2021 Q3 Form 10-Q Financial Statement

#000035318421000102 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $43.24M $35.60M
YoY Change 21.44% -29.77%
Cost Of Revenue $33.60M $29.05M
YoY Change 15.65% -25.74%
Gross Profit $9.642M $6.550M
YoY Change 47.21% -43.44%
Gross Profit Margin 22.3% 18.4%
Selling, General & Admin $8.615M $8.420M
YoY Change 2.32% -10.52%
% of Gross Profit 89.35% 128.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $323.0K $1.150M
YoY Change -71.91% -29.01%
% of Gross Profit 3.35% 17.56%
Operating Expenses $42.53M $39.29M
YoY Change 8.26% -21.78%
Operating Profit $704.0K -$3.684M
YoY Change -119.11% -890.56%
Interest Expense $1.167M $1.081M
YoY Change 7.96% -47.19%
% of Operating Profit 165.77%
Other Income/Expense, Net $7.337M -$1.220M
YoY Change -701.39% -57.7%
Pretax Income $8.041M -$4.904M
YoY Change -263.97% 102.81%
Income Tax $38.00K -$1.500M
% Of Pretax Income 0.47%
Net Earnings $7.555M -$2.920M
YoY Change -358.73% -151.09%
Net Earnings / Revenue 17.47% -8.2%
Basic Earnings Per Share $2.62 -$1.01
Diluted Earnings Per Share $2.60 -$1.01
COMMON SHARES
Basic Shares Outstanding 2.882M shares 2.882M shares
Diluted Shares Outstanding 2.901M shares 2.882M shares

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.175M $6.400M
YoY Change -19.14% -77.85%
Cash & Equivalents $2.472M $4.253M
Short-Term Investments $2.703M $2.200M
Other Short-Term Assets $9.988M $14.40M
YoY Change -30.64% 38.46%
Inventory $82.59M $70.97M
Prepaid Expenses
Receivables $16.82M $10.30M
Other Receivables $4.444M $3.200M
Total Short-Term Assets $119.0M $105.3M
YoY Change 13.02% 6.29%
LONG-TERM ASSETS
Property, Plant & Equipment $8.912M $6.095M
YoY Change 46.22% 41.42%
Goodwill $4.227M $4.227M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $5.657M $3.945M
YoY Change 43.4% -2.5%
Other Assets $8.404M $2.673M
YoY Change 214.4% 841.2%
Total Long-Term Assets $36.62M $43.10M
YoY Change -15.04% -1.11%
TOTAL ASSETS
Total Short-Term Assets $119.0M $105.3M
Total Long-Term Assets $36.62M $43.10M
Total Assets $155.6M $148.4M
YoY Change 4.87% 4.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.05M $9.134M
YoY Change 21.01% -27.16%
Accrued Expenses $9.852M $13.60M
YoY Change -27.56% 444.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.319M $46.40M
YoY Change -97.16% 55.7%
Total Short-Term Liabilities $22.22M $69.12M
YoY Change -67.85% 23.16%
LONG-TERM LIABILITIES
Long-Term Debt $93.36M $44.30M
YoY Change 110.75% -2.64%
Other Long-Term Liabilities $2.124M $1.380M
YoY Change 53.91% 14.81%
Total Long-Term Liabilities $2.124M $1.380M
YoY Change 53.91% 14.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.22M $69.12M
Total Long-Term Liabilities $2.124M $1.380M
Total Liabilities $125.4M $122.7M
YoY Change 2.15% 12.28%
SHAREHOLDERS EQUITY
Retained Earnings $24.06M $20.01M
YoY Change 20.25% -15.26%
Common Stock $756.0K $756.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.617M $2.617M
YoY Change 0.0%
Treasury Stock Shares 140.9K shares 140.9K shares
Shareholders Equity $21.86M $19.68M
YoY Change
Total Liabilities & Shareholders Equity $155.6M $148.4M
YoY Change 4.87% 4.03%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $7.555M -$2.920M
YoY Change -358.73% -151.09%
Depreciation, Depletion And Amortization $323.0K $1.150M
YoY Change -71.91% -29.01%
Cash From Operating Activities -$13.93M -$2.280M
YoY Change 511.05% -52.4%
INVESTING ACTIVITIES
Capital Expenditures -$706.0K -$1.140M
YoY Change -38.07% -92.19%
Acquisitions
YoY Change
Other Investing Activities -$221.0K $1.080M
YoY Change -120.46% -94.68%
Cash From Investing Activities -$927.0K -$70.00K
YoY Change 1224.29% -101.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.606M -1.380M
YoY Change -796.09% -113.37%
NET CHANGE
Cash From Operating Activities -13.93M -2.280M
Cash From Investing Activities -927.0K -70.00K
Cash From Financing Activities 9.606M -1.380M
Net Change In Cash -5.253M -3.730M
YoY Change 40.83% -133.19%
FREE CASH FLOW
Cash From Operating Activities -$13.93M -$2.280M
Capital Expenditures -$706.0K -$1.140M
Free Cash Flow -$13.23M -$1.140M
YoY Change 1060.18% -111.63%

Facts In Submission

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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
4000 USD
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Earnings Per Share Diluted
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2.71
us-gaap Earnings Per Share Diluted
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2882000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2882000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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2882000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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2882000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2901000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2882000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2893000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2882000 shares
CY2021Q3 us-gaap Equity Securities Fv Ni Unrealized Gain
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400000 USD
CY2021Q3 us-gaap Equity Securities Fv Ni Unrealized Loss
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100000 USD
us-gaap Equity Securities Fv Ni Unrealized Gain
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800000 USD
CY2020Q3 us-gaap Deposits With Clearing Organizations And Others Securities
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700000 USD
us-gaap Equity Securities Fv Ni Unrealized Loss
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200000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Unrealized Gain
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100000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Unrealized Loss
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300000 USD
us-gaap Equity Securities Fv Ni Unrealized Gain
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700000 USD
us-gaap Equity Securities Fv Ni Unrealized Loss
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700000 USD
CY2021Q3 us-gaap Deposit Liability Current
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0 USD
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CY2021Q3 us-gaap Inventory Valuation Reserves
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CY2021Q3 us-gaap Inventory Net
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481000 USD
us-gaap Operating Lease Cost
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867000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1052000 USD
CY2021Q3 us-gaap Short Term Lease Cost
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376000 USD
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
139000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
658000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
201000 USD
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
143000 USD
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
216000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
290000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
291000 USD
CY2021Q3 us-gaap Lease Cost
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939000 USD
us-gaap Lease Cost
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1815000 USD
us-gaap Lease Cost
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1544000 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
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7738000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
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CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8477000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8445000 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y4M
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y9M
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0438
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0437
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
895000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1689000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1326000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1023000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
725000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
596000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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5301000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11555000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2572000 USD
CY2021Q3 airt Lessee Operating Lease Liability Discounted Excess Amount
LesseeOperatingLeaseLiabilityDiscountedExcessAmount
506000 USD
CY2021Q3 us-gaap Operating Lease Liability
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8477000 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
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95736000 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
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88637000 USD
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1054000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1141000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
94682000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
87496000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1319000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5974000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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8752000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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12253000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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36263000 USD
CY2021Q3 airt Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
31175000 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
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95736000 USD
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1054000 USD
CY2021Q3 us-gaap Long Term Debt
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94682000 USD
CY2019Q2 airt Common Stock Dividend Rate Percentage
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0.50
CY2021Q3 us-gaap Noncurrent Assets
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10594000 USD
CY2021Q1 us-gaap Noncurrent Assets
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10650000 USD
us-gaap Revenues
Revenues
80206000 USD
us-gaap Revenues
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us-gaap Number Of Operating Segments
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4 segment
CY2021Q3 us-gaap Revenues
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43238000 USD
CY2020Q3 us-gaap Revenues
Revenues
35604000 USD
us-gaap Revenues
Revenues
80206000 USD
us-gaap Revenues
Revenues
72576000 USD
CY2021Q3 us-gaap Operating Income Loss
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704000 USD
CY2020Q3 us-gaap Operating Income Loss
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-3684000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
699000 USD
us-gaap Operating Income Loss
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-3949000 USD
CY2021Q3 airt Capital Expenditures
CapitalExpenditures
706000 USD
CY2020Q3 airt Capital Expenditures
CapitalExpenditures
1147000 USD
airt Capital Expenditures
CapitalExpenditures
842000 USD
airt Capital Expenditures
CapitalExpenditures
1793000 USD
CY2021Q3 airt Cumulative Share Based Compensation Expense
CumulativeShareBasedCompensationExpense
200000 USD
CY2021Q3 airt Depreciation Amortization And Impairment
DepreciationAmortizationAndImpairment
322000 USD
CY2020Q3 airt Depreciation Amortization And Impairment
DepreciationAmortizationAndImpairment
1149000 USD
airt Depreciation Amortization And Impairment
DepreciationAmortizationAndImpairment
703000 USD
airt Depreciation Amortization And Impairment
DepreciationAmortizationAndImpairment
1758000 USD
CY2021Q3 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
7300000 USD
CY2021 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
700000 USD
airt Contributions From Redeemable Non Controlling Interest
ContributionsFromRedeemableNonControllingInterest
300000 USD
airt Redeemable Noncontrolling Interest Equity Net Change In Fair Value
RedeemableNoncontrollingInterestEquityNetChangeInFairValue
100000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
300000 USD

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