2019 Q4 Form 10-Q Financial Statement

#000002605819000070 Filed on October 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $115.0M $115.7M $120.1M
YoY Change -4.19% -2.7% 8.26%
Cost Of Revenue $76.30M $78.59M $77.40M
YoY Change -1.42% 2.37% -0.77%
Gross Profit $38.70M $37.06M $42.65M
YoY Change -9.25% -11.94% 29.72%
Gross Profit Margin 33.64% 32.04% 35.52%
Selling, General & Admin $18.10M $17.77M $18.20M
YoY Change -0.55% -3.66% -27.2%
% of Gross Profit 46.77% 47.96% 42.68%
Research & Development $6.100M $6.806M $5.800M
YoY Change 5.17% 4.43% -13.43%
% of Gross Profit 15.76% 18.37% 13.6%
Depreciation & Amortization $6.600M $6.100M $6.200M
YoY Change 6.45% 15.09% 10.71%
% of Gross Profit 17.05% 16.46% 14.54%
Operating Expenses $24.10M $24.58M $24.10M
YoY Change 0.0% -1.55% -23.97%
Operating Profit $12.39M $10.12M $17.02M
YoY Change -27.18% -37.19% -89663.16%
Interest Expense -$600.0K $812.0K $100.0K
YoY Change -700.0% 66.05% -112.5%
% of Operating Profit -4.84% 8.02% 0.59%
Other Income/Expense, Net $1.000M -$2.924M -$100.0K
YoY Change -1100.0% 65.85% -111.11%
Pretax Income $12.80M $7.200M $16.90M
YoY Change -24.26% -49.84% 16800.0%
Income Tax $2.800M $4.478M -$100.0K
% Of Pretax Income 21.88% 62.19% -0.59%
Net Earnings $10.06M $2.722M $17.56M
YoY Change -42.71% -73.34% -228.95%
Net Earnings / Revenue 8.75% 2.35% 14.63%
Basic Earnings Per Share $0.31 $0.08 $0.53
Diluted Earnings Per Share $0.31 $0.08 $0.52
COMMON SHARES
Basic Shares Outstanding 32.60M shares 32.64M 32.75M shares
Diluted Shares Outstanding 33.07M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.3M $101.3M $101.5M
YoY Change -1.18% -2.97% -10.65%
Cash & Equivalents $100.2M $101.2M $100.9M
Short-Term Investments $100.0K $100.0K $600.0K
Other Short-Term Assets $16.99M $17.62M $15.42M
YoY Change 10.18% 23.59% 19.95%
Inventory $42.24M $45.43M $43.49M
Prepaid Expenses
Receivables $78.01M $80.79M $79.52M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $237.5M $245.0M $239.4M
YoY Change -0.79% 2.52% 2.46%
LONG-TERM ASSETS
Property, Plant & Equipment $105.0M $102.6M $99.40M
YoY Change 5.67% 6.17% 12.64%
Goodwill $106.1M $35.00M $71.06M
YoY Change 49.25% -50.75% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.046M $2.731M $2.043M
YoY Change 49.09% 21.54% -2.53%
Total Long-Term Assets $276.2M $403.0M $209.6M
YoY Change 31.78% 29.74% -3.79%
TOTAL ASSETS
Total Short-Term Assets $237.5M $245.0M $239.4M
Total Long-Term Assets $276.2M $403.0M $209.6M
Total Assets $643.4M $648.0M $548.3M
YoY Change 17.33% 17.91% 1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.22M $48.43M $51.98M
YoY Change -7.23% -7.17% 5.64%
Accrued Expenses $36.38M $38.22M $37.35M
YoY Change -2.59% -5.16% -9.67%
Deferred Revenue $2.877M $2.749M $1.981M
YoY Change 45.23% -2.17% 24.2%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.95M $100.6M $104.0M
YoY Change -6.77% -4.84% 1.54%
LONG-TERM LIABILITIES
Long-Term Debt $99.70M $112.7M $50.00M
YoY Change 99.4% 125.4% -34.47%
Other Long-Term Liabilities $4.292M $4.638M $5.919M
YoY Change -27.49% -23.53% -4.16%
Total Long-Term Liabilities $4.292M $4.638M $5.919M
YoY Change -27.49% -23.53% -4.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.95M $100.6M $104.0M
Total Long-Term Liabilities $4.292M $4.638M $5.919M
Total Liabilities $238.1M $252.8M $170.4M
YoY Change 39.74% 45.81% -13.01%
SHAREHOLDERS EQUITY
Retained Earnings $509.8M $501.0M $478.8M
YoY Change 6.46% 12.54% 13.97%
Common Stock $351.6M $350.7M $349.5M
YoY Change 0.6% 0.65% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $364.4M $360.7M $352.7M
YoY Change 3.33% 5.09% 2.75%
Treasury Stock Shares $24.46M 24.32M shares 24.04M shares
Shareholders Equity $405.2M $395.2M $377.9M
YoY Change
Total Liabilities & Shareholders Equity $643.4M $648.0M $548.3M
YoY Change 17.33% 17.91% 1.6%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $10.06M $2.722M $17.56M
YoY Change -42.71% -73.34% -228.95%
Depreciation, Depletion And Amortization $6.600M $6.100M $6.200M
YoY Change 6.45% 15.09% 10.71%
Cash From Operating Activities $23.70M $16.50M $15.60M
YoY Change 51.92% 10.74% 41.82%
INVESTING ACTIVITIES
Capital Expenditures -$6.400M -$5.900M -$7.700M
YoY Change -16.88% 0.0% 26.23%
Acquisitions $73.91M
YoY Change
Other Investing Activities -$300.0K -$73.60M $0.00
YoY Change
Cash From Investing Activities -$6.700M -$79.50M -$7.700M
YoY Change -12.99% 1247.46% 26.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.00M 58.40M -10.80M
YoY Change 66.67% -803.61% 47.95%
NET CHANGE
Cash From Operating Activities 23.70M 16.50M 15.60M
Cash From Investing Activities -6.700M -79.50M -7.700M
Cash From Financing Activities -18.00M 58.40M -10.80M
Net Change In Cash -1.000M -4.600M -2.900M
YoY Change -65.52% -757.14% 20.83%
FREE CASH FLOW
Cash From Operating Activities $23.70M $16.50M $15.60M
Capital Expenditures -$6.400M -$5.900M -$7.700M
Free Cash Flow $30.10M $22.40M $23.30M
YoY Change 29.18% 7.69% 36.26%

Facts In Submission

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31700000 USD
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78528000 USD
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2773000 USD
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BusinessCombinationContingentConsiderationLiability
2167000 USD
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3670000 USD
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 20 — Recent Accounting Pronouncements</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2018-14 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Compensation - Retirement Benefits - Defined Benefit Plans - General"</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-14, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">"Compensation - Retirement Benefits - Defined Benefit Plans - General."</span><span style="font-family:inherit;font-size:10pt;"> This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our financial statement disclosures but will not have an impact on our consolidated financial position, results of operations, or cash flows.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2018-13 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement"</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">"Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement"</span><span style="font-family:inherit;font-size:10pt;">. This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted upon issuance of the standard for disclosures modified or removed with a delay of adoption of the additional disclosures until their effective date. This ASU is not expected to have an impact on our financial statements. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2016-16 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">"Intra-Entity Transfers of Assets Other Than Inventory"</span><span style="font-family:inherit;font-size:10pt;">. This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods. Early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This guidance is not expected to have a material impact on our financial statements.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2016-13 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,</span><span style="font-family:inherit;font-size:10pt;"> which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The standard will become effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We plan to adopt this standard on the effective date and are currently evaluating the impact of this new standard on our financial statements.</span></div>

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