2019 Q2 Form 10-Q Financial Statement

#000143774919015632 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $13.77M $12.61M
YoY Change 9.23% 41.29%
Cost Of Revenue $12.19M $8.714M
YoY Change 39.92% -35.01%
Gross Profit $1.577M $3.893M
YoY Change -59.49% -186.78%
Gross Profit Margin 11.45% 30.88%
Selling, General & Admin $5.255M $5.786M
YoY Change -9.18% -5.73%
% of Gross Profit 333.23% 148.63%
Research & Development $2.473M $2.840M
YoY Change -12.92% 4.53%
% of Gross Profit 156.82% 72.95%
Depreciation & Amortization $1.100M $1.100M
YoY Change 0.0% -73.81%
% of Gross Profit 69.75% 28.26%
Operating Expenses $7.813M $9.021M
YoY Change -13.39% 1.87%
Operating Profit -$6.236M -$5.128M
YoY Change 21.61% -65.1%
Interest Expense $505.0K $201.0K
YoY Change 151.24% -2110.0%
% of Operating Profit
Other Income/Expense, Net -$543.0K $609.0K
YoY Change -189.16% -144.32%
Pretax Income -$3.328M -$4.782M
YoY Change -30.41% -68.44%
Income Tax $211.0K -$45.00K
% Of Pretax Income
Net Earnings -$3.539M -$4.737M
YoY Change -25.29% -68.94%
Net Earnings / Revenue -25.7% -37.57%
Basic Earnings Per Share -$0.17 -$0.23
Diluted Earnings Per Share -$0.17 -$0.23
COMMON SHARES
Basic Shares Outstanding 20.51M 20.17M
Diluted Shares Outstanding 20.51M 20.17M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.00M $26.80M
YoY Change 176.12% -28.53%
Cash & Equivalents $73.95M $26.75M
Short-Term Investments
Other Short-Term Assets $4.100M $4.700M
YoY Change -12.77% 38.24%
Inventory $11.92M $18.18M
Prepaid Expenses
Receivables $10.74M $6.687M
Other Receivables $0.00 $3.000M
Total Short-Term Assets $100.7M $64.34M
YoY Change 56.52% 0.11%
LONG-TERM ASSETS
Property, Plant & Equipment $8.747M $11.55M
YoY Change -24.29% -70.59%
Goodwill $1.719M $1.719M
YoY Change 0.0%
Intangibles $2.805M $3.145M
YoY Change -10.81% 1538.02%
Long-Term Investments
YoY Change
Other Assets $306.0K $283.0K
YoY Change 8.13% 5.99%
Total Long-Term Assets $19.44M $20.10M
YoY Change -3.31% -50.16%
TOTAL ASSETS
Total Short-Term Assets $100.7M $64.34M
Total Long-Term Assets $19.44M $20.10M
Total Assets $120.2M $84.45M
YoY Change 42.28% -19.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.088M $3.863M
YoY Change 5.82% 114.61%
Accrued Expenses $7.800M $8.200M
YoY Change -4.88% -24.77%
Deferred Revenue $10.81M $10.83M
YoY Change -0.18%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.74M $28.26M
YoY Change 1.72% -13.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $51.00K $98.00K
YoY Change -47.96% -53.11%
Total Long-Term Liabilities $51.00K $98.00K
YoY Change -47.96% -53.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.74M $28.26M
Total Long-Term Liabilities $51.00K $98.00K
Total Liabilities $41.74M $36.51M
YoY Change 14.33% -11.58%
SHAREHOLDERS EQUITY
Retained Earnings -$965.1M -$988.4M
YoY Change -2.36% 1.81%
Common Stock $1.045B $1.042B
YoY Change 0.31% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.384M $1.884M
YoY Change 26.54% 14.53%
Treasury Stock Shares
Shareholders Equity $78.41M $47.94M
YoY Change
Total Liabilities & Shareholders Equity $120.2M $84.45M
YoY Change 42.28% -19.27%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.539M -$4.737M
YoY Change -25.29% -68.94%
Depreciation, Depletion And Amortization $1.100M $1.100M
YoY Change 0.0% -73.81%
Cash From Operating Activities -$5.866M -$6.886M
YoY Change -14.81% 26.81%
INVESTING ACTIVITIES
Capital Expenditures $836.0K $115.0K
YoY Change 626.96% 51.32%
Acquisitions
YoY Change
Other Investing Activities -$94.00K $51.00K
YoY Change -284.31% 121.74%
Cash From Investing Activities $2.259M -$166.0K
YoY Change -1460.84% 86.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -283.0K -238.0K
YoY Change 18.91% -101.58%
NET CHANGE
Cash From Operating Activities -5.866M -6.886M
Cash From Investing Activities 2.259M -166.0K
Cash From Financing Activities -283.0K -238.0K
Net Change In Cash -3.531M -7.334M
YoY Change -51.85% -176.51%
FREE CASH FLOW
Cash From Operating Activities -$5.866M -$6.886M
Capital Expenditures $836.0K $115.0K
Free Cash Flow -$6.702M -$7.001M
YoY Change -4.27% 27.15%

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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
496000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1136000
CY2019Q2 us-gaap Liabilities
Liabilities
41737000
CY2019Q1 us-gaap Liabilities
Liabilities
38137000
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
120150000
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
119330000
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
28743000
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
28384000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-3539000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-4737000
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
7813000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
9021000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6236000
CY2019Q2 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
CY2019Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
3000000
CY2019Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
CY2019Q1 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2888000
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5128000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
178000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3821000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3773000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
416000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
309000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3357000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3512000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3733000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3795000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0706
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0706
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y251D
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y200D
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1794000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1759000
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
306000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
279000
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-216000
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
418000
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
418000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-216000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
51000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
93000
CY2019Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-100000
CY2018Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
394000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-543000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
609000
CY2019Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-94000
CY2018Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
51000
CY2018Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
580000
CY2019Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
283000
CY2018Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
238000
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
836000
CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
115000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4102000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3053000
CY2019Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3001000
CY2018Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1545000
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1769000
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1606000
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1752000
CY2019Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1606000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1545000
CY2019Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
24000
CY2018Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
121000
CY2019Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
85000
CY2018Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
104000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
50380000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
49532000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8747000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8972000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2473000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2840000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
715000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
715000
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
310000
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
0
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
435000
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
165000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-965078000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-961539000
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13770000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12607000
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
54700000
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
9800000
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5255000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5786000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
249000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
785000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.665
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5939
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y332D
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
233000
CY2019Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
13174
CY2018Q2 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
85000
CY2019Q2 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
81000
CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
78413000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
81193000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
52229000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
47940000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20167000
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
2384000
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2101000
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
239000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
283000
CY2019Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2093000
CY2019Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2213000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
21000
CY2019Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1700000
CY2019Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
4600000
CY2018Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3600000
CY2018Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1300000
CY2018Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1600000
CY2018Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1100000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20514000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20167000
CY2019Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
985000
CY2018Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
832000
CY2019Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21499000
CY2018Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
20999000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20514000

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