2014 Q4 Form 10-Q Financial Statement

#000119312514396672 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $46.82M $44.35M $40.03M
YoY Change 16.97% 26.0% 24.63%
Cost Of Revenue $19.40M $15.64M $14.50M
YoY Change 33.79% 19.35% 12.4%
Gross Profit $27.41M $28.71M $25.55M
YoY Change 7.27% 29.95% 33.32%
Gross Profit Margin 58.55% 64.74% 63.85%
Selling, General & Admin $14.10M $12.44M $11.40M
YoY Change 23.68% -2.62% -8.8%
% of Gross Profit 51.44% 43.33% 44.61%
Research & Development $4.100M $3.759M $3.400M
YoY Change 20.59% 54.12% 70.0%
% of Gross Profit 14.96% 13.09% 13.31%
Depreciation & Amortization $950.0K $1.101M $1.090M
YoY Change -12.84% 1.19% -22.7%
% of Gross Profit 3.47% 3.83% 4.27%
Operating Expenses $18.50M $16.20M $15.10M
YoY Change 22.52% 6.47% 4.14%
Operating Profit $8.913M $12.51M $10.45M
YoY Change -14.74% 81.85% 123.95%
Interest Expense -$100.0K -$160.0K $100.0K
YoY Change -200.0% -557.14% 0.0%
% of Operating Profit -1.12% -1.28% 0.96%
Other Income/Expense, Net
YoY Change
Pretax Income $8.800M $12.35M $9.100M
YoY Change -3.3% 78.61% 89.58%
Income Tax $3.700M $4.795M $3.700M
% Of Pretax Income 42.05% 38.82% 40.66%
Net Earnings $5.086M $7.558M $5.375M
YoY Change -5.38% 47.79% 40.89%
Net Earnings / Revenue 10.86% 17.04% 13.43%
Basic Earnings Per Share $0.10 $0.14 $0.10
Diluted Earnings Per Share $0.09 $0.14 $0.10
COMMON SHARES
Basic Shares Outstanding 52.52M shares 52.48M shares 51.86M shares
Diluted Shares Outstanding 53.82M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.10M $67.60M $51.40M
YoY Change 57.78% 54.34% 35.98%
Cash & Equivalents $48.37M $38.62M $42.27M
Short-Term Investments $32.80M $29.00M $9.100M
Other Short-Term Assets $4.400M $12.40M $12.50M
YoY Change -64.8% -13.89% 2.46%
Inventory $18.32M $16.13M $11.11M
Prepaid Expenses
Receivables $30.70M $27.10M $22.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.6M $123.2M $97.47M
YoY Change 38.14% 36.21% 23.29%
LONG-TERM ASSETS
Property, Plant & Equipment $17.52M $17.85M $19.04M
YoY Change -7.98% -7.75% -13.25%
Goodwill $2.206M $2.206M $2.235M
YoY Change -1.3%
Intangibles $3.115M $3.107M $3.317M
YoY Change -6.09% -7.54% 0.0%
Long-Term Investments $9.300M $6.400M $12.00M
YoY Change -22.5% 39.13%
Other Assets $2.523M $1.766M $618.0K
YoY Change 308.25% 393.97% 100.65%
Total Long-Term Assets $50.73M $40.94M $50.92M
YoY Change -0.37% 7.62% 36.93%
TOTAL ASSETS
Total Short-Term Assets $134.6M $123.2M $97.47M
Total Long-Term Assets $50.73M $40.94M $50.92M
Total Assets $185.4M $164.1M $148.4M
YoY Change 24.93% 27.74% 27.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.682M $6.483M $6.221M
YoY Change 23.48% 26.79% -0.03%
Accrued Expenses $9.245M $6.853M $8.840M
YoY Change 4.58% -16.23% 25.12%
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 $31.97M $23.78M $23.13M
YoY Change 38.24% 14.72% 27.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $24.30M $908.0K $376.0K
YoY Change 6362.77% 436.91% -96.52%
Total Long-Term Liabilities $24.30M $908.0K $376.0K
YoY Change 6362.77% 436.91% -96.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.97M $23.78M $23.13M
Total Long-Term Liabilities $24.30M $908.0K $376.0K
Total Liabilities $56.26M $46.10M $40.04M
YoY Change 40.53% 26.83% 38.29%
SHAREHOLDERS EQUITY
Retained Earnings $81.05M $75.96M $61.13M
YoY Change 32.58% 36.24% 42.54%
Common Stock $162.6M $156.7M $139.4M
YoY Change 16.65% 21.85% 24.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.6M $114.6M $92.20M
YoY Change 24.34% 24.34% 37.2%
Treasury Stock Shares 18.14M shares 18.14M shares 16.41M shares
Shareholders Equity $129.1M $118.0M $108.3M
YoY Change
Total Liabilities & Shareholders Equity $185.4M $164.1M $148.4M
YoY Change 24.93% 27.74% 27.66%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income $5.086M $7.558M $5.375M
YoY Change -5.38% 47.79% 40.89%
Depreciation, Depletion And Amortization $950.0K $1.101M $1.090M
YoY Change -12.84% 1.19% -22.7%
Cash From Operating Activities $12.79M $16.68M $9.340M
YoY Change 36.94% 53.45% 186.5%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K $844.0K -$660.0K
YoY Change -24.24% 151.94% 24.53%
Acquisitions
YoY Change
Other Investing Activities -$6.950M -$1.830M -$9.170M
YoY Change -24.21% 120.48% -695.45%
Cash From Investing Activities -$7.450M -$2.690M -$9.820M
YoY Change -24.13% 116.94% -1082.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.440M -1.410M 7.780M
YoY Change -42.93% -122.38% 31.64%
NET CHANGE
Cash From Operating Activities 12.79M 16.68M 9.340M
Cash From Investing Activities -7.450M -2.690M -9.820M
Cash From Financing Activities 4.440M -1.410M 7.780M
Net Change In Cash 9.780M 12.58M 7.300M
YoY Change 33.97% -21.03% -28.22%
FREE CASH FLOW
Cash From Operating Activities $12.79M $16.68M $9.340M
Capital Expenditures -$500.0K $844.0K -$660.0K
Free Cash Flow $13.29M $15.84M $10.00M
YoY Change 32.9% 50.32% 163.85%

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dei Entity Registrant Name
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TASER INTERNATIONAL INC
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2014-09-30
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>f. Warranty costs</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company warranties its CEWs, StrikeLight, AXON cameras and E-Docks from manufacturing defects on a limited basis for a period of one year after purchase and, thereafter, will replace any defective unit for a fee. Estimated costs for the standard warranty are charged to cost of products sold and services delivered when revenue is recorded for the related product. Future warranty costs are estimated based on historical data related to returns and warranty costs on a quarterly basis and this rate is applied to current product sales. Historically, reserve amounts have been increased if management becomes aware of a component failure that could result in larger than anticipated returns from customers. The accrued warranty liability is reviewed quarterly to evaluate whether it sufficiently reflects the remaining warranty obligations based on the anticipated expenditures over the balance of the warranty obligation period, and adjustments are made when actual warranty claim experience differs from estimates. Costs related to extended warranties are charged to cost of products sold and services delivered when incurred.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The reserve for warranty returns is included in accrued liabilities on the condensed consolidated balance sheets. The Company recognized additional warranty expense during the first nine months of 2014 due to a change in estimate regarding the Company&#x2019;s first generation E-Dock as a result of an updated version launched in the first quarter. 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CostOfServices
498000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
15636000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
15138000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1437000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3759000
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1101000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
71000
CY2014Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
200000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12441000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4795000
CY2014Q3 tasr Number Of Cases Active
NumberOfCasesActive
16 Cases

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