$CLPR
Clipper Realty Inc

2019 Q2 Form 10-Q Financial Statement

#000143774919009294 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $28.45M $27.65M $26.87M
YoY Change 4.2% 2.92% 6.35%
Cost Of Revenue $19.62M $19.51M $20.34M
YoY Change 3.37% -4.07% 13.56%
Gross Profit $8.823M $8.141M $6.530M
YoY Change 6.1% 24.67% -11.2%
Gross Profit Margin 31.02% 29.44% 24.3%
Selling, General & Admin $2.580M $1.670M $3.140M
YoY Change -1.15% -46.82% -54.16%
% of Gross Profit 29.24% 20.51% 48.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.710M $4.361M $4.043M
YoY Change 3.29% 7.87% 9.12%
% of Gross Profit 53.38% 53.57% 61.91%
Operating Expenses $8.823M $8.141M $6.530M
YoY Change 6.1% 24.67% -11.2%
Operating Profit $8.823M $8.141M $6.530M
YoY Change 6.1% 24.67% -11.2%
Interest Expense $8.210M $8.274M $8.543M
YoY Change 2.52% -3.15% -1.26%
% of Operating Profit 93.05% 101.63% 130.83%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.160M -$130.0K -$8.990M
YoY Change -474.19% -98.55% 591.54%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.158M -$133.0K -$8.994M
YoY Change -475.97% -98.52% 592.91%
Net Earnings / Revenue -4.07% -0.48% -33.47%
Basic Earnings Per Share -$3.630K
Diluted Earnings Per Share -$26.37K -$2.807K -$0.21
COMMON SHARES
Basic Shares Outstanding 17.81M 17.81M 17.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.30M $29.40M $24.10M
YoY Change 256.33% 21.99% -77.09%
Cash & Equivalents $56.35M $29.38M $24.07M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.400M $2.900M $3.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.70M $32.30M $27.60M
YoY Change 222.7% 17.03% -75.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.041B $1.033B $1.005B
YoY Change 2.95% 2.71% 22.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.10M $24.20M $24.60M
YoY Change 17.38% -1.63% -28.7%
Total Long-Term Assets $1.082B $1.065B $1.041B
YoY Change 3.05% 2.28% 19.57%
TOTAL ASSETS
Total Short-Term Assets $59.70M $32.30M $27.60M
Total Long-Term Assets $1.082B $1.065B $1.041B
Total Assets $1.141B $1.097B $1.069B
YoY Change 6.85% 2.66% 8.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.70M $12.60M $9.900M
YoY Change 5.83% 27.27% 52.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.70M $19.30M $16.30M
YoY Change 5.35% 18.4% 26.36%
LONG-TERM LIABILITIES
Long-Term Debt $963.3M $913.7M $871.3M
YoY Change 10.39% 4.87% 15.43%
Other Long-Term Liabilities $5.800M $7.000M $8.100M
YoY Change -20.55% -13.58% -37.69%
Total Long-Term Liabilities $969.1M $920.7M $879.4M
YoY Change 10.14% 4.7% 14.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.70M $19.30M $16.30M
Total Long-Term Liabilities $969.1M $920.7M $879.4M
Total Liabilities $988.9M $939.9M $895.8M
YoY Change 10.05% 4.92% 14.74%
SHAREHOLDERS EQUITY
Retained Earnings -$31.85M -$29.69M -$22.86M
YoY Change 30.37% 29.86% 116.36%
Common Stock $178.0K $178.0K $178.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.57M $63.47M $69.79M
YoY Change
Total Liabilities & Shareholders Equity $1.141B $1.097B $1.069B
YoY Change 6.85% 2.66% 8.91%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.158M -$133.0K -$8.994M
YoY Change -475.97% -98.52% 592.91%
Depreciation, Depletion And Amortization $4.710M $4.361M $4.043M
YoY Change 3.29% 7.87% 9.12%
Cash From Operating Activities -$1.510M $11.95M $10.81M
YoY Change -137.47% 10.53% 839.36%
INVESTING ACTIVITIES
Capital Expenditures $12.79M $11.21M $12.57M
YoY Change 28.64% -10.78% 305.19%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.17M -$10.21M -$10.11M
YoY Change 27.66% 0.95% -15.47%
FINANCING ACTIVITIES
Cash Dividend Paid $4.261M $4.254M
YoY Change 0.16%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.85M -4.972M 15.29M
YoY Change -1307.04% -132.52% -80.51%
NET CHANGE
Cash From Operating Activities -1.510M 11.95M 10.81M
Cash From Investing Activities -11.17M -10.21M -10.11M
Cash From Financing Activities 42.85M -4.972M 15.29M
Net Change In Cash 30.17M -3.230M 15.99M
YoY Change -464.81% -120.2% -76.37%
FREE CASH FLOW
Cash From Operating Activities -$1.510M $11.95M $10.81M
Capital Expenditures $12.79M $11.21M $12.57M
Free Cash Flow -$14.30M $736.0K -$1.757M
YoY Change 141.89% -141.89% -9.94%

Facts In Submission

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CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1097154000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1101008000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
913683000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
913564000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
751122000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
9191000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8866000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8553000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
144919000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2250000
CY2019Q1 us-gaap Minority Interest
MinorityInterest
93776000
CY2018Q4 us-gaap Minority Interest
MinorityInterest
96303000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
56772000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
2190000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
4260000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4972000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15291000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10208000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10112000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11950000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10812000
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-79000
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5364000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-54000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3630000
CY2019Q1 us-gaap Notes And Loans Payable
NotesAndLoansPayable
913683000
CY2018Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
913564000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
2469000
CY2018Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
2923000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8141000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6530000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
4695000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
18559000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
16578000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
10490000
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
4489000
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
3849000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4261000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4254000
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8338000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11214000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12569000
CY2019Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
10208000
CY2018Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
10112000
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
13378000
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
607120000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-133000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-8994000
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
94823000
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
90462000
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1127413000
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1116199000
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1032590000
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1025737000
CY2019Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
5731000
CY2018Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
5348000
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
711000
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
579231000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13255000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8836000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13730000
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13591000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-29687000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27941000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
27652000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
26868000
CY2019Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
6704000
CY2018Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
6637000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
156000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
568000
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-6000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
63471000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
65182000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
161485000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
157247000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
185591000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
172905000
CY2019Q1 us-gaap Tenant Improvements
TenantImprovements
3051000
CY2018Q4 us-gaap Tenant Improvements
TenantImprovements
3051000
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-69000
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-62000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:20pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates.</div></div></div></div></div></div></div></div></div></div></div>
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17813
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17813
CY2019Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
CY2018Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
6981000

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