2023 Q4 Form 10-Q Financial Statement

#000121390023084784 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $273.6M $318.1M $328.4M
YoY Change -16.69% -5.57% -14.8%
Cost Of Revenue $276.2M $314.0M $349.8M
YoY Change -21.05% -11.98% 1.86%
Gross Profit -$2.525M $4.161M -$21.33M
YoY Change -88.16% -120.97% -150.64%
Gross Profit Margin -0.92% 1.31% -6.49%
Selling, General & Admin $8.383M $8.488M $7.551M
YoY Change 11.02% 14.66% -19.74%
% of Gross Profit 203.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.700M $5.640M $5.973M
YoY Change -4.57% -9.9% 3.48%
% of Gross Profit 135.54%
Operating Expenses $8.383M $8.488M $7.551M
YoY Change 11.02% 14.66% -19.74%
Operating Profit -$10.91M -$4.327M -$28.88M
YoY Change -62.23% -84.12% -188.3%
Interest Expense -$2.126M -$2.000M -$968.0K
YoY Change 119.63% 488.24% 324.56%
% of Operating Profit
Other Income/Expense, Net $449.0K $26.00K $930.0K
YoY Change -51.72% -105.7% 64.02%
Pretax Income -$18.85M -$3.489M -$31.15M
YoY Change -39.49% -87.56% -182.8%
Income Tax $97.00K $1.925M
% Of Pretax Income
Net Earnings -$19.26M -$3.489M -$33.39M
YoY Change -42.31% -87.56% -192.38%
Net Earnings / Revenue -7.04% -1.1% -10.17%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.26 -$0.05 -$0.46
COMMON SHARES
Basic Shares Outstanding 76.14M shares 75.91M shares 73.96M shares
Diluted Shares Outstanding 73.19M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.01M $26.20M $36.46M
YoY Change -17.67% -7.93% -27.97%
Cash & Equivalents $30.01M $26.16M $36.46M
Short-Term Investments
Other Short-Term Assets $9.538M $6.213M $9.340M
YoY Change 2.12% -30.7% 30.16%
Inventory $52.61M $57.09M $66.63M
Prepaid Expenses
Receivables $58.73M $66.07M $68.66M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $168.8M $168.2M $199.1M
YoY Change -15.24% -9.72% -13.25%
LONG-TERM ASSETS
Property, Plant & Equipment $248.7M $248.9M $239.1M
YoY Change 4.05% 6.6% 7.42%
Goodwill $5.970M $5.970M
YoY Change 0.0%
Intangibles $8.498M $8.645M $9.087M
YoY Change -6.48% 239.32%
Long-Term Investments
YoY Change
Other Assets $5.628M $6.013M $6.137M
YoY Change -8.29% -11.42% 19.28%
Total Long-Term Assets $285.5M $292.9M $279.2M
YoY Change 2.25% 9.14% 9.31%
TOTAL ASSETS
Total Short-Term Assets $168.8M $168.2M $199.1M
Total Long-Term Assets $285.5M $292.9M $279.2M
Total Assets $454.2M $461.1M $478.3M
YoY Change -5.03% 1.42% -1.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.75M $23.99M $28.12M
YoY Change -26.19% 37.14% 20.92%
Accrued Expenses $20.21M $16.64M $26.56M
YoY Change -23.92% -24.93% 24.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.29M $58.42M $78.02M
YoY Change -16.32% 7.16% 12.09%
LONG-TERM LIABILITIES
Long-Term Debt $82.10M $75.88M $68.36M
YoY Change 20.1% 65.35% 35.73%
Other Long-Term Liabilities $8.270M $8.870M $8.797M
YoY Change -5.99% -11.9% -15.36%
Total Long-Term Liabilities $90.37M $84.75M $77.15M
YoY Change 17.13% 51.45% 26.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.29M $58.42M $78.02M
Total Long-Term Liabilities $90.37M $84.75M $77.15M
Total Liabilities $174.7M $163.1M $170.2M
YoY Change 2.62% 36.3% 21.82%
SHAREHOLDERS EQUITY
Retained Earnings -$763.9M -$744.6M -$734.6M
YoY Change 3.98% 6.19% 6.2%
Common Stock $76.00K $76.00K $75.00K
YoY Change 1.33% 2.7% 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $279.6M $298.0M $308.1M
YoY Change
Total Liabilities & Shareholders Equity $454.2M $461.1M $478.3M
YoY Change -5.03% 1.42% -1.37%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$19.26M -$3.489M -$33.39M
YoY Change -42.31% -87.56% -192.38%
Depreciation, Depletion And Amortization $5.700M $5.640M $5.973M
YoY Change -4.57% -9.9% 3.48%
Cash From Operating Activities $11.79M $23.13M $4.209M
YoY Change 180.23% -222.67% -90.96%
INVESTING ACTIVITIES
Capital Expenditures $4.921M $6.640M $12.51M
YoY Change -60.67% -142.92% -401.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$4.921M -$6.640M -$12.51M
YoY Change -60.67% 803.4% -163.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.741M -6.720M 25.41M
YoY Change -85.28% -70.44% -162.21%
NET CHANGE
Cash From Operating Activities 11.79M 23.13M 4.209M
Cash From Investing Activities -4.921M -6.640M -12.51M
Cash From Financing Activities 3.741M -6.720M 25.41M
Net Change In Cash 10.61M 9.770M 17.11M
YoY Change -37.97% -123.08% -33.09%
FREE CASH FLOW
Cash From Operating Activities $11.79M $23.13M $4.209M
Capital Expenditures $4.921M $6.640M $12.51M
Free Cash Flow $6.874M $16.49M -$8.302M
YoY Change -182.8% -587.29% -116.37%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Estimates and Assumptions</span></i> – The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are required as part of determining the allowance for credit losses, net realizable value of inventory, long-lived asset impairments, valuation allowances on deferred income taxes, the potential outcome of future tax consequences of events recognized in the Company’s financial statements or tax returns, and the valuation of assets acquired and liabilities assumed as a result of business combinations. Actual results and outcomes may materially differ from management’s estimates and assumptions.</p>
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us-gaap Long Term Purchase Commitment Amount
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CY2022Q3 alto Income From Cash Grant
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Long Term Debt Current
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CY2023Q3 alto Loss Available To Common Stockholders Shares Diluted
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000778164

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