2017 Q3 Form 10-Q Financial Statement

#000143774917018246 Filed on November 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $12.48M $10.74M $10.68M
YoY Change 16.86% 45.33% 44.53%
Cost Of Revenue $1.320M $910.0K $900.0K
YoY Change 46.67% -7.14% 52.54%
Gross Profit $11.16M $9.830M $9.780M
YoY Change 14.11% 53.12% 43.82%
Gross Profit Margin 89.42% 91.53% 91.58%
Selling, General & Admin $1.140M $1.020M $1.050M
YoY Change 8.57% -31.08% -1.87%
% of Gross Profit 10.22% 10.38% 10.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.795M $1.940M $2.080M
YoY Change 34.38% -80.73% -31.76%
% of Gross Profit 25.04% 19.74% 21.27%
Operating Expenses $3.940M $2.960M $3.130M
YoY Change 25.88% -19.78% -24.03%
Operating Profit $7.220M $6.870M $6.650M
YoY Change 8.57% 151.65% 148.04%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $7.220M $6.870M $6.650M
YoY Change 8.57% 151.65% 148.13%
Income Tax
% Of Pretax Income
Net Earnings $7.224M $6.870M $6.647M
YoY Change 8.68% 151.65% 147.75%
Net Earnings / Revenue 57.88% 63.97% 62.24%
Basic Earnings Per Share
Diluted Earnings Per Share $223.7K $223.9K $216.8K
COMMON SHARES
Basic Shares Outstanding 30.68M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.60M $8.200M $9.500M
YoY Change 22.11% 15.49% 17.28%
Cash & Equivalents $11.56M $8.212M $9.496M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $7.500M $6.600M $5.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.09M $14.79M $14.90M
YoY Change 28.07% 15.71% -2.68%
LONG-TERM ASSETS
Property, Plant & Equipment $69.20M $52.40M $54.40M
YoY Change 27.21% -13.96% -13.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.00K $19.00K $33.00K
YoY Change -6.06% 0.0%
Total Long-Term Assets $69.22M $52.42M $54.39M
YoY Change 27.26% -13.99% -13.86%
TOTAL ASSETS
Total Short-Term Assets $19.09M $14.79M $14.90M
Total Long-Term Assets $69.22M $52.42M $54.39M
Total Assets $88.31M $67.21M $69.30M
YoY Change 27.43% -8.84% -11.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $300.0K $1.200M
YoY Change 50.0% -40.0% -29.41%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.789M $275.0K $1.232M
YoY Change 45.21% -48.6% -30.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $0.00 $0.00
YoY Change
Total Long-Term Liabilities $500.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.789M $275.0K $1.232M
Total Long-Term Liabilities $500.0K $0.00 $0.00
Total Liabilities $2.251M $275.0K $1.232M
YoY Change 82.71% -50.72% -32.27%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.10M $66.90M $68.10M
YoY Change
Total Liabilities & Shareholders Equity $88.31M $67.21M $69.30M
YoY Change 27.43% -8.84% -11.68%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $7.224M $6.870M $6.647M
YoY Change 8.68% 151.65% 147.75%
Depreciation, Depletion And Amortization $2.795M $1.940M $2.080M
YoY Change 34.38% -80.73% -31.76%
Cash From Operating Activities $9.990M $6.720M $8.140M
YoY Change 22.73% 28.98% 26.99%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$170.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$240.0K $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.79M -8.000M -8.170M
YoY Change 32.07% 29.03% 53.28%
NET CHANGE
Cash From Operating Activities 9.990M 6.720M 8.140M
Cash From Investing Activities -240.0K 0.000 0.000
Cash From Financing Activities -10.79M -8.000M -8.170M
Net Change In Cash -1.040M -1.280M -30.00K
YoY Change 3366.67% 29.29% -102.73%
FREE CASH FLOW
Cash From Operating Activities $9.990M $6.720M $8.140M
Capital Expenditures -$70.00K
Free Cash Flow $10.06M
YoY Change

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>&nbsp; &nbsp; &nbsp; &nbsp;</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">New Accounting Pronouncements:</div></div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Revenue from Contracts with Customers (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div>), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The guidance requires entities to recognize revenue using the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue as the entity satisfies each performance obligation. Adoption of this standard could result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. The company plans to adopt this standard using the modified retrospective method upon its effective date. The guidance is effective for annual and interim reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017.</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 18pt;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Our Partnership&#x2019;s revenues are substantially attributable to oil and gas sales. Based on substantial completion of review of our contracts, we believe the timing and presentation of revenues under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> will be materially consistent with our current revenue recognition policy as described above. The Partnership will continue to monitor specific developments for our industry as it relates to ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09.</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 18pt;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> which requires lessees to record most leases on the balance sheet. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The guidance is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal years. The Company has lease commitments of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3</div> million that we believe would be subject to capitalization under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02.</div> The lease obligations that will be in place upon adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be significantly different than our current obligations. Accordingly, at this time we cannot estimate the amount that will be capitalized when this standard is adopted.</div></div></div>
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Files In Submission

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