2017 Q4 Form 10-Q Financial Statement

#000158952618000029 Filed on February 07, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $162.5M $136.7M
YoY Change 18.94% -55.58%
Cost Of Revenue $141.9M $118.5M
YoY Change 19.79% -55.53%
Gross Profit $20.65M $18.20M
YoY Change 13.46% -55.86%
Gross Profit Margin 12.7% 13.32%
Selling, General & Admin $25.46M $18.19M
YoY Change 39.94% 2.78%
% of Gross Profit 123.29% 99.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.097M $2.023M
YoY Change 3.66% -5.47%
% of Gross Profit 10.16% 11.12%
Operating Expenses $25.46M $18.19M
YoY Change 39.94% 2.78%
Operating Profit -$4.809M $6.000K
YoY Change -80250.0% -99.97%
Interest Expense $1.452M $2.688M
YoY Change -45.98% -159.73%
% of Operating Profit 44800.0%
Other Income/Expense, Net -$291.0K -$127.0K
YoY Change 129.13%
Pretax Income -$6.537M -$12.94M
YoY Change -49.5% -180.41%
Income Tax $1.352M -$3.672M
% Of Pretax Income
Net Earnings -$7.839M -$8.523M
YoY Change -8.03% -153.36%
Net Earnings / Revenue -4.82% -6.24%
Basic Earnings Per Share -$0.36 -$0.42
Diluted Earnings Per Share -$0.36 -$0.42
COMMON SHARES
Basic Shares Outstanding 23.92M shares 22.60M shares
Diluted Shares Outstanding 23.92M shares 22.60M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.20M $52.30M
YoY Change -55.64% -1.13%
Cash & Equivalents $23.21M $62.62M
Short-Term Investments
Other Short-Term Assets $9.980M $6.104M
YoY Change 63.5% 54.14%
Inventory $74.33M $53.81M
Prepaid Expenses
Receivables $6.279M $20.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.8M $132.5M
YoY Change -14.14% 2.82%
LONG-TERM ASSETS
Property, Plant & Equipment $36.19M $33.47M
YoY Change 8.12% 15.67%
Goodwill $18.83M $18.83M
YoY Change 0.0% 0.0%
Intangibles $56.98M $59.49M
YoY Change -4.22% -1.47%
Long-Term Investments $11.68M $12.94M
YoY Change -9.8% 3.51%
Other Assets $1.091M $1.526M
YoY Change -28.51% -11.33%
Total Long-Term Assets $135.0M $145.3M
YoY Change -7.08% 5.44%
TOTAL ASSETS
Total Short-Term Assets $113.8M $132.5M
Total Long-Term Assets $135.0M $145.3M
Total Assets $248.8M $277.9M
YoY Change -10.45% 4.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.67M $80.65M
YoY Change -24.77% 1.66%
Accrued Expenses $19.10M $28.40M
YoY Change -32.75% -6.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $11.75M
YoY Change -31.91% 0.0%
Total Short-Term Liabilities $102.6M $130.5M
YoY Change -21.37% -2.17%
LONG-TERM LIABILITIES
Long-Term Debt $141.4M $140.4M
YoY Change 0.75% -19.98%
Other Long-Term Liabilities $15.23M $15.59M
YoY Change -2.3% 18.4%
Total Long-Term Liabilities $211.5M $234.3M
YoY Change -9.73% -7.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.6M $130.5M
Total Long-Term Liabilities $211.5M $234.3M
Total Liabilities $314.2M $364.8M
YoY Change -13.89% -5.96%
SHAREHOLDERS EQUITY
Retained Earnings -$107.9M -$128.9M
YoY Change -16.27% -4.79%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$65.32M -$86.97M
YoY Change
Total Liabilities & Shareholders Equity $248.8M $277.9M
YoY Change -10.45% 4.18%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$7.839M -$8.523M
YoY Change -8.03% -153.36%
Depreciation, Depletion And Amortization $2.097M $2.023M
YoY Change 3.66% -5.47%
Cash From Operating Activities -$33.81M -$32.21M
YoY Change 4.97% -158.55%
INVESTING ACTIVITIES
Capital Expenditures -$3.450M -$3.070M
YoY Change 12.38% 74.43%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.449M -$2.956M
YoY Change 16.68% 67.95%
FINANCING ACTIVITIES
Cash Dividend Paid $770.0K $953.0K
YoY Change -19.2%
Common Stock Issuance & Retirement, Net $2.983M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.151M -$4.148M
YoY Change -48.14% -85.29%
NET CHANGE
Cash From Operating Activities -$33.81M -$32.21M
Cash From Investing Activities -$3.449M -$2.956M
Cash From Financing Activities -$2.151M -$4.148M
Net Change In Cash -$39.41M -$39.31M
YoY Change 0.25% -256.93%
FREE CASH FLOW
Cash From Operating Activities -$33.81M -$32.21M
Capital Expenditures -$3.450M -$3.070M
Free Cash Flow -$30.36M -$29.14M
YoY Change 4.19% -151.32%

Facts In Submission

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1573000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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880000 USD
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1155000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
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563000 USD
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-1006000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-563000 USD
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149000 USD
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9847000 USD
CY2017Q4 us-gaap Other Liabilities Current
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8078000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
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15064000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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15233000 USD
CY2016Q4 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
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2983000 USD
CY2016Q4 us-gaap Payments Of Debt Extinguishment Costs
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507000 USD
CY2017Q4 us-gaap Payments Of Debt Extinguishment Costs
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0 USD
CY2016Q4 us-gaap Payments Of Debt Issuance Costs
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210000 USD
CY2017Q4 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2016Q4 us-gaap Payments Of Dividends
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953000 USD
CY2017Q4 us-gaap Payments Of Dividends
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CY2016Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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613000 USD
CY2017Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2016Q4 us-gaap Payments To Acquire Productive Assets
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2956000 USD
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3449000 USD
CY2017Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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32426000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2016Q4 us-gaap Preferred Stock Dividends Income Statement Impact
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40000000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q3 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
400000 shares
CY2017Q3 us-gaap Preferred Stock Value Outstanding
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40000000 USD
CY2017Q4 us-gaap Preferred Stock Value Outstanding
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40000000 USD
CY2016Q4 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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156887000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
CY2016Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2900000 USD
CY2017Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q4 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2790000 USD
CY2017Q4 us-gaap Proceeds From Warrant Exercises
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3640000 USD
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8573000 USD
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8113000 USD
CY2017Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
12337000 USD
CY2017Q4 us-gaap Product Warranty Accrual Noncurrent
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CY2017Q3 us-gaap Property Plant And Equipment Net
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34708000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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36185000 USD
CY2016Q4 us-gaap Repayments Of Long Term Capital Lease Obligations
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42000 USD
CY2017Q4 us-gaap Repayments Of Long Term Capital Lease Obligations
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38000 USD
CY2016Q4 us-gaap Repayments Of Medium Term Notes
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0 USD
CY2017Q4 us-gaap Repayments Of Medium Term Notes
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2000000 USD
CY2016Q4 us-gaap Repayments Of Senior Debt
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161500000 USD
CY2017Q4 us-gaap Repayments Of Senior Debt
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0 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-100055000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-107894000 USD
CY2016Q4 us-gaap Revenues
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136660000 USD
CY2017Q4 us-gaap Revenues
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CY2017Q3 us-gaap Self Insurance Reserve
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5445000 USD
CY2017Q4 us-gaap Self Insurance Reserve
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5664000 USD
CY2017Q3 us-gaap Self Insurance Reserve Current
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3194000 USD
CY2017Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3465000 USD
CY2017Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
2251000 USD
CY2017Q4 us-gaap Self Insurance Reserve Noncurrent
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2199000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
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18192000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
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25918000 USD
CY2016Q4 us-gaap Share Based Compensation
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0 USD
CY2017Q4 us-gaap Share Based Compensation
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624000 USD
CY2016Q4 us-gaap Shipping And Handling Revenue
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3300000 USD
CY2017Q4 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
3500000 USD
CY2016Q4 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
2800000 USD
CY2017Q4 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
2800000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
19444000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
18318000 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
20910000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
19788000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-2579000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-3081000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1453000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
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1959000 USD
CY2017Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23924045 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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22596314 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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23924045 shares
CY2017Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates and Assumptions </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory, allowance for doubtful accounts, potential impairment of long-lived assets, goodwill and intangibles, the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events and their effects cannot be predicted with certainty, and, accordingly, the Company&#8217;s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company&#8217;s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company&#8217;s operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company&#8217;s evaluations. Actual results could differ from the estimates that the Company has used. </font></div></div>

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