2011 Q3 Form 10-Q Financial Statement

#000127547711000072 Filed on November 03, 2011

View on sec.gov

Income Statement

Concept 2011 Q3 2010 Q3
Revenue $1.134M $1.262M
YoY Change -10.15% -56.2%
Cost Of Revenue $300.0K $620.0K
YoY Change -51.61% -45.13%
Gross Profit $470.0K $1.470M
YoY Change -68.03% -16.48%
Gross Profit Margin 41.46% 116.52%
Selling, General & Admin $2.379M $1.719M
YoY Change 38.34% 196.46%
% of Gross Profit 506.11% 116.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.00K $100.0K
YoY Change -71.0% 0.0%
% of Gross Profit 6.17% 6.8%
Operating Expenses $2.379M $1.719M
YoY Change 38.34% 138.82%
Operating Profit -$1.909M -$249.5K
YoY Change 665.03% -123.99%
Interest Expense $52.71K $68.77K
YoY Change -23.35% -94.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.913M -$244.8K
YoY Change 681.62% -110.6%
Income Tax $0.00 -$130.0K
% Of Pretax Income
Net Earnings -$1.913M -$114.8K
YoY Change 1566.75% -104.57%
Net Earnings / Revenue -168.76% -9.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$192.0K -$10.88K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.900M $3.100M
YoY Change 25.81% -79.05%
Cash & Equivalents $3.927M $3.237M
Short-Term Investments
Other Short-Term Assets $5.400M $1.100M
YoY Change 390.91% -50.0%
Inventory
Prepaid Expenses
Receivables $1.000M $1.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.30M $5.300M
YoY Change 94.34% -70.72%
LONG-TERM ASSETS
Property, Plant & Equipment $3.914M $3.900M
YoY Change 0.35% -2.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.20M $130.8M
YoY Change -32.57% 23.05%
Other Assets $1.700M $1.500M
YoY Change 13.33%
Total Long-Term Assets $98.85M $147.2M
YoY Change -32.85% 13.41%
TOTAL ASSETS
Total Short-Term Assets $10.30M $5.300M
Total Long-Term Assets $98.85M $147.2M
Total Assets $109.1M $152.5M
YoY Change -28.43% 3.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $100.0K $100.0K
YoY Change 0.0% -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $67.40M $107.3M
YoY Change -37.19% 74.47%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.50M $107.4M
YoY Change -37.15% 74.07%
LONG-TERM LIABILITIES
Long-Term Debt $26.80M $26.80M
YoY Change 0.0% -47.96%
Other Long-Term Liabilities $7.200M $8.100M
YoY Change -11.11% -71.97%
Total Long-Term Liabilities $34.00M $34.90M
YoY Change -2.58% -56.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.50M $107.4M
Total Long-Term Liabilities $34.00M $34.90M
Total Liabilities $101.4M $142.3M
YoY Change -28.72% 0.14%
SHAREHOLDERS EQUITY
Retained Earnings -$326.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.708M $10.20M
YoY Change
Total Liabilities & Shareholders Equity $109.1M $152.5M
YoY Change -28.43% 3.11%

Cashflow Statement

Concept 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income -$1.913M -$114.8K
YoY Change 1566.75% -104.57%
Depreciation, Depletion And Amortization $29.00K $100.0K
YoY Change -71.0% 0.0%
Cash From Operating Activities -$1.800M -$1.100M
YoY Change 63.64% -114.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $24.50M -$35.40M
YoY Change -169.21% -430.84%
Cash From Investing Activities $24.50M -$35.40M
YoY Change -169.21% -430.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.10M 35.30M
YoY Change -171.1% -520.24%
NET CHANGE
Cash From Operating Activities -1.800M -1.100M
Cash From Investing Activities 24.50M -35.40M
Cash From Financing Activities -25.10M 35.30M
Net Change In Cash -2.400M -1.200M
YoY Change 100.0% -112.12%
FREE CASH FLOW
Cash From Operating Activities -$1.800M -$1.100M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.800M -$1.100M
YoY Change 63.64% -114.47%

Facts In Submission

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bmnm Trust Preferred Securities Textblock
TrustPreferredSecuritiesTextblock
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0px;">NOTE 6</font><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">. TRUST PREFERRED SECURITIES</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">During 2005, </font><font style="font-family:Arial Narrow;font-size:11pt;">Bimini Capital sponsored </font><font style="font-family:Arial Narrow;font-size:11pt;">the formation of a </font><font style="font-family:Arial Narrow;font-size:11pt;">statutory trust, known as Bimini Capital Trust II (&#8220;BCTII&#8221;) of which 100% of the common eq</font><font style="font-family:Arial Narrow;font-size:11pt;">uity is owned by Bimini Capital. It was</font><font style="font-family:Arial Narrow;font-size:11pt;"> formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;"> are the sole assets of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2011</font><font style="font-family:Arial Narrow;font-size:11pt;"> and December 31, </font><font style="font-family:Arial Narrow;font-size:11pt;">2010</font><font style="font-family:Arial Narrow;font-size:11pt;">,</font><font style="font-family:Arial Narrow;font-size:11pt;"> the outstanding principal balance on the junior subordinated debt securities owed to BCTII </font><font style="font-family:Arial Narrow;font-size:11pt;">was</font><font style="font-family:Arial Narrow;font-size:11pt;"> $26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTI</font><font style="font-family:Arial Narrow;font-size:11pt;">I Junior Subordinated Notes have</font><font style="font-family:Arial Narrow;font-size:11pt;"> a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. </font><font style="font-family:Arial Narrow;font-size:11pt;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2011</font><font style="font-family:Arial Narrow;font-size:11pt;">, the interest rate was </font><font style="font-family:Arial Narrow;font-size:11pt;">3.85%.</font><font style="font-family:Arial Narrow;font-size:11pt;"> The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty, beginning December 15, 2010. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment of all present and future senior indebtedness. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The trust is a variable interest entity pursuant to FASB ASC Topic 810 because the holders of the equity investment at risk do not have adequate decision making ability over the trust's activities. Since Bimini Capital's investment in the trust's common equity securities was financed directly by the applicable trust as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investments in BCTII are not a variable interest, Bimini Capital is not the primary beneficiary of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">&#160;The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to the trust as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset. For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>

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