$GNSS
Genasys Inc.

2015 Q4 Form 10-Q Financial Statement

#000143774916024772 Filed on February 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $2.822M $4.385M
YoY Change -35.66% 14.8%
Cost Of Revenue $1.523M $2.026M
YoY Change -24.83% 7.78%
Gross Profit $1.298M $2.359M
YoY Change -44.97% 21.61%
Gross Profit Margin 46.02% 53.8%
Selling, General & Admin $1.460M $1.402M
YoY Change 4.14% -1.27%
% of Gross Profit 112.46% 59.43%
Research & Development $561.2K $477.7K
YoY Change 17.48% 22.49%
% of Gross Profit 43.22% 20.25%
Depreciation & Amortization $55.25K $60.64K
YoY Change -8.9% 51.6%
% of Gross Profit 4.25% 2.57%
Operating Expenses $2.021M $1.880M
YoY Change 7.53% 3.28%
Operating Profit -$722.9K $479.4K
YoY Change -250.79% 299.53%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $33.26K $26.20K
YoY Change 26.95% 162.02%
Pretax Income -$689.7K $505.6K
YoY Change -236.4% 288.95%
Income Tax -$309.6K $0.00
% Of Pretax Income 0.0%
Net Earnings -$380.1K $505.6K
YoY Change -175.17% 288.95%
Net Earnings / Revenue -13.47% 11.53%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 32.46M 33.24M
Diluted Shares Outstanding 32.46M 33.79M

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.22M $20.72M
YoY Change -12.07% 14.54%
Cash & Equivalents $15.58M $20.09M
Short-Term Investments $2.640M $630.0K
Other Short-Term Assets $450.0K $470.0K
YoY Change -4.26% -7.84%
Inventory $5.215M $4.390M
Prepaid Expenses
Receivables $1.942M $2.490M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.83M $28.07M
YoY Change -7.98% 8.59%
LONG-TERM ASSETS
Property, Plant & Equipment $487.9K $380.0K
YoY Change 28.39% 15.15%
Goodwill
YoY Change
Intangibles $57.95K
YoY Change
Long-Term Investments $2.280M $2.500M
YoY Change -8.8%
Other Assets $9.180M $720.0K
YoY Change 1175.0% -17.24%
Total Long-Term Assets $12.00M $3.650M
YoY Change 228.9% 194.35%
TOTAL ASSETS
Total Short-Term Assets $25.83M $28.07M
Total Long-Term Assets $12.00M $3.650M
Total Assets $37.83M $31.72M
YoY Change 19.27% 17.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $477.9K $940.0K
YoY Change -49.16% 64.91%
Accrued Expenses $1.454M $1.110M
YoY Change 30.98% 3.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.932M $2.220M
YoY Change -12.99% 22.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $150.8K $150.0K
YoY Change 0.55% 0.0%
Total Long-Term Liabilities $150.8K $150.0K
YoY Change 0.55% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.932M $2.220M
Total Long-Term Liabilities $150.8K $150.0K
Total Liabilities $2.083M $2.370M
YoY Change -12.13% 20.92%
SHAREHOLDERS EQUITY
Retained Earnings -$50.36M
YoY Change
Common Stock $319.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.75M $29.34M
YoY Change
Total Liabilities & Shareholders Equity $37.83M $31.72M
YoY Change 19.27% 17.09%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$380.1K $505.6K
YoY Change -175.17% 288.95%
Depreciation, Depletion And Amortization $55.25K $60.64K
YoY Change -8.9% 51.6%
Cash From Operating Activities -$394.1K -$601.5K
YoY Change -34.47% -126.04%
INVESTING ACTIVITIES
Capital Expenditures $71.15K $79.50K
YoY Change -10.5% -166.25%
Acquisitions
YoY Change
Other Investing Activities -$620.0K -$3.120M
YoY Change -80.13%
Cash From Investing Activities -$700.0K -$3.200M
YoY Change -78.13% 2566.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.643M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.643M
YoY Change
NET CHANGE
Cash From Operating Activities -394.1K -601.5K
Cash From Investing Activities -700.0K -3.200M
Cash From Financing Activities -1.643M
Net Change In Cash -2.037M -601.5K
YoY Change 238.7% -126.38%
FREE CASH FLOW
Cash From Operating Activities -$394.1K -$601.5K
Capital Expenditures $71.15K $79.50K
Free Cash Flow -$465.3K -$681.0K
YoY Change -31.67% -128.02%

Facts In Submission

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<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; font-weight: bold;">1. OPERATIONS </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">LRAD<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align: baseline; position: relative; bottom:.33em;">&reg;</div> Corporation, a Delaware corporation (the &#x201c;Company&#x201d;), is engaged in the design, development and commercialization of directed and omnidirectional sound technologies and products. The Company sells its proprietary sound reproduction technologies and products in markets around the world.</div></div></div>
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0
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
447638
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
565666
CY2015Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
532067
CY2015Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
578938
CY2015Q4 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>
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
292379
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
315618
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
314311
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
325107
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
257595
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
289660
CY2015Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
972
CY2014Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8402
CY2015Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
-22267
CY2014Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
19198
CY2015Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
-22267
CY2014Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
19198
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1941708
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1885213
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
487868
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
471963
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
561202
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
477704
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50357596
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-49658850
CY2015Q4 us-gaap Revenues
Revenues
2821532
CY2014Q4 us-gaap Revenues
Revenues
4385428
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2563807
CY2014Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4146072
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
257725
CY2014Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
239356
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1460092
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1402021
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
147940
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.35
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.24
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.57
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.85
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y36D
CY2015Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1643120
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
465682
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
347928
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2852419
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3389502
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
37949212
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
35751078
CY2015Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-8339000
CY2014Q4 us-gaap Share Based Compensation
ShareBasedCompensation
131447
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2016-02-04
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2489685
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.31
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
115417
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
652500
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.63
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.18
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32462220
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33785996
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32462220
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33236489

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