2015 Q3 Form 10-Q Financial Statement

#000143774915015071 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $4.410M $3.506M $8.004M
YoY Change -40.24% -56.2% 270.56%
Cost Of Revenue $2.240M $1.805M $2.955M
YoY Change -32.93% -38.93% 138.33%
Gross Profit $2.170M $1.701M $5.049M
YoY Change -46.29% -66.31% 448.78%
Gross Profit Margin 49.21% 48.52% 63.08%
Selling, General & Admin $1.130M $1.286M $2.488M
YoY Change -53.31% -48.31% 54.55%
% of Gross Profit 52.07% 75.61% 49.28%
Research & Development $460.0K $520.0K $622.3K
YoY Change -48.31% -16.44% 48.16%
% of Gross Profit 21.2% 30.57% 12.33%
Depreciation & Amortization $60.00K $60.00K $60.00K
YoY Change 0.0% 0.0% 50.0%
% of Gross Profit 2.76% 3.53% 1.19%
Operating Expenses $1.580M $1.806M $3.111M
YoY Change -52.12% -41.94% 53.23%
Operating Profit $590.0K -$105.1K $1.938M
YoY Change -20.27% -105.42% -274.62%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $30.00K $31.86K $5.128K
YoY Change 200.0% 521.35% -48.72%
Pretax Income $620.0K -$73.21K $1.943M
YoY Change -16.22% -103.77% -275.08%
Income Tax -$8.340M -$9.266K $552.00
% Of Pretax Income -1345.16% 0.03%
Net Earnings $8.960M -$63.95K $1.943M
YoY Change 1127.4% -103.29% -275.03%
Net Earnings / Revenue 203.17% -1.82% 24.27%
Basic Earnings Per Share $0.00 $0.06
Diluted Earnings Per Share $270.9K $0.00 $0.06
COMMON SHARES
Basic Shares Outstanding 33.12M 33.15M 33.04M
Diluted Shares Outstanding 33.15M 33.19M

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.57M $19.73M $21.20M
YoY Change -18.08% -6.93% 40.77%
Cash & Equivalents $18.32M $17.78M $21.20M
Short-Term Investments $1.250M $1.940M
Other Short-Term Assets $570.0K $600.0K $550.0K
YoY Change 9.62% 9.09% 17.02%
Inventory $4.926M $5.077M $4.730M
Prepaid Expenses
Receivables $2.116M $2.735M $3.750M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.18M $28.14M $30.23M
YoY Change -16.63% -6.92% 37.78%
LONG-TERM ASSETS
Property, Plant & Equipment $472.0K $472.0K $340.0K
YoY Change 31.07% 38.81% 30.77%
Goodwill
YoY Change
Intangibles $58.39K $52.83K
YoY Change 8.45%
Long-Term Investments $3.050M $2.800M
YoY Change
Other Assets $8.920M $630.0K $770.0K
YoY Change 1058.44% -18.18% -19.79%
Total Long-Term Assets $12.50M $3.932M $1.160M
YoY Change 958.63% 238.95% -14.07%
TOTAL ASSETS
Total Short-Term Assets $27.18M $28.14M $30.23M
Total Long-Term Assets $12.50M $3.932M $1.160M
Total Assets $39.67M $32.07M $31.39M
YoY Change 17.45% 2.17% 34.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $703.9K $1.401M $650.0K
YoY Change -15.24% 115.47% -28.57%
Accrued Expenses $870.6K $1.100M $2.390M
YoY Change -78.7% -54.0% 359.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.574M $2.500M $3.660M
YoY Change -67.99% -31.69% 155.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $148.0K $144.7K $160.0K
YoY Change -6.09% -9.57% -61.9%
Total Long-Term Liabilities $148.0K $144.7K $160.0K
YoY Change -6.09% -9.57% -61.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.574M $2.500M $3.660M
Total Long-Term Liabilities $148.0K $144.7K $160.0K
Total Liabilities $1.722M $2.645M $3.820M
YoY Change -66.07% -30.77% 106.49%
SHAREHOLDERS EQUITY
Retained Earnings -$49.66M -$58.61M
YoY Change -16.32%
Common Stock $329.00 $332.00
YoY Change -0.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.95M $29.43M $27.57M
YoY Change
Total Liabilities & Shareholders Equity $39.67M $32.07M $31.39M
YoY Change 17.45% 2.17% 34.78%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $8.960M -$63.95K $1.943M
YoY Change 1127.4% -103.29% -275.03%
Depreciation, Depletion And Amortization $60.00K $60.00K $60.00K
YoY Change 0.0% 0.0% 50.0%
Cash From Operating Activities $760.0K -$640.0K $2.940M
YoY Change -69.23% -121.77% -486.84%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$110.0K -$40.00K
YoY Change -22.22% 175.0% -20.0%
Acquisitions
YoY Change
Other Investing Activities $440.0K -$200.0K
YoY Change
Cash From Investing Activities $370.0K -$300.0K -$40.00K
YoY Change -511.11% 650.0% -20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -590.0K -420.0K -220.0K
YoY Change -290.32% 90.91% -344.44%
NET CHANGE
Cash From Operating Activities 760.0K -640.0K 2.940M
Cash From Investing Activities 370.0K -300.0K -40.00K
Cash From Financing Activities -590.0K -420.0K -220.0K
Net Change In Cash 540.0K -1.360M 2.680M
YoY Change -79.93% -150.75% -472.22%
FREE CASH FLOW
Cash From Operating Activities $760.0K -$640.0K $2.940M
Capital Expenditures -$70.00K -$110.0K -$40.00K
Free Cash Flow $830.0K -$530.0K $2.980M
YoY Change -67.58% -117.79% -519.72%

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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
397
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
144688
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
157550
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
31863
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5128
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
88987
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15411
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
965474
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
476494
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3385
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6348
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4741067
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
273482
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
242483
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Product Warranty Expense
ProductWarrantyExpense
147887
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1890033
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
327236
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
599714
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
523947
CY2015Q2 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
625809
CY2014Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
766423
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=" 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>
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
494834
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
193064
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
300771
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
314311
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
260208
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
212759
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
319671
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
284038
CY2014Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
288480
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5511
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4906
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
33260
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
40975
CY2015Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
-20954
CY2014Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
64369
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
19720
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
147887
us-gaap Product Warranty Expense
ProductWarrantyExpense
19720
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
16291114
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1686209
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
455387
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
360084
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5716
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
519991
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
622273
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1567113
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1591665
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-58614468
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-59346666
CY2015Q2 us-gaap Revenues
Revenues
3505915
CY2014Q2 us-gaap Revenues
Revenues
8004088
us-gaap Revenues
Revenues
12377573
us-gaap Revenues
Revenues
17214024
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3256564
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7621392
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
11655451
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
249351
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
382696
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
722122
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
922910
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1286095
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2488284
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4154314
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5543793
us-gaap Share Based Compensation
ShareBasedCompensation
461717
us-gaap Share Based Compensation
ShareBasedCompensation
488958
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2208448
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
51833
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
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
362719
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2530535
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2749035
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.09
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.36
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.58
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.77
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
297220
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y73D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
394167
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
494834
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
404495
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
965474
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
28702791
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
29425669
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33152714
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33185564
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33738616
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33342311
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33152714
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33041142
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33214242
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33067515

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