2013 Q1 Form 10-Q Financial Statement

#000119312513214173 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $12.12M $15.11M
YoY Change -19.83% 0.41%
Cost Of Revenue $1.575M $870.0K
YoY Change 81.03% -8.42%
Gross Profit $10.54M $14.24M
YoY Change -25.99% 1.01%
Gross Profit Margin 87.0% 94.24%
Selling, General & Admin $4.193M $4.158M
YoY Change 0.84% 4.47%
% of Gross Profit 39.78% 29.2%
Research & Development $5.039M $5.486M
YoY Change -8.15% 4.5%
% of Gross Profit 47.8% 38.52%
Depreciation & Amortization $154.0K $129.0K
YoY Change 19.38% -0.77%
% of Gross Profit 1.46% 0.91%
Operating Expenses $9.232M $9.644M
YoY Change -4.27% 4.49%
Operating Profit $1.309M $4.598M
YoY Change -71.53% -5.59%
Interest Expense $730.0K $950.0K
YoY Change -23.16% 72.73%
% of Operating Profit 55.77% 20.66%
Other Income/Expense, Net
YoY Change
Pretax Income $2.038M $5.546M
YoY Change -63.25% 2.32%
Income Tax $333.0K $689.0K
% Of Pretax Income 16.34% 12.42%
Net Earnings $1.705M $4.857M
YoY Change -64.9% 4.45%
Net Earnings / Revenue 14.07% 32.14%
Basic Earnings Per Share $0.08 $0.21
Diluted Earnings Per Share $0.08 $0.20
COMMON SHARES
Basic Shares Outstanding 22.20M shares 23.51M shares
Diluted Shares Outstanding 22.67M shares 24.24M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.8M $137.7M
YoY Change -2.83% 7.49%
Cash & Equivalents $10.00M $6.322M
Short-Term Investments $123.8M $131.3M
Other Short-Term Assets $5.900M $4.500M
YoY Change 31.11% -28.57%
Inventory
Prepaid Expenses
Receivables $7.300M $5.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $147.1M $147.7M
YoY Change -0.44% 8.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.536M $1.200M
YoY Change 28.0% -7.69%
Goodwill $36.50M
YoY Change
Intangibles
YoY Change
Long-Term Investments $25.90M $26.20M
YoY Change -1.15% 71.24%
Other Assets $2.733M $6.900M
YoY Change -60.39% 6.15%
Total Long-Term Assets $71.70M $70.70M
YoY Change 1.41% 18.62%
TOTAL ASSETS
Total Short-Term Assets $147.1M $147.7M
Total Long-Term Assets $71.70M $70.70M
Total Assets $218.8M $218.4M
YoY Change 0.16% 11.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $800.0K
YoY Change 37.5% 100.0%
Accrued Expenses $8.100M $10.00M
YoY Change -19.0% -9.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.23M $12.90M
YoY Change 10.3% 0.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.700M $6.000M
YoY Change 11.67% 5.26%
Total Long-Term Liabilities $6.700M $6.000M
YoY Change 11.67% 5.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.23M $12.90M
Total Long-Term Liabilities $6.700M $6.000M
Total Liabilities $21.00M $18.80M
YoY Change 11.7% 1.62%
SHAREHOLDERS EQUITY
Retained Earnings $24.07M
YoY Change
Common Stock $22.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.35M
YoY Change
Treasury Stock Shares 1.463M shares
Shareholders Equity $197.8M $199.6M
YoY Change
Total Liabilities & Shareholders Equity $218.8M $218.4M
YoY Change 0.16% 11.89%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $1.705M $4.857M
YoY Change -64.9% 4.45%
Depreciation, Depletion And Amortization $154.0K $129.0K
YoY Change 19.38% -0.77%
Cash From Operating Activities $670.0K $5.616M
YoY Change -88.07% -43.95%
INVESTING ACTIVITIES
Capital Expenditures $298.0K $87.00K
YoY Change 242.53% -224.29%
Acquisitions $300.0K
YoY Change
Other Investing Activities -$7.550M -$5.750M
YoY Change 31.3% -59.9%
Cash From Investing Activities -$7.846M -$5.840M
YoY Change 34.35% -59.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.002M $9.535M
YoY Change -79.0% 343.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.176M -8.421M
YoY Change -86.03% -438.19%
NET CHANGE
Cash From Operating Activities 670.0K 5.616M
Cash From Investing Activities -7.846M -5.840M
Cash From Financing Activities -1.176M -8.421M
Net Change In Cash -8.352M -8.645M
YoY Change -3.39% 355.0%
FREE CASH FLOW
Cash From Operating Activities $670.0K $5.616M
Capital Expenditures $298.0K $87.00K
Free Cash Flow $372.0K $5.529M
YoY Change -93.27% -45.2%

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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>NOTE 11:&#xA0;&#xA0;&#xA0;&#xA0;RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS</b></font></p> <!-- xbrl,body --> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No.&#xA0;2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income which is effective prospectively for public companies for reporting periods beginning after December&#xA0;15, 2012. This new accounting standard improves the reporting of reclassifications out of accumulated other comprehensive income (&#x201C;AOCI&#x201D;) by requiring an entity to report the effect of significant reclassifications out of AOCI. The Company adopted this new guidance on January&#xA0;1, 2013, and the adoption did not have a material effect on the Company&#x2019;s financial position or results of operations.</font></p> </div>
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CY2013Q1 us-gaap Revenues
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CY2013Q1 us-gaap Income Tax Expense Benefit
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company&#x2019;s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> </div>
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CY2013Q1 ceva Proceeds From Maturity Of Marketable Securities
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CY2013Q1 ceva Proceeds From Bank Deposits
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CY2013Q1 ceva Other Comprehensive Income Loss Before Reclassification Adjustments Net Of Tax
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CY2013Q1 ceva Other Comprehensive Income Unrealized Gain Loss Arising During Period Tax
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CY2012Q1 us-gaap Share Based Compensation
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CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2012Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2012Q1 us-gaap Proceeds From Stock Options Exercised
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CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2012Q1 us-gaap General And Administrative Expense
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CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2012Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2012Q1 us-gaap Cost Of Revenue
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CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
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CY2012Q1 us-gaap Royalty Revenue
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CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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CY2012Q1 us-gaap Operating Expenses
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CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2012Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2012Q1 us-gaap Revenues
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CY2012Q1 us-gaap Depreciation
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CY2012Q1 us-gaap Gross Profit
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CY2012Q1 us-gaap Increase Decrease In Accounts Payable Trade
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CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Before Tax
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CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2012Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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CY2012Q1 us-gaap Net Income Loss
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CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2012Q1 us-gaap Income Tax Expense Benefit
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CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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