$GNSS
Genasys Inc.

2015 Q1 Form 10-Q Financial Statement

#000143774915009305 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $4.486M $5.387M
YoY Change -16.73% 68.88%
Cost Of Revenue $2.189M $2.658M
YoY Change -17.63% 45.25%
Gross Profit $2.297M $2.729M
YoY Change -15.85% 100.68%
Gross Profit Margin 51.2% 50.66%
Selling, General & Admin $1.466M $1.631M
YoY Change -10.1% 19.05%
% of Gross Profit 63.84% 59.76%
Research & Development $569.4K $575.9K
YoY Change -1.12% 25.19%
% of Gross Profit 24.79% 21.1%
Depreciation & Amortization $60.00K $50.00K
YoY Change 20.0% 25.0%
% of Gross Profit 2.61% 1.83%
Operating Expenses $2.036M $2.207M
YoY Change -7.76% 21.25%
Operating Profit $261.2K $522.4K
YoY Change -50.01% -213.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $30.92K $5.086K
YoY Change 507.96% -49.14%
Pretax Income $292.1K $527.5K
YoY Change -44.63% -214.68%
Income Tax $1.600K $1.600K
% Of Pretax Income 0.55% 0.3%
Net Earnings $290.5K $525.9K
YoY Change -44.76% -214.33%
Net Earnings / Revenue 6.48% 9.76%
Basic Earnings Per Share $0.01 $0.02
Diluted Earnings Per Share $0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 33.25M 33.13M
Diluted Shares Outstanding 33.85M 34.04M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.89M $18.53M
YoY Change 12.74% 17.43%
Cash & Equivalents $19.15M $18.53M
Short-Term Investments $1.750M
Other Short-Term Assets $690.0K $630.0K
YoY Change 9.52% 57.5%
Inventory $4.562M $5.490M
Prepaid Expenses
Receivables $2.347M $2.760M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.50M $27.41M
YoY Change 3.96% 17.14%
LONG-TERM ASSETS
Property, Plant & Equipment $413.9K $360.0K
YoY Change 14.97% 50.0%
Goodwill
YoY Change
Intangibles $52.02K
YoY Change
Long-Term Investments $2.800M
YoY Change
Other Assets $670.0K $820.0K
YoY Change -18.29% -18.81%
Total Long-Term Assets $3.939M $1.230M
YoY Change 220.21% -11.51%
TOTAL ASSETS
Total Short-Term Assets $28.50M $27.41M
Total Long-Term Assets $3.939M $1.230M
Total Assets $32.44M $28.64M
YoY Change 13.25% 15.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.037M $1.120M
YoY Change -7.44% -9.68%
Accrued Expenses $1.495M $1.250M
YoY Change 19.59% 45.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.532M $2.770M
YoY Change -8.61% 30.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $146.2K $160.0K
YoY Change -8.63% -60.0%
Total Long-Term Liabilities $146.2K $160.0K
YoY Change -8.63% -60.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.532M $2.770M
Total Long-Term Liabilities $146.2K $160.0K
Total Liabilities $2.678M $2.930M
YoY Change -8.61% 16.27%
SHAREHOLDERS EQUITY
Retained Earnings -$58.55M
YoY Change
Common Stock $333.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $57.11K
YoY Change
Treasury Stock Shares $24.51K
Shareholders Equity $29.76M $25.70M
YoY Change
Total Liabilities & Shareholders Equity $32.44M $28.64M
YoY Change 13.25% 15.53%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $290.5K $525.9K
YoY Change -44.76% -214.33%
Depreciation, Depletion And Amortization $60.00K $50.00K
YoY Change 20.0% 25.0%
Cash From Operating Activities $620.0K $680.0K
YoY Change -8.82% -294.29%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$90.00K
YoY Change 0.0% 800.0%
Acquisitions
YoY Change
Other Investing Activities -$1.420M
YoY Change
Cash From Investing Activities -$1.520M -$90.00K
YoY Change 1588.89% 800.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -150.0K
YoY Change -66.67%
NET CHANGE
Cash From Operating Activities 620.0K 680.0K
Cash From Investing Activities -1.520M -90.00K
Cash From Financing Activities -50.00K -150.0K
Net Change In Cash -950.0K 440.0K
YoY Change -315.91% -222.22%
FREE CASH FLOW
Cash From Operating Activities $620.0K $680.0K
Capital Expenditures -$90.00K -$90.00K
Free Cash Flow $710.0K $770.0K
YoY Change -7.79% -326.47%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Reclassifications </div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Where necessary, the prior year&#x2019;s information has been reclassified to conform to the current year presentation. </div></div></div></div></div></div></div>
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
107214
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
193064
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
327236
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
314311
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
325107
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
215758
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
212759
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
260208
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
310258
CY2014Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
288480
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-27749
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-36069
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
19347
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
24707
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
21476
CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
69157
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
40674
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
83518
us-gaap Product Warranty Expense
ProductWarrantyExpense
40674
us-gaap Product Warranty Expense
ProductWarrantyExpense
83518
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1857208
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1686209
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
413907
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
360084
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8036
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
569418
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
575851
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1047122
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
969392
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-58550521
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-59346666
CY2015Q1 us-gaap Revenues
Revenues
4486230
CY2014Q1 us-gaap Revenues
Revenues
5387306
us-gaap Revenues
Revenues
8871658
us-gaap Revenues
Revenues
9209936
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4252815
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5113660
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8398887
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2430233
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
38833
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
664500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.85
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8669722
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
233415
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
273646
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
472771
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
540214
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1466197
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1630965
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2868219
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3055509
us-gaap Share Based Compensation
ShareBasedCompensation
308854
us-gaap Share Based Compensation
ShareBasedCompensation
341422
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2016-02-04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1101327
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2530535
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3072535
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.09
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.25
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.39
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.48
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.77
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
926323
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y292D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
83667
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
107214
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
101634
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
69213
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
28702791
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
29757362
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
24506
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
57106
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
57106
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33847965
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34040509
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33816805
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33756467
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33253719
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33133915
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33244929
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33080702

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