$ASPN
ASPEN AEROGELS INC

2016 Q3 Form 10-Q Financial Statement

#000119312516672738 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $29.56M $27.72M $30.10M
YoY Change -6.27% -7.9% 13.08%
Cost Of Revenue $368.0K $342.0K $173.0K
YoY Change 5.14% 97.69% -49.12%
Gross Profit $6.402M $6.653M $5.109M
YoY Change 23.78% 30.22% 49.17%
Gross Profit Margin 21.66% 24.0% 16.98%
Selling, General & Admin $7.478M $6.715M $6.256M
YoY Change 15.01% 7.34% -35.01%
% of Gross Profit 116.81% 100.93% 122.45%
Research & Development $1.328M $1.286M $1.551M
YoY Change 15.88% -17.09% -19.22%
% of Gross Profit 20.74% 19.33% 30.36%
Depreciation & Amortization $2.470M $2.420M $2.580M
YoY Change -7.14% -6.2% 1.18%
% of Gross Profit 38.58% 36.37% 50.5%
Operating Expenses $8.806M $8.001M $7.807M
YoY Change 15.14% 2.48% -32.38%
Operating Profit -$2.404M -$1.348M -$2.689M
YoY Change -2.91% -49.87% -66.89%
Interest Expense -$37.00K -$39.00K $45.00K
YoY Change -19.57% -186.67% -99.87%
% of Operating Profit
Other Income/Expense, Net -$693.0K -$39.00K -$45.00K
YoY Change 1406.52% -13.33% -99.87%
Pretax Income -$3.100M -$1.390M -$2.740M
YoY Change 23.02% -49.27% -93.5%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.097M -$1.387M -$2.743M
YoY Change 22.8% -49.43% -93.49%
Net Earnings / Revenue -10.48% -5.0% -9.11%
Basic Earnings Per Share -$0.13 -$0.06 -$0.12
Diluted Earnings Per Share -$0.13 -$0.06 -$0.12
COMMON SHARES
Basic Shares Outstanding 23.31M shares 23.23M shares 22.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.10M $19.70M $32.08M
YoY Change -29.58% -38.59% -43.62%
Cash & Equivalents $21.13M $19.74M $29.58M
Short-Term Investments $2.504M
Other Short-Term Assets $1.800M $1.600M $2.100M
YoY Change 0.0% -23.81% 90.91%
Inventory $12.90M $11.79M $6.075M
Prepaid Expenses
Receivables $19.63M $24.73M $19.96M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $55.49M $57.89M $60.22M
YoY Change -11.81% -3.86% -26.58%
LONG-TERM ASSETS
Property, Plant & Equipment $81.91M $81.15M $78.15M
YoY Change 5.79% 3.83% 32.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.00K $147.0K $123.0K
YoY Change -21.0% 19.51% -59.41%
Total Long-Term Assets $81.98M $81.29M $78.27M
YoY Change 5.75% 3.86% 31.63%
TOTAL ASSETS
Total Short-Term Assets $55.49M $57.89M $60.22M
Total Long-Term Assets $81.98M $81.29M $78.27M
Total Assets $137.5M $139.2M $138.5M
YoY Change -2.12% 0.5% -2.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.54M $12.21M $9.791M
YoY Change 20.33% 24.69% 10.36%
Accrued Expenses $4.145M $4.114M $4.081M
YoY Change -7.17% 0.81% 4.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $16.48M $16.82M $16.52M
YoY Change -19.81% 1.83% 19.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Other Long-Term Liabilities $703.0K $341.0K $1.000M
YoY Change 191.7% -65.9% -9.09%
Total Long-Term Liabilities $703.0K $341.0K $1.100M
YoY Change 191.7% -69.0% -8.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.48M $16.82M $16.52M
Total Long-Term Liabilities $703.0K $341.0K $1.100M
Total Liabilities $17.20M $17.18M $17.61M
YoY Change -17.51% -2.44% 17.08%
SHAREHOLDERS EQUITY
Retained Earnings -$411.8M -$408.7M -$404.6M
YoY Change 1.14% 1.01% 2.71%
Common Stock $532.1M $530.7M $525.5M
YoY Change 1.01% 0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.3M $122.0M $120.9M
YoY Change
Total Liabilities & Shareholders Equity $137.5M $139.2M $138.5M
YoY Change -2.12% 0.5% -2.12%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.097M -$1.387M -$2.743M
YoY Change 22.8% -49.43% -93.49%
Depreciation, Depletion And Amortization $2.470M $2.420M $2.580M
YoY Change -7.14% -6.2% 1.18%
Cash From Operating Activities $3.840M -$5.000M $3.020M
YoY Change 585.71% -265.56% -611.86%
INVESTING ACTIVITIES
Capital Expenditures -$2.260M -$4.600M -$6.430M
YoY Change -6.61% -28.46% 489.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.260M -$4.600M -$6.430M
YoY Change -2925.0% -28.46% 489.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -190.0K -20.00K -20.00K
YoY Change -26.92% 0.0% -100.03%
NET CHANGE
Cash From Operating Activities 3.840M -5.000M 3.020M
Cash From Investing Activities -2.260M -4.600M -6.430M
Cash From Financing Activities -190.0K -20.00K -20.00K
Net Change In Cash 1.390M -9.620M -3.430M
YoY Change 265.79% 180.47% -106.15%
FREE CASH FLOW
Cash From Operating Activities $3.840M -$5.000M $3.020M
Capital Expenditures -$2.260M -$4.600M -$6.430M
Free Cash Flow $6.100M -$400.0K $9.450M
YoY Change 104.7% -104.23% 1790.0%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</p> </div>
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SellingAndMarketingExpense
5883000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23087299 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
43000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
aspn Number Of Subsidiaries
NumberOfSubsidiaries
2 Subsidiary
aspn Asset Retirement Obligation Reserve Reclassified To Other Liabilities
AssetRetirementObligationReserveReclassifiedToOtherLiabilities
200000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1874666 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1404000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
173000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-45000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
30096000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-45000
CY2015Q2 us-gaap Gross Profit
GrossProfit
5109000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
7807000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-2743000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2743000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2698000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
29755000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1551000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
341000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2722000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22999988 shares
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2968020 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1433000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3894000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
20723000
CY2016Q2 us-gaap Cost Of Services
CostOfServices
342000
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-39000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
27718000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-39000
CY2016Q2 us-gaap Gross Profit
GrossProfit
6653000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
8001000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-1387000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1387000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1348000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27123000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1286000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
595000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2821000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23111127 shares

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