$CRAWA
CRAWFORD UNITED Corp

2020 Q1 Form 10-Q Financial Statement

#000143774920010970 Filed on May 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $25.28M $21.84M $21.14M
YoY Change 15.78% 83.83% 79.81%
Cost Of Revenue $19.07M $17.01M $16.79M
YoY Change 12.16% 91.94% 96.83%
Gross Profit $6.208M $4.830M $4.349M
YoY Change 28.54% 60.01% 34.81%
Gross Profit Margin 24.56% 22.12% 20.58%
Selling, General & Admin $3.070M $2.259M $1.966M
YoY Change 35.91% 0.29% 8.4%
% of Gross Profit 49.45% 46.77% 45.2%
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization $623.5K $494.2K $484.5K
YoY Change 26.16% 37.28% 34.48%
% of Gross Profit 10.04% 10.23% 11.14%
Operating Expenses $3.070M $2.259M $1.966M
YoY Change 35.91% -4.91% 1.59%
Operating Profit $3.138M $2.571M $2.383M
YoY Change 22.06% 299.8% 84.61%
Interest Expense $297.4K $266.1K -$295.7K
YoY Change 11.78% 209.63% -400.98%
% of Operating Profit 9.48% 10.35% -12.41%
Other Income/Expense, Net -$368.8K -$242.2K $82.54K
YoY Change 52.26% 67.32% -173.07%
Pretax Income $2.769M $2.329M $2.170M
YoY Change 18.91% 367.33% 84.22%
Income Tax $693.8K $583.4K $821.8K
% Of Pretax Income 25.05% 25.05% 37.87%
Net Earnings $2.076M $1.745M $1.348M
YoY Change 18.91% 367.01% 164.23%
Net Earnings / Revenue 8.21% 7.99% 6.38%
Basic Earnings Per Share $0.63 $0.63 $0.50
Diluted Earnings Per Share $0.63 $0.55 $0.43
COMMON SHARES
Basic Shares Outstanding 3.311M 2.755M
Diluted Shares Outstanding 3.313M 3.178M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.419M $2.692M $5.058M
YoY Change 101.27% 216.72%
Cash & Equivalents $5.419M $2.692M $5.058M
Short-Term Investments
Other Short-Term Assets $4.994M $3.249M $2.902M
YoY Change 53.7% 16.87%
Inventory $10.94M $5.335M $5.498M
Prepaid Expenses $795.9K $767.5K $818.6K
Receivables $12.72M $11.17M $9.835M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $34.07M $22.44M $23.29M
YoY Change 51.78% 39.83% 35.18%
LONG-TERM ASSETS
Property, Plant & Equipment $12.11M $13.23M $13.30M
YoY Change -8.43% 307.46% 300.32%
Goodwill $11.43M $9.582M $9.582M
YoY Change 19.24% 324.76% 324.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.6K $95.26K $95.26K
YoY Change 11.94% 2831.17% 2831.17%
Total Long-Term Assets $40.82M $36.87M $14.01M
YoY Change 10.72% 503.2% 121.34%
TOTAL ASSETS
Total Short-Term Assets $34.07M $22.44M $23.29M
Total Long-Term Assets $40.82M $36.87M $14.01M
Total Assets $74.89M $59.31M $50.61M
YoY Change 26.26% 133.42% 88.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.783M $4.242M $5.170M
YoY Change 107.03% 104.82% 144.7%
Accrued Expenses $4.514M $2.325M $3.325M
YoY Change 94.2% 92.2% 148.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $200.0K $200.0K
YoY Change -100.0% -71.43%
Long-Term Debt Due $4.086M $1.333M $1.333M
YoY Change 206.43% 166.67% 166.67%
Total Short-Term Liabilities $19.56M $15.82M $16.86M
YoY Change 23.68% 101.82% 110.84%
LONG-TERM LIABILITIES
Long-Term Debt $21.15M $7.563M $8.195M
YoY Change 179.68% 157.76% 73.16%
Other Long-Term Liabilities $8.426M $9.158M $0.00
YoY Change -7.99%
Total Long-Term Liabilities $31.79M $28.83M $20.99M
YoY Change 10.23% 339.19% 147.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.56M $15.82M $16.86M
Total Long-Term Liabilities $31.79M $28.83M $20.99M
Total Liabilities $51.35M $44.65M $37.84M
YoY Change 15.0% 210.03% 129.54%
SHAREHOLDERS EQUITY
Retained Earnings $18.60M $11.25M $9.578M
YoY Change 65.36% 77.51% 60.59%
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 $23.54M $14.66M $12.77M
YoY Change
Total Liabilities & Shareholders Equity $74.89M $59.31M $50.61M
YoY Change 26.26% 133.42% 88.24%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $2.076M $1.745M $1.348M
YoY Change 18.91% 367.01% 164.23%
Depreciation, Depletion And Amortization $623.5K $494.2K $484.5K
YoY Change 26.16% 37.28% 34.48%
Cash From Operating Activities $5.616M -$1.304M $4.077M
YoY Change -530.83% -508.71% 25.49%
INVESTING ACTIVITIES
Capital Expenditures -$122.7K -$323.5K -$205.3K
YoY Change -62.06% 439.08%
Acquisitions
YoY Change
Other Investing Activities -$9.400M $0.00
YoY Change
Cash From Investing Activities -$9.523M -$323.4K $8.795M
YoY Change 2844.14% 416.8% -11291.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.092M -738.4K -11.71M
YoY Change -1060.47% -60.14% 604.9%
NET CHANGE
Cash From Operating Activities 5.616M -1.304M 4.077M
Cash From Investing Activities -9.523M -323.4K 8.795M
Cash From Financing Activities 7.092M -738.4K -11.71M
Net Change In Cash 3.186M -2.365M 1.166M
YoY Change -234.69% 48.22% -22.77%
FREE CASH FLOW
Cash From Operating Activities $5.616M -$1.304M $4.077M
Capital Expenditures -$122.7K -$323.5K -$205.3K
Free Cash Flow $5.739M -$980.2K $4.282M
YoY Change -685.52% -358.65%

Facts In Submission

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CY2020Q1 dei Current Fiscal Year End Date
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CY2020Q1 dei Entity Emerging Growth Company
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CY2020Q1 dei Entity Filer Category
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CY2020Q1 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: inherit;">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: inherit;">10</div>-Q and Article <div style="display: inline; font-style: italic; font: inherit;">8</div> of Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be expected for the fiscal year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </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: inherit;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.&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: inherit;">three</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>there have been <div style="display: inline; font-style: italic; font: inherit;">no</div> changes to our significant accounting policies.</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: inherit;">not</div> considered as operating costs. These reclassifications have <div style="display: inline; font-style: italic; font: inherit;">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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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9224840
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
106637
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
88046
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-71361
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23874
CY2020Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
122720
CY2019Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
323447
CY2020Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
9400000
CY2019Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
795907
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
703002
CY2020Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
10870893
CY2019Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
451716
CY2020Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-684720
CY2019Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-105175
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16168626
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16016325
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12111789
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12394172
CY2020Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
3093747
CY2019Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1083334
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18602653
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16527083
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
25281574
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21836087
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3069994
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2258817
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
36466
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
223859
CY2019 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1114879
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
348877
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
36466
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
23540568
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
21428532
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
12765485
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1905780
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1905780
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3313157
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3178420
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3311477
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2755265

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