2016 Form 10-K Financial Statement

#000156459017004264 Filed on March 14, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015 Q3
Revenue $417.0M $101.2M $98.23M
YoY Change 13.5% 33.03% 55.18%
Cost Of Revenue $282.2M $70.50M $67.44M
YoY Change 9.25% 31.78% 59.64%
Gross Profit $134.9M $30.77M $30.80M
YoY Change 23.53% 36.24% 46.24%
Gross Profit Margin 32.34% 30.39% 31.35%
Selling, General & Admin $81.74M $21.20M $18.05M
YoY Change 21.41% 41.33% 38.47%
% of Gross Profit 60.61% 68.89% 58.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.90M $5.300M $4.274M
YoY Change 14.42% 67.19% 57.48%
% of Gross Profit 14.02% 17.22% 13.88%
Operating Expenses $81.74M $23.10M $18.05M
YoY Change 21.41% 28.33% 38.47%
Operating Profit -$25.56M $7.673M -$2.194M
YoY Change -616.51% 67.28% -141.83%
Interest Expense -$8.500M -$2.100M $1.711M
YoY Change 10.39% 133.33% 123.08%
% of Operating Profit -27.37%
Other Income/Expense, Net $1.100M -$600.0K -$282.0K
YoY Change -152.86% 0.0% -80.67%
Pretax Income -$39.62M -$3.100M -$4.187M
YoY Change -4074.22% -240.91% -238.69%
Income Tax $5.300M $100.0K $638.0K
% Of Pretax Income
Net Earnings -$38.22M -$3.211M -$4.825M
YoY Change 582.46% -272.63% -230.3%
Net Earnings / Revenue -9.16% -3.17% -4.91%
Basic Earnings Per Share -$1.12 -$0.09 -$0.17
Diluted Earnings Per Share -$1.12 -$0.09 -$0.17
COMMON SHARES
Basic Shares Outstanding 33.98M 34.05M shares 28.62M shares
Diluted Shares Outstanding 33.98M 28.62M shares

Balance Sheet

Concept 2016 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.80M $34.20M $30.80M
YoY Change 33.92% 87.91% 71.11%
Cash & Equivalents $45.80M $34.19M $30.76M
Short-Term Investments
Other Short-Term Assets $22.90M $16.10M $19.70M
YoY Change 42.24% 77.98% 198.76%
Inventory $59.60M $32.51M $29.85M
Prepaid Expenses
Receivables $83.10M $97.78M $100.8M
Other Receivables $1.600M $4.700M $4.900M
Total Short-Term Assets $213.0M $228.5M $244.7M
YoY Change -6.78% 59.8% 95.0%
LONG-TERM ASSETS
Property, Plant & Equipment $27.30M $44.98M $47.49M
YoY Change -39.33% 137.23% 161.32%
Goodwill $220.2M $232.2M
YoY Change 32.74% 60.98%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.500M $3.900M $8.200M
YoY Change 41.03% -37.1% 100.0%
Total Long-Term Assets $285.6M $370.4M $402.1M
YoY Change -22.87% 37.61% 78.67%
TOTAL ASSETS
Total Short-Term Assets $213.0M $228.5M $244.7M
Total Long-Term Assets $285.6M $370.4M $402.1M
Total Assets $498.6M $598.8M $646.8M
YoY Change -16.73% 45.31% 84.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.00M $62.20M $65.70M
YoY Change -5.14% 94.98% 201.38%
Accrued Expenses $36.60M $36.90M $39.30M
YoY Change -0.81% 68.49% 233.05%
Deferred Revenue
YoY Change
Short-Term Debt $5.300M $0.00 $0.00
YoY Change
Long-Term Debt Due $8.800M $19.49M $19.70M
YoY Change -54.87% 119.35% 139.18%
Total Short-Term Liabilities $146.4M $148.2M $148.6M
YoY Change -1.21% 90.36% 166.64%
LONG-TERM LIABILITIES
Long-Term Debt $114.4M $157.8M $174.6M
YoY Change -27.5% 53.28% 129.49%
Other Long-Term Liabilities $34.90M $30.07M $29.42M
YoY Change 15.95% 7.85% 163.11%
Total Long-Term Liabilities $149.3M $187.9M $204.0M
YoY Change -20.54% 43.6% 133.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.4M $148.2M $148.6M
Total Long-Term Liabilities $149.3M $187.9M $204.0M
Total Liabilities $308.6M $353.8M $396.2M
YoY Change -14.21% 53.24% 129.43%
SHAREHOLDERS EQUITY
Retained Earnings $5.472M $10.79M
YoY Change -71.28% -42.44%
Common Stock $243.6M $242.9M
YoY Change 44.02% 50.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $356.0K $356.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares $137.9K 137.9K shares
Shareholders Equity $190.1M $239.2M $244.6M
YoY Change
Total Liabilities & Shareholders Equity $498.6M $598.8M $646.8M
YoY Change -16.73% 45.31% 84.51%

Cashflow Statement

Concept 2016 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$38.22M -$3.211M -$4.825M
YoY Change 582.46% -272.63% -230.3%
Depreciation, Depletion And Amortization $18.90M $5.300M $4.274M
YoY Change 14.42% 67.19% 57.48%
Cash From Operating Activities $69.60M $23.26M -$12.33M
YoY Change 450.63% 104.57% -372.19%
INVESTING ACTIVITIES
Capital Expenditures $1.076M -$230.0K -$190.0K
YoY Change 41.02% -34.29% 111.11%
Acquisitions
YoY Change
Other Investing Activities $660.0K $450.0K -$37.13M
YoY Change -101.93% -101.25% 372.39%
Cash From Investing Activities -$1.406M $220.0K -$37.32M
YoY Change -95.99% -100.61% 369.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $188.0K
YoY Change
Debt Paid & Issued, Net $41.77M
YoY Change -61.22%
Cash From Financing Activities -57.99M -19.61M 64.56M
YoY Change -248.99% -176.21% 1654.35%
NET CHANGE
Cash From Operating Activities 69.60M 23.26M -12.33M
Cash From Investing Activities -1.406M 220.0K -37.32M
Cash From Financing Activities -57.99M -19.61M 64.56M
Net Change In Cash 8.493M 3.870M 14.91M
YoY Change -48.59% 366.27% 5634.62%
FREE CASH FLOW
Cash From Operating Activities $69.60M $23.26M -$12.33M
Capital Expenditures $1.076M -$230.0K -$190.0K
Free Cash Flow $68.52M $23.49M -$12.14M
YoY Change 476.94% 100.43% -362.77%

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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of estimates<font style="font-style:normal;">&#8212;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p></div>
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1213000
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P3M
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300000
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13900000
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7600000
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A 1% increase in the selected discount rate would have resulted in zero, $0.4 million, and $2.8 million, of additional impairment for the SAT, Duall, and GPS reporting units, respectively. A 5% decrease in the selected multiples of revenue and EBITDA would have resulted in zero, $0.2 million, and $1.7 million, of additional impairment for the SAT, Duall, and GPS reporting units, respectively.
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0
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99350000
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38622000
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11500000
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10000000
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8800000
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7100000
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5800000
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P8Y8M12D
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8232000
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7899000
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96100000
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400000
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500000
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400000
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2017-03-31
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200000
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19000
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0
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4.35
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6.48
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P6Y3M18D
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0.021
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0.019
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0.022
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0.036
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0.024
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0.017
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105000
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268000
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959000
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106000
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977000
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10.12
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11.55
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12.31
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4.47
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After a trial in 2015, the Court issued Findings of Fact and Conclusions of Law that provide that we breached our contract with Viron and that Viron is entitled to damages in the amount of approximately $0.6 million plus attorneys’ fees. Additionally, the Court concluded that we are not entitled to an offset for the invoiced amounts of $0.2 million not paid by Viron under the contract.
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We are not aware of pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows.
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CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2015Q4 cece Deferred Tax Liabilities Prepaid Expenses And Inventory
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CY2015Q4 us-gaap Deferred Income Tax Liabilities
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CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
3100000
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
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CY2016 cece Additional Income Tax Expense Benefit
AdditionalIncomeTaxExpenseBenefit
200000
CY2015 cece Additional Income Tax Expense Benefit
AdditionalIncomeTaxExpenseBenefit
600000
CY2014 cece Additional Income Tax Expense Benefit
AdditionalIncomeTaxExpenseBenefit
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1139000
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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576000
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Acquisition
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CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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1166000
CY2016Q4 us-gaap Unrecognized Tax Benefits
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401000
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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CY2016 cece Entity Wide Disclosure On Geographic Sales In Foreign Countries Percentage
EntityWideDisclosureOnGeographicSalesInForeignCountriesPercentage
0.37
CY2015 cece Entity Wide Disclosure On Geographic Sales In Foreign Countries Percentage
EntityWideDisclosureOnGeographicSalesInForeignCountriesPercentage
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CY2014 cece Entity Wide Disclosure On Geographic Sales In Foreign Countries Percentage
EntityWideDisclosureOnGeographicSalesInForeignCountriesPercentage
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CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2015 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2015 us-gaap Business Combination Acquisition Related Costs
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CY2014 us-gaap Business Combination Acquisition Related Costs
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