2020 Q1 Form 10-Q Financial Statement

#000137778920000011 Filed on February 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4
Revenue $56.00M $65.09M
YoY Change -13.97% 5.45%
Cost Of Revenue $37.68M $42.60M
YoY Change -11.55% 6.94%
Gross Profit $18.32M $22.49M
YoY Change -18.55% 2.74%
Gross Profit Margin 32.71% 34.55%
Selling, General & Admin $14.46M $14.29M
YoY Change 1.16% 1.33%
% of Gross Profit 78.92% 63.54%
Research & Development $4.978M $5.316M
YoY Change -6.36% 3.34%
% of Gross Profit 27.17% 23.64%
Depreciation & Amortization $1.077M $1.096M
YoY Change -1.73% -16.21%
% of Gross Profit 5.88% 4.87%
Operating Expenses $19.82M $19.61M
YoY Change 1.07% 3.22%
Operating Profit -$1.497M $2.883M
YoY Change -151.93% -0.38%
Interest Expense $1.000K $76.00K
YoY Change -98.68% 484.62%
% of Operating Profit 2.64%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$1.378M $2.850M
YoY Change -148.35% 2.26%
Income Tax $293.0K $540.0K
% Of Pretax Income 18.95%
Net Earnings -$1.671M $2.310M
YoY Change -172.34% -54.45%
Net Earnings / Revenue -2.98% 3.55%
Basic Earnings Per Share -$0.15 $0.43
Diluted Earnings Per Share -$0.15 $0.41
COMMON SHARES
Basic Shares Outstanding 5.397M shares 5.427M shares 5.397M shares
Diluted Shares Outstanding 5.427M shares 5.627M shares

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.10M $31.50M
YoY Change 20.95% -22.41%
Cash & Equivalents $38.07M $31.54M
Short-Term Investments
Other Short-Term Assets $6.055M $4.873M
YoY Change 24.26% -31.03%
Inventory $14.50M $8.593M
Prepaid Expenses
Receivables $44.39M $48.62M
Other Receivables $0.00 $0.00
Total Short-Term Assets $130.3M $127.1M
YoY Change 2.55% -0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $17.80M $17.02M
YoY Change 4.61% 0.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.28M $11.96M
YoY Change 2.73% 28.14%
Total Long-Term Assets $49.49M $34.10M
YoY Change 45.14% 6.67%
TOTAL ASSETS
Total Short-Term Assets $130.3M $127.1M
Total Long-Term Assets $49.49M $34.10M
Total Assets $179.8M $161.2M
YoY Change 11.56% 0.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.34M $34.78M
YoY Change 10.26% 5.07%
Accrued Expenses $22.07M $22.66M
YoY Change -2.61% 14.22%
Deferred Revenue $19.14M $15.85M
YoY Change 20.77%
Short-Term Debt $9.000M $9.000M
YoY Change 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.55M $83.85M
YoY Change 11.56% -4.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $610.0K $1.346M
YoY Change -54.68% 27.95%
Total Long-Term Liabilities $610.0K $1.346M
YoY Change -54.68% 27.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.55M $83.85M
Total Long-Term Liabilities $610.0K $1.346M
Total Liabilities $111.4M $97.86M
YoY Change 13.79% -1.45%
SHAREHOLDERS EQUITY
Retained Earnings -$732.6M -$739.2M
YoY Change -0.89% -0.62%
Common Stock $54.00K $54.00K
YoY Change 0.0% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.47M $63.33M
YoY Change
Total Liabilities & Shareholders Equity $179.8M $161.2M
YoY Change 11.56% 0.61%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income -$1.671M $2.310M
YoY Change -172.34% -54.45%
Depreciation, Depletion And Amortization $1.077M $1.096M
YoY Change -1.73% -16.21%
Cash From Operating Activities $5.160M $6.240M
YoY Change -17.31% 46.14%
INVESTING ACTIVITIES
Capital Expenditures -$1.120M -$1.440M
YoY Change -22.22% -26.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.120M -$1.440M
YoY Change -22.22% -26.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -650.0K -1.590M
YoY Change -59.12%
NET CHANGE
Cash From Operating Activities 5.160M 6.240M
Cash From Investing Activities -1.120M -1.440M
Cash From Financing Activities -650.0K -1.590M
Net Change In Cash 3.390M 3.210M
YoY Change 5.61% 38.96%
FREE CASH FLOW
Cash From Operating Activities $5.160M $6.240M
Capital Expenditures -$1.120M -$1.440M
Free Cash Flow $6.280M $7.680M
YoY Change -18.23% 23.27%

Facts In Submission

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OtherComprehensiveIncomeLossNetOfTax
410000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2019Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
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1649000 USD
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OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1502000 USD
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820000 USD
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OtherLiabilitiesNoncurrent
610000 USD
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291000 USD
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665000 USD
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536000 USD
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746000 USD
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3236000 USD
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2417000 USD
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0.01
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockSharesAuthorized
50000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
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PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
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PreferredStockValue
0 USD
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Debt
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18000000 USD
us-gaap Proceeds From Issuance Of Debt
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18000000 USD
us-gaap Provision For Doubtful Accounts
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-54000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
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17255000 USD
us-gaap Product Warranty Accrual Warranties Issued
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757000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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0 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
10000 USD
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ProductWarrantyAccrual
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ProductWarrantyAccrual
3416000 USD
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ProductWarrantyAccrual
3323000 USD
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ProductWarrantyAccrual
3412000 USD
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ProductWarrantyAccrual
3197000 USD
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ProductWarrantyAccrualClassifiedCurrent
3323000 USD
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ProductWarrantyAccrualClassifiedCurrent
3197000 USD
CY2018Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
420000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
946000 USD
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ProductWarrantyAccrualPayments
468000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
883000 USD
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ProductWarrantyAccrualWarrantiesIssued
620000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1166000 USD
CY2019Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
253000 USD
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2310000 USD
us-gaap Profit Loss
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1560000 USD
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us-gaap Profit Loss
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82105000 USD
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17800000 USD
us-gaap Provision For Doubtful Accounts
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us-gaap Repayments Of Debt
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18000000 USD
us-gaap Repayments Of Debt
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18000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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1436000 USD
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1401000 USD
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5316000 USD
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10253000 USD
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4978000 USD
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10194000 USD
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255000 USD
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256000 USD
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0 USD
us-gaap Restructuring Charges
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796000 USD
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1177000 USD
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381000 USD
us-gaap Restructuring Charges
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1558000 USD
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1327000 USD
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RestructuringReserve
2204000 USD
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RestructuringReserve
1920000 USD
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1089000 USD
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1688000 USD
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1700000 USD
CY2019Q4 us-gaap Restructuring Reserve Noncurrent
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200000 USD
CY2019Q3 us-gaap Restructuring Reserve Translation Adjustment
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9000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
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-730998000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-732615000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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65088000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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125592000 USD
CY2019Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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55997000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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114611000 USD
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
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73800000 USD
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P12M
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P3Y
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.70
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.30
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
100000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
100000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
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14291000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27997000 USD
CY2019Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14457000 USD
us-gaap Selling General And Administrative Expense
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29101000 USD
us-gaap Share Based Compensation
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938000 USD
us-gaap Share Based Compensation
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808000 USD
CY2019Q2 us-gaap Short Term Borrowings
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9000000 USD
CY2019Q4 us-gaap Short Term Borrowings
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9000000 USD
CY2019Q4 us-gaap Short Term Lease Cost
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287000 USD
us-gaap Short Term Lease Cost
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771000 USD
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
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8000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
18000 USD
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6000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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10000 USD
CY2018Q4 us-gaap Stock Repurchased During Period Value
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1046000 USD
us-gaap Stock Repurchased During Period Value
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1436000 USD
CY2019Q4 us-gaap Stock Repurchased During Period Value
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653000 USD
us-gaap Stock Repurchased During Period Value
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1401000 USD
CY2018Q2 us-gaap Stockholders Equity
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57516000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
62324000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
63326000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
71516000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
69974000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
68467000 USD
CY2019Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
27780000 USD
CY2019Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
27343000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
600000 USD
CY2019Q4 us-gaap Variable Lease Cost
VariableLeaseCost
93000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
156000 USD
CY2018Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
230000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
281000 shares
CY2019Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5627000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5663000 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5427000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5387000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5397000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5382000 shares
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5427000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5387000 shares
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, lease liabilities, 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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