2017 Q3 Form 10-Q Financial Statement

#000137778917000057 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $56.18M $58.21M
YoY Change -3.48% -33.65%
Cost Of Revenue $38.89M $40.84M
YoY Change -4.79% -42.48%
Gross Profit $17.30M $17.37M
YoY Change -0.4% -6.78%
Gross Profit Margin 30.79% 29.83%
Selling, General & Admin $13.72M $15.19M
YoY Change -9.65% -13.71%
% of Gross Profit 79.34% 87.46%
Research & Development $4.798M $4.943M
YoY Change -2.93% -17.62%
% of Gross Profit 27.74% 28.47%
Depreciation & Amortization $1.282M $1.670M
YoY Change -23.23% -16.5%
% of Gross Profit 7.41% 9.62%
Operating Expenses $18.52M $20.29M
YoY Change -8.71% -14.39%
Operating Profit -$1.226M -$2.925M
YoY Change -58.09% -42.69%
Interest Expense $6.000K $18.00K
YoY Change -66.67%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$182.0K
YoY Change -83.52%
Pretax Income -$1.204M -$3.071M
YoY Change -60.79% -56.75%
Income Tax -$639.0K -$2.470M
% Of Pretax Income
Net Earnings -$657.0K -$629.0K
YoY Change 4.45% -56.41%
Net Earnings / Revenue -1.17% -1.08%
Basic Earnings Per Share -$0.12 -$0.12
Diluted Earnings Per Share -$0.12 -$0.12
COMMON SHARES
Basic Shares Outstanding 5.316M shares 5.261M shares
Diluted Shares Outstanding 5.316M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.40M $30.70M
YoY Change 28.34% -11.53%
Cash & Equivalents $39.10M $30.48M
Short-Term Investments $300.0K $200.0K
Other Short-Term Assets $7.246M $10.23M
YoY Change -29.18% -31.77%
Inventory $23.14M $27.29M
Prepaid Expenses
Receivables $43.64M $63.45M
Other Receivables $0.00 $0.00
Total Short-Term Assets $123.9M $140.4M
YoY Change -11.79% -26.53%
LONG-TERM ASSETS
Property, Plant & Equipment $16.93M $18.16M
YoY Change -6.76% -25.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.682M $1.467M
YoY Change 287.32% -13.96%
Total Long-Term Assets $28.35M $25.70M
YoY Change 10.33% -23.49%
TOTAL ASSETS
Total Short-Term Assets $123.9M $140.4M
Total Long-Term Assets $28.35M $25.70M
Total Assets $152.2M $166.1M
YoY Change -8.37% -26.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.44M $33.22M
YoY Change 3.69% -28.69%
Accrued Expenses $21.48M $23.21M
YoY Change -7.44% -14.73%
Deferred Revenue
YoY Change
Short-Term Debt $9.000M $9.000M
YoY Change 0.0% 0.0%
Long-Term Debt Due $9.000M
YoY Change 0.0%
Total Short-Term Liabilities $85.84M $99.95M
YoY Change -14.12% -18.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.024M $1.409M
YoY Change -27.32% -37.18%
Total Long-Term Liabilities $1.024M $1.409M
YoY Change -27.32% -37.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.84M $99.95M
Total Long-Term Liabilities $1.024M $1.409M
Total Liabilities $97.79M $112.7M
YoY Change -13.19% -20.05%
SHAREHOLDERS EQUITY
Retained Earnings -$748.9M -$747.4M
YoY Change 0.2% 4.17%
Common Stock $53.00K $53.00K
YoY Change 0.0% 1.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.80M $53.12M
YoY Change
Total Liabilities & Shareholders Equity $152.2M $166.1M
YoY Change -8.37% -26.08%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$657.0K -$629.0K
YoY Change 4.45% -56.41%
Depreciation, Depletion And Amortization $1.282M $1.670M
YoY Change -23.23% -16.5%
Cash From Operating Activities $4.904M $3.283M
YoY Change 49.38% 556.6%
INVESTING ACTIVITIES
Capital Expenditures $1.378M $1.323M
YoY Change 4.16% -289.0%
Acquisitions
YoY Change
Other Investing Activities -$220.0K
YoY Change
Cash From Investing Activities -$1.378M -$1.323M
YoY Change 4.16% 89.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.000K -$998.0K
YoY Change -100.7%
NET CHANGE
Cash From Operating Activities $4.904M $3.283M
Cash From Investing Activities -$1.378M -$1.323M
Cash From Financing Activities $7.000K -$998.0K
Net Change In Cash $3.436M $717.0K
YoY Change 379.22% -458.5%
FREE CASH FLOW
Cash From Operating Activities $4.904M $3.283M
Capital Expenditures $1.378M $1.323M
Free Cash Flow $3.526M $1.960M
YoY Change 79.9% 63.33%

Facts In Submission

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CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
208000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1443000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2023000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1975000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8649000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7846000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
6402000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
7246000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5407000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5682000 USD
CY2017Q3 us-gaap Other Commitment
OtherCommitment
45800000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-370000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
65000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-370000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
65000 USD
CY2017Q2 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
7120000 USD
CY2017Q3 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
5898000 USD
CY2017Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1268000 USD
CY2017Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1196000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1022000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1024000 USD
CY2017Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
661000 USD
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1323000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1378000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
8000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
9000000 USD
CY2016Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
7000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3944000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3704000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3056000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2964000 USD
CY2017Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3056000 USD
CY2017Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2964000 USD
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
577000 USD
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
523000 USD
CY2016Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
337000 USD
CY2017Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
431000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
70129000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
72095000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16406000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16934000 USD
CY2016Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
110000 USD
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7000 USD
CY2016Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2017Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4943000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4798000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
541000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
541000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
370000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
361000 USD
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
160000 USD
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
2000 USD
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
1714000 USD
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
1074000 USD
CY2017Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1475000 USD
CY2017Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
827000 USD
CY2017Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
800000 USD
CY2017Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
200000 USD
CY2017Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-19000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-748204000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-748861000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
34724000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
35067000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
58207000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
56182000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
23483000 USD
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
21115000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15187000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13722000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
458000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
574000 USD
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
264000 USD
CY2017Q3 us-gaap Short Term Investments
ShortTermInvestments
265000 USD
CY2017Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
261 shares
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
54340000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
54421000 USD
CY2017Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
12110000 USD
CY2017Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8297000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5259000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5316000 shares
CY2017Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:start;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:12px;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">The preparation of unaudited condensed consolidated financial statements in accordance with U.S.&#160;GAAP requires us to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of our management. We evaluate our estimates and assumptions on an ongoing basis and may employ outside experts to assist us in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for uncollectible receivables, inventory valuation, valuation allowances for deferred tax assets, uncertainties in income taxes, restructuring obligations, product warranty obligations, share-based awards, contingencies, recoverability of long-lived assets and useful lives of property, plant and equipment.</font></div></div>

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