$CSPI
CSP INC /MA/

2022 Q2 Form 10-Q Financial Statement

#000035603722000017 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $13.33M $11.98M $12.37M
YoY Change -2.88% -14.96% 8.61%
Cost Of Revenue $8.352M $7.781M $8.755M
YoY Change -12.01% -19.95% 9.3%
Gross Profit $4.974M $4.200M $3.614M
YoY Change 17.62% -3.85% 6.99%
Gross Profit Margin 37.33% 35.06% 29.22%
Selling, General & Admin $4.071M $3.507M $3.383M
YoY Change 4.76% -5.9% 6.18%
% of Gross Profit 81.85% 83.5% 93.61%
Research & Development $884.0K $717.0K $627.0K
YoY Change 26.29% -5.91% -13.99%
% of Gross Profit 17.77% 17.07% 17.35%
Depreciation & Amortization $79.00K $86.00K $94.00K
YoY Change -4.82% -21.82% -6.0%
% of Gross Profit 1.59% 2.05% 2.6%
Operating Expenses $4.955M $4.224M $4.010M
YoY Change 8.05% -5.9% 2.43%
Operating Profit $19.00K -$24.00K -$396.0K
YoY Change -105.32% -80.17% -26.26%
Interest Expense $696.0K $224.0K $23.00K
YoY Change -1123.53% -324.0% -105.48%
% of Operating Profit 3663.16%
Other Income/Expense, Net -$20.00K $185.0K $42.00K
YoY Change -35.48% -6266.67% -97.66%
Pretax Income $695.0K $161.0K -$354.0K
YoY Change -279.12% -229.84% -128.07%
Income Tax $11.00K $5.000K $12.00K
% Of Pretax Income 1.58% 3.11%
Net Earnings $684.0K $156.0K -$366.0K
YoY Change -261.7% -118.42% -131.8%
Net Earnings / Revenue 5.13% 1.3% -2.96%
Basic Earnings Per Share $0.15 $0.03 -$0.09
Diluted Earnings Per Share $159.7K $0.03 -$0.09
COMMON SHARES
Basic Shares Outstanding 4.533M 4.274M 4.200M
Diluted Shares Outstanding 4.283M 4.285M 4.200M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.42M $20.33M $19.30M
YoY Change 8.97% -0.33% -3.19%
Cash & Equivalents $21.42M $20.33M $19.30M
Short-Term Investments
Other Short-Term Assets $5.498M $3.611M $5.498M
YoY Change 60.76% -3.96% 102.88%
Inventory $5.607M $4.055M $4.187M
Prepaid Expenses
Receivables $18.65M $17.33M $19.13M
Other Receivables $1.126M $1.711M $1.644M
Total Short-Term Assets $52.29M $47.08M $49.81M
YoY Change 14.27% 5.14% 18.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.672M $782.0K $809.0K
YoY Change 98.57% -70.15% -72.01%
Goodwill
YoY Change
Intangibles $14.00K $17.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.193M $62.00K $62.00K
YoY Change 5198.98% -98.52% -98.66%
Total Long-Term Assets $12.22M $11.35M $11.98M
YoY Change -17.38% -22.47% 7.91%
TOTAL ASSETS
Total Short-Term Assets $52.29M $47.08M $49.81M
Total Long-Term Assets $12.22M $11.35M $11.98M
Total Assets $64.52M $58.43M $61.79M
YoY Change 6.54% -1.67% 16.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.40M $10.12M $13.13M
YoY Change 9.36% -0.33% 47.65%
Accrued Expenses
YoY Change
Deferred Revenue $2.700M $2.200M
YoY Change
Short-Term Debt $3.510M $1.473M $1.144M
YoY Change 112.21% 23.78% 43.0%
Long-Term Debt Due $511.0K $594.0K $676.0K
YoY Change -31.68% -19.73% -7.4%
Total Short-Term Liabilities $21.99M $14.68M $17.60M
YoY Change 33.94% 6.46% 47.31%
LONG-TERM LIABILITIES
Long-Term Debt $443.0K $438.0K $432.0K
YoY Change -53.56% -57.48% -61.08%
Other Long-Term Liabilities $7.612M $4.376M $4.783M
YoY Change 63.73% -68.29% -45.15%
Total Long-Term Liabilities $8.055M $4.376M $4.783M
YoY Change 73.26% -70.49% -51.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.99M $14.68M $17.60M
Total Long-Term Liabilities $8.055M $4.376M $4.783M
Total Liabilities $30.04M $24.28M $27.85M
YoY Change 0.46% -15.15% 27.82%
SHAREHOLDERS EQUITY
Retained Earnings $24.88M $24.83M
YoY Change
Common Stock $18.87M $18.53M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.48M $34.15M $33.93M
YoY Change
Total Liabilities & Shareholders Equity $64.52M $58.43M $61.79M
YoY Change 6.54% -1.67% 16.49%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $684.0K $156.0K -$366.0K
YoY Change -261.7% -118.42% -131.8%
Depreciation, Depletion And Amortization $79.00K $86.00K $94.00K
YoY Change -4.82% -21.82% -6.0%
Cash From Operating Activities -$1.053M $1.548M -$275.0K
YoY Change 12.86% 545.0% -117.55%
INVESTING ACTIVITIES
Capital Expenditures -$28.00K -$58.00K $137.0K
YoY Change -36.36% 480.0% 315.15%
Acquisitions
YoY Change
Other Investing Activities $312.0K $1.000K -$59.00K
YoY Change 31100.0% -101.43%
Cash From Investing Activities $284.0K -$57.00K -$196.0K
YoY Change -760.47% -28.75% 493.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $472.0K
YoY Change 482.72%
Cash From Financing Activities 1.969M -374.0K -280.0K
YoY Change 583.68% -213.33% -70.15%
NET CHANGE
Cash From Operating Activities -1.053M 1.548M -275.0K
Cash From Investing Activities 284.0K -57.00K -196.0K
Cash From Financing Activities 1.969M -374.0K -280.0K
Net Change In Cash 1.200M 1.117M -712.0K
YoY Change -274.42% 127.96% -207.39%
FREE CASH FLOW
Cash From Operating Activities -$1.053M $1.548M -$275.0K
Capital Expenditures -$28.00K -$58.00K $137.0K
Free Cash Flow -$1.025M $1.606M -$412.0K
YoY Change 15.3% 542.4% -126.86%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Organization and Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">CSP Inc. ("CSPi" or "CSPI" or "the Company" or "we" or "our") was incorporated in 1968 and is based in Lowell, Massachusetts. CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, purpose built network adapters, and high-performance cluster computer systems to meet the diverse requirements of its commercial and defense customers worldwide. The Company operates in two segments, its Technology Solutions (“TS”) segment and High Performance Products (“HPP”) segment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">1.            Basis of Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The accompanying interim condensed 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited condensed consolidated financial statements should be read in conjunction with the notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021.</p>
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AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
5398000
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-9600000
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-9448000
CY2022Q1 us-gaap Revenues
Revenues
11981000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-24000
CY2022Q1 us-gaap Assets
Assets
58430000
CY2022Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
58000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
86000
CY2021Q1 us-gaap Revenues
Revenues
14088000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-121000
CY2021Q1 us-gaap Assets
Assets
59420000
CY2021Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
10000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
98000
us-gaap Revenues
Revenues
24350000
us-gaap Operating Income Loss
OperatingIncomeLoss
-420000
CY2022Q1 us-gaap Assets
Assets
58430000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
195000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
180000
us-gaap Revenues
Revenues
25476000
us-gaap Operating Income Loss
OperatingIncomeLoss
-658000
CY2021Q1 us-gaap Assets
Assets
59420000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
43000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
202000
CY2012Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
250000
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
13000
CY2022Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
181000

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