2019 Q1 Form 10-Q Financial Statement

#000163156919000021 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $13.44M $11.43M
YoY Change 17.6% 42.74%
Cost Of Revenue $3.080M $2.360M
YoY Change 30.51% 35.63%
Gross Profit $10.37M $9.070M
YoY Change 14.33% 44.66%
Gross Profit Margin 77.15% 79.36%
Selling, General & Admin $1.790M $1.190M
YoY Change 50.42% 41.67%
% of Gross Profit 17.26% 13.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.421M $5.133M
YoY Change 5.61% 28.39%
% of Gross Profit 52.28% 56.59%
Operating Expenses $10.11M $8.473M
YoY Change 19.27% 30.37%
Operating Profit $264.0K $597.0K
YoY Change -55.78% -360.7%
Interest Expense $2.054M $1.268M
YoY Change 61.99% 112.4%
% of Operating Profit 778.03% 212.4%
Other Income/Expense, Net -$1.902M -$1.084M
YoY Change 75.46% 82.18%
Pretax Income $1.450M $1.872M
YoY Change -22.54% 105.71%
Income Tax
% Of Pretax Income
Net Earnings $1.450M $1.872M
YoY Change -22.54% 105.04%
Net Earnings / Revenue 10.79% 16.38%
Basic Earnings Per Share $0.06 $0.09
Diluted Earnings Per Share $0.06 $0.09
COMMON SHARES
Basic Shares Outstanding 17.95M shares 17.57M shares
Diluted Shares Outstanding 17.95M shares 17.57M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.900M $2.300M
YoY Change 69.57% 15.0%
Cash & Equivalents $3.868M $2.285M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.900M $2.300M
YoY Change 69.57% 15.0%
LONG-TERM ASSETS
Property, Plant & Equipment $417.9M $361.7M
YoY Change 15.54% 39.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change
Total Long-Term Assets $452.8M $397.5M
YoY Change 13.92% 44.14%
TOTAL ASSETS
Total Short-Term Assets $3.900M $2.300M
Total Long-Term Assets $452.8M $397.5M
Total Assets $456.7M $399.8M
YoY Change 14.24% 43.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.400M $3.800M
YoY Change -10.53% 26.67%
Accrued Expenses $100.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.500M $3.800M
YoY Change -7.89% 26.67%
LONG-TERM LIABILITIES
Long-Term Debt $179.1M $111.4M
YoY Change 60.77% 37.19%
Other Long-Term Liabilities $4.500M $5.000M
YoY Change -10.0% 38.89%
Total Long-Term Liabilities $183.6M $116.4M
YoY Change 57.73% 37.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.500M $3.800M
Total Long-Term Liabilities $183.6M $116.4M
Total Liabilities $187.0M $120.2M
YoY Change 55.64% 36.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $342.8M $325.1M
YoY Change 5.46% 51.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $269.7M $279.6M
YoY Change
Total Liabilities & Shareholders Equity $456.7M $399.8M
YoY Change 14.24% 43.93%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.450M $1.872M
YoY Change -22.54% 105.04%
Depreciation, Depletion And Amortization $5.421M $5.133M
YoY Change 5.61% 28.39%
Cash From Operating Activities $7.330M $5.948M
YoY Change 23.23% 30.58%
INVESTING ACTIVITIES
Capital Expenditures -$33.37M -$14.17M
YoY Change 135.5% -51.77%
Acquisitions
YoY Change
Other Investing Activities $30.00K -$2.180M
YoY Change -101.38% -1657.14%
Cash From Investing Activities -$33.33M -$16.35M
YoY Change 103.89% -44.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.724M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $27.65M $10.56M
YoY Change 161.9% -58.04%
NET CHANGE
Cash From Operating Activities $7.330M $5.948M
Cash From Investing Activities -$33.33M -$16.35M
Cash From Financing Activities $27.65M $10.56M
Net Change In Cash $1.642M $155.0K
YoY Change 959.35% -67.44%
FREE CASH FLOW
Cash From Operating Activities $7.330M $5.948M
Capital Expenditures -$33.37M -$14.17M
Free Cash Flow $40.70M $20.12M
YoY Change 102.31% -40.72%

Facts In Submission

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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
487000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
515000 USD
CY2018Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
17000 USD
CY2019Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
31000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4724000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
40000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
75000000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-22000000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-43000000 USD
CY2019Q1 us-gaap Professional Fees
ProfessionalFees
100000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
55298000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
60544000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
444930000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
478418000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
389632000 USD
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
417874000 USD
CY2018Q2 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
6700000 USD
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
27000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
385000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
166000 USD
CY2018Q1 us-gaap Revenues
Revenues
11429000 USD
CY2019Q1 us-gaap Revenues
Revenues
13441000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
616000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
853000 USD
CY2018 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
334700 shares
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
143600 shares
CY2018 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
214004 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
84690 shares
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
271659000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
269683000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
283374000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
279610000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
271659000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
269683000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
400000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
415000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
300000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
336000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17573683 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17954670 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
18164132 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
18735673 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17573683 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17954670 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
590449 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
781003 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Tenant reimbursements totaling </font><font style="font-family:inherit;font-size:10pt;">$1.4 million</font><font style="font-family:inherit;font-size:10pt;"> on the Company's Condensed Consolidated Statements of Income for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> were reclassified into rental income.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates in the Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.</font></div></div>

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