$CRAWA
CRAWFORD UNITED Corp

2018 Q3 Form 10-Q Financial Statement

#000143774918020814 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $19.77M $10.89M
YoY Change 81.51% 304.63%
Cost Of Revenue $15.32M $7.858M
YoY Change 94.96% 268.94%
Gross Profit $4.450M $3.034M
YoY Change 46.67% 440.19%
Gross Profit Margin 22.51% 27.86%
Selling, General & Admin $1.979M $1.460M
YoY Change 35.53% 121.23%
% of Gross Profit 44.47% 48.12%
Research & Development $159.8K
YoY Change -40.82%
% of Gross Profit 5.27%
Depreciation & Amortization $379.5K
YoY Change
% of Gross Profit 8.53%
Operating Expenses $1.979M $1.620M
YoY Change 22.16% 74.18%
Operating Profit $2.471M $1.414M
YoY Change 74.72% -484.07%
Interest Expense $286.7K $117.0K
YoY Change 145.05% -333.98%
% of Operating Profit 11.6% 8.27%
Other Income/Expense, Net -$384.1K -$120.2K
YoY Change 219.66%
Pretax Income $2.087M $1.294M
YoY Change 61.26% -30.04%
Income Tax $590.1K $726.9K
% Of Pretax Income 28.27% 56.16%
Net Earnings $1.497M $567.4K
YoY Change 163.83% -88.99%
Net Earnings / Revenue 7.57% 5.21%
Basic Earnings Per Share $0.55 $0.20
Diluted Earnings Per Share $0.48 $0.18
COMMON SHARES
Basic Shares Outstanding 2.721M 2.889M
Diluted Shares Outstanding 3.093M 3.162M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.892M $930.0K
YoY Change 318.46% -69.61%
Cash & Equivalents $3.892M $934.5K
Short-Term Investments
Other Short-Term Assets $2.324M $2.070M
YoY Change 12.28% 5075.0%
Inventory $5.143M $3.858M
Prepaid Expenses $498.4K $433.0K
Receivables $13.15M $8.550M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.51M $15.41M
YoY Change 59.01% 98.47%
LONG-TERM ASSETS
Property, Plant & Equipment $13.66M $3.385M
YoY Change 303.51% 159.59%
Goodwill $7.026M $2.256M
YoY Change 211.45% 26.9%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $95.26K $3.250K
YoY Change 2831.17% -32.99%
Total Long-Term Assets $13.23M $7.163M
YoY Change 84.76% 12.56%
TOTAL ASSETS
Total Short-Term Assets $24.51M $15.41M
Total Long-Term Assets $13.23M $7.163M
Total Assets $51.40M $25.96M
YoY Change 97.99% 68.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.990M $1.498M
YoY Change 233.13% 104.23%
Accrued Expenses $1.719M $1.290M
YoY Change 33.21% 117.46%
Deferred Revenue
YoY Change
Short-Term Debt $1.533M $700.0K
YoY Change 119.05% 180.0%
Long-Term Debt Due $1.333M $500.0K
YoY Change 166.67%
Total Short-Term Liabilities $17.00M $5.819M
YoY Change 192.16% 147.84%
LONG-TERM LIABILITIES
Long-Term Debt $10.80M $6.375M
YoY Change 69.4%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $23.12M $10.26M
YoY Change 125.41% 116.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.00M $5.819M
Total Long-Term Liabilities $23.12M $10.26M
Total Liabilities $40.12M $16.07M
YoY Change 149.57% 126.99%
SHAREHOLDERS EQUITY
Retained Earnings $8.230M $5.454M
YoY Change 50.89% 34.81%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.906M $264.8K
YoY Change 619.59% 4.54%
Treasury Stock Shares
Shareholders Equity $11.28M $9.888M
YoY Change
Total Liabilities & Shareholders Equity $51.40M $25.96M
YoY Change 97.99% 68.21%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $1.497M $567.4K
YoY Change 163.83% -88.99%
Depreciation, Depletion And Amortization $379.5K
YoY Change
Cash From Operating Activities $2.077M $1.220M
YoY Change 70.27% -56.43%
INVESTING ACTIVITIES
Capital Expenditures -$144.6K -$20.00K
YoY Change 622.8% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$20.35M -$20.00K
YoY Change 101670.7% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.50M -1.290M
YoY Change -1611.97% -6550.0%
NET CHANGE
Cash From Operating Activities 2.077M 1.220M
Cash From Investing Activities -20.35M -20.00K
Cash From Financing Activities 19.50M -1.290M
Net Change In Cash 1.228M -90.00K
YoY Change -1463.98% -103.2%
FREE CASH FLOW
Cash From Operating Activities $2.077M $1.220M
Capital Expenditures -$144.6K -$20.00K
Free Cash Flow $2.222M $1.240M
YoY Change 79.18% -55.87%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp; BASIS OF PRESENTATION</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The consolidated financial statements include the accounts of Hickok Incorporated and its wholly-owned subsidiaries (the &#x201c;Company&#x201d;). Significant intercompany transactions and balances have been eliminated in the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>- months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>For further information, refer to the consolidated financial statements and footnotes thereto included in the Company&#x2019;s Transition Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-KT for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>there have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> changes to our significant accounting policies other than the adoption of the new standard for recognition of revenue from contracts with customers, as discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> below.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Certain prior year amounts were reclassified to conform to the current year presentation, including transaction costs related to acquisitions that were reclassified from selling, general and administrative to other (income) expenses as these costs are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered as operating costs. These reclassifications have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on the financial position or results of operations reported as of and for the periods presented.</div></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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2882278

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