2023 Q2 Form 10-Q Financial Statement

#000003747223000013 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $105.8M $99.05M
YoY Change -15.02% -29.45%
Cost Of Revenue $84.70M $80.41M
YoY Change -20.72% -32.05%
Gross Profit $21.12M $18.65M
YoY Change 19.48% -15.52%
Gross Profit Margin 19.95% 18.82%
Selling, General & Admin $16.88M $16.53M
YoY Change 19.79% 1.31%
% of Gross Profit 79.94% 88.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.089M $1.206M
YoY Change -8.33% -8.71%
% of Gross Profit 5.16% 6.47%
Operating Expenses $16.88M $16.53M
YoY Change 19.79% 1.31%
Operating Profit $4.236M $2.116M
YoY Change 18.79% -63.61%
Interest Expense -$444.0K $260.0K
YoY Change 90.56% 47.73%
% of Operating Profit -10.48% 12.29%
Other Income/Expense, Net $7.000K $12.00K
YoY Change 40.0% -14.29%
Pretax Income $3.799M $1.868M
YoY Change 13.81% -66.95%
Income Tax -$6.362M $393.0K
% Of Pretax Income -167.47% 21.04%
Net Earnings $10.16M $1.475M
YoY Change -3849.45% -72.25%
Net Earnings / Revenue 9.6% 1.49%
Basic Earnings Per Share $1.97 $0.28
Diluted Earnings Per Share $1.91 $0.28
COMMON SHARES
Basic Shares Outstanding 5.151M 5.177M
Diluted Shares Outstanding 5.352M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.365M $2.409M
YoY Change 54.08% -29.21%
Cash & Equivalents $3.365M $2.409M
Short-Term Investments
Other Short-Term Assets $7.033M $7.572M
YoY Change 42.08% 10.03%
Inventory $122.1M $113.3M
Prepaid Expenses
Receivables $38.17M $36.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $170.6M $160.4M
YoY Change -10.22% -23.45%
LONG-TERM ASSETS
Property, Plant & Equipment $106.9M $38.41M
YoY Change 177.47% -0.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.96M $1.943M
YoY Change 567.8% 1.36%
Total Long-Term Assets $119.9M $107.4M
YoY Change 52.41% 33.66%
TOTAL ASSETS
Total Short-Term Assets $170.6M $160.4M
Total Long-Term Assets $119.9M $107.4M
Total Assets $290.6M $267.8M
YoY Change 8.12% -7.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.75M $25.58M
YoY Change -23.03% -34.86%
Accrued Expenses $30.36M $28.19M
YoY Change -6.53% -11.53%
Deferred Revenue $70.00K
YoY Change -22.22%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.11M $53.78M
YoY Change -14.73% -24.41%
LONG-TERM LIABILITIES
Long-Term Debt $28.27M $17.73M
YoY Change -25.08% -57.38%
Other Long-Term Liabilities $65.55M $578.0K
YoY Change 7864.88% -1.7%
Total Long-Term Liabilities $93.82M $578.0K
YoY Change 11300.24% -1.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.11M $53.78M
Total Long-Term Liabilities $93.82M $578.0K
Total Liabilities $148.9M $135.0M
YoY Change 8.56% -9.58%
SHAREHOLDERS EQUITY
Retained Earnings $166.8M $157.4M
YoY Change 7.42% 0.69%
Common Stock $8.292M $8.247M
YoY Change 1.25% 1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $70.10M $69.34M
YoY Change 5.57% 16.97%
Treasury Stock Shares
Shareholders Equity $141.6M $132.8M
YoY Change
Total Liabilities & Shareholders Equity $290.6M $267.8M
YoY Change 8.12% -7.62%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $10.16M $1.475M
YoY Change -3849.45% -72.25%
Depreciation, Depletion And Amortization $1.089M $1.206M
YoY Change -8.33% -8.71%
Cash From Operating Activities -$7.473M $5.820M
YoY Change -162.79% -84.31%
INVESTING ACTIVITIES
Capital Expenditures $1.193M $1.421M
YoY Change -220.99% -206.68%
Acquisitions
YoY Change
Other Investing Activities $340.0K $0.00
YoY Change
Cash From Investing Activities -$853.0K -$1.421M
YoY Change -13.49% 6.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.282M -3.764M
YoY Change -176.49% -89.67%
NET CHANGE
Cash From Operating Activities -7.473M 5.820M
Cash From Investing Activities -853.0K -1.421M
Cash From Financing Activities 9.282M -3.764M
Net Change In Cash 956.0K 635.0K
YoY Change -178.42% -192.84%
FREE CASH FLOW
Cash From Operating Activities -$7.473M $5.820M
Capital Expenditures $1.193M $1.421M
Free Cash Flow -$8.666M $4.399M
YoY Change -167.24% -88.55%

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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419000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
225000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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2061000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2409000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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6575000
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16814000
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InterestPaidNet
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InterestPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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IncomeTaxesPaidNet
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CapitalExpendituresIncurredButNotYetPaid
140000
us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Lease Cost
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5734000
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
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14980000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
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16405000
CY2023Q1 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
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CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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119273000
CY2023Q1 us-gaap Inventory Net
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CY2022Q2 us-gaap Inventory Net
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CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
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us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
options for two five-year extensions
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2700000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1805000
us-gaap Operating Lease Cost
OperatingLeaseCost
8066000
us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
482000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
1390000
us-gaap Variable Lease Cost
VariableLeaseCost
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CY2023Q1 us-gaap Lease Cost
LeaseCost
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LeaseCost
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LeaseCost
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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16814000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3021000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9589000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q2 us-gaap Restructuring And Related Cost Expected Cost1
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1290000
us-gaap Payments For Restructuring
PaymentsForRestructuring
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CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.210
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.059
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.148
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6330000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6615000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
75000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
87000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
60000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
126000
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
118000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
101000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
173000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
164000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
178000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
227000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5352000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6494000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5427000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6842000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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154000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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76000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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161000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
48000
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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0.15
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CommonStockDividendsPerShareDeclared
0.45
CY2022Q4 us-gaap Environmental Costs Recognized Recovery Credited To Expense
EnvironmentalCostsRecognizedRecoveryCreditedToExpense
2800000

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