2015 Q1 Form 10-Q Financial Statement

#000088612815000006 Filed on March 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $41.67M $44.43M
YoY Change -6.22% 22.21%
Cost Of Revenue $37.66M $42.24M
YoY Change -10.84% 9.22%
Gross Profit $4.014M $2.199M
YoY Change 82.54% -195.15%
Gross Profit Margin 9.63% 4.95%
Selling, General & Admin $5.640M $4.854M
YoY Change 16.19% -10.64%
% of Gross Profit 140.51% 220.74%
Research & Development $3.504M $4.915M
YoY Change -28.71% 47.73%
% of Gross Profit 87.29% 223.51%
Depreciation & Amortization $963.0K $1.068M
YoY Change -9.83% 5.53%
% of Gross Profit 23.99% 48.57%
Operating Expenses $9.144M $9.769M
YoY Change -6.4% 11.53%
Operating Profit -$5.130M -$7.570M
YoY Change -32.23% -31.62%
Interest Expense $664.0K $1.361M
YoY Change -51.21% 140.46%
% of Operating Profit
Other Income/Expense, Net $1.680M -$1.774M
YoY Change -194.7% 529.08%
Pretax Income -$4.114M -$10.71M
YoY Change -61.57% -9.83%
Income Tax $40.00K $110.0K
% Of Pretax Income
Net Earnings -$4.066M -$10.60M
YoY Change -61.66% -9.22%
Net Earnings / Revenue -9.76% -23.86%
Basic Earnings Per Share -$0.20 -$0.06
Diluted Earnings Per Share -$0.20 -$0.06
COMMON SHARES
Basic Shares Outstanding 23.80M shares 200.6M shares
Diluted Shares Outstanding 23.80M shares 200.6M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.70M $78.50M
YoY Change 7.9% -9.04%
Cash & Equivalents $84.66M $78.47M
Short-Term Investments
Other Short-Term Assets $9.880M $6.871M
YoY Change 43.79% -1.07%
Inventory $56.62M $51.85M
Prepaid Expenses
Receivables $60.63M $33.83M
Other Receivables $600.0K $600.0K
Total Short-Term Assets $223.1M $177.2M
YoY Change 25.91% 10.51%
LONG-TERM ASSETS
Property, Plant & Equipment $26.59M $23.95M
YoY Change 11.03% 11.11%
Goodwill $4.075M $4.075M
YoY Change 0.0% -4.0%
Intangibles $9.592M $9.592M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $3.634M $5.944M
YoY Change -38.86% -57.18%
Total Long-Term Assets $65.53M $63.51M
YoY Change 3.19% 28.9%
TOTAL ASSETS
Total Short-Term Assets $223.1M $177.2M
Total Long-Term Assets $65.53M $63.51M
Total Assets $288.7M $240.7M
YoY Change 19.91% 14.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.50M $18.40M
YoY Change 22.31% 148.17%
Accrued Expenses $11.78M $10.60M
YoY Change 11.13% -49.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $6.914M
YoY Change -66.73% 9.75%
Total Short-Term Liabilities $79.47M $84.50M
YoY Change -5.95% -16.45%
LONG-TERM LIABILITIES
Long-Term Debt $25.10M $30.52M
YoY Change -17.76% 48.16%
Other Long-Term Liabilities $13.27M $37.17M
YoY Change -64.29% 66.7%
Total Long-Term Liabilities $13.27M $67.69M
YoY Change -80.39% 57.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.47M $84.50M
Total Long-Term Liabilities $13.27M $67.69M
Total Liabilities $126.8M $154.5M
YoY Change -17.95% 7.24%
SHAREHOLDERS EQUITY
Retained Earnings -$813.4M -$781.8M
YoY Change 4.04% 4.45%
Common Stock $917.5M $809.0M
YoY Change 13.4% 7.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.00K $53.00K
YoY Change 5.66% 0.0%
Treasury Stock Shares 41.36K shares 5.679K shares
Shareholders Equity $103.6M $27.33M
YoY Change
Total Liabilities & Shareholders Equity $288.7M $240.7M
YoY Change 19.91% 14.83%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$4.066M -$10.60M
YoY Change -61.66% -9.22%
Depreciation, Depletion And Amortization $963.0K $1.068M
YoY Change -9.83% 5.53%
Cash From Operating Activities -$2.271M -$5.074M
YoY Change -55.24% -116.42%
INVESTING ACTIVITIES
Capital Expenditures -$1.620M -$790.0K
YoY Change 105.06% -43.57%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.616M -$790.0K
YoY Change 104.56% -24.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.488M $33.76M
YoY Change -74.85%
Debt Paid & Issued, Net $121.0K $95.00K
YoY Change 27.37% 50.79%
Cash From Financing Activities $5.129M $16.66M
YoY Change -69.21% -369.69%
NET CHANGE
Cash From Operating Activities -$2.271M -$5.074M
Cash From Investing Activities -$1.616M -$790.0K
Cash From Financing Activities $5.129M $16.66M
Net Change In Cash $1.242M $10.79M
YoY Change -88.49% -54.43%
FREE CASH FLOW
Cash From Operating Activities -$2.271M -$5.074M
Capital Expenditures -$1.620M -$790.0K
Free Cash Flow -$651.0K -$4.284M
YoY Change -84.8% -113.26%

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300000 USD
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500000 USD
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4381000 USD
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0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; This topic provides for five principles which should be followed to determine the appropriate amount and timing of revenue recognition for the transfer of goods and services to customers. The principles in this ASU should be applied to all contracts with customers regardless of industry. The amendments in this ASU are effective for fiscal years, and interim periods within those years beginning after December 15, 2016, with two transition methods of adoption allowed. Early adoption for reporting periods prior to December 15, 2016 is not permitted. We are evaluating the financial statement impacts of the guidance in this ASU and determining which transition method we will utilize.</font></div></div>

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