2015 Q2 Form 10-Q Financial Statement

#000140666615000024 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $99.13M $98.01M
YoY Change 1.15% 3.78%
Cost Of Revenue $50.84M $53.66M
YoY Change -5.26% 3.33%
Gross Profit $48.29M $44.34M
YoY Change 8.9% 4.32%
Gross Profit Margin 48.71% 45.24%
Selling, General & Admin $28.65M $26.14M
YoY Change 9.62% 5.54%
% of Gross Profit 59.33% 58.94%
Research & Development $22.85M $19.54M
YoY Change 16.92% -2.45%
% of Gross Profit 47.32% 44.08%
Depreciation & Amortization $7.140M $6.890M
YoY Change 3.63% -3.64%
% of Gross Profit 14.79% 15.54%
Operating Expenses $54.05M $48.23M
YoY Change 12.07% 1.86%
Operating Profit -$5.765M -$3.890M
YoY Change 48.2% -19.71%
Interest Expense $279.0K $58.00K
YoY Change 381.03% 38.1%
% of Operating Profit
Other Income/Expense, Net $29.00K $70.00K
YoY Change -58.57% -262.79%
Pretax Income -$5.677M -$3.848M
YoY Change 47.53% -21.93%
Income Tax $102.0K $103.0K
% Of Pretax Income
Net Earnings -$5.779M -$3.951M
YoY Change 46.27% -23.33%
Net Earnings / Revenue -5.83% -4.03%
Basic Earnings Per Share -$0.11 -$0.08
Diluted Earnings Per Share -$0.11 -$0.08
COMMON SHARES
Basic Shares Outstanding 51.81M shares 50.33M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.50M $79.00M
YoY Change 25.95% 13.83%
Cash & Equivalents $39.67M $32.54M
Short-Term Investments $59.80M $46.40M
Other Short-Term Assets $12.80M $21.30M
YoY Change -39.91% -42.74%
Inventory $40.71M $45.89M
Prepaid Expenses
Receivables $41.99M $47.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $194.9M $193.5M
YoY Change 0.73% -6.39%
LONG-TERM ASSETS
Property, Plant & Equipment $18.79M $17.29M
YoY Change 8.68% -6.78%
Goodwill $116.2M $116.2M
YoY Change 0.0% 0.0%
Intangibles $15.90M $34.46M
YoY Change -53.86% -35.01%
Long-Term Investments
YoY Change
Other Assets $1.241M $1.503M
YoY Change -17.43% -5.53%
Total Long-Term Assets $152.1M $169.4M
YoY Change -10.22% -10.51%
TOTAL ASSETS
Total Short-Term Assets $194.9M $193.5M
Total Long-Term Assets $152.1M $169.4M
Total Assets $347.0M $362.9M
YoY Change -4.39% -8.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.54M $12.85M
YoY Change 44.26% -23.12%
Accrued Expenses $36.55M $34.69M
YoY Change 5.35% -5.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.22M $73.89M
YoY Change -13.09% -31.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.903M $958.0K
YoY Change 98.64% -31.28%
Total Long-Term Liabilities $1.903M $958.0K
YoY Change 98.64% -31.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.22M $73.89M
Total Long-Term Liabilities $1.903M $958.0K
Total Liabilities $85.49M $93.48M
YoY Change -8.55% -25.73%
SHAREHOLDERS EQUITY
Retained Earnings -$548.3M -$523.8M
YoY Change 4.69% 3.95%
Common Stock $813.1M $793.0M
YoY Change 2.52% 2.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.377M
YoY Change
Treasury Stock Shares 435.0K shares
Shareholders Equity $261.5M $269.4M
YoY Change
Total Liabilities & Shareholders Equity $347.0M $362.9M
YoY Change -4.39% -8.36%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$5.779M -$3.951M
YoY Change 46.27% -23.33%
Depreciation, Depletion And Amortization $7.140M $6.890M
YoY Change 3.63% -3.64%
Cash From Operating Activities $5.230M $4.710M
YoY Change 11.04% -77.38%
INVESTING ACTIVITIES
Capital Expenditures -$1.880M -$2.420M
YoY Change -22.31% 24.74%
Acquisitions
YoY Change
Other Investing Activities $8.110M -$46.57M
YoY Change -117.41%
Cash From Investing Activities $6.240M -$48.99M
YoY Change -112.74% 2425.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.490M 1.670M
YoY Change -189.22% -30.42%
NET CHANGE
Cash From Operating Activities 5.230M 4.710M
Cash From Investing Activities 6.240M -48.99M
Cash From Financing Activities -1.490M 1.670M
Net Change In Cash 9.980M -42.61M
YoY Change -123.42% -300.23%
FREE CASH FLOW
Cash From Operating Activities $5.230M $4.710M
Capital Expenditures -$1.880M -$2.420M
Free Cash Flow $7.110M $7.130M
YoY Change -0.28% -68.67%

Facts In Submission

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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-960000 USD
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us-gaap Increase Decrease In Restricted Cash For Operating Activities
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0 USD
CY2015Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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us-gaap Increase Decrease In Restricted Cash For Operating Activities
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CY2014Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2015Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2015Q2 us-gaap Letters Of Credit Outstanding Amount
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CY2014Q4 us-gaap Liabilities
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CY2015Q2 us-gaap Liabilities
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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370221000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
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CY2014Q4 us-gaap Liabilities Current
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CY2015Q2 us-gaap Liabilities Current
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us-gaap Line Of Credit Facility Commitment Fee Percentage
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0.0025
CY2013Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-07-29
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
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50000000.0 USD
CY2014Q4 us-gaap Marketable Securities Current
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62850000 USD
CY2015Q2 us-gaap Marketable Securities Current
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59785000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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1215000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-1432000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-516000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2014Q2 us-gaap Operating Expenses
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48232000 USD
us-gaap Operating Expenses
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95055000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
54054000 USD
us-gaap Operating Expenses
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108431000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3890000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-13787000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5765000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-17652000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3714000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3010000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1236000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1241000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-25000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-25000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-3000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
36000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
49000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
19000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-42000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
46000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
55000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2443000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1903000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
70000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
103000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
29000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
77000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3377000 USD
CY2013Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
300000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1377000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1510000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
46572000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
25271000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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4328000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3618000 USD
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PreferredStockParOrStatedValuePerShare
0.025
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.025
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12936000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11457000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
2453000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
2865000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
27832000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
139000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
590000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10856000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10827000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10638000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9553000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9623000 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9325000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
9553000 USD
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
9325000 USD
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1242000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2180000 USD
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1378000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2376000 USD
CY2014Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1053000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1962000 USD
CY2015Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1080000 USD
us-gaap Revenues
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190167000 USD
CY2014Q4 us-gaap Sales And Excise Tax Payable Current
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1414000 USD
CY2015Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
857000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
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18455000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
35845000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19215000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38974000 USD
us-gaap Share Based Compensation
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8306000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
261509000 USD
CY2012Q1 us-gaap Trading Securities Realized Gain
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500000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
435000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2014Q2 us-gaap Profit Loss
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-3951000 USD
us-gaap Profit Loss
ProfitLoss
-13978000 USD
CY2015Q2 us-gaap Profit Loss
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-5779000 USD
us-gaap Profit Loss
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CY2014Q4 us-gaap Property Plant And Equipment Gross
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79523000 USD
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77027000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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20144000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18790000 USD
CY2014Q2 us-gaap Research And Development Expense
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19544000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
39174000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22851000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44765000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
295000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-530590000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-548299000 USD
CY2014Q2 us-gaap Revenues
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98005000 USD
us-gaap Revenues
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183825000 USD
CY2015Q2 us-gaap Revenues
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99129000 USD
us-gaap Share Based Compensation
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8003000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
200000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.56
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.19
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.66
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4334 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
88686 shares
CY2014Q4 us-gaap Stockholders Equity
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272591000 USD
CY2015Q2 us-gaap Treasury Stock Value
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3377000 USD
CY2015Q2 us-gaap Unamortized Debt Issuance Expense
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100000 USD
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50573000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50425000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51950000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51843000 shares

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