2015 Q2 Form 10-Q Financial Statement

#000088612815000014 Filed on June 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $28.60M $38.27M
YoY Change -25.28% -9.81%
Cost Of Revenue $26.58M $36.66M
YoY Change -27.51% -8.62%
Gross Profit $2.023M $1.611M
YoY Change 25.57% -30.38%
Gross Profit Margin 7.07% 4.21%
Selling, General & Admin $6.261M $5.746M
YoY Change 8.96% 5.7%
% of Gross Profit 309.49% 356.67%
Research & Development $4.555M $4.638M
YoY Change -1.79% 13.82%
% of Gross Profit 225.16% 287.9%
Depreciation & Amortization $980.0K $1.110M
YoY Change -11.71% 5.71%
% of Gross Profit 48.44% 68.9%
Operating Expenses $10.82M $10.38M
YoY Change 4.16% 9.18%
Operating Profit -$8.793M -$8.773M
YoY Change 0.23% 21.9%
Interest Expense $626.0K $891.0K
YoY Change -29.74% 55.23%
% of Operating Profit
Other Income/Expense, Net -$523.0K -$6.307M
YoY Change -91.71% -3663.28%
Pretax Income -$9.942M -$15.97M
YoY Change -37.75% 110.31%
Income Tax $55.00K $68.00K
% Of Pretax Income
Net Earnings -$9.894M -$15.84M
YoY Change -37.55% 115.11%
Net Earnings / Revenue -34.59% -41.39%
Basic Earnings Per Share -$0.44 -$0.07
Diluted Earnings Per Share -$0.44 -$0.07
COMMON SHARES
Basic Shares Outstanding 24.25M shares 243.3M shares
Diluted Shares Outstanding 24.25M shares 243.3M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.00M $64.30M
YoY Change 29.08% 14.82%
Cash & Equivalents $82.99M $64.25M
Short-Term Investments
Other Short-Term Assets $10.54M $8.491M
YoY Change 24.08% 8.47%
Inventory $71.88M $55.71M
Prepaid Expenses
Receivables $43.52M $34.74M
Other Receivables $700.0K $400.0K
Total Short-Term Assets $225.8M $168.1M
YoY Change 34.36% 9.27%
LONG-TERM ASSETS
Property, Plant & Equipment $27.31M $24.17M
YoY Change 13.0% 10.31%
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 $3.547M $2.804M
YoY Change 26.5% -78.38%
Total Long-Term Assets $64.83M $60.88M
YoY Change 6.49% 13.43%
TOTAL ASSETS
Total Short-Term Assets $225.8M $168.1M
Total Long-Term Assets $64.83M $60.88M
Total Assets $290.7M $229.0M
YoY Change 26.95% 10.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.24M $14.61M
YoY Change 38.48% -25.3%
Accrued Expenses $11.76M $12.07M
YoY Change -2.56% -38.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.497M $1.346M
YoY Change 234.1% -130.52%
Total Short-Term Liabilities $83.06M $80.88M
YoY Change 2.69% -22.93%
LONG-TERM LIABILITIES
Long-Term Debt $25.90M $10.31M
YoY Change 151.19% 50.66%
Other Long-Term Liabilities $13.18M $14.50M
YoY Change -9.13% -30.95%
Total Long-Term Liabilities $13.18M $24.81M
YoY Change -46.89% 262.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.06M $80.88M
Total Long-Term Liabilities $13.18M $24.81M
Total Liabilities $130.6M $128.1M
YoY Change 1.93% -14.7%
SHAREHOLDERS EQUITY
Retained Earnings -$823.3M -$797.6M
YoY Change 3.21% 5.52%
Common Stock $924.4M $839.6M
YoY Change 10.1% 11.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.00K $95.00K
YoY Change -41.05% 79.25%
Treasury Stock Shares 41.36K shares 45.55K shares
Shareholders Equity $100.6M $42.16M
YoY Change
Total Liabilities & Shareholders Equity $290.7M $229.0M
YoY Change 26.95% 10.35%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$9.894M -$15.84M
YoY Change -37.55% 115.11%
Depreciation, Depletion And Amortization $980.0K $1.110M
YoY Change -11.71% 5.71%
Cash From Operating Activities -$10.04M -$10.61M
YoY Change -5.37% -28.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.130M
YoY Change 50.44% -1.74%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.700M -$1.130M
YoY Change 50.44% -2.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.11M -2.620M
YoY Change -485.88% -285.82%
NET CHANGE
Cash From Operating Activities -10.04M -10.61M
Cash From Investing Activities -1.700M -1.130M
Cash From Financing Activities 10.11M -2.620M
Net Change In Cash -1.630M -14.36M
YoY Change -88.65% -1.24%
FREE CASH FLOW
Cash From Operating Activities -$10.04M -$10.61M
Capital Expenditures -$1.700M -$1.130M
Free Cash Flow -$8.340M -$9.480M
YoY Change -12.03% -30.5%

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Nonoperating Income Expense
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CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
794000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Warranties Issued
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300000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
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ProfitLoss
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us-gaap Profit Loss
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PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
3390000 USD
us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
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ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
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19600000 USD
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RestrictedCashAndCashEquivalentsNoncurrent
20300000 USD
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RetainedEarningsAccumulatedDeficit
-809314000 USD
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RetainedEarningsAccumulatedDeficit
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CY2014Q2 us-gaap Revenues
Revenues
38274000 USD
us-gaap Revenues
Revenues
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q2 us-gaap Stockholders Equity
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CY2015Q2 us-gaap Selling General And Administrative Expense
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6261000 USD
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SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
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1327000 USD
us-gaap Share Based Compensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Stock Granted During Period Value Sharebased Compensation
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CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27707000 USD
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SalesRevenueGoodsNet
62167000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
20221000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
53639000 USD
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SalesRevenueServicesNet
7177000 USD
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SalesRevenueServicesNet
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SalesRevenueServicesNet
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SellingGeneralAndAdministrativeExpense
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2015Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q4 us-gaap Treasury Stock Value
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TreasuryStockValue
56000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
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UnbilledContractsReceivable
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
243289058 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
221609975 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
291026184 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
288260464 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
243289058 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
221609975 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
291026184 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
288260464 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
243289058 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
221609975 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Interest &#8211; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the balance sheet as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015 and for interim periods therein. Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial position.</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 FASB issued 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. In March 2015, the FASB voted to defer the effective date by one year, but allow early adoption as of the original adoption date. 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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