2017 Q3 Form 10-Q Financial Statement

#000000354517000063 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $4.666M $51.52M $46.85M
YoY Change -3.79% 9.96% -34.63%
Cost Of Revenue $28.01M $36.51M $33.17M
YoY Change 543.24% 10.07% -34.5%
Gross Profit -$23.35M $15.01M $13.68M
YoY Change -4816.57% 9.68% -34.93%
Gross Profit Margin -500.36% 29.13% 29.2%
Selling, General & Admin $4.130M $3.710M $2.750M
YoY Change 11.92% 34.91% -6.78%
% of Gross Profit 24.72% 20.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.700M $3.733M $4.044M
YoY Change 12.46% -7.69% -2.51%
% of Gross Profit 24.87% 29.55%
Operating Expenses $4.130M $3.710M $2.750M
YoY Change 11.92% 34.91% -6.78%
Operating Profit -$27.48M $11.30M $10.94M
YoY Change 760.0% 3.32% -39.51%
Interest Expense -$2.370M $2.223M $2.470M
YoY Change -3.27% -10.0% 17.4%
% of Operating Profit 19.67% 22.59%
Other Income/Expense, Net -$2.193M -$2.162M -$2.874M
YoY Change 3.59% -24.77% 27.28%
Pretax Income -$29.67M $9.137M $8.062M
YoY Change 458.3% 13.33% -49.04%
Income Tax -$10.56M $3.665M $3.392M
% Of Pretax Income 40.11% 42.07%
Net Earnings -$19.03M $5.479M $4.670M
YoY Change 457.03% 17.32% -49.11%
Net Earnings / Revenue -407.8% 10.64% 9.97%
Basic Earnings Per Share -$2.29 $0.66 $0.56
Diluted Earnings Per Share -$2.29 $0.66 $0.56
COMMON SHARES
Basic Shares Outstanding 8.254M shares 8.293M shares 8.309M shares
Diluted Shares Outstanding 8.364M shares 8.309M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $9.900M $13.00M
YoY Change -48.48% -23.85% 34.02%
Cash & Equivalents $3.395M $9.944M $12.99M
Short-Term Investments
Other Short-Term Assets $22.60M $5.600M $2.700M
YoY Change 899.56% 107.41% -50.94%
Inventory $36.20M $39.50M $44.13M
Prepaid Expenses
Receivables $4.286M $11.84M $13.97M
Other Receivables $0.00 $300.0K $1.200M
Total Short-Term Assets $66.49M $67.20M $75.00M
YoY Change -7.49% -10.4% -4.67%
LONG-TERM ASSETS
Property, Plant & Equipment $349.3M $376.0M $378.0M
YoY Change -7.89% -0.52% -1.34%
Goodwill $2.246M $2.246M $2.246M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $848.0K $1.438M $1.756M
YoY Change -49.88% -18.11% -62.41%
Total Long-Term Assets $352.7M $380.0M $384.5M
YoY Change -8.05% -1.16% -1.8%
TOTAL ASSETS
Total Short-Term Assets $66.49M $67.20M $75.00M
Total Long-Term Assets $352.7M $380.0M $384.5M
Total Assets $419.2M $447.2M $459.5M
YoY Change -7.96% -2.67% -2.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.192M $1.502M $2.881M
YoY Change -46.58% -47.87% -14.05%
Accrued Expenses $6.781M $4.564M $7.122M
YoY Change -2.01% -35.92% -10.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.550M $4.525M $4.493M
YoY Change 1.27% 0.71% -0.4%
Total Short-Term Liabilities $15.98M $13.09M $16.02M
YoY Change -14.43% -18.34% -20.06%
LONG-TERM LIABILITIES
Long-Term Debt $181.9M $184.6M $195.4M
YoY Change -5.6% -5.51% -3.3%
Other Long-Term Liabilities $28.80M $28.60M $32.60M
YoY Change -2.04% -12.27% 743.03%
Total Long-Term Liabilities $181.9M $184.6M $195.4M
YoY Change -5.6% -5.51% -5.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.98M $13.09M $16.02M
Total Long-Term Liabilities $181.9M $184.6M $195.4M
Total Liabilities $253.8M $261.8M $277.5M
YoY Change -8.43% -5.68% -3.23%
SHAREHOLDERS EQUITY
Retained Earnings $140.0M $159.6M $155.4M
YoY Change -7.57% 2.69% 3.56%
Common Stock $27.11M $26.91M $26.61M
YoY Change 2.03% 1.12% -10.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.502M $5.863M $4.854M
YoY Change 41.81% 20.79% 323.19%
Treasury Stock Shares $177.3K 154.8K shares 107.0K shares
Shareholders Equity $160.6M $180.6M $177.2M
YoY Change
Total Liabilities & Shareholders Equity $419.2M $447.2M $459.5M
YoY Change -7.96% -2.67% -2.28%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$19.03M $5.479M $4.670M
YoY Change 457.03% 17.32% -49.11%
Depreciation, Depletion And Amortization $3.700M $3.733M $4.044M
YoY Change 12.46% -7.69% -2.51%
Cash From Operating Activities -$670.0K $31.65M $22.05M
YoY Change -82.51% 43.54% -45.29%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$6.410M -$3.190M
YoY Change -63.39% 100.94% -21.62%
Acquisitions
YoY Change
Other Investing Activities $100.0K $360.0K $20.00K
YoY Change -90.99% 1700.0% -98.51%
Cash From Investing Activities -$1.810M -$6.050M -$3.160M
YoY Change -55.64% 91.46% 15.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.070M -16.70M -9.450M
YoY Change -362.58% 76.72% -59.86%
NET CHANGE
Cash From Operating Activities -670.0K 31.65M 22.05M
Cash From Investing Activities -1.810M -6.050M -3.160M
Cash From Financing Activities -4.070M -16.70M -9.450M
Net Change In Cash -6.550M 8.900M 9.440M
YoY Change 2.99% -5.72% -32.72%
FREE CASH FLOW
Cash From Operating Activities -$670.0K $31.65M $22.05M
Capital Expenditures -$1.900M -$6.410M -$3.190M
Free Cash Flow $1.230M $38.06M $25.24M
YoY Change -9.56% 50.79% -43.11%

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LiabilitiesAndStockholdersEquity
447221000 USD
CY2016Q3 us-gaap Liabilities Current
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18678000 USD
CY2017Q2 us-gaap Liabilities Current
LiabilitiesCurrent
13085000 USD
CY2016Q3 us-gaap Long Term Debt
LongTermDebt
197219000 USD
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
189158000 USD
CY2016Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
4493000 USD
CY2017Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
4525000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
143358000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4525000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
10950000 USD
us-gaap Net Income Loss
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9577000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-11000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-29000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
36000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
10975000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10975000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8375000 USD
CY2016Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
192726000 USD
CY2017Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
184633000 USD
CY2016Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
5000000 USD
CY2017Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 USD
CY2016Q3 us-gaap Minority Interest
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4773000 USD
CY2017Q2 us-gaap Minority Interest
MinorityInterest
4809000 USD
CY2016Q2 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.51
CY2017Q2 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.51
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17718000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17302000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8951000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8279000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
34185000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28900000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
4681000 USD
us-gaap Net Income Loss
NetIncomeLoss
10404000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
5479000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2874000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7249000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2162000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5055000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10936000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
25043000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11299000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
21381000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
535000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
424000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1692000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1438000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1002000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
947000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-120000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-419000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-96000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-120000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
164000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
155000 USD
CY2016Q3 us-gaap Other Postretirement Benefits Payable Noncurrent
OtherPostretirementBenefitsPayableNoncurrent
4198000 USD
CY2017Q2 us-gaap Other Postretirement Benefits Payable Noncurrent
OtherPostretirementBenefitsPayableNoncurrent
4179000 USD
us-gaap Payments For Loans
PaymentsForLoans
8080000 USD
us-gaap Payments For Loans
PaymentsForLoans
8061000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3141000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2174000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1497000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1496000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9115000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11450000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1024000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2419000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
53882000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
65770000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3016000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
4670000 USD
us-gaap Profit Loss
ProfitLoss
10375000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
5472000 USD
us-gaap Profit Loss
ProfitLoss
9613000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
379247000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
376010000 USD
CY2014Q4 us-gaap Ratio Of Indebtedness To Net Capital1
RatioOfIndebtednessToNetCapital1
0.625
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
53882000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
70770000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
571000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
151504000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
159587000 USD
CY2016Q2 us-gaap Revenues
Revenues
46853000 USD
us-gaap Revenues
Revenues
139346000 USD
CY2017Q2 us-gaap Revenues
Revenues
51518000 USD
us-gaap Revenues
Revenues
125163000 USD
CY2016Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
2736000 USD
CY2017Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
1818000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
635000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1230000 USD
CY2015Q1 us-gaap Share Price
SharePrice
45.67
CY2016Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
27.15
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
170000 shares
CY2016Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
50000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8309000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8309000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8364000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8340000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8309000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8299000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8293000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8315000 shares
CY2016Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
0 shares
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
173490000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
180629000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
178263000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
185438000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2017Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1539000 USD
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
100610 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
154837 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
4585000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
5863000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified in the accompanying Financial Statements for consistent presentation to the current period. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;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;"><br clear="none"/></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 requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the accompanying Financial Statements, the disclosure of contingent assets and liabilities in the Financial Statements and the accompanying Notes, and the reported amounts of revenues and expenses and cash flows during the periods presented. Actual results could differ from those estimates based upon future events. The estimates are based on current and expected economic conditions, historical experience, the experience and judgment of the Company&#8217;s management and various other specific assumptions that the Company believes to be reasonable. The Company evaluates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company&#8217;s evaluations.</font></div></div>

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