit $14.08M $15.93M
YoY Change -12.28% -6.35%
Gross Profit Margin 31.93% 32.01%
Selling, General & Admin $14.11M $14.97M
YoY Change 8.51% 6.61%
% of Gross Profit 100.18% 94.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.274M $1.221M
YoY Change 12.87% 21.86%
% of Gross Profit 9.04% 7.67%
Operating Expenses $14.11M $14.97M
YoY Change 8.51% 6.61%
Operating Profit -$25.70K $953.0K
YoY Change -100.84% -67.81%
Interest Expense -$921.5K -$714.0K
YoY Change 288.42% 213.16%
% of Operating Profit -74.92%
Other Income/Expense, Net $107.6K -$209.0K
YoY Change 493.82% 207.35%
Pretax Income -$839.6K $30.00K
YoY Change -129.63% -98.87%
Income Tax -$242.3K -$34.00K
% Of Pretax Income -113.33%
Net Earnings -$597.2K $64.00K
YoY Change -125.59% -96.87%
Net Earnings / Revenue -1.35% 0.13%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share -$0.17 $17.38K
COMMON SHARES
Basic Shares Outstanding 3.535M 3.525M
Diluted Shares Outstanding 3.692M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.100M $4.218M
YoY Change 25.95% -20.51%
Cash & Equivalents $6.100M $4.218M
Short-Term Investments
Other Short-Term Assets $3.571M $3.990M
YoY Change 35.55% 62.33%
Inventory $63.33M $66.21M
Prepaid Expenses
Receivables $32.60M $40.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $105.6M $114.6M
YoY Change 10.86% 23.66%
LONG-TERM ASSETS
Property, Plant & Equipment $26.42M $28.93M
YoY Change 9.94% 9.72%
Goodwill $8.189M $8.189M
YoY Change 70.61%
Intangibles $20.79M $21.30M
YoY Change 20.66%
Long-Term Investments
YoY Change
Other Assets $750.0K $1.500M
YoY Change
Total Long-Term Assets $58.78M $59.92M
YoY Change 19.49% 22.82%
TOTAL ASSETS
Total Short-Term Assets $105.6M $114.6M
Total Long-Term Assets $58.78M $59.92M
Total Assets $164.4M $174.5M
YoY Change 13.8% 23.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.51M $11.77M
YoY Change 17.12% 75.82%
Accrued Expenses $10.08M $12.26M
YoY Change 1.7% 0.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $404.6K $389.0K
YoY Change 4.13% 45.69%
Total Short-Term Liabilities $22.13M $24.42M
YoY Change 9.13% 27.68%
LONG-TERM LIABILITIES
Long-Term Debt $49.92M $67.93M
YoY Change 51.09% 57.38%
Other Long-Term Liabilities $622.4K $3.154M
YoY Change 3.91% 21.49%
Total Long-Term Liabilities $50.54M $71.09M
YoY Change 50.25% 55.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.13M $24.42M
Total Long-Term Liabilities $50.54M $71.09M
Total Liabilities $85.35M $95.50M
YoY Change 26.71% 47.19%
SHAREHOLDERS EQUITY
Retained Earnings $70.97M $72.06M
YoY Change 1.57%
Common Stock $12.70M $12.69M
YoY Change 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.00M $16.00M
YoY Change 0.0%
Treasury Stock Shares $1.545M $1.545M
Shareholders Equity $79.03M $78.98M
YoY Change
Total Liabilities & Shareholders Equity $164.4M $174.5M
YoY Change 13.8% 23.37%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$597.2K $64.00K
YoY Change -125.59% -96.87%
Depreciation, Depletion And Amortization $1.274M $1.221M
YoY Change 12.87% 21.86%
Cash From Operating Activities $10.50M -$2.436M
YoY Change 385.7% -185.9%
INVESTING ACTIVITIES
Capital Expenditures $1.005M -$838.0K
YoY Change -163.6% -41.85%
Acquisitions
YoY Change
Other Investing Activities -$13.39K $0.00
YoY Change
Cash From Investing Activities -$1.019M -$838.0K
YoY Change -35.55% -41.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.878M 6.135M
YoY Change 711.91% 720.19%
NET CHANGE
Cash From Operating Activities 10.50M -2.436M
Cash From Investing Activities -1.019M -838.0K
Cash From Financing Activities -7.878M 6.135M
Net Change In Cash 1.602M 2.861M
YoY Change -511.35% 33.5%
FREE CASH FLOW
Cash From Operating Activities $10.50M -$2.436M
Capital Expenditures $1.005M -$838.0K
Free Cash Flow $9.493M -$1.598M
YoY Change 153.69% -137.36%

Facts In Submission

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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Share Based Compensation
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us-gaap Provision For Doubtful Accounts
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acu Ppp Loan Forgiveness
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Increase Decrease In Receivables
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9060000
us-gaap Increase Decrease In Inventories
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12807000
us-gaap Increase Decrease In Inventories
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-1678000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1393000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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3048000
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Other Accrued Liabilities
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954000
us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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3299000
us-gaap Payments To Acquire Property Plant And Equipment
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4792000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
300000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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9609000
us-gaap Net Cash Provided By Used In Investing Activities
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-13208000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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1687000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
242000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1070000
us-gaap Interest Paid Net
InterestPaidNet
1292000
us-gaap Interest Paid Net
InterestPaidNet
660000
acu Business Acquisition Contingent Consideration
BusinessAcquisitionContingentConsideration
1270000
CY2022Q3 acu Revenues Disaggregation By Category
RevenuesDisaggregationByCategory
49744000
CY2021Q3 acu Revenues Disaggregation By Category
RevenuesDisaggregationByCategory
47923000
acu Revenues Disaggregation By Category
RevenuesDisaggregationByCategory
149849000
acu Revenues Disaggregation By Category
RevenuesDisaggregationByCategory
136295000
CY2022Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
67658
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
77658
acu Payments Related To Cash Settlement Of Share Based Compensation
PaymentsRelatedToCashSettlementOfShareBasedCompensation
108000
CY2022Q3 acu Direct Import Sales To Total Net Sales Percentage
DirectImportSalesToTotalNetSalesPercentage
0.08
acu Direct Import Sales To Total Net Sales Percentage
DirectImportSalesToTotalNetSalesPercentage
0.09
CY2021Q3 acu Direct Import Sales To Total Net Sales Percentage
DirectImportSalesToTotalNetSalesPercentage
0.07
acu Direct Import Sales To Total Net Sales Percentage
DirectImportSalesToTotalNetSalesPercentage
0.08
CY2022Q3 us-gaap Revenues
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49744000
CY2021Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
149849000
us-gaap Revenues
Revenues
136295000
CY2022Q3 us-gaap Operating Income Loss
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953000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2961000
us-gaap Operating Income Loss
OperatingIncomeLoss
6299000
us-gaap Operating Income Loss
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CY2022Q3 us-gaap Interest Income Expense Net
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-714000
CY2021Q3 us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2022Q3 us-gaap Nonoperating Income Expense
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-209000
CY2021Q3 us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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-354000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2665000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4502000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12341000
CY2022Q3 us-gaap Assets
Assets
174484000
CY2021Q4 us-gaap Assets
Assets
144439000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
637000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
455000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3995873000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
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BusinessCombinationContingentConsiderationLiability
1300000
CY2022Q3 us-gaap Liabilities Fair Value Adjustment
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0
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
308000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
297000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
319000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
236000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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334000
us-gaap Operating Lease Cost
OperatingLeaseCost
926000
us-gaap Operating Lease Cost
OperatingLeaseCost
994000
us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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545000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
324000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1234000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
914000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
689000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
155000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3316000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
225000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1142000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1949000
CY2022Q3 acu Accrued Customer Rebates
AccruedCustomerRebates
6228000
CY2021Q4 acu Accrued Customer Rebates
AccruedCustomerRebates
5414000
CY2022Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1465000
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1586000
CY2022Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
495000
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
458000
CY2022Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
801000
CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
564000
CY2022Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2149000
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
1887000
CY2022Q3 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
11138000
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
9909000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4218000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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4843000
CY2022Q3 us-gaap Restricted Cash Current
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750000
CY2022Q3 us-gaap Restricted Cash Noncurrent
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750000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5718000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4843000
CY2022Q3 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
18670000
CY2021Q4 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
16137000
CY2022Q3 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
9985000
CY2021Q4 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
7995000
CY2022Q3 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
2272000
CY2021Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
2272000
CY2022Q3 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
1170000
CY2021Q4 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
250000
CY2022Q3 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
380000
CY2021Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
380000
CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
32477000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
27034000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11181000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9803000
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
21296000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
17231000
CY2022Q3 us-gaap Goodwill
Goodwill
8189000
CY2021Q4 us-gaap Goodwill
Goodwill
4800000
CY2022Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
29485000
CY2021Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
22031000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
51189000
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
40412000
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
724000
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
89000
CY2022Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
14297000
CY2021Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
13051000
CY2022Q3 us-gaap Inventory Net
InventoryNet
66210000
CY2021Q3 us-gaap Inventory Net
InventoryNet
53552000

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