2018 Q3 Form 10-Q Financial Statement

#000137778918000106 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $60.50M $56.18M
YoY Change 7.69% -3.48%
Cost Of Revenue $42.58M $38.89M
YoY Change 9.5% -4.79%
Gross Profit $17.93M $17.30M
YoY Change 3.64% -0.4%
Gross Profit Margin 29.63% 30.79%
Selling, General & Admin $13.71M $13.72M
YoY Change -0.12% -9.65%
% of Gross Profit 76.46% 79.34%
Research & Development $4.937M $4.798M
YoY Change 2.9% -2.93%
% of Gross Profit 27.54% 27.74%
Depreciation & Amortization $1.288M $1.282M
YoY Change 0.47% -23.23%
% of Gross Profit 7.19% 7.41%
Operating Expenses $19.44M $18.52M
YoY Change 4.95% -8.71%
Operating Profit -$1.514M -$1.226M
YoY Change 23.49% -58.09%
Interest Expense $5.000K $6.000K
YoY Change -16.67% -66.67%
% of Operating Profit
Other Income/Expense, Net $0.00 -$30.00K
YoY Change -100.0% -83.52%
Pretax Income -$1.468M -$1.204M
YoY Change 21.93% -60.79%
Income Tax -$718.0K -$639.0K
% Of Pretax Income
Net Earnings -$750.0K -$657.0K
YoY Change 14.16% 4.45%
Net Earnings / Revenue -1.24% -1.17%
Basic Earnings Per Share -$0.14 -$0.12
Diluted Earnings Per Share -$0.14 -$0.12
COMMON SHARES
Basic Shares Outstanding 5.366M shares 5.316M shares
Diluted Shares Outstanding 5.366M shares 5.316M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.40M $39.40M
YoY Change -27.92% 28.34%
Cash & Equivalents $28.40M $39.10M
Short-Term Investments $300.0K
Other Short-Term Assets $7.351M $7.246M
YoY Change 1.45% -29.18%
Inventory $8.682M $23.14M
Prepaid Expenses
Receivables $50.87M $43.64M
Other Receivables $0.00 $0.00
Total Short-Term Assets $125.3M $123.9M
YoY Change 1.16% -11.79%
LONG-TERM ASSETS
Property, Plant & Equipment $16.89M $16.93M
YoY Change -0.27% -6.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.92M $5.682M
YoY Change 109.84% 287.32%
Total Long-Term Assets $33.89M $28.35M
YoY Change 19.52% 10.33%
TOTAL ASSETS
Total Short-Term Assets $125.3M $123.9M
Total Long-Term Assets $33.89M $28.35M
Total Assets $159.2M $152.2M
YoY Change 4.58% -8.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.34M $34.44M
YoY Change -3.21% 3.69%
Accrued Expenses $25.24M $21.48M
YoY Change 17.52% -7.44%
Deferred Revenue $13.67M
YoY Change
Short-Term Debt $9.000M $9.000M
YoY Change 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.17M $85.84M
YoY Change -3.1% -14.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.253M $1.024M
YoY Change 22.36% -27.32%
Total Long-Term Liabilities $1.253M $1.024M
YoY Change 22.36% -27.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.17M $85.84M
Total Long-Term Liabilities $1.253M $1.024M
Total Liabilities $96.87M $97.79M
YoY Change -0.95% -13.19%
SHAREHOLDERS EQUITY
Retained Earnings -$741.5M -$748.9M
YoY Change -0.98% 0.2%
Common Stock $53.00K $53.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.32M $53.80M
YoY Change
Total Liabilities & Shareholders Equity $159.2M $152.2M
YoY Change 4.58% -8.37%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$750.0K -$657.0K
YoY Change 14.16% 4.45%
Depreciation, Depletion And Amortization $1.288M $1.282M
YoY Change 0.47% -23.23%
Cash From Operating Activities -$6.810M $4.904M
YoY Change -238.87% 49.38%
INVESTING ACTIVITIES
Capital Expenditures $1.802M $1.378M
YoY Change 30.77% 4.16%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.802M -$1.378M
YoY Change 30.77% 4.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$379.0K $7.000K
YoY Change -5514.29% -100.7%
NET CHANGE
Cash From Operating Activities -$6.810M $4.904M
Cash From Investing Activities -$1.802M -$1.378M
Cash From Financing Activities -$379.0K $7.000K
Net Change In Cash -$9.058M $3.436M
YoY Change -363.62% 379.22%
FREE CASH FLOW
Cash From Operating Activities -$6.810M $4.904M
Capital Expenditures $1.802M $1.378M
Free Cash Flow -$8.612M $3.526M
YoY Change -344.24% 79.9%

Facts In Submission

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CY2018Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
18522000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
19439000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1226000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1514000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5769000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
100000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
150000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
196000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1253000 USD
CY2018Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
298000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1378000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
917000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1239000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1873000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1394000 USD
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12320000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11144000 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
6006000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
7351000 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
6482000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9816000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11923000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9996000 USD
CY2018Q3 us-gaap Other Commitment
OtherCommitment
55900000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
65000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-134000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
65000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-134000 USD
CY2018Q2 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
3667000 USD
CY2018Q3 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
0 USD
CY2018Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1492000 USD
CY2018Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1721000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1250000 USD
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1802000 USD
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
9000000 USD
CY2018Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
9000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
7000 USD
CY2018Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
10000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3056000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2964000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3196000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3216000 USD
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3196000 USD
CY2018Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3216000 USD
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
523000 USD
CY2018Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
527000 USD
CY2017Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
431000 USD
CY2018Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
547000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
75881000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
76560000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17179000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16889000 USD
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7000 USD
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-102000 USD
CY2017Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2018Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2017Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2018Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
389000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4798000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4937000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
336000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
306000 USD
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
2000 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
796000 USD
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
1912000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
2412000 USD
CY2018Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1426000 USD
CY2018Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1900000 USD
CY2018Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1923000 USD
CY2018Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
500000 USD
CY2018Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-2000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-746359000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-741487000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-740736000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
56182000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
60504000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
60500000 USD
CY2018Q3 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
Payment terms to customers generally range from net 30 to 120 days from invoice, which are considered to be standard payment terms.
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13722000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13706000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
574000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
436000 USD
CY2018Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2018Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2018Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
249 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5366000 shares
CY2018Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
28675000 USD
CY2018Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
22794000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5316000 shares
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
416 shares
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
57516000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
62324000 USD
CY2018Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
14167000 USD
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5316000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5366000 shares
CY2018Q3 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;text-align:justify;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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