2018 Q4 Form 10-Q Financial Statement

#000035603719000013 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $18.98M $19.64M $16.63M
YoY Change 14.13% -30.75% -16.5%
Cost Of Revenue $14.63M $14.80M $12.27M
YoY Change 19.27% -30.52% -20.67%
Gross Profit $4.349M $4.840M $4.363M
YoY Change -0.32% -31.44% -2.0%
Gross Profit Margin 22.91% 24.64% 26.24%
Selling, General & Admin $3.589M $5.040M $3.500M
YoY Change 2.54% 5.88% -11.57%
% of Gross Profit 82.52% 104.13% 80.22%
Research & Development $745.0K $930.0K $698.0K
YoY Change 6.73% 50.0% 17.11%
% of Gross Profit 17.13% 19.21% 16.0%
Depreciation & Amortization $101.0K $230.0K $94.00K
YoY Change 7.45% 76.92% -25.4%
% of Gross Profit 2.32% 4.75% 2.15%
Operating Expenses $4.334M $5.960M $4.198M
YoY Change 3.24% 10.99% -7.82%
Operating Profit $15.00K -$1.120M $165.0K
YoY Change -90.91% -166.27% -261.76%
Interest Expense $40.00K -$60.00K -$80.00K
YoY Change -150.0% -25.0% -300.0%
% of Operating Profit 266.67% -48.48%
Other Income/Expense, Net $37.00K $140.0K -$7.000K
YoY Change -628.57% 250.0% -115.91%
Pretax Income $52.00K -$1.040M $158.0K
YoY Change -67.09% -163.41% -372.41%
Income Tax $2.000K -$560.0K $1.153M
% Of Pretax Income 3.85% 729.75%
Net Earnings $50.00K $16.23M -$1.200M
YoY Change -104.17% 1034.97% 2690.7%
Net Earnings / Revenue 0.26% 82.64% -7.22%
Basic Earnings Per Share $0.00 -$0.32
Diluted Earnings Per Share $0.01 $4.205M -$0.32
COMMON SHARES
Basic Shares Outstanding 3.868M shares 4.017M shares 3.768M shares
Diluted Shares Outstanding 3.966M shares 3.768M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.66M $25.11M $18.19M
YoY Change 13.58% 140.98% 20.94%
Cash & Equivalents $20.66M $25.11M $18.19M
Short-Term Investments
Other Short-Term Assets $2.318M $1.878M $3.105M
YoY Change -25.35% 74.54% 130.51%
Inventory $6.790M $7.558M $7.158M
Prepaid Expenses
Receivables $17.21M $13.15M $21.10M
Other Receivables $470.0K $480.0K $0.00
Total Short-Term Assets $47.71M $48.42M $51.71M
YoY Change -7.75% -3.8% 18.87%
LONG-TERM ASSETS
Property, Plant & Equipment $979.0K $847.0K $1.482M
YoY Change -33.94% -7.83% -6.56%
Goodwill
YoY Change
Intangibles $43.00K $48.00K $137.0K
YoY Change -68.61% -71.26% -46.48%
Long-Term Investments
YoY Change
Other Assets $66.00K $65.00K $193.0K
YoY Change -65.8% 0.0% 9.04%
Total Long-Term Assets $5.910M $6.013M $6.722M
YoY Change -12.08% -21.74% 19.74%
TOTAL ASSETS
Total Short-Term Assets $47.71M $48.42M $51.71M
Total Long-Term Assets $5.910M $6.013M $6.722M
Total Assets $54.60M $55.28M $59.92M
YoY Change -8.88% -6.2% 18.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.84M $4.466M $21.31M
YoY Change -39.75% -45.0% 42.73%
Accrued Expenses
YoY Change
Deferred Revenue $900.0K $1.100M
YoY Change
Short-Term Debt $0.00 $3.200M $0.00
YoY Change 3.23%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.92M $14.06M $27.79M
YoY Change -49.92% -45.97% 40.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.260M $7.410M $12.64M
YoY Change -42.56% -37.73% -2.92%
Total Long-Term Liabilities $7.260M $7.410M $12.64M
YoY Change -42.56% -37.73% -2.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.92M $14.06M $27.79M
Total Long-Term Liabilities $7.260M $7.410M $12.64M
Total Liabilities $21.18M $21.47M $40.43M
YoY Change -47.62% -43.38% 23.09%
SHAREHOLDERS EQUITY
Retained Earnings $29.53M $29.93M $15.77M
YoY Change 87.26% 71.92% -4.89%
Common Stock $14.88M $14.70M $13.89M
YoY Change 7.17% 6.86% 6.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.42M $33.80M $19.49M
YoY Change
Total Liabilities & Shareholders Equity $54.60M $55.28M $59.92M
YoY Change -8.88% -6.2% 18.17%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $50.00K $16.23M -$1.200M
YoY Change -104.17% 1034.97% 2690.7%
Depreciation, Depletion And Amortization $101.0K $230.0K $94.00K
YoY Change 7.45% 76.92% -25.4%
Cash From Operating Activities -$3.959M $1.860M $4.554M
YoY Change -186.93% -208.14% 98.69%
INVESTING ACTIVITIES
Capital Expenditures $233.0K -$180.0K $44.00K
YoY Change 429.55% 350.0% -38.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 $14.38M -$70.00K
YoY Change -100.0% -28860.0%
Cash From Investing Activities -$233.0K $14.22M -$175.0K
YoY Change 33.14% -15900.0% 143.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$67.00K -380.0K $9.000K
YoY Change -844.44% 15.15%
NET CHANGE
Cash From Operating Activities -$3.959M 1.860M $4.554M
Cash From Investing Activities -$233.0K 14.22M -$175.0K
Cash From Financing Activities -$67.00K -380.0K $9.000K
Net Change In Cash -$4.259M 15.70M $4.388M
YoY Change -197.06% -833.64% 97.66%
FREE CASH FLOW
Cash From Operating Activities -$3.959M $1.860M $4.554M
Capital Expenditures $233.0K -$180.0K $44.00K
Free Cash Flow -$4.192M $2.040M $4.510M
YoY Change -192.95% -221.43% 103.15%

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494000 USD
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703000 USD
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0 USD
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0 shares
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IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
150000 shares
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 USD
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48000 USD
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43000 USD
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CY2018Q4 us-gaap Inventory Raw Materials
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CY2018Q3 us-gaap Inventory Valuation Reserves
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3300000 USD
CY2018Q4 us-gaap Inventory Valuation Reserves
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3400000 USD
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226000 USD
CY2018Q4 us-gaap Inventory Work In Process
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280000 USD
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128000 USD
CY2018Q4 us-gaap Inventory Write Down
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125000 USD
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55275000 USD
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54595000 USD
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14061000 USD
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535000 USD
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565000 USD
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29000 USD
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28000 USD
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9000 USD
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CY2017Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-110000 USD
CY2018Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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4554000 USD
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CY2017Q4 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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3371000 USD
CY2018Q4 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-3959000 USD
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50000 USD
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66000 USD
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CY2018Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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61000 USD
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0 USD
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CY2017Q4 us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
0 USD
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PaymentsToAcquireEquipmentOnLease
70000 USD
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66000 USD
CY2018Q4 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
0 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
44000 USD
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
233000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
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340000 USD
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336000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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6168000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
5999000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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9000 USD
CY2018Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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3000 USD
CY2017Q4 us-gaap Property Plant And Equipment Additions
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44000 USD
CY2018Q4 us-gaap Property Plant And Equipment Additions
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233000 USD
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847000 USD
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979000 USD
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11980000 USD
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17208000 USD
CY2017Q4 us-gaap Research And Development Expense
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698000 USD
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745000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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29926000 USD
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29531000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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18980000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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6300000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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P5Y
CY2017Q4 us-gaap Sales Revenue Goods Net
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13669000 USD
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15711000 USD
CY2017Q4 us-gaap Sales Revenue Net
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16630000 USD
CY2018Q4 us-gaap Sales Revenue Net
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CY2017Q4 us-gaap Sales Revenue Services Net
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2961000 USD
CY2018Q4 us-gaap Sales Revenue Services Net
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3269000 USD
CY2017Q4 us-gaap Segment Reporting Disclosure Of Major Customers
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.1
CY2018Q4 us-gaap Segment Reporting Disclosure Of Major Customers
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0.1
CY2017Q4 us-gaap Selling General And Administrative Expense
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3500000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
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3589000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
121000 USD
CY2018Q4 us-gaap Share Based Compensation
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178000 USD
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CY2018Q3 us-gaap Stockholders Equity
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33802000 USD
CY2018Q4 us-gaap Stockholders Equity
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33419000 USD
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
170000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3768000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3966000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3768000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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3868000 shares
CY2018Q4 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the annual consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, have been omitted. </font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited consolidated financial statements should be read in conjunction with the footnotes contained in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to continuing operations. Refer to Note 13 for additional information on discontinued operations.</font></div></div>

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