2019 Q2 Form 10-Q Financial Statement

#000089148219000013 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $41.66M $40.49M $37.93M
YoY Change 1.06% 6.76% -4.26%
Cost Of Revenue $24.49M $24.34M $23.21M
YoY Change -0.16% 4.87% 5.31%
Gross Profit $17.17M $16.15M $14.72M
YoY Change 2.81% 9.71% -16.32%
Gross Profit Margin 41.21% 39.88% 38.81%
Selling, General & Admin $13.03M $12.66M $11.96M
YoY Change 4.53% 5.84% -8.58%
% of Gross Profit 75.87% 78.39% 81.26%
Research & Development $140.0K $130.0K $40.00K
YoY Change 7.69% 225.0% -69.23%
% of Gross Profit 0.82% 0.8% 0.27%
Depreciation & Amortization $2.080M $2.091M $2.168M
YoY Change 1.96% -3.55% 3.39%
% of Gross Profit 12.11% 12.95% 14.73%
Operating Expenses $13.03M $12.66M $11.96M
YoY Change 4.53% 5.84% -8.58%
Operating Profit $1.923M $1.268M $543.0K
YoY Change -3.99% 133.52% -75.97%
Interest Expense $2.931M $2.703M $2.540M
YoY Change 18.86% 6.42% -5.15%
% of Operating Profit 152.42% 213.17% 467.77%
Other Income/Expense, Net -$2.790M -$2.743M -$4.710M
YoY Change 9.58% -41.76% 75.88%
Pretax Income -$867.0K -$1.475M -$4.167M
YoY Change 59.67% -64.6% 896.89%
Income Tax $143.0K $142.0K $119.0K
% Of Pretax Income
Net Earnings -$1.010M -$1.617M -$4.286M
YoY Change 52.8% -62.27% 611.96%
Net Earnings / Revenue -2.42% -3.99% -11.3%
Basic Earnings Per Share -$0.04 -$0.06 -$0.18
Diluted Earnings Per Share -$0.04 -$0.06 -$0.20
COMMON SHARES
Basic Shares Outstanding 26.96M shares 26.96M shares 22.97M shares
Diluted Shares Outstanding 27.19M shares 26.94M shares 23.71M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.90M $18.40M $27.70M
YoY Change 5.29% -33.57% 9.06%
Cash & Equivalents $23.91M $18.37M $27.71M
Short-Term Investments
Other Short-Term Assets $4.500M $3.000M $3.300M
YoY Change -2.17% -9.09% 3.13%
Inventory $1.917M $1.352M $1.546M
Prepaid Expenses $4.505M $3.009M $3.335M
Receivables $2.076M $1.549M $1.494M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.41M $24.28M $34.09M
YoY Change 6.42% -28.77% 8.85%
LONG-TERM ASSETS
Property, Plant & Equipment $120.8M $121.2M $114.7M
YoY Change 2.71% 5.58% 3.35%
Goodwill $21.29M $21.29M $21.29M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $700.0K $147.4M
YoY Change -30.0% -99.53% 351.1%
Total Long-Term Assets $172.7M $173.6M $147.4M
YoY Change 14.44% 17.74% 2.59%
TOTAL ASSETS
Total Short-Term Assets $32.41M $24.28M $34.09M
Total Long-Term Assets $172.7M $173.6M $147.4M
Total Assets $205.1M $197.9M $181.5M
YoY Change 13.09% 9.0% 3.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.549M $4.760M $5.705M
YoY Change -23.25% -16.56% 44.5%
Accrued Expenses $4.157M $3.577M $3.239M
YoY Change 7.58% 10.44% -69.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.000M $1.000M
YoY Change 10.0% 0.0% -40.76%
Total Short-Term Liabilities $21.38M $21.54M $20.83M
YoY Change 0.52% 3.44% 24.42%
LONG-TERM LIABILITIES
Long-Term Debt $103.0M $94.13M $94.47M
YoY Change 9.14% -0.36% 0.6%
Other Long-Term Liabilities $16.80M $17.40M $186.0K
YoY Change 9285.47% 9254.84% -83.09%
Total Long-Term Liabilities $103.0M $94.13M $94.65M
YoY Change 8.93% -0.55% 0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.38M $21.54M $20.83M
Total Long-Term Liabilities $103.0M $94.13M $94.65M
Total Liabilities $147.7M $139.6M $122.1M
YoY Change 20.69% 14.34% 2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$5.166M -$4.156M -$2.454M
YoY Change 65.84% 69.36% -139.21%
Common Stock $64.18M $64.07M $63.53M
YoY Change 0.73% 0.85% 23.68%
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 $57.36M $58.26M $59.42M
YoY Change
Total Liabilities & Shareholders Equity $205.1M $197.9M $181.5M
YoY Change 13.09% 9.0% 3.71%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.010M -$1.617M -$4.286M
YoY Change 52.8% -62.27% 611.96%
Depreciation, Depletion And Amortization $2.080M $2.091M $2.168M
YoY Change 1.96% -3.55% 3.39%
Cash From Operating Activities -$1.070M -$679.0K -$548.0K
YoY Change -187.7% 23.91% -136.36%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M $1.256M $1.508M
YoY Change -65.58% -16.71% -38.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.000K -$98.00K
YoY Change -100.0% -95.92% 2350.0%
Cash From Investing Activities -$1.810M -$1.252M -$1.410M
YoY Change -67.5% -11.21% -42.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.410M -$333.0K $9.760M
YoY Change -1414.06% -103.41% -1516.55%
NET CHANGE
Cash From Operating Activities -1.070M -$679.0K -$548.0K
Cash From Investing Activities -1.810M -$1.252M -$1.410M
Cash From Financing Activities 8.410M -$333.0K $9.760M
Net Change In Cash 5.530M -$2.264M $7.802M
YoY Change -210.82% -129.02% -576.89%
FREE CASH FLOW
Cash From Operating Activities -$1.070M -$679.0K -$548.0K
Capital Expenditures -$1.800M $1.256M $1.508M
Free Cash Flow $730.0K -$1.935M -$2.056M
YoY Change -88.68% -5.89% 116.19%

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CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
197858000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
21611000 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
21541000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
95194000 USD
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
95130000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1000000 USD
CY2019Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1000000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
94194000 USD
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
94130000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9760000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-333000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1410000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1252000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-548000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-679000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-4286000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1617000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4286000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1617000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
166000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17371000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
961000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4789000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19316000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0941
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P20Y10M17D
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9704000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10823000 USD
CY2018Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1078000 USD
CY2019Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1278000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-98000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
45000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
182330000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
183343000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1617000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4710000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2743000 USD
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
543000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1268000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
960000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19543000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2172000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000 USD
CY2018Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1100000 USD
CY2019Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4000000 USD
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1508000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1256000 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2899000 USD
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3009000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
100000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
11426000 USD
CY2019Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-141000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122076000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
121153000 USD
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
112000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96063000 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2018Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
250000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
59745000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
58259000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11962000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12660000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
232000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
86000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
137000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11426000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
104000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
45000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
23212000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26940000 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
52048000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
59420000 USD
CY2019Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
250000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2539000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4156000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37931000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
40494000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1356595 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1356595 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1654000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1654000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-69000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
184000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23711000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26940000 shares
CY2019Q1 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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