$GNSS
Genasys Inc.

2016 Q4 Form 10-Q Financial Statement

#000143774917001924 Filed on February 08, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $2.941M $2.822M
YoY Change 4.25% -35.66%
Cost Of Revenue $1.717M $1.523M
YoY Change 12.71% -24.83%
Gross Profit $1.225M $1.298M
YoY Change -5.69% -44.97%
Gross Profit Margin 41.63% 46.02%
Selling, General & Admin $1.966M $1.460M
YoY Change 34.68% 4.14%
% of Gross Profit 160.59% 112.46%
Research & Development $587.4K $561.2K
YoY Change 4.67% 17.48%
% of Gross Profit 47.97% 43.22%
Depreciation & Amortization $30.68K $55.25K
YoY Change -44.46% -8.9%
% of Gross Profit 2.51% 4.25%
Operating Expenses $2.554M $2.021M
YoY Change 26.35% 7.53%
Operating Profit -$1.329M -$722.9K
YoY Change 83.88% -250.79%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $30.13K $33.26K
YoY Change -9.43% 26.95%
Pretax Income -$1.299M -$689.7K
YoY Change 88.38% -236.4%
Income Tax -$486.5K -$309.6K
% Of Pretax Income
Net Earnings -$812.7K -$380.1K
YoY Change 113.82% -175.17%
Net Earnings / Revenue -27.63% -13.47%
Basic Earnings Per Share -$0.03 -$0.01
Diluted Earnings Per Share -$0.03 -$0.01
COMMON SHARES
Basic Shares Outstanding 31.80M 32.46M
Diluted Shares Outstanding 32.46M

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.07M $18.22M
YoY Change -0.82% -12.07%
Cash & Equivalents $14.96M $15.58M
Short-Term Investments $3.110M $2.640M
Other Short-Term Assets $520.0K $450.0K
YoY Change 15.56% -4.26%
Inventory $5.092M $5.215M
Prepaid Expenses
Receivables $1.479M $1.942M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.16M $25.83M
YoY Change -2.59% -7.98%
LONG-TERM ASSETS
Property, Plant & Equipment $456.5K $487.9K
YoY Change -6.42% 28.39%
Goodwill
YoY Change
Intangibles $62.80K $57.95K
YoY Change 8.37%
Long-Term Investments $1.920M $2.280M
YoY Change -15.79% -8.8%
Other Assets $9.360M $9.180M
YoY Change 1.96% 1175.0%
Total Long-Term Assets $11.80M $12.00M
YoY Change -1.71% 228.9%
TOTAL ASSETS
Total Short-Term Assets $25.16M $25.83M
Total Long-Term Assets $11.80M $12.00M
Total Assets $36.96M $37.83M
YoY Change -2.31% 19.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.075M $477.9K
YoY Change 124.87% -49.16%
Accrued Expenses $1.530M $1.454M
YoY Change 5.22% 30.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.604M $1.932M
YoY Change 34.82% -12.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $139.2K $150.8K
YoY Change -7.73% 0.55%
Total Long-Term Liabilities $139.2K $150.8K
YoY Change -7.73% 0.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.604M $1.932M
Total Long-Term Liabilities $139.2K $150.8K
Total Liabilities $2.744M $2.083M
YoY Change 31.74% -12.13%
SHAREHOLDERS EQUITY
Retained Earnings -$52.71M -$50.36M
YoY Change 4.67%
Common Stock $318.00 $319.00
YoY Change -0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.22M $35.75M
YoY Change
Total Liabilities & Shareholders Equity $36.96M $37.83M
YoY Change -2.31% 19.27%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income -$812.7K -$380.1K
YoY Change 113.82% -175.17%
Depreciation, Depletion And Amortization $30.68K $55.25K
YoY Change -44.46% -8.9%
Cash From Operating Activities $1.428M -$394.1K
YoY Change -462.38% -34.47%
INVESTING ACTIVITIES
Capital Expenditures $13.86K $71.15K
YoY Change -80.52% -10.5%
Acquisitions
YoY Change
Other Investing Activities $80.00K -$620.0K
YoY Change -112.9% -80.13%
Cash From Investing Activities $69.03K -$700.0K
YoY Change -109.86% -78.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.643M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.643M
YoY Change
NET CHANGE
Cash From Operating Activities 1.428M -394.1K
Cash From Investing Activities 69.03K -700.0K
Cash From Financing Activities -1.643M
Net Change In Cash 1.497M -2.037M
YoY Change -173.5% 238.7%
FREE CASH FLOW
Cash From Operating Activities $1.428M -$394.1K
Capital Expenditures $13.86K $71.15K
Free Cash Flow $1.414M -$465.3K
YoY Change -403.99% -31.67%

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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> 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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CY2016Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
344583
CY2016Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
391454
CY2016Q4 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=" 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>
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
353938
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
356984
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
315618
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
292379
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
297576
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
285402
CY2016Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
12742
CY2015Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
972
CY2016Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
9696
CY2015Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-22267
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2020286
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2006423
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
456523
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
473344
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
587410
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
561202
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52707779
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-51895099
CY2016Q4 us-gaap Revenues
Revenues
2941334
CY2015Q4 us-gaap Revenues
Revenues
2821532
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2701959
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2563807
CY2016Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
239375
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
257725
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32462220
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
149619
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4404002
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4849002
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.18
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.14
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1966436
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1460092
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
464749
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
147940
CY2016Q4 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 Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3148103
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.26
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3500
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
448500
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.71
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
CY2016Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.20
CY2016Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.70
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
127298
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y219D
CY2016Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2015Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1031208
CY2015Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1643120
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
34216644
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
34570885
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-188000
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-8339000
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31800103
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32462220
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31800103

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