2021 Q1 Form 10-Q Financial Statement

#000143774921011859 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $13.97M $12.36M
YoY Change 13.06% 15.35%
Cost Of Revenue $870.0K $1.350M
YoY Change -35.56% -5.59%
Gross Profit $13.10M $11.01M
YoY Change 18.98% 18.64%
Gross Profit Margin 93.77% 89.11%
Selling, General & Admin $11.68M $11.98M
YoY Change -2.5% -10.56%
% of Gross Profit 89.16% 108.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.0K $130.0K
YoY Change -15.38% -13.33%
% of Gross Profit 0.84% 1.18%
Operating Expenses $12.67M $13.45M
YoY Change -5.86% 0.53%
Operating Profit $1.305M -$1.098M
YoY Change -218.85% -58.89%
Interest Expense $13.91M -$76.09M
YoY Change -118.28% -909.47%
% of Operating Profit 1065.9%
Other Income/Expense, Net
YoY Change
Pretax Income $15.21M -$77.19M
YoY Change -119.71% -1246.04%
Income Tax $2.735M -$20.86M
% Of Pretax Income 17.98%
Net Earnings $12.48M -$56.33M
YoY Change -122.15% -1222.48%
Net Earnings / Revenue 89.31% -455.86%
Basic Earnings Per Share $9.04
Diluted Earnings Per Share $9.043M -$40.82M
COMMON SHARES
Basic Shares Outstanding 1.381M 1.381M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.1M $142.7M
YoY Change 110.3% -27.89%
Cash & Equivalents $6.169M $5.822M
Short-Term Investments $293.9M $136.9M
Other Short-Term Assets $2.500M $600.0K
YoY Change 316.67% 50.0%
Inventory $30.00K $40.00K
Prepaid Expenses
Receivables $9.429M $6.347M
Other Receivables $0.00 $500.0K
Total Short-Term Assets $312.1M $150.2M
YoY Change 107.8% -27.09%
LONG-TERM ASSETS
Property, Plant & Equipment $10.26M $10.71M
YoY Change -4.23% -2.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.100M $13.50M
YoY Change -40.0% 3.05%
Total Long-Term Assets $18.58M $24.56M
YoY Change -24.34% -34.49%
TOTAL ASSETS
Total Short-Term Assets $312.1M $150.2M
Total Long-Term Assets $18.58M $24.56M
Total Assets $330.6M $174.7M
YoY Change 89.23% -28.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.684M $3.061M
YoY Change 20.35% -33.03%
Accrued Expenses $5.221M $5.216M
YoY Change 0.1% 20.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $24.85M $25.60M
YoY Change -2.93% -11.61%
LONG-TERM LIABILITIES
Long-Term Debt $33.50M $31.10M
YoY Change 7.72% -0.64%
Other Long-Term Liabilities $2.500M $600.0K
YoY Change 316.67% 200.0%
Total Long-Term Liabilities $92.31M $53.55M
YoY Change 72.37% -21.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.85M $25.60M
Total Long-Term Liabilities $92.31M $53.55M
Total Liabilities $117.2M $79.15M
YoY Change 48.02% -18.45%
SHAREHOLDERS EQUITY
Retained Earnings $211.7M $93.82M
YoY Change 125.68% -35.14%
Common Stock $14.00K $14.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $424.3K $424.3K
Shareholders Equity $213.5M $95.58M
YoY Change
Total Liabilities & Shareholders Equity $330.6M $174.7M
YoY Change 89.23% -28.23%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $12.48M -$56.33M
YoY Change -122.15% -1222.48%
Depreciation, Depletion And Amortization $110.0K $130.0K
YoY Change -15.38% -13.33%
Cash From Operating Activities -$400.0K -$1.450M
YoY Change -72.41% 64.77%
INVESTING ACTIVITIES
Capital Expenditures $29.00K $71.00K
YoY Change -59.15%
Acquisitions
YoY Change
Other Investing Activities -$19.99M
YoY Change
Cash From Investing Activities -$20.02M -$70.00K
YoY Change 28500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.97M -30.00K
YoY Change -56666.67% 0.0%
NET CHANGE
Cash From Operating Activities -400.0K -1.450M
Cash From Investing Activities -20.02M -70.00K
Cash From Financing Activities 16.97M -30.00K
Net Change In Cash -3.450M -1.550M
YoY Change 122.58% 70.33%
FREE CASH FLOW
Cash From Operating Activities -$400.0K -$1.450M
Capital Expenditures $29.00K $71.00K
Free Cash Flow -$429.0K -$1.521M
YoY Change -71.79% 72.84%

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-129000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
85000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-601000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
317000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-242000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1459000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
994000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-226000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1548000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3178000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4578000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
20002000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
39995000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
-0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
168000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-20022000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-168000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
14493000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
-0 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
17000000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
59000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
62000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2448000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-62000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-20752000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4808000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28963000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10630000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8211000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5822000 USD
us-gaap Interest Paid Net
InterestPaidNet
163000 USD
us-gaap Interest Paid Net
InterestPaidNet
390000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-441000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Note <em style="font: inherit;">2</em> - Basis of Presentation</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 22pt;">In the opinion of the Company, the accompanying interim unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of its financial position as of <em style="font: inherit;"> March 31, 2021, </em>its results of operations for the <em style="font: inherit;">three</em>- and <em style="font: inherit;">six</em>-month periods ended <em style="font: inherit;"> March 31, 2021 </em>and <em style="font: inherit;">2020,</em> its consolidated statements of shareholders’ equity for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> March 31, 2021 </em>and <em style="font: inherit;">2020</em> and cash flows for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> March 31, 2021 </em>and <em style="font: inherit;">2020.</em> The results of operations for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> March 31, 2021 </em>are <em style="font: inherit;">not</em> necessarily indicative of the results to be expected for the full year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 22pt;">The consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented <em style="font: inherit;">not</em> misleading. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form <em style="font: inherit;">10</em>-K for the fiscal year ended <em style="font: inherit;"> September 30, 2020.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 22pt;">Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation.</p>
CY2021Q1 djco Office Lease Obligations Beyond One Year
OfficeLeaseObligationsBeyondOneYear
98000 USD
CY2021Q1 djco Marketable Securities Accumulated Unrealized Gain Loss
MarketableSecuritiesAccumulatedUnrealizedGainLoss
213661000 USD
CY2019Q3 djco Marketable Securities Accumulated Unrealized Gain Loss
MarketableSecuritiesAccumulatedUnrealizedGainLoss
137593000 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
76068000 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-57680000 USD
CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-5144000 USD
CY2020Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-77211000 USD
CY2021Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
20002000 USD
CY2021Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
18478000 USD
CY2021Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
39995000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24915000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
96661000 USD
djco Effective Income Tax Rate Reconciliation Before Realized And Unrealized Gains Of Marketable Securities Percent
EffectiveIncomeTaxRateReconciliationBeforeRealizedAndUnrealizedGainsOfMarketableSecuritiesPercent
0.1928 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Income Tax Reconciliation Deductions Dividends
IncomeTaxReconciliationDeductionsDividends
408000 USD
djco Income Tax Reconciliation Unrealized Gains On Marketable Securities
IncomeTaxReconciliationUnrealizedGainsOnMarketableSecurities
19680000 USD
djco Income Tax Reconciliation Realized Gains On Marketable Securities
IncomeTaxReconciliationRealizedGainsOnMarketableSecurities
4804000 USD
us-gaap Income Tax Reconciliation Tax Contingencies State And Local
IncomeTaxReconciliationTaxContingenciesStateAndLocal
23000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258 pure
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
12476000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15580000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-57696000 USD
djco Income Tax Expense Benefit From Cares Act
IncomeTaxExpenseBenefitFromCARESAct
-187000 USD
djco Income Tax Expense Benefit From Unrealized Losses On Investments
IncomeTaxExpenseBenefitFromUnrealizedLossesOnInvestments
-15425000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27 pure
CY2021Q1 us-gaap Loans Payable To Bank
LoansPayableToBank
1650000 USD
us-gaap Operating Expenses
OperatingExpenses
23400000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
990000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
1287000 USD
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
18478000 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
76068000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
128000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
96661000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24915000 USD
us-gaap Net Income Loss
NetIncomeLoss
71746000 USD
CY2021Q1 us-gaap Assets
Assets
330645000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000 USD
us-gaap Operating Expenses
OperatingExpenses
26649000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2616000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
2977000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000 USD
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-57680000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-57696000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15580000 USD
us-gaap Net Income Loss
NetIncomeLoss
-42116000 USD
CY2020Q1 us-gaap Assets
Assets
174735000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
168000 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
12665000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1305000 USD
CY2021Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
649000 USD
CY2021Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
18478000 USD
CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-5144000 USD
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
64000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
15211000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2735000 USD
CY2021Q1 us-gaap Assets
Assets
330645000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000 USD
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
13454000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1098000 USD
CY2020Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
1297000 USD
CY2020Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-77211000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-77186000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-20860000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-56326000 USD
CY2020Q1 us-gaap Assets
Assets
174735000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71000 USD

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