2014 Q4 Form 10-Q Financial Statement

#000119312514391364 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $29.42M $26.68M $20.15M
YoY Change 34.41% 32.42% 24.83%
Cost Of Revenue $9.000M $7.786M $5.461M
YoY Change 44.69% 42.57% 18.98%
Gross Profit $20.42M $18.89M $14.69M
YoY Change 30.32% 28.65% 27.15%
Gross Profit Margin 69.42% 70.81% 72.89%
Selling, General & Admin $20.20M $14.66M $14.06M
YoY Change 19.81% 4.27% 25.86%
% of Gross Profit 98.92% 77.61% 95.76%
Research & Development $5.000M $5.033M $3.237M
YoY Change 36.99% 55.48% 11.43%
% of Gross Profit 24.49% 26.64% 22.04%
Depreciation & Amortization $1.290M $1.260M $510.0K
YoY Change 134.55% 147.06% 10.87%
% of Gross Profit 6.32% 6.67% 3.47%
Operating Expenses $25.19M $19.70M $17.30M
YoY Change 22.88% 13.85% 22.88%
Operating Profit -$4.779M -$803.0K -$2.614M
YoY Change -1.22% -69.28% 3.36%
Interest Expense -$480.0K $24.00K $123.0K
YoY Change 269.23% -80.49% -35.26%
% of Operating Profit
Other Income/Expense, Net -$90.00K $338.0K -$9.000K
YoY Change 800.0% -3855.56% -105.63%
Pretax Income -$5.350M -$462.0K -$2.744M
YoY Change 7.43% -83.16% 7.36%
Income Tax $0.00 $4.000K $4.000K
% Of Pretax Income
Net Earnings -$5.344M -$466.0K -$2.748M
YoY Change 7.31% -83.04% 7.05%
Net Earnings / Revenue -18.17% -1.75% -13.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$198.2K -$17.46K -$132.7K
COMMON SHARES
Basic Shares Outstanding 27.47M shares 27.47M shares 20.98M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.60M $59.40M $29.70M
YoY Change 127.48% 100.0% 128.46%
Cash & Equivalents $28.38M $35.53M $25.82M
Short-Term Investments $31.30M $23.90M $3.900M
Other Short-Term Assets $2.044M $1.547M $779.0K
YoY Change -15.19% 98.59% -2.63%
Inventory $14.26M $14.56M $7.062M
Prepaid Expenses
Receivables $17.56M $15.18M $11.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.51M $90.72M $48.56M
YoY Change 78.15% 86.83% 61.32%
LONG-TERM ASSETS
Property, Plant & Equipment $11.55M $9.842M $4.135M
YoY Change 104.71% 138.02% 29.22%
Goodwill $35.39M $35.39M
YoY Change 0.0%
Intangibles $8.878M $9.233M $23.00K
YoY Change -13.8% 40043.48%
Long-Term Investments $8.900M $11.70M $4.700M
YoY Change 12.66% 148.94%
Other Assets $186.0K $209.0K $244.0K
YoY Change -14.68% -14.34% -39.0%
Total Long-Term Assets $64.90M $66.42M $9.080M
YoY Change 9.14% 631.49% 152.22%
TOTAL ASSETS
Total Short-Term Assets $93.51M $90.72M $48.56M
Total Long-Term Assets $64.90M $66.42M $9.080M
Total Assets $158.4M $157.1M $57.64M
YoY Change 41.5% 172.64% 71.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.621M $7.785M $5.720M
YoY Change -11.44% 36.1% 19.17%
Accrued Expenses $14.04M $11.57M $8.518M
YoY Change -12.63% 35.78% 77.46%
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 $25.64M $21.89M $16.28M
YoY Change -4.01% 34.51% 40.3%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $4.900M
YoY Change -97.73% -97.96% -28.99%
Other Long-Term Liabilities $149.0K $158.0K $195.0K
YoY Change -98.19% -18.97% -88.53%
Total Long-Term Liabilities $149.0K $158.0K $195.0K
YoY Change -98.19% -18.97% -97.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.64M $21.89M $16.28M
Total Long-Term Liabilities $149.0K $158.0K $195.0K
Total Liabilities $25.87M $22.11M $21.39M
YoY Change -34.26% 3.33% 5.9%
SHAREHOLDERS EQUITY
Retained Earnings -$138.4M -$133.1M -$117.2M
YoY Change 13.26% 13.52%
Common Stock $271.3M $27.00K $21.00K
YoY Change 1179508.7% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $132.5M $135.0M $36.25M
YoY Change
Total Liabilities & Shareholders Equity $158.4M $157.1M $57.64M
YoY Change 41.5% 172.64% 71.03%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$5.344M -$466.0K -$2.748M
YoY Change 7.31% -83.04% 7.05%
Depreciation, Depletion And Amortization $1.290M $1.260M $510.0K
YoY Change 134.55% 147.06% 10.87%
Cash From Operating Activities -$2.010M -$1.220M $670.0K
YoY Change -34.31% -282.09% -242.55%
INVESTING ACTIVITIES
Capital Expenditures -$1.120M -$1.910M -$740.0K
YoY Change 20.43% 158.11% -23.71%
Acquisitions
YoY Change
Other Investing Activities -$8.320M -$3.230M -$4.640M
YoY Change 18.69% -30.39% -417.81%
Cash From Investing Activities -$9.430M -$5.140M -$5.370M
YoY Change 18.77% -4.28% -1242.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.420M -50.00K -510.0K
YoY Change 1478.57% -90.2% -1.92%
NET CHANGE
Cash From Operating Activities -2.010M -1.220M 670.0K
Cash From Investing Activities -9.430M -5.140M -5.370M
Cash From Financing Activities 4.420M -50.00K -510.0K
Net Change In Cash -7.020M -6.410M -5.210M
YoY Change -34.51% 23.03% 901.92%
FREE CASH FLOW
Cash From Operating Activities -$2.010M -$1.220M $670.0K
Capital Expenditures -$1.120M -$1.910M -$740.0K
Free Cash Flow -$890.0K $690.0K $1.410M
YoY Change -58.22% -51.06% 182.0%

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CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-803000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-876000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-462000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14062000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
5461000
CY2013Q3 us-gaap Royalty Expense
RoyaltyExpense
194000
CY2013Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
151000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
12000
CY2013Q3 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
26000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.5600 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.32
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0087 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
47000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
592000 shares
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26915000 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2014Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
188000 shares
CY2014Q3 us-gaap Revenue From Grants
RevenueFromGrants
231000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-390000
CY2014Q3 us-gaap Gross Profit
GrossProfit
18892000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-410000
CY2014Q3 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
0
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
338000
CY2014Q3 us-gaap Revenues
Revenues
26678000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-466000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
27000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-20000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1716000
CY2014Q3 us-gaap Interest Expense
InterestExpense
24000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
19695000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5033000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14662000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
355000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
7786000
CY2014Q3 us-gaap Royalty Expense
RoyaltyExpense
356000
CY2014Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
204000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
21000
CY2014Q3 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
-158000

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