2021 Q4 Form 10-K Financial Statement

#000155837022003139 Filed on March 09, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $96.79M $403.5M $93.00M
YoY Change 4.08% 10.04% 5.77%
Cost Of Revenue $69.04M $282.5M $67.10M
YoY Change 2.9% 9.43% 9.11%
Gross Profit $27.75M $121.1M $25.93M
YoY Change 7.01% 11.5% -2.03%
Gross Profit Margin 28.67% 30.0% 27.89%
Selling, General & Admin $14.14M $59.67M $13.00M
YoY Change 8.77% 11.13% -2.99%
% of Gross Profit 50.95% 49.29% 50.13%
Research & Development $6.851M $27.82M $6.600M
YoY Change 3.8% 9.09% 11.86%
% of Gross Profit 24.69% 22.98% 25.45%
Depreciation & Amortization $4.790M $18.11M $4.310M
YoY Change 11.14% 13.27% 13.72%
% of Gross Profit 17.26% 14.96% 16.62%
Operating Expenses $22.71M $95.03M $21.10M
YoY Change 7.63% 11.04% 1.93%
Operating Profit $5.041M $26.03M $4.833M
YoY Change 4.3% 13.19% -16.24%
Interest Expense -$791.0K $3.236M -$900.0K
YoY Change -12.11% -12.92% -25.0%
% of Operating Profit -15.69% 12.43% -18.62%
Other Income/Expense, Net $165.0K -$2.913M -$200.0K
YoY Change -182.5% -30.94% -33.33%
Pretax Income $3.384M $23.11M $3.700M
YoY Change -8.54% 23.1% -11.9%
Income Tax $1.823M -$981.0K $1.000M
% Of Pretax Income 53.87% -4.24% 27.03%
Net Earnings $1.561M $24.09M $2.700M
YoY Change -42.19% 76.6% -22.86%
Net Earnings / Revenue 1.61% 5.97% 2.9%
Basic Earnings Per Share $1.67 $0.28
Diluted Earnings Per Share $106.7K $1.66 $0.28
COMMON SHARES
Basic Shares Outstanding 14.71M 14.41M 9.758M
Diluted Shares Outstanding 14.52M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.46M $22.46M $23.10M
YoY Change -2.76% -2.76% 72.39%
Cash & Equivalents $22.46M $22.46M $23.13M
Short-Term Investments
Other Short-Term Assets $12.52M $12.52M $8.700M
YoY Change 43.93% 43.93% 97.73%
Inventory $89.73M $89.73M $62.98M
Prepaid Expenses
Receivables $51.24M $51.24M $47.38M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $176.0M $176.0M $142.2M
YoY Change 23.73% 23.74% 22.98%
LONG-TERM ASSETS
Property, Plant & Equipment $56.98M $73.97M $55.43M
YoY Change 2.81% -0.72% 4.57%
Goodwill $106.6M $61.86M
YoY Change 72.38% 16.86%
Intangibles $103.8M $65.86M
YoY Change 57.59% 5.38%
Long-Term Investments
YoY Change
Other Assets $5.122M $10.44M $4.483M
YoY Change 14.25% 117.56% -7.28%
Total Long-Term Assets $294.8M $294.8M $207.0M
YoY Change 42.44% 42.43% 8.83%
TOTAL ASSETS
Total Short-Term Assets $176.0M $176.0M $142.2M
Total Long-Term Assets $294.8M $294.8M $207.0M
Total Assets $470.8M $470.8M $349.2M
YoY Change 34.82% 34.82% 14.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.71M $36.71M $27.67M
YoY Change 32.69% 32.54% 17.04%
Accrued Expenses $41.66M $38.26M $24.86M
YoY Change 67.55% 63.51% 8.09%
Deferred Revenue $2.425M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.37M $78.37M $52.53M
YoY Change 49.19% 49.28% 12.63%
LONG-TERM LIABILITIES
Long-Term Debt $159.0M $159.0M $120.1M
YoY Change 32.38% 32.36% 9.4%
Other Long-Term Liabilities $23.93M $40.65M $8.558M
YoY Change 179.61% 40.67% 7.31%
Total Long-Term Liabilities $182.9M $199.6M $128.6M
YoY Change 42.17% 33.97% 9.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.37M $78.37M $52.53M
Total Long-Term Liabilities $182.9M $199.6M $128.6M
Total Liabilities $283.0M $283.0M $206.1M
YoY Change 37.3% 37.32% 10.45%
SHAREHOLDERS EQUITY
Retained Earnings $127.8M $105.1M
YoY Change 21.6% 13.47%
Common Stock $68.10M $41.28M
YoY Change 64.97% 11.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.8M $187.8M $143.1M
YoY Change
Total Liabilities & Shareholders Equity $470.8M $470.8M $349.2M
YoY Change 34.82% 34.82% 14.18%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $1.561M $24.09M $2.700M
YoY Change -42.19% 76.6% -22.86%
Depreciation, Depletion And Amortization $4.790M $18.11M $4.310M
YoY Change 11.14% 13.27% 13.72%
Cash From Operating Activities $5.482M $25.40M $9.820M
YoY Change -44.18% 2.27% -43.98%
INVESTING ACTIVITIES
Capital Expenditures -$3.955M $13.72M -$2.810M
YoY Change 40.75% 46.37% -49.82%
Acquisitions
YoY Change
Other Investing Activities -$47.25M -$47.25M $0.00
YoY Change 220.8%
Cash From Investing Activities -$51.21M -$60.97M -$2.810M
YoY Change 1722.38% 153.0% -49.82%
FINANCING ACTIVITIES
Cash Dividend Paid $1.371M
YoY Change 18.19%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $12.25M
YoY Change -27.51%
Cash From Financing Activities 49.14M 35.83M -5.100M
YoY Change -1063.47% 378.46% -29.85%
NET CHANGE
Cash From Operating Activities 5.482M 25.40M 9.820M
Cash From Investing Activities -51.21M -60.97M -2.810M
Cash From Financing Activities 49.14M 35.83M -5.100M
Net Change In Cash 3.410M -668.0K 1.910M
YoY Change 78.53% -106.88% -59.01%
FREE CASH FLOW
Cash From Operating Activities $5.482M $25.40M $9.820M
Capital Expenditures -$3.955M $13.72M -$2.810M
Free Cash Flow $9.437M $11.69M $12.63M
YoY Change -25.28% -24.45% -45.4%

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CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Trade receivables subject the Company to the potential for credit risk. To reduce this risk, the Company performs evaluations of its customers’ financial condition and creditworthiness at the time of sale, and updates those evaluations when necessary. See Note 13, <i style="font-style:italic;">Segment Information,</i> for additional information regarding customer concentration.</p>
CY2021 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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