2018 Q1 Form 10-Q Financial Statement

#000119312518118744 Filed on April 16, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $6.228M $5.777M
YoY Change 7.82% 12.12%
Cost Of Revenue $1.602M $1.516M
YoY Change 5.63% 12.45%
Gross Profit $4.627M $4.261M
YoY Change 8.59% 12.0%
Gross Profit Margin 74.29% 73.75%
Selling, General & Admin $3.590M $3.098M
YoY Change 15.86% -13.87%
% of Gross Profit 77.58% 72.72%
Research & Development $13.41K $14.62K
YoY Change -8.26% 68.31%
% of Gross Profit 0.29% 0.34%
Depreciation & Amortization $60.00K $60.00K
YoY Change 0.0% -14.29%
% of Gross Profit 1.3% 1.41%
Operating Expenses $3.603M $3.113M
YoY Change 15.75% -13.68%
Operating Profit $987.1K $1.116M
YoY Change -11.56% 613.54%
Interest Expense $281.0K $297.0K
YoY Change -5.41% 13.66%
% of Operating Profit 28.46% 26.61%
Other Income/Expense, Net -$314.5K -$323.5K
YoY Change -2.76% 15.8%
Pretax Income $672.6K $792.6K
YoY Change -15.14% -744.76%
Income Tax $3.203M $305.7K
% Of Pretax Income 476.17% 38.57%
Net Earnings -$2.530M $486.9K
YoY Change -619.6% -496.08%
Net Earnings / Revenue -40.62% 8.43%
Basic Earnings Per Share -$0.36 $0.07
Diluted Earnings Per Share -$0.36 $0.07
COMMON SHARES
Basic Shares Outstanding 7.105M shares 6.901M shares
Diluted Shares Outstanding 7.105M shares 7.437M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.580M $3.980M
YoY Change 90.45% -5.24%
Cash & Equivalents $6.991M $3.507M
Short-Term Investments $590.0K $480.0K
Other Short-Term Assets $213.8K $142.9K
YoY Change 49.65% 144.9%
Inventory $374.4K $286.0K
Prepaid Expenses $298.1K $460.0K
Receivables $4.928M $4.450M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.39M $9.322M
YoY Change 43.66% -6.24%
LONG-TERM ASSETS
Property, Plant & Equipment $1.087M $933.4K
YoY Change 16.45% 10.12%
Goodwill $0.00
YoY Change -100.0%
Intangibles $415.3K $252.4K
YoY Change 64.56% -49.92%
Long-Term Investments
YoY Change
Other Assets $7.432M $9.498M
YoY Change -21.75% 14.29%
Total Long-Term Assets $8.519M $10.43M
YoY Change -18.33% 8.7%
TOTAL ASSETS
Total Short-Term Assets $13.39M $9.322M
Total Long-Term Assets $8.519M $10.43M
Total Assets $21.91M $19.75M
YoY Change 10.92% 1.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.198M $1.520M
YoY Change -21.2% -9.82%
Accrued Expenses $2.865M $2.067M
YoY Change 38.66% 31.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M
YoY Change 0.0% 545.16%
Total Short-Term Liabilities $13.31M $12.59M
YoY Change 5.73% 23.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.425M $1.425M
YoY Change 0.0% -38.04%
Other Long-Term Liabilities $22.95M $22.08M
YoY Change 3.99% 54.8%
Total Long-Term Liabilities $24.38M $23.50M
YoY Change 3.74% 41.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.31M $12.59M
Total Long-Term Liabilities $24.38M $23.50M
Total Liabilities $36.27M $34.67M
YoY Change 4.62% 41.86%
SHAREHOLDERS EQUITY
Retained Earnings -$27.00M -$26.30M
YoY Change 2.67% 2.78%
Common Stock $32.06M $30.58M
YoY Change 4.85% 5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.57M $19.21M
YoY Change 1.86% 120.17%
Treasury Stock Shares 5.801M shares 5.735M shares
Shareholders Equity -$14.36M -$14.91M
YoY Change
Total Liabilities & Shareholders Equity $21.91M $19.75M
YoY Change 10.92% 3.42%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$2.530M $486.9K
YoY Change -619.6% -496.08%
Depreciation, Depletion And Amortization $60.00K $60.00K
YoY Change 0.0% -14.29%
Cash From Operating Activities $1.692M $430.0K
YoY Change 293.46% 330.0%
INVESTING ACTIVITIES
Capital Expenditures $253.7K $2.921K
YoY Change 8585.52% -90.49%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $140.0K
YoY Change -121.43% -187.5%
Cash From Investing Activities -$481.9K $130.0K
YoY Change -470.67% -168.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $88.69K
YoY Change -78.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -497.8K -560.0K
YoY Change -11.12% 16.67%
NET CHANGE
Cash From Operating Activities 1.692M 430.0K
Cash From Investing Activities -481.9K 130.0K
Cash From Financing Activities -497.8K -560.0K
Net Change In Cash 712.2K 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $1.692M $430.0K
Capital Expenditures $253.7K $2.921K
Free Cash Flow $1.438M $427.1K
YoY Change 236.74% 516.48%

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AllocatedShareBasedCompensationExpense
556000
CY2018Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
26702
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
712247
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2411326
CY2018Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0
CY2018Q1 us-gaap Cost Of Services
CostOfServices
1601508
CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
5240981
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--11-30
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
36545
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3047332
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-02-28
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
CRYO CELL INTERNATIONAL INC
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000862692
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2018Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Product Warranty and Cryo-Cell Cares<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">TM</sup> Program</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In December 2005, the Company began providing its customers that enrolled after December 2005 a payment warranty under which the Company agrees to pay $50,000 to its client if the umbilical cord blood product retrieved is used for a stem cell transplant for the donor or an immediate family member and fails to engraft, subject to various restrictions. Effective February&#xA0;1, 2012, the Company increased the $50,000 payment warranty to a $75,000 payment warranty to all of its new clients. Additionally, under the Cryo-Cell Cares<font style="FONT-SIZE: 6.5pt; FONT-FAMILY: Times New Roman"><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">TM</sup></font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">program, the Company was paying $10,000 to the client to offset personal expenses if the umbilical cord blood product is used for bone marrow reconstitution in a myeloblative transplant procedure. Effective October&#xA0;13, 2014, the Company no longer offers the Cryo-Cell Cares</font><font style="FONT-SIZE: 6.5pt; FONT-FAMILY: Times New Roman"><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">TM</sup></font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">program to new clients. The product warranty is available to clients who enroll under this structure for as long as the specimen is stored with the Company. The Company has not experienced any claims under the warranty program nor has it incurred costs related to these warranties. The Company does not maintain insurance for this warranty program and therefore maintains reserves to cover any estimated potential liabilities. The Company&#x2019;s reserve balance is based on the $75,000 or $50,000 (as applicable) maximum payment and the $10,000 maximum expense reimbursement multiplied by formulas to determine the projected number of units requiring a payout. The Company determined the estimated expected usage and engraftment failure rates based on an analysis of the historical usage and failure rates and the historical usage and failure rates in other private and public cord blood banks based on published data. The Company&#x2019;s estimates of expected usage and engraftment failure could change as a result of changes in actual usage rates or failure rates and such changes would require an adjustment to the established reserves. The historical usage and failure rates have been very low and a small increase in the number of transplants or engraftment failures could cause a significant increase in the estimated rates used in determining the Company&#x2019;s reserve. In addition, the reserve will increase as additional umbilical cord blood specimens are stored which are subject to the warranty. As of February&#xA0;28, 2018 and November&#xA0;30, 2017 the Company recorded reserves under these programs in the amounts of approximately $18,000 and $18,000, respectively, which are included in accrued expenses in the accompanying consolidated balance sheets.</font></p> </div>
CY2018Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
775345
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2530072
CY2018Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
3203000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-128408
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
282972
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
59876
CY2018Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-74052
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
672595
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3202667
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-730624
CY2018Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
7681
CY2018Q1 us-gaap Interest Expense
InterestExpense
280977
CY2018Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
120529
CY2018Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
93827
CY2018Q1 us-gaap Licenses Revenue
LicensesRevenue
0
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-481866
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1691863
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-497750
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
987137
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-314542
CY2018Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
118746
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-33565
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
200000
CY2018Q1 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
28162
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
253704
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2250
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
69432
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
500000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13409
CY2018Q1 us-gaap Revenues
Revenues
6228118
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6200067
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
555595
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y4M17D
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3589519
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
18957 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
2.22
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1200000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
CY2018Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-34000
CY2018Q1 us-gaap Treasury Stock Acquired Repurchase Authorization
TreasuryStockAcquiredRepurchaseAuthorization
Open market purchases, privately negotiated block trades, unsolicited negotiated transactions, and/or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission
CY2018Q1 dei Trading Symbol
TradingSymbol
CCEL
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7105135 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7105135 shares
CY2018Q1 ccel Product Revenue
ProductRevenue
28051
CY2018Q1 ccel Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
26702
CY2018Q1 ccel Description On Second Amendment To Employment Agreement
DescriptionOnSecondAmendmentToEmploymentAgreement
The Amendment provides for the grant of shares of the Company’s common stock based on certain performance measures being attained by the Company during fiscal year 2016 and fiscal year 2017. The Amendment states if Executive is employed by the Company on November 30, 2016 and November 30, 2017, then no later than February 28, 2017 and February 28, 2018, respectively, the Company will grant Executive up to 20,000 shares of restricted stock based on performance as set forth in the Amendment per each fiscal year.
CY2018Q1 ccel Contracted Storage Period Option Three
ContractedStoragePeriodOptionThree
Lifetime
CY2018Q1 ccel Types Of License Agreements
TypesOfLicenseAgreements
2 Agreement
CY2018Q1 ccel Number Of Deliverables For Revenue Recognized
NumberOfDeliverablesForRevenueRecognized
2 Deliverables
CY2018Q1 ccel Contracted Storage Period Option Two
ContractedStoragePeriodOptionTwo
P21Y
CY2018Q1 ccel Deferred Revenue Recognition Period
DeferredRevenueRecognitionPeriod
P12M
CY2018Q1 ccel Period For Doubtful Of Accounts Receivable Due From Client
PeriodForDoubtfulOfAccountsReceivableDueFromClient
P21Y
CY2018Q1 ccel Contracted Storage Period Option One
ContractedStoragePeriodOptionOne
P1Y
CY2018Q1 ccel Minimum Percentage Probability Of Realized Tax Benefit On Settlement
MinimumPercentageProbabilityOfRealizedTaxBenefitOnSettlement
0.50 pure
CY2018Q1 ccel Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
2985000

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ccel-20180228.xml Edgar Link completed
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