2024 Q1 Form 10-K Financial Statement

#000119312524080560 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.853M $6.781M $31.51M
YoY Change -10.04% -1.11% -6.36%
Cost Of Revenue $7.109M $7.570M $32.11M
YoY Change -13.86% 1.42% 7.63%
Gross Profit $744.6K -$789.2K -$599.6K
YoY Change 55.93% 29.98% -115.72%
Gross Profit Margin 9.48% -11.64% -1.9%
Selling, General & Admin $1.648M $1.347M $5.238M
YoY Change 31.02% 13.93% 4.91%
% of Gross Profit 221.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $323.4K $354.7K $1.275M
YoY Change 5.68% 10.92% -0.37%
% of Gross Profit 43.44%
Operating Expenses $1.648M $1.347M $5.238M
YoY Change 31.02% 13.93% 1961.04%
Operating Profit -$903.3K -$2.137M -$5.837M
YoY Change 15.78% 19.38% -263.91%
Interest Expense $103.2K
YoY Change 86.57%
% of Operating Profit
Other Income/Expense, Net $28.47K $25.20K $5.000K
YoY Change -33.88% -55.07% -94.53%
Pretax Income -$874.8K -$2.111M -$5.729M
YoY Change 18.68% 21.79% -256.85%
Income Tax -$176.8K -$568.4K -$1.327M
% Of Pretax Income
Net Earnings -$698.0K -$1.543M -$4.402M
YoY Change 19.7% 17.54% -253.49%
Net Earnings / Revenue -8.89% -22.75% -13.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.72 -$1.60 -$4.56
COMMON SHARES
Basic Shares Outstanding 966.1K shares 966.1K shares 966.1K shares
Diluted Shares Outstanding 966.1K shares 966.1K shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.666M $3.158M $3.158M
YoY Change -40.21% -53.12% -53.12%
Cash & Equivalents $1.291M $1.387M $1.387M
Short-Term Investments $1.375M $1.771M $1.771M
Other Short-Term Assets $505.0K $960.9K $960.9K
YoY Change 20.17% 127.29% 3.11%
Inventory $6.747M $7.328M $7.328M
Prepaid Expenses
Receivables $5.464M $4.394M $4.394M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.92M $15.84M $15.84M
YoY Change -26.73% -27.22% -27.22%
LONG-TERM ASSETS
Property, Plant & Equipment $11.38M $11.67M $11.67M
YoY Change -4.96% -1.66% -1.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $501.8K $324.9K $324.9K
YoY Change
Total Long-Term Assets $11.88M $11.99M $11.99M
YoY Change -0.77% 1.08% 1.08%
TOTAL ASSETS
Total Short-Term Assets $15.92M $15.84M $15.84M
Total Long-Term Assets $11.88M $11.99M $11.99M
Total Assets $27.79M $27.83M $27.83M
YoY Change -17.51% -17.23% -17.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.389M $789.0K $789.0K
YoY Change -14.36% 13.16% 13.16%
Accrued Expenses $313.1K $644.9K $644.9K
YoY Change 170.54% 96.63% -18.4%
Deferred Revenue $430.2K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.620M $1.864M $1.864M
YoY Change 0.94% 10.22% 10.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.620M $1.864M $1.864M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.620M $1.864M $1.864M
YoY Change -25.15% -29.38% -29.38%
SHAREHOLDERS EQUITY
Retained Earnings $27.51M $28.30M
YoY Change -15.43% -15.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.922M $3.922M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $25.17M $25.97M $25.97M
YoY Change
Total Liabilities & Shareholders Equity $27.79M $27.83M $27.83M
YoY Change -17.51% -17.23% -17.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$698.0K -$1.543M -$4.402M
YoY Change 19.7% 17.54% -253.49%
Depreciation, Depletion And Amortization $323.4K $354.7K $1.275M
YoY Change 5.68% 10.92% -0.37%
Cash From Operating Activities -$398.8K $801.4K -$1.932M
YoY Change -75.85% -194.04% 52.7%
INVESTING ACTIVITIES
Capital Expenditures $93.09K $128.5K $1.078M
YoY Change -77.48% -53.08% 11.18%
Acquisitions
YoY Change
Other Investing Activities $492.5K -$1.552M $970.3K
YoY Change -1.1% -2922.18% -80.95%
Cash From Investing Activities $399.4K -$1.681M -$108.1K
YoY Change 372.24% 667.9% -102.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$96.61K -96.62K -618.3K
YoY Change -54.55% -54.54% -27.27%
NET CHANGE
Cash From Operating Activities -$398.8K 801.4K -1.932M
Cash From Investing Activities $399.4K -1.681M -108.1K
Cash From Financing Activities -$96.61K -96.62K -618.3K
Net Change In Cash -$95.94K -975.9K -2.658M
YoY Change -94.61% -23.97% -232.36%
FREE CASH FLOW
Cash From Operating Activities -$398.8K $801.4K -$1.932M
Capital Expenditures $93.09K $128.5K $1.078M
Free Cash Flow -$491.8K $672.9K -$3.010M
YoY Change -76.18% -159.76% 34.68%

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<p style="font:10pt Arial;margin:0"><b>Revenue Recognition-</b> Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services.  Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue.  Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income.  These adjustments primarily relate to customer returns and allowances, which vary over time.  The Company records a liability and reduction in sales for estimated product returns based upon historical experience.  If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time.  As of December 31, 2023 and 2022, reserves for warranty claims were not material.  </p> <p style="font:10pt Arial;margin:0"> </p> <p style="font:10pt Arial;margin:0">Cash received by the Company prior to shipment is recorded as unearned revenue.  For certain assembly equipment segment transactions, revenue is recognized based on progress toward completion of the performance obligation using a labor-based measure.  Labor incurred and specific material costs are compared to milestone payments per sales contract.  Based on our experience, this method most accurately reflects the transfer of goods under such contracts.  During 2023, the Company realized $342,328 of revenue related to such contracts, and has $123,172 for the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the first quarter of 2024. Contract assets of $118,301 was recorded relating to these contracts. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred.</p>
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
342328 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
123172 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
118301 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font:10pt Arial;margin:0"><b>Credit Risk-</b>The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry.  The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States.  The Company has established an allowance for accounts that may become uncollectible in the future.  This estimated allowance is based primarily on management's evaluation of the financial condition of the customer and historical experience.  The Company monitors its accounts receivable and charges to expense an amount equal to its estimate of potential credit losses.  The Company considers a number of factors in determining its estimates, including the length of time its trade accounts receivable are past due, the Company's previous loss history and the customer's current ability to pay its obligation.  The Company also considers current economic conditions, the economic outlook and industry-specific factors in its evaluation.  Accounts receivable balances are charged off against the allowance when it is determined that the receivable will not be recovered.</p>
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
966132 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
966132 shares
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0"><span style="font-family:Arial"><b>Use of Estimates-</b>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes.  Significant items subject to estimates and assumptions include depreciable lives, deferred taxes and valuation allowances for accounts receivable and inventory obsolescence.  Actual results could differ from those estimates.</span></p>
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2878869 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4460071 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2374795 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2747427 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2614989 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2534732 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
541000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
621000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
7327653 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
9121230 usd
CY2023Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
1510513 usd
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
1510513 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6835619 usd
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6818066 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
37019453 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
35982194 usd
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
933449 usd
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1038768 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34633952 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33487748 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
11665082 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
11861793 usd
CY2023Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
0 usd
CY2022Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
170000 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
20342 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
41497 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
109621 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
116464 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
129963 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
327961 usd
CY2023 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-1569 usd
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
723000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-52832 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
40000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1273027 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
22000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1327428 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
785000 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1203000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
767000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-3428 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001 pure
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-14000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.004 pure
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-121000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.021 pure
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
32000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.009 pure
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1327428 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.232 pure
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
785000 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.215 pure
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1254472 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1216451 usd
CY2023Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
157307 usd
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
157687 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
66240 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
71923 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
33600 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
38250 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1262621 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
59647 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
507 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
324943 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
948084 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6045000 usd
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0 usd
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
170000 usd
CY2023 us-gaap Investment Income Interest
InvestmentIncomeInterest
103230 usd
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
55333 usd
CY2023 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
5004 usd
CY2022 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
36100 usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
108234 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
91433 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31507722 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33646033 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31507722 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33646033 usd
us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
8500 usd
us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
8500 usd
CY2023 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
128000 usd
CY2022 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
91000 usd
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
112800 usd
CY2023 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2024-02-19
CY2023Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.1
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
96613.2 usd
CY2023 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2024-03-20
CY2023 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2024-03-05
CY2024Q1 us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
9400 usd

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