2018 Q3 Form 10-Q Financial Statement

#000089148218000036 Filed on August 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $44.03M $41.23M $40.12M
YoY Change 0.69% 2.76% 16.09%
Cost Of Revenue $25.90M $24.53M $22.88M
YoY Change 6.15% 7.21% 19.73%
Gross Profit $18.13M $16.70M $17.24M
YoY Change -6.21% -3.13% 9.53%
Gross Profit Margin 41.18% 40.51% 42.97%
Selling, General & Admin $11.77M $12.46M $13.73M
YoY Change -10.0% -9.22% 10.32%
% of Gross Profit 64.91% 74.62% 79.63%
Research & Development $390.0K $130.0K $40.00K
YoY Change 457.14% 225.0% -91.84%
% of Gross Profit 2.15% 0.78% 0.23%
Depreciation & Amortization $2.090M $2.040M $2.140M
YoY Change -4.57% -4.67% 12.63%
% of Gross Profit 11.53% 12.22% 12.41%
Operating Expenses $11.77M $12.46M $13.73M
YoY Change -10.0% -9.22% 10.32%
Operating Profit $3.734M $2.003M $1.335M
YoY Change -6.49% 50.04% 56.69%
Interest Expense $2.513M $2.466M $2.705M
YoY Change -7.54% -8.84% 21.3%
% of Operating Profit 67.3% 123.12% 202.62%
Other Income/Expense, Net -$2.050M -$2.546M -$2.675M
YoY Change -32.12% -4.82% -12.92%
Pretax Income $1.684M -$543.0K -$1.340M
YoY Change 73.07% -59.48% -39.64%
Income Tax $119.0K $118.0K $184.0K
% Of Pretax Income 7.07%
Net Earnings $1.565M -$661.0K -$1.525M
YoY Change 98.35% -56.66% -36.46%
Net Earnings / Revenue 3.55% -1.6% -3.8%
Basic Earnings Per Share $0.06 -$0.02 -$0.07
Diluted Earnings Per Share $0.04 -$0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 26.93M shares 26.91M shares 22.86M shares
Diluted Shares Outstanding 28.49M shares 26.92M shares 22.88M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.80M $22.70M $22.00M
YoY Change -7.14% 3.18% 6.8%
Cash & Equivalents $20.84M $22.73M $22.00M
Short-Term Investments
Other Short-Term Assets $3.700M $4.600M $4.600M
YoY Change 0.0% 0.0% 4.55%
Inventory $1.425M $1.551M $1.549M
Prepaid Expenses $3.660M $4.644M $4.574M
Receivables $1.764M $1.530M $1.198M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.69M $30.45M $29.32M
YoY Change -6.85% 3.85% 4.39%
LONG-TERM ASSETS
Property, Plant & Equipment $121.3M $117.7M $113.3M
YoY Change 5.91% 3.82% 1.29%
Goodwill $21.29M $21.29M $21.29M
YoY Change 0.0% 0.0% 0.74%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $1.000M $32.99M
YoY Change -97.28% -96.97% -1.34%
Total Long-Term Assets $154.7M $150.9M $146.3M
YoY Change 4.76% 3.13% 0.69%
TOTAL ASSETS
Total Short-Term Assets $27.69M $30.45M $29.32M
Total Long-Term Assets $154.7M $150.9M $146.3M
Total Assets $182.4M $181.4M $175.6M
YoY Change 2.81% 3.25% 1.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.067M $5.927M $5.060M
YoY Change -4.77% 17.13% 11.28%
Accrued Expenses $3.401M $3.864M $11.07M
YoY Change -72.11% -65.09% 18.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M $2.250M
YoY Change -49.21% -55.56% 0.0%
Total Short-Term Liabilities $20.76M $21.27M $18.80M
YoY Change 4.31% 13.15% 7.39%
LONG-TERM LIABILITIES
Long-Term Debt $94.26M $94.36M $93.56M
YoY Change 1.42% 0.86% -1.43%
Other Long-Term Liabilities $172.0K $179.0K $1.300M
YoY Change -89.25% -86.23% 62.5%
Total Long-Term Liabilities $94.43M $94.54M $93.56M
YoY Change 1.61% 1.05% -1.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.76M $21.27M $18.80M
Total Long-Term Liabilities $94.43M $94.54M $93.56M
Total Liabilities $121.8M $122.4M $121.0M
YoY Change -0.08% 1.15% 1.36%
SHAREHOLDERS EQUITY
Retained Earnings -$1.550M -$3.115M $4.733M
YoY Change -128.07% -165.81% -48.68%
Common Stock $63.83M $63.71M $51.54M
YoY Change 23.53% 23.61% 10.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.654M $1.654M $1.654M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 1.357M shares 1.357M shares 1.357M shares
Shareholders Equity $60.62M $58.94M $54.62M
YoY Change
Total Liabilities & Shareholders Equity $182.4M $181.4M $175.6M
YoY Change 2.81% 3.25% 1.29%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $1.565M -$661.0K -$1.525M
YoY Change 98.35% -56.66% -36.46%
Depreciation, Depletion And Amortization $2.090M $2.040M $2.140M
YoY Change -4.57% -4.67% 12.63%
Cash From Operating Activities $5.750M $1.220M $810.0K
YoY Change 27.49% 50.62% 8000.0%
INVESTING ACTIVITIES
Capital Expenditures -$7.110M -$5.230M -$3.790M
YoY Change 163.33% 37.99% 492.19%
Acquisitions
YoY Change
Other Investing Activities -$110.0K -$330.0K -$40.00K
YoY Change -8.33% 725.0% -99.84%
Cash From Investing Activities -$7.220M -$5.570M -$3.840M
YoY Change 155.12% 45.05% -85.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -410.0K -640.0K -380.0K
YoY Change -67.72% 68.42% -101.13%
NET CHANGE
Cash From Operating Activities 5.750M 1.220M 810.0K
Cash From Investing Activities -7.220M -5.570M -3.840M
Cash From Financing Activities -410.0K -640.0K -380.0K
Net Change In Cash -1.880M -4.990M -3.410M
YoY Change -558.54% 46.33% -145.41%
FREE CASH FLOW
Cash From Operating Activities $5.750M $1.220M $810.0K
Capital Expenditures -$7.110M -$5.230M -$3.790M
Free Cash Flow $12.86M $6.450M $4.600M
YoY Change 78.36% 40.22% 607.69%

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IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
499000 shares
CY2018Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
171000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
216000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
2705000 USD
us-gaap Interest Expense
InterestExpense
5384000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
2466000 USD
us-gaap Interest Expense
InterestExpense
5006000 USD
us-gaap Interest Paid Net
InterestPaidNet
4871000 USD
us-gaap Interest Paid Net
InterestPaidNet
4717000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
1692000 USD
CY2018Q2 us-gaap Inventory Net
InventoryNet
1551000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
121437000 USD
CY2018Q2 us-gaap Liabilities
Liabilities
122411000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
173485000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
181355000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
18564000 USD
CY2018Q2 us-gaap Liabilities Current
LiabilitiesCurrent
21271000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
94566000 USD
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
95362000 USD
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1000000 USD
CY2018Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1000000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
93566000 USD
CY2018Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
94362000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1068000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9123000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6292000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6978000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2323000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
671000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-1524000 USD
us-gaap Net Income Loss
NetIncomeLoss
-2127000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-661000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4947000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1524000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2127000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-661000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4947000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1524000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2127000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-580000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5370000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2675000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5354000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2546000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7256000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2017Q2 us-gaap Occupancy Costs
OccupancyCosts
276000 USD
us-gaap Occupancy Costs
OccupancyCosts
478000 USD
CY2018Q2 us-gaap Occupancy Costs
OccupancyCosts
2652000 USD
us-gaap Occupancy Costs
OccupancyCosts
5139000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3595000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1335000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
40000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
0 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2003000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
238000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2546000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8846000 USD
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7955000 USD
CY2017Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
571000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
851000 USD
CY2018Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
834000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
1348000 USD
CY2017Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1280000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2454000 USD
CY2018Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1273000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2351000 USD
CY2017Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
2237000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
4315000 USD
CY2018Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
2582000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
4865000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2689000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
179000 USD
CY2018Q2 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
238000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
234000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1100000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
281000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4044000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6252000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6744000 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2849000 USD
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4644000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
100000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
11435000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-141000 USD
CY2017Q2 us-gaap Promotional Allowances
PromotionalAllowances
7246000 USD
us-gaap Promotional Allowances
PromotionalAllowances
14283000 USD
CY2018Q2 us-gaap Promotional Allowances
PromotionalAllowances
0 USD
us-gaap Promotional Allowances
PromotionalAllowances
0 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
166108000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
173790000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
114058000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
117661000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
224000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
226000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
563000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3115000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41227000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
79158000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96063000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
500000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1832000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
40121000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
79741000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
41227000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
79158000 USD
CY2017Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
47367000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
94024000 USD
CY2018Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
41227000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
79158000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
40121000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
79741000 USD
CY2018Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
41227000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
79158000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13728000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26812000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12462000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24424000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
176000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
269000 USD
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
175000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
407000 USD
CY2018Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.00
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3943333 shares
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11400000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11436000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
52048000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
58944000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1356595 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1356595 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1654000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1654000 USD
CY2017Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2500000 USD
CY2018Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2100000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22876000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22871000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26922000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25576000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
22876000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
22871000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26922000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
25077000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications. </font><font style="font-family:inherit;font-size:10pt;">We made certain minor reclassifications to prior-period amounts to conform to the current-period presentation. Such reclassifications had no effect on the previously reported net loss or stockholders&#8217; equity.</font></div></div>

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