2017 Q1 Form 10-Q Financial Statement

#000088612817000012 Filed on March 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $17.00M $24.47M $33.48M
YoY Change -49.22% -52.43% -19.65%
Cost Of Revenue $15.19M $24.94M $33.65M
YoY Change -54.86% -48.38% -10.64%
Gross Profit $1.813M -$468.0K -$166.0K
YoY Change -1192.17% -114.89% -104.14%
Gross Profit Margin 10.66% -1.91% -0.5%
Selling, General & Admin $6.004M $6.210M $6.040M
YoY Change -0.6% -0.16% 7.09%
% of Gross Profit 331.16%
Research & Development $5.392M $5.130M $5.311M
YoY Change 1.53% 7.1% 51.57%
% of Gross Profit 297.41%
Depreciation & Amortization $2.057M $1.370M $1.151M
YoY Change 78.71% 24.55% 19.52%
% of Gross Profit 113.46%
Operating Expenses $12.74M $11.34M $11.35M
YoY Change 12.25% 3.0% 24.14%
Operating Profit -$10.93M -$11.81M -$11.52M
YoY Change -5.11% 50.08% 124.5%
Interest Expense $2.267M -$1.760M $845.0K
YoY Change 168.28% 128.57% 27.26%
% of Operating Profit
Other Income/Expense, Net -$409.0K $730.0K $688.0K
YoY Change -159.45% -505.56% -59.05%
Pretax Income -$13.60M -$12.83M -$11.67M
YoY Change 16.53% 45.63% 183.76%
Income Tax $81.00K $120.0K $105.0K
% Of Pretax Income
Net Earnings -$13.69M -$12.95M -$11.71M
YoY Change 16.85% 45.4% 188.05%
Net Earnings / Revenue -80.49% -52.91% -34.98%
Basic Earnings Per Share -$0.39 -$0.48
Diluted Earnings Per Share -$0.39 -$4.676M -$0.48
COMMON SHARES
Basic Shares Outstanding 37.61M shares 26.25M shares
Diluted Shares Outstanding 37.61M 26.25M shares

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.60M $84.20M $76.90M
YoY Change -25.1% 42.95% -9.21%
Cash & Equivalents $57.65M $84.19M $76.94M
Short-Term Investments
Other Short-Term Assets $5.509M $10.18M $7.241M
YoY Change -23.92% 46.4% -26.71%
Inventory $82.27M $73.81M $60.28M
Prepaid Expenses
Receivables $25.62M $24.59M $45.40M
Other Receivables $0.00 $1.000M $600.0K
Total Short-Term Assets $180.5M $202.2M $205.2M
YoY Change -12.03% -0.83% -8.05%
LONG-TERM ASSETS
Property, Plant & Equipment $39.32M $36.64M $29.11M
YoY Change 35.06% 26.34% 9.48%
Goodwill $4.075M $4.075M $4.075M
YoY Change 0.0% 0.0% 0.0%
Intangibles $9.592M $9.592M $9.592M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $10.02M $16.42M $2.716M
YoY Change 268.92% 422.44% -25.26%
Total Long-Term Assets $147.7M $138.5M $89.46M
YoY Change 65.16% 88.9% 36.51%
TOTAL ASSETS
Total Short-Term Assets $180.5M $202.2M $205.2M
Total Long-Term Assets $147.7M $138.5M $89.46M
Total Assets $328.2M $340.7M $294.6M
YoY Change 11.41% 22.9% 2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.508M $18.48M $14.60M
YoY Change -34.89% 17.34% -35.1%
Accrued Expenses $18.39M $20.90M $28.99M
YoY Change -36.56% 9.0% 146.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.428M $5.010M $1.957M
YoY Change 381.76% -31.91% -14.91%
Total Short-Term Liabilities $46.25M $52.00M $74.85M
YoY Change -38.21% -30.57% -5.82%
LONG-TERM LIABILITIES
Long-Term Debt $78.62M $76.76M $41.10M
YoY Change 91.29% 758.13% 63.75%
Other Long-Term Liabilities $82.77M $80.86M $29.64M
YoY Change 179.26% 522.06% 123.31%
Total Long-Term Liabilities $161.4M $157.6M $29.64M
YoY Change 444.51% 618.29% 123.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.25M $52.00M $74.85M
Total Long-Term Liabilities $161.4M $157.6M $29.64M
Total Liabilities $162.7M $166.5M $138.6M
YoY Change 17.41% 35.77% 9.28%
SHAREHOLDERS EQUITY
Retained Earnings -$903.3M -$889.6M -$850.4M
YoY Change 6.22% 6.08% 4.55%
Common Stock $1.010B $1.005B $947.9M
YoY Change 6.51% 7.5% 3.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $179.0K $179.0K -$78.00K
YoY Change -329.49% 129.49% -239.29%
Treasury Stock Shares 21.53K shares $21.53K 5.845K shares
Shareholders Equity $105.7M $114.4M $96.82M
YoY Change
Total Liabilities & Shareholders Equity $328.2M $340.7M $294.6M
YoY Change 11.41% 22.9% 2.07%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$13.69M -$12.95M -$11.71M
YoY Change 16.85% 45.4% 188.05%
Depreciation, Depletion And Amortization $2.057M $1.370M $1.151M
YoY Change 78.71% 24.55% 19.52%
Cash From Operating Activities -$24.85M -$90.00K $8.596M
YoY Change -389.05% -98.98% -478.51%
INVESTING ACTIVITIES
Capital Expenditures -$9.430M -$30.98M -$3.360M
YoY Change 180.65% 902.59% 107.41%
Acquisitions
YoY Change
Other Investing Activities $630.0K
YoY Change
Cash From Investing Activities -$8.797M -$30.98M -$3.358M
YoY Change 161.97% 902.59% 107.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.977M $13.31M
YoY Change -62.6% 56.76%
Debt Paid & Issued, Net $5.071M $8.916M
YoY Change -43.12% 7268.6%
Cash From Financing Activities $16.69M 20.58M $23.46M
YoY Change -28.84% 208.08% 357.38%
NET CHANGE
Cash From Operating Activities -$24.85M -90.00K $8.596M
Cash From Investing Activities -$8.797M -30.98M -$3.358M
Cash From Financing Activities $16.69M 20.58M $23.46M
Net Change In Cash -17.02M -10.49M $28.48M
YoY Change -159.76% 101.73% 2193.0%
FREE CASH FLOW
Cash From Operating Activities -$24.85M -$90.00K $8.596M
Capital Expenditures -$9.430M -$30.98M -$3.360M
Free Cash Flow -$15.42M $30.89M $11.96M
YoY Change -228.95% -641.93% -1936.56%

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CY2017Q1 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-style:italic;">Recent Accounting Guidance Not Yet Effective</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued 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 (first quarter of fiscal 2020 for the Company). Early adoption is permitted. The Company has both operating and capital leases (Refer to Note 17. Commitments and Contingences) as well as sale-leasebacks accounted for under the finance method and may have other arrangements that contain embedded leases as characterized in this ASU. We expect this will result in the recognition of right-of-use assets and lease liabilities not currently recorded on our consolidated financial statements under existing accounting guidance, however we are still evaluating all of the Company&#8217;s contractual arrangements and the impact that adoption of ASU 2016-02 will have on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 to fiscal year, and interim periods within those fiscal years beginning after December 15, 2017 (first quarter of fiscal 2019 for the Company), but allow adoption as of the original adoption date. The Company has numerous different revenue sources including the sale and installation of fuel cell power plants, site engineering and construction services, sale of modules and spare parts, extended warranty service agreements, sale of electricity under power purchase agreements, license fees and royalty income from manufacturing and technology transfer agreements and customer-sponsored advanced technology projects. This requires application of various revenue recognition methods under current accounting guidance. Although we anticipate that upon adoption of this new ASU the timing of revenue recognition for certain of our revenue sources might change, we are still evaluating the financial statement impacts of the guidance in this ASU and determining which transition method we will utilize. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606)." This topic provides narrow-scope improvements and practical expedients regarding collectability, presentation of sales tax collected from customers, non-cash consideration, contract modifications at transition, completed contracts at transition and other technical corrections. We have initiated a review of the contracts for our significant revenue streams to understand the impact of the adoption of this ASU.</font></div></div>

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