$CCEL
CRYO CELL INTERNATIONAL INC

2019 Q1 Form 10-Q Financial Statement

#000119312519106727 Filed on April 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $7.495M $6.228M
YoY Change 20.34% 7.82%
Cost Of Revenue $2.466M $1.602M
YoY Change 53.99% 5.63%
Gross Profit $5.029M $4.627M
YoY Change 8.69% 8.59%
Gross Profit Margin 67.1% 74.29%
Selling, General & Admin $3.745M $3.590M
YoY Change 4.34% 15.86%
% of Gross Profit 74.48% 77.58%
Research & Development $5.884K $13.41K
YoY Change -56.12% -8.26%
% of Gross Profit 0.12% 0.29%
Depreciation & Amortization $104.9K $60.00K
YoY Change 74.78% 0.0%
% of Gross Profit 2.09% 1.3%
Operating Expenses $3.751M $3.603M
YoY Change 4.11% 15.75%
Operating Profit $853.7K $987.1K
YoY Change -13.52% -11.56%
Interest Expense $406.9K $281.0K
YoY Change 44.83% -5.41%
% of Operating Profit 47.67% 28.46%
Other Income/Expense, Net -$473.1K -$314.5K
YoY Change 50.41% -2.76%
Pretax Income $380.5K $672.6K
YoY Change -43.42% -15.14%
Income Tax $104.7K $3.203M
% Of Pretax Income 27.5% 476.17%
Net Earnings $275.9K -$2.530M
YoY Change -110.9% -619.6%
Net Earnings / Revenue 3.68% -40.62%
Basic Earnings Per Share $0.04 -$0.36
Diluted Earnings Per Share $0.03 -$0.36
COMMON SHARES
Basic Shares Outstanding 7.801M 7.105M shares
Diluted Shares Outstanding 8.425M 7.105M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.884M $7.580M
YoY Change 4.01% 90.45%
Cash & Equivalents $7.076M $6.991M
Short-Term Investments $808.5K $590.0K
Other Short-Term Assets $204.9K $213.8K
YoY Change -4.17% 49.65%
Inventory $16.13M $374.4K
Prepaid Expenses $460.6K $298.1K
Receivables $5.694M $4.928M
Other Receivables $0.00 $0.00
Total Short-Term Assets $30.38M $13.39M
YoY Change 126.83% 43.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.465M $1.087M
YoY Change 34.74% 16.45%
Goodwill $1.941M
YoY Change
Intangibles $1.314M $415.3K
YoY Change 216.53% 64.56%
Long-Term Investments $308.0K
YoY Change
Other Assets $11.50M $7.432M
YoY Change 54.75% -21.75%
Total Long-Term Assets $12.97M $8.519M
YoY Change 52.2% -18.33%
TOTAL ASSETS
Total Short-Term Assets $30.38M $13.39M
Total Long-Term Assets $12.97M $8.519M
Total Assets $43.34M $21.91M
YoY Change 97.81% 10.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.010M $1.198M
YoY Change -15.65% -21.2%
Accrued Expenses $2.902M $2.865M
YoY Change 1.26% 38.66%
Deferred Revenue $8.267M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.100M $2.000M
YoY Change 55.0% 0.0%
Total Short-Term Liabilities $15.28M $13.31M
YoY Change 14.77% 5.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.425M $1.425M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $36.30M $22.95M
YoY Change 58.13% 3.99%
Total Long-Term Liabilities $37.72M $24.38M
YoY Change 54.73% 3.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.28M $13.31M
Total Long-Term Liabilities $37.72M $24.38M
Total Liabilities $51.58M $36.27M
YoY Change 42.21% 4.62%
SHAREHOLDERS EQUITY
Retained Earnings -$24.46M -$27.00M
YoY Change -9.43% 2.67%
Common Stock $35.80M $32.06M
YoY Change 11.65% 4.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.57M $19.57M
YoY Change 0.0% 1.86%
Treasury Stock Shares 5.801M shares 5.801M shares
Shareholders Equity -$8.234M -$14.36M
YoY Change
Total Liabilities & Shareholders Equity $43.34M $21.91M
YoY Change 97.81% 10.92%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $275.9K -$2.530M
YoY Change -110.9% -619.6%
Depreciation, Depletion And Amortization $104.9K $60.00K
YoY Change 74.78% 0.0%
Cash From Operating Activities $1.854M $1.692M
YoY Change 9.59% 293.46%
INVESTING ACTIVITIES
Capital Expenditures $49.09K $253.7K
YoY Change -80.65% 8585.52%
Acquisitions
YoY Change
Other Investing Activities -$30.00K
YoY Change -121.43%
Cash From Investing Activities -$49.09K -$481.9K
YoY Change -89.81% -470.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -769.3K -497.8K
YoY Change 54.56% -11.12%
NET CHANGE
Cash From Operating Activities 1.854M 1.692M
Cash From Investing Activities -49.09K -481.9K
Cash From Financing Activities -769.3K -497.8K
Net Change In Cash 1.036M 712.2K
YoY Change 45.41%
FREE CASH FLOW
Cash From Operating Activities $1.854M $1.692M
Capital Expenditures $49.09K $253.7K
Free Cash Flow $1.805M $1.438M
YoY Change 25.5% 236.74%

Facts In Submission

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RevenueFromContractWithCustomerIncludingAssessedTax
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CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2018Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
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 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-34000
CY2018Q1 ccel Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
2985000
CY2018Q1 ccel Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
26702
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
139000
CY2019Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
104870
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
138982
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
29894
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27000
CY2019Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
367057
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1035658
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
275877
CY2019Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0
CY2019Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2466227
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
6641450
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--11-30
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
56980
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000862692
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
CRYO CELL INTERNATIONAL INC
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-02-28
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
380544
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-251261
CY2019Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-49570
CY2019Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
105000
CY2019Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
708682
CY2019Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>Product Warranty and Cryo-Cell Cares<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">TM</sup>&#xA0;Program</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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. Effective June&#xA0;1, 2017, the Company increased the payment warranty to $100,000 to all new clients who choose the premium processing method, Prepacyte CB. Additionally, under the Cryo-Cell CaresTM program, the Company will pay $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. The product warranty and the Cryo-Cell Cares program are 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.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> As discussed above, the Company has determined that the payment warranty represents variable consideration payable to the customer. Upon the adoption of ASC 606, the Company has concluded the payment warranty be fully constrained under the most likely amount method, therefore, the transaction price does not reflect any expectation of service level credits at February&#xA0;28, 2019. At the end of each reporting period, the Company shall update the estimated transaction price related to the payment wuarantee including updating its assessment of whether an estimate of variable consideration is constrained to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period.</p> </div>
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
67470
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
217220
CY2019Q1 us-gaap Interest Expense
InterestExpense
406925
CY2019Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
210138
CY2019Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
96712
CY2019Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1261
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
623572 shares
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
180244
CY2019Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-67000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-769299
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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1786863
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2019Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Payments For Proceeds From Investments
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-67179
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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49085
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5700
CY2019Q1 us-gaap Profit Loss
ProfitLoss
275877
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
774999
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
240643
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5884
CY2019Q1 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
6643
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7495112
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
138982
CY2019Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y9M
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5700
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3745302
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.23
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
17210 shares
CY2019Q1 dei Trading Symbol
TradingSymbol
CCEL
CY2019Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
0 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8424905 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7801333 shares
CY2019Q1 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
CY2019Q1 ccel Increase Decrease In Deposits And Other Assets
IncreaseDecreaseInDepositsAndOtherAssets
-68250
CY2019Q1 ccel Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
29894
CY2019Q1 ccel Cumulative Effect Adjustment From Accumulated Other Comprehensive Income To Retained Earnings
CumulativeEffectAdjustmentFromAccumulatedOtherComprehensiveIncomeToRetainedEarnings
341000
CY2019Q1 ccel Types Of License Agreements
TypesOfLicenseAgreements
2 Agreement
CY2019Q1 ccel Minimum Percentage Probability Of Realized Tax Benefit On Settlement
MinimumPercentageProbabilityOfRealizedTaxBenefitOnSettlement
0.50 pure
CY2019Q1 ccel Increase Decrease In Capitalized Contract Cost
IncreaseDecreaseInCapitalizedContractCost
20954

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