$CRAWA
CRAWFORD UNITED Corp

2019 Q3 Form 10-Q Financial Statement

#000143774919022689 Filed on November 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $22.24M $21.14M $19.77M
YoY Change 12.51% 79.81% 81.51%
Cost Of Revenue $17.26M $16.79M $15.32M
YoY Change 12.64% 96.83% 94.96%
Gross Profit $4.988M $4.349M $4.450M
YoY Change 12.07% 34.81% 46.67%
Gross Profit Margin 22.42% 20.58% 22.51%
Selling, General & Admin $2.429M $1.966M $1.979M
YoY Change 22.73% 8.4% 35.53%
% of Gross Profit 48.7% 45.2% 44.47%
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization $378.1K $484.5K $379.5K
YoY Change -0.36% 34.48%
% of Gross Profit 7.58% 11.14% 8.53%
Operating Expenses $2.429M $1.966M $1.979M
YoY Change 22.73% 1.59% 22.16%
Operating Profit $2.559M $2.383M $2.471M
YoY Change 3.54% 84.61% 74.72%
Interest Expense $322.0K -$295.7K $286.7K
YoY Change 12.32% -400.98% 145.05%
% of Operating Profit 12.58% -12.41% 11.6%
Other Income/Expense, Net -$322.0K $82.54K -$384.1K
YoY Change -16.17% -173.07% 219.66%
Pretax Income $2.237M $2.170M $2.087M
YoY Change 7.17% 84.22% 61.26%
Income Tax $541.9K $821.8K $590.1K
% Of Pretax Income 24.23% 37.87% 28.27%
Net Earnings $1.695M $1.348M $1.497M
YoY Change 13.21% 164.23% 163.83%
Net Earnings / Revenue 7.62% 6.38% 7.57%
Basic Earnings Per Share $0.59 $0.50 $0.55
Diluted Earnings Per Share $0.52 $0.43 $0.48
COMMON SHARES
Basic Shares Outstanding 2.851M 2.721M
Diluted Shares Outstanding 3.249M 3.093M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.250M $5.058M $3.892M
YoY Change -16.49% 318.46%
Cash & Equivalents $3.250M $5.058M $3.892M
Short-Term Investments
Other Short-Term Assets $3.241M $2.902M $2.324M
YoY Change 39.46% 12.28%
Inventory $7.100M $5.498M $5.143M
Prepaid Expenses $632.0K $818.6K $498.4K
Receivables $13.15M $9.835M $13.15M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $26.74M $23.29M $24.51M
YoY Change 9.11% 35.18% 59.01%
LONG-TERM ASSETS
Property, Plant & Equipment $12.71M $13.30M $13.66M
YoY Change -6.93% 300.32% 303.51%
Goodwill $9.793M $9.582M $7.026M
YoY Change 39.38% 324.76% 211.45%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.05K $95.26K $95.26K
YoY Change -7.58% 2831.17% 2831.17%
Total Long-Term Assets $36.09M $14.01M $13.23M
YoY Change 172.72% 121.34% 84.76%
TOTAL ASSETS
Total Short-Term Assets $26.74M $23.29M $24.51M
Total Long-Term Assets $36.09M $14.01M $13.23M
Total Assets $62.84M $50.61M $51.40M
YoY Change 22.24% 88.24% 97.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.613M $5.170M $4.990M
YoY Change 32.53% 144.7% 233.13%
Accrued Expenses $2.519M $3.325M $1.719M
YoY Change 46.57% 148.07% 33.21%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $200.0K $1.533M
YoY Change -86.96% 119.05%
Long-Term Debt Due $4.076M $1.333M $1.333M
YoY Change 205.71% 166.67% 166.67%
Total Short-Term Liabilities $17.99M $16.86M $17.00M
YoY Change 5.83% 110.84% 192.16%
LONG-TERM LIABILITIES
Long-Term Debt $7.241M $8.195M $10.80M
YoY Change -32.94% 73.16% 69.4%
Other Long-Term Liabilities $8.618M $0.00
YoY Change
Total Long-Term Liabilities $25.93M $20.99M $23.12M
YoY Change 12.16% 147.14% 125.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.99M $16.86M $17.00M
Total Long-Term Liabilities $25.93M $20.99M $23.12M
Total Liabilities $43.92M $37.84M $40.12M
YoY Change 9.47% 129.54% 149.57%
SHAREHOLDERS EQUITY
Retained Earnings $14.78M $9.578M $8.230M
YoY Change 79.55% 60.59% 50.89%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.906M $1.906M $1.906M
YoY Change 0.0% 619.59% 619.59%
Treasury Stock Shares
Shareholders Equity $18.92M $12.77M $11.28M
YoY Change
Total Liabilities & Shareholders Equity $62.84M $50.61M $51.40M
YoY Change 22.24% 88.24% 97.99%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $1.695M $1.348M $1.497M
YoY Change 13.21% 164.23% 163.83%
Depreciation, Depletion And Amortization $378.1K $484.5K $379.5K
YoY Change -0.36% 34.48%
Cash From Operating Activities $3.255M $4.077M $2.077M
YoY Change 56.67% 25.49% 70.27%
INVESTING ACTIVITIES
Capital Expenditures -$176.3K -$205.3K -$144.6K
YoY Change 21.96% 622.8%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$176.3K $8.795M -$20.35M
YoY Change -99.13% -11291.3% 101670.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -567.9K -11.71M 19.50M
YoY Change -102.91% 604.9% -1611.97%
NET CHANGE
Cash From Operating Activities 3.255M 4.077M 2.077M
Cash From Investing Activities -176.3K 8.795M -20.35M
Cash From Financing Activities -567.9K -11.71M 19.50M
Net Change In Cash 2.510M 1.166M 1.228M
YoY Change 104.5% -22.77% -1463.98%
FREE CASH FLOW
Cash From Operating Activities $3.255M $4.077M $2.077M
Capital Expenditures -$176.3K -$205.3K -$144.6K
Free Cash Flow $3.431M $4.282M $2.222M
YoY Change 54.41% 79.18%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Basis Of Accounting
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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 Crawford United Corporation 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, 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=" 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;">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, 2019, </div>there were&nbsp;<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=" 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. 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 Research And Development Expense
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CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q3 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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us-gaap Weighted Average Number Of Shares Outstanding Basic
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