2018 Q2 Form 10-Q Financial Statement

#000139388318000038 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $41.60M $52.40M
YoY Change -20.62% -9.14%
Cost Of Revenue $4.749M $7.668M
YoY Change -38.07% -5.09%
Gross Profit $36.85M $44.73M
YoY Change -17.63% -9.8%
Gross Profit Margin 88.58% 85.37%
Selling, General & Admin $25.17M $29.80M
YoY Change -15.51% -1.18%
% of Gross Profit 68.32% 66.61%
Research & Development $5.129M $6.356M
YoY Change -19.3% 1.78%
% of Gross Profit 13.92% 14.21%
Depreciation & Amortization $2.325M $2.819M
YoY Change -17.52% 9.99%
% of Gross Profit 6.31% 6.3%
Operating Expenses $39.69M $48.40M
YoY Change -18.0% -1.61%
Operating Profit $1.070M $4.002M
YoY Change -73.26% -52.83%
Interest Expense $489.0K -$814.0K
YoY Change -160.07% -199.27%
% of Operating Profit 45.7% -20.34%
Other Income/Expense, Net -$24.00K $9.000K
YoY Change -366.67% -152.94%
Pretax Income $557.0K $3.197M
YoY Change -82.58% -58.2%
Income Tax $762.0K $1.375M
% Of Pretax Income 136.8% 43.01%
Net Earnings -$205.0K $1.822M
YoY Change -111.25% -62.46%
Net Earnings / Revenue -0.49% 3.48%
Basic Earnings Per Share $0.00 $0.04
Diluted Earnings Per Share $0.00 $0.04
COMMON SHARES
Basic Shares Outstanding 48.72M shares 47.95M shares
Diluted Shares Outstanding 48.72M shares 48.27M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.500M $23.50M
YoY Change -59.57% -20.34%
Cash & Equivalents $9.549M $23.46M
Short-Term Investments
Other Short-Term Assets $7.700M $4.500M
YoY Change 71.11% 32.35%
Inventory
Prepaid Expenses
Receivables $21.98M $32.34M
Other Receivables $2.200M $800.0K
Total Short-Term Assets $41.49M $61.04M
YoY Change -32.03% -19.67%
LONG-TERM ASSETS
Property, Plant & Equipment $15.26M $19.35M
YoY Change -21.13% 26.79%
Goodwill $156.2M $174.8M
YoY Change -10.65% -8.95%
Intangibles $39.00M $48.00M
YoY Change -18.75% -20.85%
Long-Term Investments
YoY Change
Other Assets $2.501M $2.073M
YoY Change 20.65% 218.92%
Total Long-Term Assets $220.0M $244.6M
YoY Change -10.03% -9.01%
TOTAL ASSETS
Total Short-Term Assets $41.49M $61.04M
Total Long-Term Assets $220.0M $244.6M
Total Assets $261.5M $305.6M
YoY Change -14.42% -11.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.20M $19.50M
YoY Change -6.67% -0.51%
Accrued Expenses
YoY Change
Deferred Revenue $64.19M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.71M $107.9M
YoY Change -22.43% -1.07%
LONG-TERM LIABILITIES
Long-Term Debt $18.55M $69.92M
YoY Change -73.47% -28.36%
Other Long-Term Liabilities $1.996M $2.800M
YoY Change -28.71% -2.3%
Total Long-Term Liabilities $20.54M $72.72M
YoY Change -71.75% -27.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.71M $107.9M
Total Long-Term Liabilities $20.54M $72.72M
Total Liabilities $119.1M $191.8M
YoY Change -37.91% -14.5%
SHAREHOLDERS EQUITY
Retained Earnings $67.56M $46.96M
YoY Change 43.86% -15.3%
Common Stock $868.0K $830.0K
YoY Change 4.58% 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.000M $276.1M
YoY Change -97.46% 2.83%
Treasury Stock Shares 32.97M shares 32.61M shares
Shareholders Equity $142.4M $113.8M
YoY Change
Total Liabilities & Shareholders Equity $261.5M $305.6M
YoY Change -14.42% -11.36%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$205.0K $1.822M
YoY Change -111.25% -62.46%
Depreciation, Depletion And Amortization $2.325M $2.819M
YoY Change -17.52% 9.99%
Cash From Operating Activities $1.380M $9.190M
YoY Change -84.98% -24.61%
INVESTING ACTIVITIES
Capital Expenditures -$2.410M -$3.530M
YoY Change -31.73% 10.66%
Acquisitions
YoY Change
Other Investing Activities $14.02M $0.00
YoY Change
Cash From Investing Activities $11.61M -$3.530M
YoY Change -428.9% 10.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.23M -7.020M
YoY Change 173.93% -36.07%
NET CHANGE
Cash From Operating Activities 1.380M 9.190M
Cash From Investing Activities 11.61M -3.530M
Cash From Financing Activities -19.23M -7.020M
Net Change In Cash -6.240M -1.360M
YoY Change 358.82% -31.31%
FREE CASH FLOW
Cash From Operating Activities $1.380M $9.190M
Capital Expenditures -$2.410M -$3.530M
Free Cash Flow $3.790M $12.72M
YoY Change -70.2% -17.3%

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CY2018Q1 us-gaap Loss Contingency Accrual Carrying Value Period Increase Decrease
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us-gaap Net Cash Provided By Used In Operating Activities
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4002000 USD
us-gaap Operating Income Loss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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21426000 USD
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3530000 USD
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4111000 USD
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2063000 USD
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1996000 USD
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4034000 USD
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us-gaap Other Restructuring Costs
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1187000 USD
CY2018Q2 us-gaap Other Restructuring Costs
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2118000 USD
us-gaap Other Restructuring Costs
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3129000 USD
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0 USD
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3666000 USD
us-gaap Payments To Acquire Productive Assets
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7808000 USD
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PaymentsToAcquireProductiveAssets
2442000 USD
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4356000 USD
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-7730000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
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PreferredStockSharesAuthorized
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0 shares
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PreferredStockSharesOutstanding
0 shares
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0 USD
CY2018Q2 us-gaap Preferred Stock Value
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0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
0 USD
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
17542000 USD
us-gaap Proceeds From Stock Options Exercised
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403000 USD
us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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16147000 USD
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15259000 USD
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2.0
us-gaap Repayments Of Long Term Debt
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-15000000 USD
us-gaap Repayments Of Long Term Debt
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-28000000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6356000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12807000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5129000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10592000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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67559000 USD
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41595000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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84666000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
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50127000 USD
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15425000 USD
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379000 USD
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P6M
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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P1Y
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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P1Y
CY2017Q2 us-gaap Sales Revenue Services Net
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52400000 USD
us-gaap Sales Revenue Services Net
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104590000 USD
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41595000 USD
us-gaap Sales Revenue Services Net
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84666000 USD
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us-gaap Selling And Marketing Expense
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us-gaap Share Based Compensation
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50869 USD
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0 USD
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10.94
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0 USD
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0 USD
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0 USD
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8.46
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8.67
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8.67
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CY2018Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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808000 shares
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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12821 USD
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0 USD
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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CY2018Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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6905000 USD
CY2017Q4 us-gaap Stockholders Equity
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1129000 USD
CY2018Q2 us-gaap Taxes Payable Current
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1268000 USD
CY2018Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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1.72
CY2017Q4 us-gaap Treasury Stock Shares
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7000000 USD
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95000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
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70000 USD
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320000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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533000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
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us-gaap Weighted Average Number Of Shares Contingently Issuable
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915000 shares
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47775000 shares
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48722000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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48491000 shares
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the quarter ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> purchases of the Company's common stock pursuant to the Stock Repurchase Plan was as follows:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:42%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Number of Shares Purchases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Average Price Paid per Share</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approximate Dollar Value of Shares Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55,017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1.72</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$94,892</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$6,905,000</font></div></td></tr></table></div></div></div>

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