2022 Q2 Form 10-Q Financial Statement

#000143774922019793 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $31.90M $31.00M $27.32M
YoY Change 20.61% 29.21% 37.06%
Cost Of Revenue $25.13M $24.64M $22.59M
YoY Change 21.6% 36.94% 45.15%
Gross Profit $6.768M $6.366M $4.372M
YoY Change 17.1% 6.06% 0.0%
Gross Profit Margin 21.22% 20.53% 16.0%
Selling, General & Admin $4.393M $4.969M $4.055M
YoY Change 20.01% 35.12% 49.41%
% of Gross Profit 64.9% 78.05% 92.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $585.4K $932.0K $753.3K
YoY Change -11.52% 28.62% 21.6%
% of Gross Profit 8.65% 14.64% 17.23%
Operating Expenses $4.393M $4.969M $4.055M
YoY Change 20.01% 35.12% 49.41%
Operating Profit $2.376M $1.397M $676.2K
YoY Change 12.06% -39.91% -59.2%
Interest Expense $154.1K $261.0K -$223.7K
YoY Change -35.46% 19.39% -159.88%
% of Operating Profit 6.49% 18.68% -33.09%
Other Income/Expense, Net -$779.9K $243.8K $155.7K
YoY Change 48.45% -81.86% -66.37%
Pretax Income $1.596M $1.641M $608.1K
YoY Change 0.08% -55.27% -75.61%
Income Tax $424.4K $575.2K $543.4K
% Of Pretax Income 26.6% 35.05% 89.36%
Net Earnings $1.171M $1.066M $64.70K
YoY Change -6.1% -66.09% -96.93%
Net Earnings / Revenue 3.67% 3.44% 0.24%
Basic Earnings Per Share $0.34 $0.31 $0.02
Diluted Earnings Per Share $0.34 $0.31 $0.02
COMMON SHARES
Basic Shares Outstanding 3.465M 3.434M
Diluted Shares Outstanding 3.465M 3.434M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.236M $5.091M $3.013M
YoY Change -13.86% -21.5% -61.02%
Cash & Equivalents $3.151M $3.398M $1.494M
Short-Term Investments $1.084M $1.693M $1.518M
Other Short-Term Assets $1.783M $1.285M $1.112M
YoY Change 54.61% 90.42% -74.69%
Inventory $20.82M $16.75M $16.59M
Prepaid Expenses $1.783M $1.285M $1.112M
Receivables $22.12M $23.37M $18.39M
Other Receivables $604.8K $1.131M $1.317M
Total Short-Term Assets $51.60M $49.86M $42.53M
YoY Change 27.3% 25.48% 20.9%
LONG-TERM ASSETS
Property, Plant & Equipment $14.97M $15.40M $15.61M
YoY Change -2.57% 0.78% 38.25%
Goodwill $16.16M $15.60M $14.40M
YoY Change 13.91% 11.6% 25.19%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $113.5K $105.6K $88.59K
YoY Change 16.28% 3.44% -16.92%
Total Long-Term Assets $50.12M $50.60M $48.44M
YoY Change 6.13% 6.55% 23.19%
TOTAL ASSETS
Total Short-Term Assets $51.60M $49.86M $42.53M
Total Long-Term Assets $50.12M $50.60M $48.44M
Total Assets $101.7M $100.5M $90.96M
YoY Change 15.91% 15.17% 22.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.64M $13.15M $11.46M
YoY Change 21.9% 32.62% 24.16%
Accrued Expenses $3.694M $2.974M $3.137M
YoY Change 73.12% -12.06% 39.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.747M $4.058M $4.391M
YoY Change -12.03% -4.49% 6.69%
Total Short-Term Liabilities $28.62M $27.02M $23.86M
YoY Change 31.29% 34.21% 36.0%
LONG-TERM LIABILITIES
Long-Term Debt $23.88M $25.10M $20.45M
YoY Change 8.27% 3.51% 7.16%
Other Long-Term Liabilities $7.281M $8.526M $8.736M
YoY Change -10.3% 1.63% 10.56%
Total Long-Term Liabilities $34.44M $36.90M $32.46M
YoY Change 5.63% 5.23% 10.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.62M $27.02M $23.86M
Total Long-Term Liabilities $34.44M $36.90M $32.46M
Total Liabilities $63.06M $63.92M $56.32M
YoY Change 15.91% 15.8% 19.94%
SHAREHOLDERS EQUITY
Retained Earnings $30.26M $29.09M $28.02M
YoY Change 13.08% 14.02% 25.28%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.122M $2.047M $1.981M
YoY Change 7.21% 3.42% 2.22%
Treasury Stock Shares
Shareholders Equity $38.65M $36.54M $34.64M
YoY Change
Total Liabilities & Shareholders Equity $101.7M $100.5M $90.96M
YoY Change 15.91% 15.17% 22.11%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $1.171M $1.066M $64.70K
YoY Change -6.1% -66.09% -96.93%
Depreciation, Depletion And Amortization $585.4K $932.0K $753.3K
YoY Change -11.52% 28.62% 21.6%
Cash From Operating Activities $2.422M $2.027M -$2.082M
YoY Change 74.23% 38.59% -165.11%
INVESTING ACTIVITIES
Capital Expenditures -$173.5K -$151.4K -$846.3K
YoY Change -70.66% -81.69% 222.21%
Acquisitions
YoY Change
Other Investing Activities -$128.0K -$4.204M $943.1K
YoY Change 1480.37% -39.59%
Cash From Investing Activities -$301.5K -$4.355M $96.82K
YoY Change -49.71% -44.06% -136.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $65.71K
YoY Change 60.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.368M $4.232M 888.1K
YoY Change 7.9% -14.84% -125.58%
NET CHANGE
Cash From Operating Activities 2.422M $2.027M -2.082M
Cash From Investing Activities -301.5K -$4.355M 96.82K
Cash From Financing Activities -2.368M $4.232M 888.1K
Net Change In Cash -246.8K $1.904M -1.097M
YoY Change -82.42% -240.7% 104.48%
FREE CASH FLOW
Cash From Operating Activities $2.422M $2.027M -$2.082M
Capital Expenditures -$173.5K -$151.4K -$846.3K
Free Cash Flow $2.596M $2.178M -$1.236M
YoY Change 30.99% -4.86% -135.71%

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em></b> <b> BASIS OF PRESENTATION</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">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 <em style="font: inherit;">10</em>-Q and Article <em style="font: inherit;">8</em> of Regulation S-<em style="font: inherit;">X.</em> Accordingly, they do <em style="font: inherit;">not</em> 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 “Company”). 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 <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022 </em>are <em style="font: inherit;">not</em> necessarily indicative of the results that <em style="font: inherit;"> may </em>be expected for the year ending <em style="font: inherit;"> December 31, 2022. </em>For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form <em style="font: inherit;">10</em>-K for the year ending <em style="font: inherit;"> December 31, 2021. </em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">During the <em style="font: inherit;">six</em>-month period ended <em style="font: inherit;"> June 30, 2022, </em>there have been <em style="font: inherit;">no</em> changes to our significant accounting policies.</p>
us-gaap Use Of Estimates
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<b><i><span style="text-decoration: underline; ">Use of Estimates in the Preparation of Financial Statements</span></i></b><br/> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that <em style="font: inherit;"> may </em>affect the reported amounts of certain assets and liabilities and disclosure of contingencies at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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Goodwill
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Goodwill
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EarningsPerShareDiluted
1.29
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CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders 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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CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
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EarningsPerShareBasic
0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.29
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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3449465
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CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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3449465
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021Q2 us-gaap Gross Profit
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CY2021Q2 us-gaap Operating Income Loss
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
1247305 usd

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