2024 Q1 Form 10-Q Financial Statement

#000149315224009386 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1
Revenue $54.84M
YoY Change -11.0%
Cost Of Revenue $38.80M
YoY Change -12.91%
Gross Profit $16.04M
YoY Change -6.02%
Gross Profit Margin 29.24%
Selling, General & Admin $15.03M
YoY Change -4.86%
% of Gross Profit 93.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.545M
YoY Change 6.7%
% of Gross Profit 9.63%
Operating Expenses $15.03M
YoY Change -4.86%
Operating Profit $1.011M
YoY Change -24.78%
Interest Expense $171.0K
YoY Change 36.8%
% of Operating Profit 16.91%
Other Income/Expense, Net $734.0K
YoY Change -5342.86%
Pretax Income $1.745M
YoY Change 31.2%
Income Tax $510.0K
% Of Pretax Income 29.23%
Net Earnings $1.235M
YoY Change 32.51%
Net Earnings / Revenue 2.25%
Basic Earnings Per Share $0.14
Diluted Earnings Per Share $0.14
COMMON SHARES
Basic Shares Outstanding 9.077M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.65M
YoY Change -2.65%
Cash & Equivalents $12.65M
Short-Term Investments
Other Short-Term Assets $2.388M
YoY Change 69.12%
Inventory $39.28M
Prepaid Expenses
Receivables $30.04M
Other Receivables $1.666M
Total Short-Term Assets $86.02M
YoY Change -1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $67.80M
YoY Change -4.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.94M
YoY Change 10.58%
Total Long-Term Assets $80.74M
YoY Change -1.94%
TOTAL ASSETS
Total Short-Term Assets $86.02M
Total Long-Term Assets $80.74M
Total Assets $166.8M
YoY Change -1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.603M
YoY Change -5.41%
Accrued Expenses $5.294M
YoY Change -26.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.052M
YoY Change -19.26%
Total Short-Term Liabilities $18.27M
YoY Change -9.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.608M
YoY Change -29.25%
Other Long-Term Liabilities $6.767M
YoY Change 6.72%
Total Long-Term Liabilities $17.72M
YoY Change 179.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.27M
Total Long-Term Liabilities $17.72M
Total Liabilities $35.99M
YoY Change -15.04%
SHAREHOLDERS EQUITY
Retained Earnings $124.0M
YoY Change 3.14%
Common Stock $9.134M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.8M
YoY Change
Total Liabilities & Shareholders Equity $166.8M
YoY Change -1.68%

Cashflow Statement

Concept 2024 Q1
OPERATING ACTIVITIES
Net Income $1.235M
YoY Change 32.51%
Depreciation, Depletion And Amortization $1.545M
YoY Change 6.7%
Cash From Operating Activities -$703.0K
YoY Change -73.24%
INVESTING ACTIVITIES
Capital Expenditures $1.860M
YoY Change 618.15%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.860M
YoY Change 894.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$497.0K
YoY Change -5.69%
NET CHANGE
Cash From Operating Activities -$703.0K
Cash From Investing Activities -$1.860M
Cash From Financing Activities -$497.0K
Net Change In Cash -$3.060M
YoY Change -8.41%
FREE CASH FLOW
Cash From Operating Activities -$703.0K
Capital Expenditures $1.860M
Free Cash Flow -$2.563M
YoY Change -11.19%

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12648000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12992000 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
567000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
171000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
125000 usd
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zY3arfhTmugb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_86D_zVfqavgMba6j">Customer Concentration &gt; 20% of AR or &gt;10% of Sales</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zZ87Vnj5Cgri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zV3VEVGbJ3ab">Schedule of Customer Concentration</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Walmart</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Dollar General</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Sales</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">AR</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Sales</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">AR</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">January 26, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231104__20240126__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--WalMartMember_ztQFjKasT8Z1" title="Concentration risk, percentage">28.4</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231104__20240126__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--WalMartMember_zmbstz2ftmKi" title="Concentration risk, percentage">24.7</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231104__20240126__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--DollarGeneralMember_zYNBsWA9pt06" title="Concentration risk, percentage">15.5</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231104__20240126__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--DollarGeneralMember_zZXw1neAhs3a" title="Concentration risk, percentage">19.1</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 20, 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221029__20230120__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--WalMartMember_zq6P7QB2XS1h" title="Concentration risk, percentage">30.8</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221029__20230120__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--WalMartMember_zS4J0FxtzHya" title="Concentration risk, percentage">35.2</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221029__20230120__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--DollarGeneralMember_zztIp31WtBs4" title="Concentration risk, percentage">13.0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221029__20230120__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--DollarGeneralMember_zUFts7NTz486" title="Concentration risk, percentage">24.0</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AB_zJ2Tj6XuZ9n" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12M
CY2023Q4 us-gaap Inventory Net
InventoryNet
40573000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
111000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
513000 usd
CY2024Q1 us-gaap Lessee Finance Lease Description
LesseeFinanceLeaseDescription
The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in fiscal year 2025.
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
12000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
11000 usd
CY2023Q2 us-gaap Lease Income
LeaseIncome
27000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
901000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
937000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
996000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
518000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3352000 usd
CY2024Q1 BRID Finance Lease Liability Amount Representing Executory Costs
FinanceLeaseLiabilityAmountRepresentingExecutoryCosts
17000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
3334000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
63000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
17000 usd
CY2024Q1 BRID Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1032000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2222000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54842000 usd
CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
38804000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
16038000 usd
CY2024Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15027000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1011000 usd
CY2024Q1 us-gaap Assets
Assets
166755000 usd
CY2024Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
1860000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61622000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
44556000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
17066000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15794000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
72000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1344000 usd
CY2023Q1 us-gaap Assets
Assets
169611000 usd
CY2023Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
259000 usd
CY2024Q1 BRID Direct Store Delivery
DirectStoreDelivery
27986000 usd
CY2024Q1 BRID Direct Customer Warehouse
DirectCustomerWarehouse
12457000 usd
CY2024Q1 BRID Total Snack Food Products
TotalSnackFoodProducts
40443000 usd
CY2024Q1 BRID Distributors
Distributors
14399000 usd
CY2024Q1 BRID Total Frozen Food Products
TotalFrozenFoodProducts
14399000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54842000 usd
CY2023Q1 BRID Direct Store Delivery
DirectStoreDelivery
34046000 usd
CY2023Q1 BRID Direct Customer Warehouse
DirectCustomerWarehouse
13177000 usd
CY2023Q1 BRID Total Snack Food Products
TotalSnackFoodProducts
47223000 usd
CY2023Q1 BRID Distributors
Distributors
14399000 usd
CY2023Q1 BRID Total Frozen Food Products
TotalFrozenFoodProducts
14399000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61622000 usd
CY2024Q1 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). Among other significant changes, the Tax Act reduced the corporate federal income tax rate from 35% to 21%. The carryback of NOLs from tax years 2018 and 2019 under the CARES Act to pre-Tax Act years has generated an income tax benefit of $3,091 due to the difference in income tax rates. The release of research and development credits has generated an income tax benefit of $358. These income tax benefits have been recorded in the income tax provision for fiscal year 2020.
CY2024Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
358000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.292 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.299 pure
CY2024Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
510000 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
99000 usd
CY2021Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
18653000 usd
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0368 pure
CY2023Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0368 pure
CY2024Q1 us-gaap Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
2027-04-16
CY2023 us-gaap Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
2027-04-16
CY2024Q1 us-gaap Debt Instrument Maturity Date Range Start1
DebtInstrumentMaturityDateRangeStart1
2022-04-17
CY2023 us-gaap Debt Instrument Maturity Date Range Start1
DebtInstrumentMaturityDateRangeStart1
2022-04-17
CY2024Q1 us-gaap Secured Debt
SecuredDebt
3660000 usd
CY2023Q4 us-gaap Secured Debt
SecuredDebt
3831000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
3660000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
3831000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1052000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1045000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2608000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2786000 usd

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