$CRAWA
CRAWFORD UNITED Corp

2019 Q1 Form 10-Q Financial Statement

#000143774919009852 Filed on May 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $21.84M $11.88M
YoY Change 83.83% 254.98%
Cost Of Revenue $17.01M $8.860M
YoY Change 91.94% 350.03%
Gross Profit $4.830M $3.018M
YoY Change 60.01% 119.12%
Gross Profit Margin 22.12% 25.41%
Selling, General & Admin $2.259M $2.252M
YoY Change 0.29% 151.85%
% of Gross Profit 46.77% 74.62%
Research & Development $123.0K
YoY Change -43.39%
% of Gross Profit 4.08%
Depreciation & Amortization $494.2K $360.0K
YoY Change 37.28% 245.41%
% of Gross Profit 10.23% 11.93%
Operating Expenses $2.259M $2.375M
YoY Change -4.91% 113.68%
Operating Profit $2.571M $643.1K
YoY Change 299.8% 141.86%
Interest Expense $266.1K $85.93K
YoY Change 209.63% 78.31%
% of Operating Profit 10.35% 13.36%
Other Income/Expense, Net -$242.2K -$144.7K
YoY Change 67.32% 224.34%
Pretax Income $2.329M $498.3K
YoY Change 367.33% 125.22%
Income Tax $583.4K $124.6K
% Of Pretax Income 25.05% 25.0%
Net Earnings $1.745M $373.8K
YoY Change 367.01% 75.36%
Net Earnings / Revenue 7.99% 3.15%
Basic Earnings Per Share $0.63 $0.13
Diluted Earnings Per Share $0.55 $0.11
COMMON SHARES
Basic Shares Outstanding 2.755M 2.911M
Diluted Shares Outstanding 3.178M 3.270M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.692M $850.0K
YoY Change 216.72% -73.19%
Cash & Equivalents $2.692M $848.1K
Short-Term Investments
Other Short-Term Assets $3.249M $2.780M
YoY Change 16.87% 578.05%
Inventory $5.335M $3.906M
Prepaid Expenses $767.5K $386.2K
Receivables $11.17M $8.518M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.44M $16.05M
YoY Change 39.83% 91.26%
LONG-TERM ASSETS
Property, Plant & Equipment $13.23M $3.246M
YoY Change 307.46% 131.4%
Goodwill $9.582M $2.256M
YoY Change 324.76% 26.9%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $95.26K $3.250K
YoY Change 2831.17% 333.33%
Total Long-Term Assets $36.87M $6.112M
YoY Change 503.2% -3.01%
TOTAL ASSETS
Total Short-Term Assets $22.44M $16.05M
Total Long-Term Assets $36.87M $6.112M
Total Assets $59.31M $25.41M
YoY Change 133.42% 57.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.242M $2.071M
YoY Change 104.82% 163.35%
Accrued Expenses $2.325M $1.209M
YoY Change 92.2% 91.72%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $700.0K
YoY Change -71.43%
Long-Term Debt Due $1.333M $500.0K
YoY Change 166.67% 8.7%
Total Short-Term Liabilities $15.82M $7.837M
YoY Change 101.82% 167.27%
LONG-TERM LIABILITIES
Long-Term Debt $7.563M $2.934M
YoY Change 157.76% -31.92%
Other Long-Term Liabilities $9.158M
YoY Change
Total Long-Term Liabilities $28.83M $6.565M
YoY Change 339.19% 36.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.82M $7.837M
Total Long-Term Liabilities $28.83M $6.565M
Total Liabilities $44.65M $14.40M
YoY Change 210.03% 85.89%
SHAREHOLDERS EQUITY
Retained Earnings $11.25M $6.338M
YoY Change 77.51% 60.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.906M $264.8K
YoY Change 619.59% 0.0%
Treasury Stock Shares
Shareholders Equity $14.66M $11.01M
YoY Change
Total Liabilities & Shareholders Equity $59.31M $25.41M
YoY Change 133.42% 57.85%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.745M $373.8K
YoY Change 367.01% 75.36%
Depreciation, Depletion And Amortization $494.2K $360.0K
YoY Change 37.28% 245.41%
Cash From Operating Activities -$1.304M $319.0K
YoY Change -508.71% -227.25%
INVESTING ACTIVITIES
Capital Expenditures -$323.5K -$60.00K
YoY Change 439.08% -14.29%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$323.4K -$62.59K
YoY Change 416.8% -4.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -738.4K -1.852M
YoY Change -60.14% 1490.6%
NET CHANGE
Cash From Operating Activities -1.304M 319.0K
Cash From Investing Activities -323.4K -62.59K
Cash From Financing Activities -738.4K -1.852M
Net Change In Cash -2.365M -1.596M
YoY Change 48.22% 268.64%
FREE CASH FLOW
Cash From Operating Activities -$1.304M $319.0K
Capital Expenditures -$323.5K -$60.00K
Free Cash Flow -$980.2K $379.0K
YoY Change -358.65% -309.78%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2019Q1 hicka Assets Other Noncurrent Total
AssetsOtherNoncurrentTotal
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CY2018Q4 hicka Assets Other Noncurrent Total
AssetsOtherNoncurrentTotal
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CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2019Q1 us-gaap Amortization Of Intangible Assets
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CY2019Q1 hicka Lessee Operating And Finance Lease Renewal Term
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CY2019Q1 hicka Longterm Debt Current Gross
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CY2018Q4 hicka Longterm Debt Current Gross
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CY2019Q1 hicka Longterm Debt Excluding Current Maturities Gross
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CY2018Q4 hicka Longterm Debt Excluding Current Maturities Gross
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CY2019Q1 hicka Operating And Finance Lease Liability Current
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CY2018Q4 hicka Operating And Finance Lease Liability Current
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CY2019Q1 hicka Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
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CY2018Q4 hicka Operating And Finance Lease Liability Noncurrent
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CY2018 hicka Treasury Stock Value Acquired Sale Of Business
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CY2018Q4 us-gaap Accounts Payable Current
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Assets
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Assets
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CY2019Q1 us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><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=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </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, 2019. </div>For further information, refer to the consolidated financial statements and footnotes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.&nbsp;</div></div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </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 leases, as discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> below.</div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><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=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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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CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
373752
CY2018 us-gaap Net Income Loss
NetIncomeLoss
3613710
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1745458
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
373752
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-242199
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-144749
CY2019Q1 us-gaap Notes Payable
NotesPayable
12536890
CY2018Q4 us-gaap Notes Payable
NotesPayable
12642065
CY2019Q1 us-gaap Notes Payable Current
NotesPayableCurrent
2124892
CY2018Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1555663
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2571071
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
643085
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9817505
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
659830
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9157675
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9725871
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2018Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y182D
CY2018Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
95263
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
95263
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23874
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-58816
CY2019Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
323447
CY2018Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
62586
CY2019Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2018Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
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 Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
767465
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
818609
CY2019Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
451716
CY2018Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
173614
CY2019Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-105175
CY2018Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-37434
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15633695
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15310248
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13226961
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13304115
CY2019Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1083334
CY2018Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1975000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
123029
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
11250124
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9577792
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21836087
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11878700
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2258817
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2252327
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
223859
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
236167
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
14661676
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
12765485
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
10397781
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1905780
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1905780
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3178420
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3269853
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2755265
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2911057

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