2016 Q1 Form 10-Q Financial Statement

#000088612816000039 Filed on March 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $33.48M $41.67M
YoY Change -19.65% -6.22%
Cost Of Revenue $33.65M $37.66M
YoY Change -10.64% -10.84%
Gross Profit -$166.0K $4.014M
YoY Change -104.14% 82.54%
Gross Profit Margin -0.5% 9.63%
Selling, General & Admin $6.040M $5.640M
YoY Change 7.09% 16.19%
% of Gross Profit 140.51%
Research & Development $5.311M $3.504M
YoY Change 51.57% -28.71%
% of Gross Profit 87.29%
Depreciation & Amortization $1.151M $963.0K
YoY Change 19.52% -9.83%
% of Gross Profit 23.99%
Operating Expenses $11.35M $9.144M
YoY Change 24.14% -6.4%
Operating Profit -$11.52M -$5.130M
YoY Change 124.5% -32.23%
Interest Expense $845.0K $664.0K
YoY Change 27.26% -51.21%
% of Operating Profit
Other Income/Expense, Net $688.0K $1.680M
YoY Change -59.05% -194.7%
Pretax Income -$11.67M -$4.114M
YoY Change 183.76% -61.57%
Income Tax $105.0K $40.00K
% Of Pretax Income
Net Earnings -$11.71M -$4.066M
YoY Change 188.05% -61.66%
Net Earnings / Revenue -34.98% -9.76%
Basic Earnings Per Share -$0.48 -$0.20
Diluted Earnings Per Share -$0.48 -$0.20
COMMON SHARES
Basic Shares Outstanding 26.25M shares 23.80M shares
Diluted Shares Outstanding 26.25M shares 23.80M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.90M $84.70M
YoY Change -9.21% 7.9%
Cash & Equivalents $76.94M $84.66M
Short-Term Investments
Other Short-Term Assets $7.241M $9.880M
YoY Change -26.71% 43.79%
Inventory $60.28M $56.62M
Prepaid Expenses
Receivables $45.40M $60.63M
Other Receivables $600.0K $600.0K
Total Short-Term Assets $205.2M $223.1M
YoY Change -8.05% 25.91%
LONG-TERM ASSETS
Property, Plant & Equipment $29.11M $26.59M
YoY Change 9.48% 11.03%
Goodwill $4.075M $4.075M
YoY Change 0.0% 0.0%
Intangibles $9.592M $9.592M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $2.716M $3.634M
YoY Change -25.26% -38.86%
Total Long-Term Assets $89.46M $65.53M
YoY Change 36.51% 3.19%
TOTAL ASSETS
Total Short-Term Assets $205.2M $223.1M
Total Long-Term Assets $89.46M $65.53M
Total Assets $294.6M $288.7M
YoY Change 2.07% 19.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.60M $22.50M
YoY Change -35.1% 22.31%
Accrued Expenses $28.99M $11.78M
YoY Change 146.09% 11.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.957M $2.300M
YoY Change -14.91% -66.73%
Total Short-Term Liabilities $74.85M $79.47M
YoY Change -5.82% -5.95%
LONG-TERM LIABILITIES
Long-Term Debt $41.10M $25.10M
YoY Change 63.75% -17.76%
Other Long-Term Liabilities $29.64M $13.27M
YoY Change 123.31% -64.29%
Total Long-Term Liabilities $29.64M $13.27M
YoY Change 123.31% -80.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.85M $79.47M
Total Long-Term Liabilities $29.64M $13.27M
Total Liabilities $138.6M $126.8M
YoY Change 9.28% -17.95%
SHAREHOLDERS EQUITY
Retained Earnings -$850.4M -$813.4M
YoY Change 4.55% 4.04%
Common Stock $947.9M $917.5M
YoY Change 3.32% 13.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) -$78.00K $56.00K
YoY Change -239.29% 5.66%
Treasury Stock Shares 5.845K shares 41.36K shares
Shareholders Equity $96.82M $103.6M
YoY Change
Total Liabilities & Shareholders Equity $294.6M $288.7M
YoY Change 2.07% 19.91%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$11.71M -$4.066M
YoY Change 188.05% -61.66%
Depreciation, Depletion And Amortization $1.151M $963.0K
YoY Change 19.52% -9.83%
Cash From Operating Activities $8.596M -$2.271M
YoY Change -478.51% -55.24%
INVESTING ACTIVITIES
Capital Expenditures -$3.360M -$1.620M
YoY Change 107.41% 105.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.358M -$1.616M
YoY Change 107.8% 104.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.31M $8.488M
YoY Change 56.76% -74.85%
Debt Paid & Issued, Net $8.916M $121.0K
YoY Change 7268.6% 27.37%
Cash From Financing Activities $23.46M $5.129M
YoY Change 357.38% -69.21%
NET CHANGE
Cash From Operating Activities $8.596M -$2.271M
Cash From Investing Activities -$3.358M -$1.616M
Cash From Financing Activities $23.46M $5.129M
Net Change In Cash $28.48M $1.242M
YoY Change 2193.0% -88.49%
FREE CASH FLOW
Cash From Operating Activities $8.596M -$2.271M
Capital Expenditures -$3.360M -$1.620M
Free Cash Flow $11.96M -$651.0K
YoY Change -1936.56% -84.8%

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CY2016Q1 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 February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, &#8220;Leases&#8221; which, for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The ASU is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company&#8217;s consolidated financial statements. </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 FASB issued 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, 2017, 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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