2020 Q1 Form 10-Q Financial Statement

#000143774920010264 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $32.24M $36.03M $45.47M
YoY Change -10.51% 5.57% -4.54%
Cost Of Revenue $17.90M $18.72M $26.68M
YoY Change -4.35% 11.47% 31.45%
Gross Profit $14.34M $17.31M $18.79M
YoY Change -17.18% -0.14% -31.27%
Gross Profit Margin 44.47% 48.05% 41.32%
Selling, General & Admin $22.60M $21.63M $20.81M
YoY Change 4.47% 16.74% 7.78%
% of Gross Profit 157.61% 124.96% 110.78%
Research & Development $3.870M $3.706M $3.464M
YoY Change 4.43% 4.22% -0.49%
% of Gross Profit 26.99% 21.41% 18.44%
Depreciation & Amortization $360.0K $411.0K $360.0K
YoY Change -12.41% 61.81% 33.33%
% of Gross Profit 2.51% 2.37% 1.92%
Operating Expenses $26.47M $25.34M $24.28M
YoY Change 4.46% 14.73% 6.52%
Operating Profit -$12.13M -$8.026M -$5.490M
YoY Change 51.12% 69.0% -220.85%
Interest Expense -$210.0K -$80.00K -$40.00K
YoY Change 162.5% -180.0% -128.57%
% of Operating Profit
Other Income/Expense, Net -$207.0K -$79.00K -$44.00K
YoY Change 162.03% -180.61% -131.88%
Pretax Income -$12.34M -$8.105M -$5.534M
YoY Change 52.2% 74.26% -218.22%
Income Tax $78.00K $115.0K $20.76M
% Of Pretax Income
Net Earnings -$12.41M -$8.220M -$26.29M
YoY Change 51.02% 304.53% -214.92%
Net Earnings / Revenue -38.51% -22.82% -57.83%
Basic Earnings Per Share -$0.86 -$0.59 -$1.89
Diluted Earnings Per Share -$0.86 -$0.59 -$1.89
COMMON SHARES
Basic Shares Outstanding 14.43M 14.02M 13.93M
Diluted Shares Outstanding 14.43M 14.02M 13.93M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.50M $27.10M $35.60M
YoY Change -28.04% 12.92% -0.84%
Cash & Equivalents $14.77M $19.16M $26.05M
Short-Term Investments $4.700M $7.900M $9.500M
Other Short-Term Assets $4.800M $4.900M $4.000M
YoY Change -2.04% 88.46% 37.93%
Inventory $36.94M $26.66M $28.01M
Prepaid Expenses
Receivables $15.66M $19.14M $19.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.95M $77.76M $87.20M
YoY Change -1.03% 0.44% -1.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.687M $2.407M $2.672M
YoY Change 11.63% 8.72% 27.48%
Goodwill $1.339M $1.339M $1.339M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.901M $5.960M $5.971M
YoY Change -0.99% 11.05% 1496.52%
Total Long-Term Assets $17.48M $19.60M $10.44M
YoY Change -10.82% -36.18% -54.34%
TOTAL ASSETS
Total Short-Term Assets $76.95M $77.76M $87.20M
Total Long-Term Assets $17.48M $19.60M $10.44M
Total Assets $94.43M $97.36M $97.64M
YoY Change -3.0% -9.96% -12.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.60M $10.34M $11.28M
YoY Change 41.28% 25.97% 61.08%
Accrued Expenses $23.66M $21.79M $23.30M
YoY Change 8.61% 8.49% -13.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $600.0K
YoY Change -16.67%
Total Short-Term Liabilities $52.42M $46.90M $47.62M
YoY Change 11.77% 26.28% 9.95%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $400.0K $0.00
YoY Change 0.0%
Other Long-Term Liabilities $447.0K $0.00 $140.0K
YoY Change -100.0% -69.57%
Total Long-Term Liabilities $447.0K $0.00 $140.0K
YoY Change -100.0% -69.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.42M $46.90M $47.62M
Total Long-Term Liabilities $447.0K $0.00 $140.0K
Total Liabilities $60.89M $58.24M $51.25M
YoY Change 4.57% 44.61% 10.59%
SHAREHOLDERS EQUITY
Retained Earnings -$48.77M -$32.23M -$24.01M
YoY Change 51.32% -647.38% -914.73%
Common Stock $82.31M $71.41M $70.47M
YoY Change 15.25% 15.05% 13.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.54M $39.12M $46.39M
YoY Change
Total Liabilities & Shareholders Equity $94.43M $97.36M $97.64M
YoY Change -3.0% -9.96% -12.23%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$12.41M -$8.220M -$26.29M
YoY Change 51.02% 304.53% -214.92%
Depreciation, Depletion And Amortization $360.0K $411.0K $360.0K
YoY Change -12.41% 61.81% 33.33%
Cash From Operating Activities -$11.97M -$7.953M $8.430M
YoY Change 50.46% -20.84% 26.2%
INVESTING ACTIVITIES
Capital Expenditures $230.0K $65.00K -$280.0K
YoY Change 253.85% -37.5% -33.33%
Acquisitions
YoY Change
Other Investing Activities $2.870M $1.610M -$4.490M
YoY Change 78.26% -81.39% -132.33%
Cash From Investing Activities $2.640M $1.549M -$4.760M
YoY Change 70.43% -81.88% -135.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.216M -490.0K 520.0K
YoY Change 352.24% -72.43% -102.51%
NET CHANGE
Cash From Operating Activities -$11.97M -7.953M 8.430M
Cash From Investing Activities $2.640M 1.549M -4.760M
Cash From Financing Activities -$2.216M -490.0K 520.0K
Net Change In Cash -$11.54M -6.894M 4.190M
YoY Change 67.42% 110.57% -798.33%
FREE CASH FLOW
Cash From Operating Activities -$11.97M -$7.953M $8.430M
Capital Expenditures $230.0K $65.00K -$280.0K
Free Cash Flow -$12.20M -$8.018M $8.710M
YoY Change 52.11% -21.01% 22.68%

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CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P2Y182D
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7806000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5525000
CY2020Q1 us-gaap Goodwill
Goodwill
1339000
CY2019Q4 us-gaap Goodwill
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1339000
CY2020Q1 us-gaap Gross Profit
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14336000
CY2019Q1 us-gaap Gross Profit
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CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14433000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14017000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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25.55
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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8.98
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CY2019Q1 us-gaap Standard Product Warranty Accrual
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CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
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CY2019Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2020Q1 us-gaap Stockholders Equity
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CY2019Q4 us-gaap Stockholders Equity
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StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company&#x2019;s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates.&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, allowance for credit losses, and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, impairment testing for long-lived-assets, incremental borrowing rates related to the Company&#x2019;s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, fair value of investments, the standalone selling price of the Company's products and services, the period of benefit used to capitalize and amortize contract acquisition costs, variable consideration, contingent liabilities, recoverability of deferred tax assets, and effective income tax rates. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</div></div></div>
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14017
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14433000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14017000

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