2015 Q2 Form 10-Q Financial Statement

#000140666615000014 Filed on May 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $99.13M $91.04M $85.82M
YoY Change 1.15% 6.08% -5.22%
Cost Of Revenue $50.84M $48.55M $48.89M
YoY Change -5.26% -0.71% -1.09%
Gross Profit $48.29M $42.49M $36.93M
YoY Change 8.9% 15.07% -10.19%
Gross Profit Margin 48.71% 46.67% 43.03%
Selling, General & Admin $28.65M $29.91M $24.64M
YoY Change 9.62% 21.39% 2.96%
% of Gross Profit 59.33% 70.4% 66.73%
Research & Development $22.85M $21.91M $19.63M
YoY Change 16.92% 11.64% -2.68%
% of Gross Profit 47.32% 51.57% 53.16%
Depreciation & Amortization $7.140M $2.480M $2.271M
YoY Change 3.63% 9.2% -20.43%
% of Gross Profit 14.79% 5.84% 6.15%
Operating Expenses $54.05M $54.38M $46.82M
YoY Change 12.07% 16.13% 0.36%
Operating Profit -$5.765M -$11.89M -$9.897M
YoY Change 48.2% 20.11% 78.65%
Interest Expense $279.0K $379.0K $57.00K
YoY Change 381.03% 564.91% 103.57%
% of Operating Profit
Other Income/Expense, Net $29.00K $48.00K $33.00K
YoY Change -58.57% 45.45% -111.83%
Pretax Income -$5.677M -$11.84M -$9.917M
YoY Change 47.53% 19.38% 69.64%
Income Tax $102.0K $91.00K $110.0K
% Of Pretax Income
Net Earnings -$5.779M -$11.93M -$10.03M
YoY Change 46.27% 18.98% 61.65%
Net Earnings / Revenue -5.83% -13.1% -11.68%
Basic Earnings Per Share -$0.11 -$0.23 -$0.20
Diluted Earnings Per Share -$0.11 -$0.23 -$0.20
COMMON SHARES
Basic Shares Outstanding 51.81M shares 51.81M shares 50.27M shares
Diluted Shares Outstanding 50.27M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.50M $97.80M $75.20M
YoY Change 25.95% 30.05% 56.34%
Cash & Equivalents $39.67M $29.62M $75.17M
Short-Term Investments $59.80M $68.20M
Other Short-Term Assets $12.80M $12.60M $23.00M
YoY Change -39.91% -45.22% -29.23%
Inventory $40.71M $40.64M $45.06M
Prepaid Expenses
Receivables $41.99M $39.00M $44.13M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $194.9M $190.0M $187.4M
YoY Change 0.73% 1.38% -1.64%
LONG-TERM ASSETS
Property, Plant & Equipment $18.79M $19.40M $17.12M
YoY Change 8.68% 13.32% -9.95%
Goodwill $116.2M $116.2M $116.2M
YoY Change 0.0% 0.0% 0.0%
Intangibles $15.90M $20.54M $39.10M
YoY Change -53.86% -47.47% -32.19%
Long-Term Investments
YoY Change
Other Assets $1.241M $1.113M $1.618M
YoY Change -17.43% -31.21% -4.49%
Total Long-Term Assets $152.1M $157.2M $174.0M
YoY Change -10.22% -9.65% -10.55%
TOTAL ASSETS
Total Short-Term Assets $194.9M $190.0M $187.4M
Total Long-Term Assets $152.1M $157.2M $174.0M
Total Assets $347.0M $347.2M $361.4M
YoY Change -4.39% -3.93% -6.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.54M $12.79M $10.89M
YoY Change 44.26% 17.5% -20.38%
Accrued Expenses $36.55M $39.45M $34.57M
YoY Change 5.35% 14.11% -5.73%
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 $64.22M $61.28M $74.47M
YoY Change -13.09% -17.72% -24.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.903M $2.091M $1.090M
YoY Change 98.64% 91.83% -28.52%
Total Long-Term Liabilities $1.903M $2.091M $1.090M
YoY Change 98.64% 91.83% -28.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.22M $61.28M $74.47M
Total Long-Term Liabilities $1.903M $2.091M $1.090M
Total Liabilities $85.49M $82.79M $94.03M
YoY Change -8.55% -11.95% -19.92%
SHAREHOLDERS EQUITY
Retained Earnings -$548.3M -$542.5M -$519.8M
YoY Change 4.69% 4.37% 4.23%
Common Stock $813.1M $806.8M $787.0M
YoY Change 2.52% 2.52% 2.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.377M
YoY Change
Treasury Stock Shares 435.0K shares
Shareholders Equity $261.5M $264.4M $267.4M
YoY Change
Total Liabilities & Shareholders Equity $347.0M $347.2M $361.4M
YoY Change -4.39% -3.93% -6.14%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$5.779M -$11.93M -$10.03M
YoY Change 46.27% 18.98% 61.65%
Depreciation, Depletion And Amortization $7.140M $2.480M $2.271M
YoY Change 3.63% 9.2% -20.43%
Cash From Operating Activities $5.230M -$11.90M -$5.226M
YoY Change 11.04% 127.65% -319.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.880M $1.742M $1.908M
YoY Change -22.31% -8.7% 43.89%
Acquisitions
YoY Change
Other Investing Activities $8.110M -$5.550M
YoY Change -117.41%
Cash From Investing Activities $6.240M -$7.296M -$1.908M
YoY Change -112.74% 282.39% 43.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.490M $58.00K -$452.0K
YoY Change -189.22% -112.83% -1176.19%
NET CHANGE
Cash From Operating Activities 5.230M -$11.90M -$5.226M
Cash From Investing Activities 6.240M -$7.296M -$1.908M
Cash From Financing Activities -1.490M $58.00K -$452.0K
Net Change In Cash 9.980M -$19.14M -$7.586M
YoY Change -123.42% 152.24% -792.15%
FREE CASH FLOW
Cash From Operating Activities $5.230M -$11.90M -$5.226M
Capital Expenditures -$1.880M $1.742M $1.908M
Free Cash Flow $7.110M -$13.64M -$7.134M
YoY Change -0.28% 91.18% -776.85%

Facts In Submission

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IncreaseDecreaseInDeferredRevenue
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CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-6011000 USD
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-6115000 USD
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-56000 USD
CY2013Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-07-29
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1908000 USD
CY2015Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-59000 USD
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1016000 USD
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1974000 USD
CY2014Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
CY2015Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-295000 USD
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
25179000 USD
CY2015Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
20539000 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
57000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
379000 USD
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
43573000 USD
CY2015Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
37931000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
46753000 USD
CY2015Q1 us-gaap Inventory Net
InventoryNet
40637000 USD
CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3180000 USD
CY2015Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2706000 USD
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000 USD
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
379000 USD
CY2015Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 USD
CY2014Q4 us-gaap Liabilities
Liabilities
97630000 USD
CY2015Q1 us-gaap Liabilities
Liabilities
82794000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
370221000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
347183000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
75794000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
61275000 USD
CY2015Q1 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0025
CY2013Q3 us-gaap Line Of Credit Facility Frequency Of Payment And Payment Terms
LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms
Interest on the revolving facility is due quarterly, and any outstanding interest and principal is due on the maturity date of the revolving facility.
CY2013Q3 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2013-07-29
CY2013Q3 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Loans under the credit facility bear interest at an annual rate equal to the base rate plus 0.75% to 1.25% or LIBOR plus 2.00% to 2.50% based on a leverage ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA (customarily defined).
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000.0 USD
CY2014Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
62850000 USD
CY2015Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
68157000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-452000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7296000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5226000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11897000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
46823000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
54377000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9897000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11887000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3714000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2512000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1236000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1113000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
39000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
11000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-30000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2443000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2091000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
33000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
48000 USD
CY2013Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
300000 USD
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
473000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
506000 USD
CY2014Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
17004000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1908000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1742000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.025
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.025
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12936000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10779000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
11450000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
564000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10856000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10827000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9553000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9623000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
9553000 USD
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
9623000 USD
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
938000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
998000 USD
CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
909000 USD
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1068000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-10027000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-11930000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
79523000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
77588000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20144000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19403000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19630000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21914000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
295000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-530590000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-542520000 USD
CY2014Q1 us-gaap Revenues
Revenues
85820000 USD
CY2015Q1 us-gaap Revenues
Revenues
91038000 USD
CY2014Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
397000 USD
CY2015Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
820000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17390000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19759000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3902000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3662000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.56
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.68
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
84352 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
272591000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
264389000 USD
CY2012Q1 us-gaap Trading Securities Realized Gain
TradingSecuritiesRealizedGain
500000 USD
CY2015Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
100000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50271000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51732000 shares

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