2015 Q2 Form 10-Q Financial Statement

#000147490315000065 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $49.78M $42.94M $42.83M
YoY Change 16.23% -1.97% 21.55%
Cost Of Revenue $38.92M $34.57M $34.36M
YoY Change 13.24% -2.07% 20.21%
Gross Profit $10.87M $8.365M $8.465M
YoY Change 28.36% -0.83% 27.3%
Gross Profit Margin 21.83% 19.48% 19.76%
Selling, General & Admin $6.878M $5.700M $5.659M
YoY Change 21.54% 1.6% 26.99%
% of Gross Profit 63.29% 68.14% 66.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $66.44K $1.050M $42.88K
YoY Change 54.93% -30.46% 51.99%
% of Gross Profit 0.61% 12.55% 0.51%
Operating Expenses $6.878M $6.750M $5.659M
YoY Change 21.54% -5.33% 26.99%
Operating Profit $2.677M $1.615M $1.622M
YoY Change 65.01% 23.76% 49.66%
Interest Expense -$370.0K -$620.0K -$880.0K
YoY Change -57.95% -62.65% 4.76%
% of Operating Profit -13.82% -38.4% -54.25%
Other Income/Expense, Net
YoY Change
Pretax Income $2.308M $991.4K $746.1K
YoY Change 209.38% -441.49% 206.24%
Income Tax $846.4K $500.0K $499.6K
% Of Pretax Income 36.67% 50.43% 66.96%
Net Earnings $1.462M $489.5K $246.5K
YoY Change 493.02% -93.2% 0.45%
Net Earnings / Revenue 2.94% 1.14% 0.58%
Basic Earnings Per Share $0.21 $0.08 $0.04
Diluted Earnings Per Share $0.20 $0.08 $0.04
COMMON SHARES
Basic Shares Outstanding 6.978M shares 5.788M shares 5.599M shares
Diluted Shares Outstanding 7.270M shares 6.098M shares 5.676M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $731.5K $247.2K $469.4K
YoY Change 55.82% -43.41% -70.66%
Inventory
Prepaid Expenses $397.6K $625.0K $844.4K
Receivables $26.64M $22.03M $23.91M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.77M $22.90M $25.22M
YoY Change 10.12% -9.3% 6.87%
LONG-TERM ASSETS
Property, Plant & Equipment $913.1K $667.6K $606.8K
YoY Change 50.47% 27.56% 21.36%
Goodwill $7.089M $6.404M $5.863M
YoY Change 20.91% 9.41%
Intangibles $19.67M $13.72M $15.73M
YoY Change 25.04% -24.53%
Long-Term Investments
YoY Change
Other Assets $36.91M $29.71M $31.22M
YoY Change 18.23% -9.57% 1850.94%
Total Long-Term Assets $37.82M $30.37M $31.82M
YoY Change 18.84% -8.99% 12.44%
TOTAL ASSETS
Total Short-Term Assets $27.77M $22.90M $25.22M
Total Long-Term Assets $37.82M $30.37M $31.82M
Total Assets $65.59M $53.28M $57.04M
YoY Change 14.98% -9.12% 9.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $633.1K $1.115M $1.653M
YoY Change -61.7% -42.35% -59.68%
Accrued Expenses $7.940M $7.127M $7.021M
YoY Change 13.1% 0.06% -14.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.719M $2.198M $2.250M
YoY Change 20.83% -7.57% -6.25%
Total Short-Term Liabilities $19.19M $14.60M $16.27M
YoY Change 18.01% -13.41% -8.1%
LONG-TERM LIABILITIES
Long-Term Debt $13.47M $14.69M $16.06M
YoY Change -16.17% 517.79% -44.42%
Other Long-Term Liabilities $1.917M $2.911M $2.464M
YoY Change -22.17% -20.35% -36.83%
Total Long-Term Liabilities $15.38M $17.60M $18.53M
YoY Change -16.97% 191.8% -43.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.19M $14.60M $16.27M
Total Long-Term Liabilities $15.38M $17.60M $18.53M
Total Liabilities $43.18M $36.91M $49.29M
YoY Change -12.4% -26.93% -2.59%
SHAREHOLDERS EQUITY
Retained Earnings $3.567M $5.563M $5.698M
YoY Change -37.4% -20.32%
Common Stock $72.45K $65.98K $54.48K
YoY Change 32.97% 17.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.41M $16.36M $7.752M
YoY Change
Total Liabilities & Shareholders Equity $65.59M $53.28M $57.04M
YoY Change 14.98% -9.12% 9.91%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $1.462M $489.5K $246.5K
YoY Change 493.02% -93.2% 0.45%
Depreciation, Depletion And Amortization $66.44K $1.050M $42.88K
YoY Change 54.93% -30.46% 51.99%
Cash From Operating Activities $1.660M $2.350M -$100.0K
YoY Change -1760.0% 47.8% -108.93%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K -$70.00K -$120.0K
YoY Change 33.33% 0.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$280.0K $10.00K $0.00
YoY Change -102.27% -100.0%
Cash From Investing Activities -$440.0K -$60.00K -$120.0K
YoY Change 266.67% -88.0% -98.69%
FINANCING ACTIVITIES
Cash Dividend Paid $1.811M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.220M -2.290M 220.0K
YoY Change -654.55% 110.09% -97.26%
NET CHANGE
Cash From Operating Activities 1.660M 2.350M -100.0K
Cash From Investing Activities -440.0K -60.00K -120.0K
Cash From Financing Activities -1.220M -2.290M 220.0K
Net Change In Cash -0.000000002212 -0.0000000009313 -0.0000000002910
YoY Change 660.0% -110.42%
FREE CASH FLOW
Cash From Operating Activities $1.660M $2.350M -$100.0K
Capital Expenditures -$160.0K -$70.00K -$120.0K
Free Cash Flow $1.820M $2.420M $20.00K
YoY Change 9000.0% 45.78% -98.28%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the 2014 financial statements to conform with the 2015 presentation.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Management Estimates</font></div><div style="line-height:120%;text-align:justify;text-indent:66px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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