2016 Q3 Form 10-Q Financial Statement

#000078555716000111 Filed on August 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q3
Revenue $27.10M $25.00M $17.00M
YoY Change 59.41% 48.81% 8.97%
Cost Of Revenue $20.90M $19.53M $13.60M
YoY Change 53.68% 42.13% 3.03%
Gross Profit $6.229M $5.456M $3.387M
YoY Change 83.91% 79.59% 44.74%
Gross Profit Margin 22.99% 21.82% 19.92%
Selling, General & Admin $4.100M $3.400M $2.400M
YoY Change 70.83% 47.83% 14.29%
% of Gross Profit 65.82% 62.32% 70.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $730.0K $414.0K $10.00K
YoY Change 7200.0% 8180.0% -66.67%
% of Gross Profit 11.72% 7.59% 0.3%
Operating Expenses $4.900M $3.800M $2.400M
YoY Change 104.17% 65.22% 9.09%
Operating Profit $1.325M $1.668M $958.0K
YoY Change 38.31% 118.61% 367.32%
Interest Expense $206.0K
YoY Change 795.65%
% of Operating Profit 12.35%
Other Income/Expense, Net -$542.0K -$374.0K $1.466M
YoY Change -136.97% 1000.0% -5529.63%
Pretax Income $783.0K $1.294M $2.424M
YoY Change -67.7% 77.5% 1261.8%
Income Tax -$1.604M $518.0K -$5.814M
% Of Pretax Income -204.85% 40.03% -239.85%
Net Earnings $2.387M $776.0K $8.238M
YoY Change -71.02% 77.57% 72.52%
Net Earnings / Revenue 8.81% 3.1% 48.46%
Basic Earnings Per Share $0.23 $0.08 $0.86
Diluted Earnings Per Share $0.20 $0.07 $0.82
COMMON SHARES
Basic Shares Outstanding 10.41M shares 10.15M shares 9.551M shares
Diluted Shares Outstanding 11.31M shares

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $2.800M $5.600M
YoY Change -39.29% -40.43% 43.59%
Cash & Equivalents $4.930M $2.820M $5.558M
Short-Term Investments
Other Short-Term Assets $542.0K $1.299M $429.0K
YoY Change 26.34% 210.77% -15.88%
Inventory
Prepaid Expenses
Receivables $6.637M $7.276M $3.286M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.61M $12.38M $10.26M
YoY Change 3.42% 48.78% -39.23%
LONG-TERM ASSETS
Property, Plant & Equipment $644.0K $691.0K $336.0K
YoY Change 91.67% 269.52% 433.33%
Goodwill $34.75M $43.01M $35.00M
YoY Change -0.73% 400.4% 307.21%
Intangibles $42.30M
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.50M $9.000M $9.400M
YoY Change 22.34% 114.29% 108.89%
Total Long-Term Assets $54.47M $52.73M $18.37M
YoY Change 196.52% 305.26% 39.18%
TOTAL ASSETS
Total Short-Term Assets $10.61M $12.38M $10.26M
Total Long-Term Assets $54.47M $52.73M $18.37M
Total Assets $65.07M $65.11M $28.62M
YoY Change 127.34% 205.24% -4.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.324M $2.983M $87.00K
YoY Change 4870.11% 2230.47% -88.83%
Accrued Expenses $3.600M $3.800M $2.800M
YoY Change 28.57% 80.95% -75.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.600M $4.400M
YoY Change
Total Short-Term Liabilities $14.52M $16.02M $5.646M
YoY Change 157.1% 137.28% -65.17%
LONG-TERM LIABILITIES
Long-Term Debt $18.70M $22.18M $0.00
YoY Change
Other Long-Term Liabilities $18.78M $150.0K $109.0K
YoY Change 17131.19% 1400.0% 626.67%
Total Long-Term Liabilities $18.78M $22.33M $109.0K
YoY Change 17131.19% 223180.0% 626.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.52M $16.02M $5.646M
Total Long-Term Liabilities $18.78M $22.33M $109.0K
Total Liabilities $33.30M $38.35M $5.755M
YoY Change 478.59% 467.18% -64.53%
SHAREHOLDERS EQUITY
Retained Earnings -$50.13M -$52.52M -$53.52M
YoY Change -6.32% -14.96% -14.02%
Common Stock $81.91M $79.28M $76.39M
YoY Change 7.23% 3.87% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 2.000K shares
Shareholders Equity $31.78M $26.76M $22.87M
YoY Change
Total Liabilities & Shareholders Equity $65.07M $65.11M $28.62M
YoY Change 127.34% 205.24% -4.82%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q3
OPERATING ACTIVITIES
Net Income $2.387M $776.0K $8.238M
YoY Change -71.02% 77.57% 72.52%
Depreciation, Depletion And Amortization $730.0K $414.0K $10.00K
YoY Change 7200.0% 8180.0% -66.67%
Cash From Operating Activities $2.660M $1.920M $800.0K
YoY Change 232.5% 225.42% 515.38%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$420.0K $30.00K
YoY Change -233.33% 500.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K -$32.27M
YoY Change
Cash From Investing Activities -$10.00K -$32.69M $30.00K
YoY Change -133.33% 46600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.040M 26.66M -10.00K
YoY Change 20300.0% -83.33%
NET CHANGE
Cash From Operating Activities 2.660M 1.920M 800.0K
Cash From Investing Activities -10.00K -32.69M 30.00K
Cash From Financing Activities -2.040M 26.66M -10.00K
Net Change In Cash 610.0K -4.110M 820.0K
YoY Change -25.61% -890.38% 1071.43%
FREE CASH FLOW
Cash From Operating Activities $2.660M $1.920M $800.0K
Capital Expenditures -$40.00K -$420.0K $30.00K
Free Cash Flow $2.700M $2.340M $770.0K
YoY Change 250.65% 254.55% 492.31%

Facts In Submission

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CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1157000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1043000 shares
CY2015Q2 us-gaap Interest Expense
InterestExpense
23000 USD
us-gaap Interest Expense
InterestExpense
72000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
206000 USD
us-gaap Interest Expense
InterestExpense
206000 USD
us-gaap Interest Paid
InterestPaid
27000 USD
us-gaap Interest Paid
InterestPaid
105000 USD
CY2015Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
63000 USD
CY2016Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
66000 USD
CY2015Q3 us-gaap Liabilities
Liabilities
5755000 USD
CY2016Q2 us-gaap Liabilities
Liabilities
38347000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
28624000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
65110000 USD
CY2015Q3 us-gaap Liabilities Current
LiabilitiesCurrent
5646000 USD
CY2016Q2 us-gaap Liabilities Current
LiabilitiesCurrent
16019000 USD
CY2016Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
6000000 USD
CY2015Q3 us-gaap Loans Payable Current
LoansPayableCurrent
0 USD
CY2016Q2 us-gaap Loans Payable Current
LoansPayableCurrent
4363000 USD
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
0 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
22178000 USD
CY2015Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
CY2016Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
22178000 USD
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
629000 USD
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-183000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26610000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32728000 USD
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2616000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-374000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1076000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
763000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1182000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3380000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-723000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
70000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1538000 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
694000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1668000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2739000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1333000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
620000 USD
CY2015Q3 us-gaap Other Assets
OtherAssets
113000 USD
CY2016Q2 us-gaap Other Assets
OtherAssets
161000 USD
CY2015Q3 us-gaap Other Assets Current
OtherAssetsCurrent
429000 USD
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1299000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
109000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
150000 USD
CY2015Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
11000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
651000 USD
CY2016Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
25000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
25000 USD
CY2015Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
273000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
32266000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
169000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
462000 USD
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.1
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.1
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2500000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
0 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
25500000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
437000 USD
us-gaap Profit Loss
ProfitLoss
489000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
776000 USD
us-gaap Profit Loss
ProfitLoss
997000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
719000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1156000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
336000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
691000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-53516000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52519000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
384000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
110000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3649000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8365000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2336000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2324000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2214000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.40
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.40
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
968000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1680000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.40
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1368000 shares
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
534000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M22D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4D
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
418000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
22869000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
26763000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9956000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9990000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11311000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10855000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9552000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9580000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10154000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9812000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include valuation of goodwill, valuation allowances established against accounts receivable and deferred tax assets,&#160;and measurement of loss development on workers&#8217; compensation claims. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current and expected future outcomes, third-party evaluations and various other assumptions that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. We revise material accounting estimates if changes occur, such as more experience is acquired, additional information is obtained, or there is new information on which an estimate was or can be based. Actual results could differ from those estimates. In particular, a material reduction in the fair value of goodwill could have a material adverse effect on the Company&#8217;s financial position and results of operations. We account for the effect of a change in accounting estimate during the period in which the change occurs. </font></div></div>

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0000785557-16-000111-xbrl.zip Edgar Link pending
dlhc-20160630.xml Edgar Link completed
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