$DMRC
Digimarc CORP

2016 Q1 Form 10-Q Financial Statement

#000119312516562590 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $5.580M $5.989M
YoY Change -6.83% -16.88%
Cost Of Revenue $2.190M $2.416M
YoY Change -9.35% 12.58%
Gross Profit $3.390M $3.573M
YoY Change -5.12% -29.37%
Gross Profit Margin 60.75% 59.66%
Selling, General & Admin $5.125M $4.296M
YoY Change 19.3% -0.09%
% of Gross Profit 151.18% 120.24%
Research & Development $3.305M $3.084M
YoY Change 7.17% -13.03%
% of Gross Profit 97.49% 86.31%
Depreciation & Amortization $630.0K $610.0K
YoY Change 3.28% 12.96%
% of Gross Profit 18.58% 17.07%
Operating Expenses $8.864M $7.747M
YoY Change 14.42% -7.55%
Operating Profit -$5.474M -$4.174M
YoY Change 31.15% 25.69%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $50.00K $20.00K
YoY Change 150.0% -33.33%
Pretax Income -$5.428M -$4.151M
YoY Change 30.76% 26.02%
Income Tax $7.000K -$1.000K
% Of Pretax Income
Net Earnings -$5.435M -$4.150M
YoY Change 30.96% 108.96%
Net Earnings / Revenue -97.4% -69.29%
Basic Earnings Per Share -$0.64 -$0.52
Diluted Earnings Per Share -$0.64 -$0.52
COMMON SHARES
Basic Shares Outstanding 8.533M 7.960M shares
Diluted Shares Outstanding 8.533M 7.960M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.85M $37.10M
YoY Change -8.76% 18.99%
Cash & Equivalents $8.066M $5.064M
Short-Term Investments $25.78M $32.03M
Other Short-Term Assets $1.396M $2.518M
YoY Change -44.56% 6.33%
Inventory
Prepaid Expenses
Receivables $2.296M $3.620M
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.54M $43.23M
YoY Change -13.16% 15.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.987M $2.895M
YoY Change 3.18% 24.46%
Goodwill $1.114M $1.114M
YoY Change 0.0% 0.0%
Intangibles $6.563M $6.692M
YoY Change -1.93% -0.71%
Long-Term Investments $2.050M $0.00
YoY Change -100.0%
Other Assets $314.0K $337.0K
YoY Change -6.82% -30.66%
Total Long-Term Assets $13.02M $11.04M
YoY Change 17.99% -32.25%
TOTAL ASSETS
Total Short-Term Assets $37.54M $43.23M
Total Long-Term Assets $13.02M $11.04M
Total Assets $50.57M $54.27M
YoY Change -6.83% 0.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $780.0K $1.470M
YoY Change -46.94% 10.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.384M $4.457M
YoY Change -24.07% 11.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $220.0K $160.0K
YoY Change 37.5% -68.63%
Total Long-Term Liabilities $219.0K $158.0K
YoY Change 38.61% -68.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.384M $4.457M
Total Long-Term Liabilities $219.0K $158.0K
Total Liabilities $3.603M $4.615M
YoY Change -21.93% 2.1%
SHAREHOLDERS EQUITY
Retained Earnings -$31.48M -$12.26M
YoY Change 156.81% -286.89%
Common Stock $9.000K $9.000K
YoY Change 0.0% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.96M $49.66M
YoY Change
Total Liabilities & Shareholders Equity $50.57M $54.27M
YoY Change -6.83% 0.74%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.435M -$4.150M
YoY Change 30.96% 108.96%
Depreciation, Depletion And Amortization $630.0K $610.0K
YoY Change 3.28% 12.96%
Cash From Operating Activities -$2.210M -$2.040M
YoY Change 8.33% 47.83%
INVESTING ACTIVITIES
Capital Expenditures $490.0K $125.0K
YoY Change 292.0% 6.84%
Acquisitions
YoY Change
Other Investing Activities $8.200M $920.0K
YoY Change 791.3% -52.33%
Cash From Investing Activities $7.490M $600.0K
YoY Change 1148.33% -60.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $520.0K $496.0K
YoY Change 4.84% 259.42%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -380.0K 380.0K
YoY Change -200.0% -142.7%
NET CHANGE
Cash From Operating Activities -2.210M -2.040M
Cash From Investing Activities 7.490M 600.0K
Cash From Financing Activities -380.0K 380.0K
Net Change In Cash 4.900M -1.060M
YoY Change -562.26% 40.21%
FREE CASH FLOW
Cash From Operating Activities -$2.210M -$2.040M
Capital Expenditures $490.0K $125.0K
Free Cash Flow -$2.700M -$2.165M
YoY Change 24.71% 44.62%

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UndistributedEarningsReallocatedToParticipatingSecurities
0
CY2015Q1 dmrc Property And Equipment And Patent Costs Included In Accounts Payable
PropertyAndEquipmentAndPatentCostsIncludedInAccountsPayable
140000
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2208000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
207000 shares
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
90 days or less
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
Digimarc CORP
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8533000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Certain prior period amounts in the accompanying consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no material effect on the results of operations or financial position for any period presented.</p> </div>
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.64
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8533000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000 shares
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2016Q1 dei Trading Symbol
TradingSymbol
DMRC
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
490000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
6081000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-5435000
CY2016Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
145000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5435000
CY2016Q1 us-gaap Subscription Revenue
SubscriptionRevenue
1463000
CY2016Q1 us-gaap Revenues
Revenues
5580000
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1315000
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2016Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
217000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
520000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3250000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5474000
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-91000
CY2016Q1 us-gaap Licenses Revenue
LicensesRevenue
867000
CY2016Q1 us-gaap Gross Profit
GrossProfit
3390000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2320000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5428000
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
46000
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5435000
CY2016Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-5435000
CY2016Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-24000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000
CY2016Q1 us-gaap License Costs
LicenseCosts
96000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1283000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1315000
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0
CY2016Q1 us-gaap Distributed Earnings
DistributedEarnings
0
CY2016Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-457000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2955000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4906000
CY2016Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2262000
CY2016Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-663000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
290000
CY2016Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
32000
CY2016Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
339000
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14277000
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
CY2016Q1 us-gaap Cost Of Goods Sold Subscription
CostOfGoodsSoldSubscription
662000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
8864000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
7489000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-375000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3305000
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2016Q1 us-gaap Cost Of Services
CostOfServices
1432000
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
145000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1283000
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
520000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2170000
CY2016Q1 us-gaap Cost Of Revenue
CostOfRevenue
2190000
CY2016Q1 dmrc Period Of Revenue From Services
PeriodOfRevenueFromServices
P1M
CY2016Q1 dmrc License Revenue Recognized Normal Payment Terms Minimum
LicenseRevenueRecognizedNormalPaymentTermsMinimum
P30D
CY2016Q1 dmrc License Revenue Recognized Normal Payment Terms Maximum
LicenseRevenueRecognizedNormalPaymentTermsMaximum
P60D
CY2016Q1 dmrc Undistributed Earnings Loss Allocated To Common Shareholders
UndistributedEarningsLossAllocatedToCommonShareholders
-5435000
CY2016Q1 dmrc Subscription Revenue Term Maximum
SubscriptionRevenueTermMaximum
P3Y
CY2016Q1 dmrc Intellectual Property Expense
IntellectualPropertyExpense
434000
CY2016Q1 dmrc Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
6.30
CY2016Q1 dmrc Undistributed Earnings Reallocated To Participating Securities
UndistributedEarningsReallocatedToParticipatingSecurities
0
CY2016Q1 dmrc Subscription Revenue Term Minimum
SubscriptionRevenueTermMinimum
P1Y
CY2016Q1 dmrc Property And Equipment And Patent Costs Included In Accounts Payable
PropertyAndEquipmentAndPatentCostsIncludedInAccountsPayable
30000

Files In Submission

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