2019 Q1 Form 10-Q Financial Statement

#000000806319000015 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $208.2M $179.1M
YoY Change 16.26%
Cost Of Revenue $156.1M $141.9M
YoY Change 9.98%
Gross Profit $52.08M $37.13M
YoY Change 40.25%
Gross Profit Margin 25.02% 20.74%
Selling, General & Admin $29.20M $30.50M
YoY Change -4.28%
% of Gross Profit 56.06% 82.14%
Research & Development $26.70M $28.90M
YoY Change -7.61%
% of Gross Profit 51.27% 77.83%
Depreciation & Amortization $8.076M $9.841M
YoY Change -17.94%
% of Gross Profit 15.51% 26.5%
Operating Expenses $55.90M $59.40M
YoY Change -5.9%
Operating Profit $22.88M $6.632M
YoY Change 245.01%
Interest Expense -$1.800M -$2.300M
YoY Change -21.74%
% of Operating Profit -7.87% -34.68%
Other Income/Expense, Net -$200.0K -$400.0K
YoY Change -50.0%
Pretax Income $101.0M $3.926M
YoY Change 2472.47%
Income Tax $22.85M $632.0K
% Of Pretax Income 22.62% 16.1%
Net Earnings $78.15M $3.294M
YoY Change 2272.37%
Net Earnings / Revenue 37.54% 1.84%
Basic Earnings Per Share $2.40 $0.10
Diluted Earnings Per Share $2.35 $0.10
COMMON SHARES
Basic Shares Outstanding 32.62M shares 32.28M shares
Diluted Shares Outstanding 33.21M shares 33.01M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.00M $16.40M
YoY Change -2.44%
Cash & Equivalents $15.97M $16.39M
Short-Term Investments
Other Short-Term Assets $17.80M $15.90M
YoY Change 11.95%
Inventory $139.1M $142.2M
Prepaid Expenses
Receivables $188.6M $136.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $361.4M $349.9M
YoY Change 3.29%
LONG-TERM ASSETS
Property, Plant & Equipment $117.3M $124.8M
YoY Change -5.98%
Goodwill $124.9M $125.6M
YoY Change -0.62%
Intangibles $129.1M $147.6M
YoY Change -12.51%
Long-Term Investments
YoY Change
Other Assets $47.81M $19.69M
YoY Change 142.78%
Total Long-Term Assets $419.1M $417.7M
YoY Change 0.34%
TOTAL ASSETS
Total Short-Term Assets $361.4M $349.9M
Total Long-Term Assets $419.1M $417.7M
Total Assets $780.5M $767.6M
YoY Change 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.49M $61.39M
YoY Change -21.01%
Accrued Expenses $68.40M $36.50M
YoY Change 87.4%
Deferred Revenue $30.94M $11.43M
YoY Change 170.64%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $112.0K $2.478M
YoY Change -95.48%
Total Short-Term Liabilities $148.0M $122.5M
YoY Change 20.75%
LONG-TERM LIABILITIES
Long-Term Debt $115.2M $273.6M
YoY Change -57.9%
Other Long-Term Liabilities $51.35M $33.38M
YoY Change 53.86%
Total Long-Term Liabilities $166.5M $307.0M
YoY Change -45.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.0M $122.5M
Total Long-Term Liabilities $166.5M $307.0M
Total Liabilities $314.5M $429.5M
YoY Change -26.78%
SHAREHOLDERS EQUITY
Retained Earnings $328.5M
YoY Change
Common Stock $343.0K $298.0K
YoY Change 15.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $466.0M $338.0M
YoY Change
Total Liabilities & Shareholders Equity $780.5M $767.6M
YoY Change 1.69%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $78.15M $3.294M
YoY Change 2272.37%
Depreciation, Depletion And Amortization $8.076M $9.841M
YoY Change -17.94%
Cash From Operating Activities $11.35M -$1.054M
YoY Change -1177.23%
INVESTING ACTIVITIES
Capital Expenditures -$3.470M -$4.350M
YoY Change -20.23%
Acquisitions
YoY Change
Other Investing Activities $103.8M
YoY Change
Cash From Investing Activities $100.3M -$4.346M
YoY Change -2408.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net $122.0M $10.71M
YoY Change 1039.9%
Cash From Financing Activities -$112.3M $3.939M
YoY Change -2950.01%
NET CHANGE
Cash From Operating Activities $11.35M -$1.054M
Cash From Investing Activities $100.3M -$4.346M
Cash From Financing Activities -$112.3M $3.939M
Net Change In Cash -$656.0K -$1.527M
YoY Change -57.04%
FREE CASH FLOW
Cash From Operating Activities $11.35M -$1.054M
Capital Expenditures -$3.470M -$4.350M
Free Cash Flow $14.82M $3.296M
YoY Change 349.76%

Facts In Submission

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<div style="margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration: underline;">Operating Results</span></div><div style="margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.</span></div><div style="margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements.</span></div>
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RevenueFromContractWithCustomerExcludingAssessedTax
179059000 USD
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
32322000 USD
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
33100000 USD
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
26783000 USD
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
27409000 USD
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
79985000 USD
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
78176000 USD
CY2019Q1 us-gaap Inventory Net
InventoryNet
139090000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
138685000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
68574000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
202546000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
207734000 USD
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
85239000 USD
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
86872000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
117307000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
120862000 USD
CY2019Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P13Y
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
197707000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
197800000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
64417000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4224000 USD
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6001000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
16616000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15903000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
13993000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
13569000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
12402000 USD
CY2019Q1 atro Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
10931000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
124952000 USD
CY2019Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-98000 USD
CY2019Q1 us-gaap Goodwill
Goodwill
124854000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5027000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5136000 USD
CY2019Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
123000 USD
CY2018Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2019Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
529000 USD
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
567000 USD
CY2019Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
588000 USD
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
640000 USD
CY2019Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-16000 USD
CY2018Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
52000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4829000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5115000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
22900000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23100000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5500000 USD
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
3200000 USD
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6100000 USD
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
255000 USD
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
86000 USD
CY2019Q1 atro Finance Lease Cost
FinanceLeaseCost
341000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1205000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
370000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
47000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
212000 USD
CY2019Q1 atro Operating Lease Cost Net Of Sublease And Rental Income
OperatingLeaseCostNetOfSubleaseAndRentalIncome
1410000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
1751000 USD
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
341000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1005000 USD
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
395000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3467000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1563000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3951000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2128000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3632000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2180000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3233000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
743000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2618000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
10037000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26938000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6614000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3822000 USD
CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
532000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23116000 USD
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6082000 USD
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.161
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32619000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32282000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
595000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
732000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33214000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33014000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
154000 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2018Q1 atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-120000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
448000 USD
CY2019Q1 atro Number Of Non Qualified Supplemental Retirement Defined Benefit Plans
NumberOfNonQualifiedSupplementalRetirementDefinedBenefitPlans
2 retirement_plan
CY2019Q1 atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
CY2019Q1 atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
208174000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179059000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
80133000 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1804000 USD
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2331000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
100995000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3926000 USD
CY2019Q1 us-gaap Assets
Assets
780521000 USD
CY2018Q4 us-gaap Assets
Assets
774640000 USD

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