2018 Q2 Form 10-Q Financial Statement

#000119312518185212 Filed on June 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2017 Q1
Revenue $31.49M $24.46M $25.66M
YoY Change 28.74% 1.44% 8.0%
Cost Of Revenue $19.38M $15.15M $15.59M
YoY Change 27.88% 3.52% 6.56%
Gross Profit $12.11M $9.306M $10.07M
YoY Change 30.13% -1.76% 10.3%
Gross Profit Margin 38.46% 38.05% 39.24%
Selling, General & Admin $9.153M $7.094M $7.140M
YoY Change 29.02% 9.44% 8.35%
% of Gross Profit 75.58% 76.23% 70.9%
Research & Development $1.692M $1.505M $1.780M
YoY Change 12.43% 4.22% 1.71%
% of Gross Profit 13.97% 16.17% 17.68%
Depreciation & Amortization $1.543M $715.0K $600.0K
YoY Change 115.8% 14.4% 0.0%
% of Gross Profit 12.74% 7.68% 5.96%
Operating Expenses $10.85M $8.599M $8.910M
YoY Change 26.12% 8.49% 6.83%
Operating Profit $1.265M $707.0K $1.160M
YoY Change 78.93% -54.3% 46.84%
Interest Expense -$300.0K
YoY Change
% of Operating Profit -23.72%
Other Income/Expense, Net -$270.0K -$48.00K $400.0K
YoY Change 462.5% -7.69% 2.56%
Pretax Income $995.0K $659.0K $1.550M
YoY Change 50.99% -55.92% 31.36%
Income Tax $181.0K $147.0K $780.0K
% Of Pretax Income 18.19% 22.31% 50.32%
Net Earnings $814.0K $512.0K $770.0K
YoY Change 58.98% -49.75% -7.23%
Net Earnings / Revenue 2.59% 2.09% 3.0%
Basic Earnings Per Share $0.12 $0.07
Diluted Earnings Per Share $0.12 $0.07 $101.7K
COMMON SHARES
Basic Shares Outstanding 6.788M 7.480M shares 7.525M shares
Diluted Shares Outstanding 6.916M 7.616M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.800M $23.80M $24.82M
YoY Change -71.43% 2.15% 21.67%
Cash & Equivalents $6.838M $18.64M $18.10M
Short-Term Investments $0.00 $5.200M $6.723M
Other Short-Term Assets $1.200M $1.600M $1.400M
YoY Change -25.0% -38.46% -60.0%
Inventory $27.70M $20.34M $19.51M
Prepaid Expenses
Receivables $25.29M $16.05M $15.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.05M $61.78M $61.42M
YoY Change -1.18% 7.12% 12.67%
LONG-TERM ASSETS
Property, Plant & Equipment $9.761M $9.234M $9.280M
YoY Change 5.71% -3.75% -5.37%
Goodwill $12.79M $11.96M $4.521M
YoY Change 6.92% 164.5% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.83M $23.13M $12.96M
YoY Change 111.13% 71.69% -4.98%
Total Long-Term Assets $58.59M $32.36M $22.24M
YoY Change 81.05% 40.31% -5.15%
TOTAL ASSETS
Total Short-Term Assets $61.05M $61.78M $61.42M
Total Long-Term Assets $58.59M $32.36M $22.24M
Total Assets $119.6M $94.14M $83.67M
YoY Change 27.09% 16.6% 7.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.945M $5.120M $4.957M
YoY Change 94.24% -19.56% 55.29%
Accrued Expenses $2.802M $1.954M $2.171M
YoY Change 43.4% 1.93% -1.72%
Deferred Revenue $301.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.932M $1.104M
YoY Change 346.74%
Total Short-Term Liabilities $24.24M $12.34M $11.99M
YoY Change 96.36% 10.46% 25.52%
LONG-TERM LIABILITIES
Long-Term Debt $16.46M $7.941M $0.00
YoY Change 107.22%
Other Long-Term Liabilities $2.244M $2.438M $1.132M
YoY Change -7.96% 170.89% 13.2%
Total Long-Term Liabilities $18.70M $10.38M $1.132M
YoY Change 80.16% 1053.22% 13.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.24M $12.34M $11.99M
Total Long-Term Liabilities $18.70M $10.38M $1.132M
Total Liabilities $55.01M $23.40M $13.13M
YoY Change 135.1% 90.82% 23.97%
SHAREHOLDERS EQUITY
Retained Earnings $46.03M $44.34M $44.36M
YoY Change 3.82% 3.81% 5.08%
Common Stock $51.46M $48.70M $48.02M
YoY Change 5.65% 4.5% 4.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $32.53M $20.99M $20.78M
YoY Change 54.95% 3.93% 3.79%
Treasury Stock Shares 3.236M shares 2.386M shares 2.375M shares
Shareholders Equity $64.63M $70.74M $70.54M
YoY Change
Total Liabilities & Shareholders Equity $119.6M $94.14M $83.67M
YoY Change 27.09% 16.6% 7.31%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $814.0K $512.0K $770.0K
YoY Change 58.98% -49.75% -7.23%
Depreciation, Depletion And Amortization $1.543M $715.0K $600.0K
YoY Change 115.8% 14.4% 0.0%
Cash From Operating Activities -$1.611M -$770.0K -$390.0K
YoY Change 109.22% -126.46% -25.0%
INVESTING ACTIVITIES
Capital Expenditures $541.0K $359.0K -$340.0K
YoY Change 50.7% 84.1% -61.8%
Acquisitions $9.007M
YoY Change
Other Investing Activities $1.510M -$7.440M $1.020M
YoY Change -120.3% -515.64% 12.09%
Cash From Investing Activities $570.0K -$7.800M $670.0K
YoY Change -107.31% -590.57% 3250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.776M
YoY Change
Cash From Financing Activities -2.307M 8.820M -460.0K
YoY Change -126.16% -1675.0% 53.33%
NET CHANGE
Cash From Operating Activities -1.611M -770.0K -390.0K
Cash From Investing Activities 570.0K -7.800M 670.0K
Cash From Financing Activities -2.307M 8.820M -460.0K
Net Change In Cash -3.339M 250.0K -180.0K
YoY Change -1435.6% -93.65% -77.5%
FREE CASH FLOW
Cash From Operating Activities -$1.611M -$770.0K -$390.0K
Capital Expenditures $541.0K $359.0K -$340.0K
Free Cash Flow -$2.152M -$1.129M -$50.00K
YoY Change 90.61% -141.58% -113.51%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(1) Overview</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada, China, Europe, Mexico and Southeast Asia as well as through independent dealers and representatives. AstroNova, Inc. products are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation applications.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The business consists of two segments, Product Identification, which includes specialty printing systems sold under the QuickLabel<sup style="font-size:85%; vertical-align:top">&#xAE;</sup> and TrojanLabel<sup style="font-size:85%; vertical-align:top">&#xAE;</sup> brand names, and Test&#xA0;&amp; Measurement which includes test and measurement systems sold under the AstroNova<sup style="font-size:85%; vertical-align:top">&#xAE;</sup> brand name.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Products sold under the QuickLabel and TrojanLabel brands are used in industrial and commercial product packaging, branding and labeling applications to digitally print custom labels and corresponding visual content in house. Products sold under the AstroNova brand enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. In the aerospace market, the Company has a long history of using its data visualization technologies to provide high-resolution light-weight flight deck and cabin printers.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Unless otherwise indicated, references to &#x201C;AstroNova,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;our,&#x201D; and &#x201C;us&#x201D; in this Quarterly Report on <font style="white-space:nowrap">Form&#xA0;10-Q</font> refer to AstroNova, Inc. and its consolidated subsidiaries.</p> </div>
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