$CRAWA
CRAWFORD UNITED Corp

2020 Q2 Form 10-Q Financial Statement

#000143774920017917 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $18.58M $24.51M $21.84M
YoY Change -24.22% 80.34% 83.83%
Cost Of Revenue $15.08M $19.29M $17.01M
YoY Change -21.83% 90.84% 91.94%
Gross Profit $3.499M $5.227M $4.830M
YoY Change -33.06% 49.92% 60.01%
Gross Profit Margin 18.84% 21.32% 22.12%
Selling, General & Admin $2.969M $2.435M $2.259M
YoY Change 21.89% 54.9% 0.29%
% of Gross Profit 84.84% 46.59% 46.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $425.8K $376.0K $494.2K
YoY Change 13.24% 169.05% 37.28%
% of Gross Profit 12.17% 7.19% 10.23%
Operating Expenses $2.969M $2.435M $2.259M
YoY Change 21.89% 45.86% -4.91%
Operating Profit $530.5K $2.792M $2.571M
YoY Change -81.0% 53.64% 299.8%
Interest Expense $235.3K $284.6K $266.1K
YoY Change -17.32% 252.4% 209.63%
% of Operating Profit 44.35% 10.19% 10.35%
Other Income/Expense, Net -$222.9K -$310.1K -$242.2K
YoY Change -28.12% -75.97% 67.32%
Pretax Income $307.6K $2.481M $2.329M
YoY Change -87.6% 371.61% 367.33%
Income Tax $78.79K $650.0K $583.4K
% Of Pretax Income 25.61% 26.19% 25.05%
Net Earnings $228.8K $1.831M $1.745M
YoY Change -87.51% 364.11% 367.01%
Net Earnings / Revenue 1.23% 7.47% 7.99%
Basic Earnings Per Share $0.07 $0.66 $0.63
Diluted Earnings Per Share $0.07 $0.57 $0.55
COMMON SHARES
Basic Shares Outstanding 3.318M 2.756M 2.755M
Diluted Shares Outstanding 3.319M 3.213M 3.178M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.927M $739.7K $2.692M
YoY Change 836.55% -72.19% 216.72%
Cash & Equivalents $6.927M $739.7K $2.692M
Short-Term Investments
Other Short-Term Assets $5.408M $3.538M $3.249M
YoY Change 52.86% 35.03% 16.87%
Inventory $11.06M $6.164M $5.335M
Prepaid Expenses $680.1K $672.5K $767.5K
Receivables $12.52M $15.97M $11.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.91M $26.41M $22.44M
YoY Change 35.99% 80.74% 39.83%
LONG-TERM ASSETS
Property, Plant & Equipment $11.76M $12.94M $13.23M
YoY Change -9.16% 350.75% 307.46%
Goodwill $11.51M $9.799M $9.582M
YoY Change 17.42% 334.37% 324.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.8K $95.26K $95.26K
YoY Change 12.11% 2831.17%
Total Long-Term Assets $40.06M $36.65M $36.87M
YoY Change 9.3% 516.1% 503.2%
TOTAL ASSETS
Total Short-Term Assets $35.91M $26.41M $22.44M
Total Long-Term Assets $40.06M $36.65M $36.87M
Total Assets $75.97M $63.06M $59.31M
YoY Change 20.48% 169.13% 133.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.312M $7.316M $4.242M
YoY Change 27.27% 197.06% 104.82%
Accrued Expenses $4.136M $2.517M $2.325M
YoY Change 64.37% 94.11% 92.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $200.0K $200.0K
YoY Change -100.0% -71.43% -71.43%
Long-Term Debt Due $4.100M $5.089M $1.333M
YoY Change -19.44% 917.79% 166.67%
Total Short-Term Liabilities $19.10M $22.57M $15.82M
YoY Change -15.4% 146.77% 101.82%
LONG-TERM LIABILITIES
Long-Term Debt $22.59M $3.357M $7.563M
YoY Change 572.99% 212.47% 157.76%
Other Long-Term Liabilities $8.109M $9.160M $9.158M
YoY Change -11.48%
Total Long-Term Liabilities $32.91M $23.95M $28.83M
YoY Change 37.37% 431.07% 339.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.10M $22.57M $15.82M
Total Long-Term Liabilities $32.91M $23.95M $28.83M
Total Liabilities $52.00M $46.53M $44.65M
YoY Change 11.77% 240.66% 210.03%
SHAREHOLDERS EQUITY
Retained Earnings $18.83M $13.08M $11.25M
YoY Change 43.95% 94.31% 77.51%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.935M $1.906M $1.906M
YoY Change 1.52% 0.0% 619.59%
Treasury Stock Shares
Shareholders Equity $23.97M $16.54M $14.66M
YoY Change
Total Liabilities & Shareholders Equity $75.97M $63.06M $59.31M
YoY Change 20.48% 169.13% 133.42%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $228.8K $1.831M $1.745M
YoY Change -87.51% 364.11% 367.01%
Depreciation, Depletion And Amortization $425.8K $376.0K $494.2K
YoY Change 13.24% 169.05% 37.28%
Cash From Operating Activities $167.8K -$1.220M -$1.304M
YoY Change -113.75% -131.61% -508.71%
INVESTING ACTIVITIES
Capital Expenditures -$70.34K -$95.48K -$323.5K
YoY Change -26.33% 36.4% 439.08%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$50.00K
YoY Change -100.0%
Cash From Investing Activities -$70.34K -$145.5K -$323.4K
YoY Change -51.65% 107.84% 416.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.411M -586.8K -738.4K
YoY Change -340.54% -70.36% -60.14%
NET CHANGE
Cash From Operating Activities 167.8K -1.220M -1.304M
Cash From Investing Activities -70.34K -145.5K -323.4K
Cash From Financing Activities 1.411M -586.8K -738.4K
Net Change In Cash 1.509M -1.952M -2.365M
YoY Change -177.28% -207.87% 48.22%
FREE CASH FLOW
Cash From Operating Activities $167.8K -$1.220M -$1.304M
Capital Expenditures -$70.34K -$95.48K -$323.5K
Free Cash Flow $238.1K -$1.125M -$980.2K
YoY Change -121.17% -128.62% -358.65%

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: 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 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'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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>there have been <div style="display: inline; font-style: italic; font: inherit;">no</div> changes to our significant accounting policies.</div></div>
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2523791
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
228837
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
1831479
us-gaap Net Income Loss
NetIncomeLoss
2304407
us-gaap Net Income Loss
NetIncomeLoss
3576937
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
228837
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1831479
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2304407
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3576937
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-222895
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-310114
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-591677
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-552313
CY2020Q2 us-gaap Notes Payable Current
NotesPayableCurrent
2766221
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2749459
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
530520
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2791553
us-gaap Operating Income Loss
OperatingIncomeLoss
3668669
us-gaap Operating Income Loss
OperatingIncomeLoss
5362624
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8778901
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9224840
CY2020Q2 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
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
106804
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
88046
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12394
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-25535
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-58967
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1661
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
193059
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
418934
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
29032
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
9400000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
50001
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
680131
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
703002
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
11315041
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1442445
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1453837
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16238965
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16016325
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11756359
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12394172
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
3427080
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
2537663
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
808850
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
223993
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18831490
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16527083
CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18576588
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24514636
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
43858162
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
46350723
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2968519
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2435380
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6038513
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4694197
us-gaap Share Based Compensation
ShareBasedCompensation
266808
us-gaap Share Based Compensation
ShareBasedCompensation
266042
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
211050
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
211050
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
204700
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
19292
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
42183
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
55758
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
61342
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
23970715
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
21428532
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
23540568
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
14661676
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
16535338
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
12765485
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1934812
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1905780
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
29032
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
29032
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3319264
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3212798
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3316217
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3196151
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3317665
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2755916
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3314573
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2755764

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