2019 Q1 Form 10-Q Financial Statement

#000139388319000022 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q2 2018 Q1
Revenue $37.12M $41.60M $43.07M
YoY Change -13.82% -20.62% -17.47%
Cost Of Revenue $3.825M $4.749M $5.157M
YoY Change -25.83% -38.07% -30.28%
Gross Profit $33.30M $36.85M $37.91M
YoY Change -12.18% -17.63% -15.36%
Gross Profit Margin 89.7% 88.58% 88.03%
Selling, General & Admin $22.21M $25.17M $26.65M
YoY Change -16.67% -15.51% -14.53%
% of Gross Profit 66.7% 68.32% 70.29%
Research & Development $4.196M $5.129M $5.463M
YoY Change -23.19% -19.3% -15.32%
% of Gross Profit 12.6% 13.92% 14.41%
Depreciation & Amortization $2.425M $2.325M $2.290M
YoY Change 5.9% -17.52% -0.78%
% of Gross Profit 7.28% 6.31% 6.04%
Operating Expenses $33.53M $39.69M $40.86M
YoY Change -17.95% -18.0% -14.69%
Operating Profit $3.592M $1.070M $6.849M
YoY Change -47.55% -73.26% 59.46%
Interest Expense $105.0K $489.0K $546.0K
YoY Change -80.77% -160.07% -169.11%
% of Operating Profit 2.92% 45.7% 7.97%
Other Income/Expense, Net $0.00 -$24.00K -$9.000K
YoY Change -100.0% -366.67% -43.75%
Pretax Income $3.487M $557.0K $6.294M
YoY Change -44.6% -82.58% 80.4%
Income Tax $1.899M $762.0K $2.791M
% Of Pretax Income 54.46% 136.8% 44.34%
Net Earnings $1.588M -$205.0K $3.503M
YoY Change -54.67% -111.25% 161.42%
Net Earnings / Revenue 4.28% -0.49% 8.13%
Basic Earnings Per Share $0.03 $0.00 $0.07
Diluted Earnings Per Share $0.03 $0.00 $0.07
COMMON SHARES
Basic Shares Outstanding 48.10M shares 48.72M shares 48.26M shares
Diluted Shares Outstanding 50.33M shares 48.72M shares 48.97M shares

Balance Sheet

Concept 2019 Q1 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.700M $9.500M $16.20M
YoY Change -70.99% -59.57% -34.41%
Cash & Equivalents $4.694M $9.549M $16.21M
Short-Term Investments
Other Short-Term Assets $6.500M $7.700M $4.300M
YoY Change 51.16% 71.11% -12.24%
Inventory
Prepaid Expenses
Receivables $25.16M $21.98M $27.39M
Other Receivables $600.0K $2.200M $1.300M
Total Short-Term Assets $37.06M $41.49M $49.18M
YoY Change -24.65% -32.03% -28.33%
LONG-TERM ASSETS
Property, Plant & Equipment $16.65M $15.26M $15.62M
YoY Change 6.56% -21.13% -15.37%
Goodwill $155.4M $156.2M $173.2M
YoY Change -10.3% -10.65% 0.47%
Intangibles $39.00M $39.00M $45.41M
YoY Change -14.12% -18.75% -6.48%
Long-Term Investments
YoY Change
Other Assets $2.555M $2.501M $4.075M
YoY Change -37.3% 20.65% 95.91%
Total Long-Term Assets $238.5M $220.0M $245.8M
YoY Change -2.98% -10.03% 1.66%
TOTAL ASSETS
Total Short-Term Assets $37.06M $41.49M $49.18M
Total Long-Term Assets $238.5M $220.0M $245.8M
Total Assets $275.6M $261.5M $295.0M
YoY Change -6.59% -14.42% -4.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.50M $18.20M $16.40M
YoY Change 6.71% -6.67% -8.38%
Accrued Expenses $3.900M
YoY Change
Deferred Revenue $59.95M $64.19M $83.81M
YoY Change -28.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $82.54M $83.71M $93.03M
YoY Change -11.28% -22.43% -17.31%
LONG-TERM LIABILITIES
Long-Term Debt $16.33M $18.55M $37.50M
YoY Change -56.47% -73.47% -51.2%
Other Long-Term Liabilities $385.0K $1.996M $2.149M
YoY Change -82.08% -28.71% -22.14%
Total Long-Term Liabilities $16.71M $20.54M $39.65M
YoY Change -57.85% -71.75% -50.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.54M $83.71M $93.03M
Total Long-Term Liabilities $16.71M $20.54M $39.65M
Total Liabilities $126.8M $119.1M $149.9M
YoY Change -15.42% -37.91% -26.1%
SHAREHOLDERS EQUITY
Retained Earnings $73.02M $67.56M $67.76M
YoY Change 7.76% 43.86% 50.13%
Common Stock $697.0K $868.0K $846.0K
YoY Change -17.61% 4.58% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $118.1M $7.000M $276.5M
YoY Change -57.3% -97.46% 0.15%
Treasury Stock Shares 14.59M shares 32.97M shares 32.83M shares
Shareholders Equity $148.8M $142.4M $145.2M
YoY Change
Total Liabilities & Shareholders Equity $275.6M $261.5M $295.0M
YoY Change -6.59% -14.42% -4.97%

Cashflow Statement

Concept 2019 Q1 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $1.588M -$205.0K $3.503M
YoY Change -54.67% -111.25% 161.42%
Depreciation, Depletion And Amortization $2.425M $2.325M $2.290M
YoY Change 5.9% -17.52% -0.78%
Cash From Operating Activities $3.238M $1.380M $6.918M
YoY Change -53.19% -84.98% -52.35%
INVESTING ACTIVITIES
Capital Expenditures $3.052M -$2.410M $1.825M
YoY Change 67.23% -31.73% -143.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $14.02M $3.520M
YoY Change -100.0%
Cash From Investing Activities -$3.052M $11.61M $1.695M
YoY Change -280.06% -428.9% -140.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $491.0K $0.00
YoY Change
Debt Paid & Issued, Net $15.00M $6.000M
YoY Change 150.0% -175.0%
Cash From Financing Activities -$2.023M -19.23M -$4.325M
YoY Change -53.23% 173.93% -50.22%
NET CHANGE
Cash From Operating Activities $3.238M 1.380M $6.918M
Cash From Investing Activities -$3.052M 11.61M $1.695M
Cash From Financing Activities -$2.023M -19.23M -$4.325M
Net Change In Cash -$1.778M -6.240M $4.288M
YoY Change -141.46% 358.82% 162.26%
FREE CASH FLOW
Cash From Operating Activities $3.238M $1.380M $6.918M
Capital Expenditures $3.052M -$2.410M $1.825M
Free Cash Flow $186.0K $3.790M $5.093M
YoY Change -96.35% -70.2% -72.79%

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1825000 USD
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6545000 USD
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233000 shares
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8.19
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14.34
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8.77
CY2019Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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233000 shares
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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533000 USD
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4504000 USD
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145355000 USD
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148815000 USD
CY2019Q1 us-gaap Sublease Income
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327000 USD
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1128000 USD
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1.96
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250000 shares
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491000 USD
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200000 USD
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220000 USD
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121000 USD
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716000 shares
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2227000 shares
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48258000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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48103000 shares
CY2019Q1 us-gaap Schedule Of Repurchase Agreements
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the quarter ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, purchases of the Company's common stock pursuant to the Stock Repurchase Plan were 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="7" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:22%;" 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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Number of Shares Purchased </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">[1]</sup></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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Average Price Paid per Share </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">[2]</sup></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:center;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:center;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;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,145</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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1.96</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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$491,286</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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$4,504,395</font></div></td></tr></table></div></div></div>

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