2023 Q4 Form 10-Q Financial Statement

#000114036123052927 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $25.59M $24.67M
YoY Change 24.67% 32.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0K $220.0K
YoY Change 1.85% 3.29%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $13.21M $11.23M
YoY Change 186.75% 300.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $6.370M $7.436M
YoY Change -26.13% -30.07%
Income Tax $663.0K $967.0K
% Of Pretax Income 10.41% 13.0%
Net Earnings $5.707M $6.469M
YoY Change -20.71% -28.41%
Net Earnings / Revenue 22.3% 26.22%
Basic Earnings Per Share $0.34 $0.38
Diluted Earnings Per Share $0.34 $0.38
COMMON SHARES
Basic Shares Outstanding 17.03M 17.03M
Diluted Shares Outstanding 17.03M 17.03M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $176.1M $130.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $15.23M $15.28M
YoY Change 5.41% 6.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.737B $2.688B
YoY Change 4.6% 4.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $27.59M $29.60M
YoY Change 7.32% 18.32%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.59M $29.60M
YoY Change 7.32% 18.32%
LONG-TERM LIABILITIES
Long-Term Debt $49.59M $49.50M
YoY Change 0.37% 0.29%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $49.59M $49.50M
YoY Change 0.37% 0.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.59M $29.60M
Total Long-Term Liabilities $49.59M $49.50M
Total Liabilities $2.541B $2.504B
YoY Change 3.81% 3.27%
SHAREHOLDERS EQUITY
Retained Earnings $203.4M $198.3M
YoY Change 12.83% 14.23%
Common Stock $1.722M $1.722M
YoY Change 100.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $195.3M $184.2M
YoY Change
Total Liabilities & Shareholders Equity $2.737B $2.688B
YoY Change 4.6% 4.02%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $5.707M $6.469M
YoY Change -20.71% -28.41%
Depreciation, Depletion And Amortization $220.0K $220.0K
YoY Change 1.85% 3.29%
Cash From Operating Activities $2.000M $6.258M
YoY Change -64.55% 42.19%
INVESTING ACTIVITIES
Capital Expenditures $174.0K $474.0K
YoY Change -52.07% 207.79%
Acquisitions
YoY Change
Other Investing Activities $5.270M -$58.31M
YoY Change -115.7% 195.32%
Cash From Investing Activities $5.096M -$58.78M
YoY Change -115.02% 195.4%
FINANCING ACTIVITIES
Cash Dividend Paid $1.362M
YoY Change 149.45%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 38.73M -13.67M
YoY Change 74.62% -201.9%
NET CHANGE
Cash From Operating Activities 2.000M 6.258M
Cash From Investing Activities 5.096M -58.78M
Cash From Financing Activities 38.73M -13.67M
Net Change In Cash 45.83M -66.19M
YoY Change -850.25% 3074.68%
FREE CASH FLOW
Cash From Operating Activities $2.000M $6.258M
Capital Expenditures $174.0K $474.0K
Free Cash Flow $1.826M $5.784M
YoY Change -65.4% 36.19%

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CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
158761000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount
149902000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
133552000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount
146369000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue
120067000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Amortized Cost Basis
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
523783000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Fair Value
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateFairValue
471379000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount
188431000
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
160784000
CY2023Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
712214000
CY2023Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
632163000
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Amortized Cost Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostBeforeAllowanceForCreditLoss
1054015000
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
940879000
CY2023Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
1448340000
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
20249000
CY2023Q3 us-gaap Notes Receivable Net
NotesReceivableNet
1428091000
CY2023Q3 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
62000
CY2023Q3 us-gaap Financing Receivable Accrued Interest After Allowance For Credit Loss
FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss
6000000
CY2023Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5500000
CY2023Q3 gcbc Nonaccrual Loans With Recent History Of Delinquency Greater Than90 Days
NonaccrualLoansWithRecentHistoryOfDelinquencyGreaterThan90Days
2900000
CY2023Q2 gcbc Nonaccrual Loans With Recent History Of Delinquency Greater Than90 Days
NonaccrualLoansWithRecentHistoryOfDelinquencyGreaterThan90Days
3100000
CY2023Q3 gcbc Nonaccrual Loans Repayments
NonaccrualLoansRepayments
87000000
CY2023Q3 gcbc Financing Receivable Loans Returning To Performing Status
FinancingReceivableLoansReturningToPerformingStatus
19000
CY2023Q3 gcbc Nonaccrual Loans Charge Offs
NonaccrualLoansChargeOffs
3000
CY2023Q3 gcbc Financing Receivable Loans Placed Into Nonperforming Status
FinancingReceivableLoansPlacedIntoNonperformingStatus
138000
CY2023Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
1448340000
CY2023Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5474000
CY2023Q3 gcbc Financing Receivable Threshold Principal Amount Of Collateral Dependent Loans Evaluated Individually
FinancingReceivableThresholdPrincipalAmountOfCollateralDependentLoansEvaluatedIndividually
250000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
21212000
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
129000
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
36000
CY2023Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
462000
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
20249000
CY2023Q3 gcbc Collateral Dependent Financing Receivable Individually Evaluated Amortized Cost Basis
CollateralDependentFinancingReceivableIndividuallyEvaluatedAmortizedCostBasis
5800000
CY2023Q3 gcbc Collateral Dependent Financing Receivable Individually Evaluated Allowance For Credit Losses
CollateralDependentFinancingReceivableIndividuallyEvaluatedAllowanceForCreditLosses
1700000
CY2023Q3 gcbc Financing Receivable Modifications Loans To Borrowers Experiencing Financial Difficulty Number Of Loans
FinancingReceivableModificationsLoansToBorrowersExperiencingFinancialDifficultyNumberOfLoans
0
CY2023Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1408791000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
21212000
CY2023Q2 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
75000
CY2023Q2 us-gaap Notes Receivable Net
NotesReceivableNet
1387654000
CY2023Q2 us-gaap Financing Receivable Accrued Interest After Allowance For Credit Loss
FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss
5500000
CY2023Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1408791000
CY2023Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1408791000
CY2023Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5458000
CY2023Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
CY2023Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2872000
CY2023Q2 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
2872000
CY2022Q3 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
1526000
CY2022Q3 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
15000
CY2023Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
7435000
CY2023Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
7435000
CY2023Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2013000
CY2022Q3 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
8598000
CY2022Q3 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeCashBasisMethod
115000
CY2023Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
10307000
CY2023Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
10307000
CY2023Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2013000
CY2022Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10124000
CY2022Q3 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
130000
CY2021 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
0
CY2022 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
0
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
22761000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
171000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
56000
CY2022Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-499000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
22147000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2013000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
19199000
CY2023Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
10307000
CY2023Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1398484000
CY2023Q3 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
302000
CY2023Q2 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
302000
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2277000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
113000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
89000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
6469000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
9036000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17026828
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17026828
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17026828
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17026828
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2109000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2188000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2198000
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
19000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
102000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
11000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
10000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
457000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
457000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
445000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
372000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
310000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
337000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2378000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
180000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2198000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M13D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0276
CY2023Q3 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
FairValueDisclosureOffbalanceSheetRisksAmountLiability
220492000
CY2023Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
FairValueDisclosureOffbalanceSheetRisksAmountLiability
219575000

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