$GNSS
Genasys Inc.

2017 Q4 Form 10-Q Financial Statement

#000143774918002109 Filed on February 09, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016 Q3
Revenue $7.629M $2.941M $4.900M
YoY Change 159.36% 4.25% 11.11%
Cost Of Revenue $3.671M $1.717M $2.590M
YoY Change 113.83% 12.71% 15.63%
Gross Profit $3.958M $1.225M $2.300M
YoY Change 223.19% -5.69% 5.99%
Gross Profit Margin 51.88% 41.63% 46.94%
Selling, General & Admin $2.188M $1.966M $1.570M
YoY Change 11.29% 34.68% 38.94%
% of Gross Profit 55.3% 160.59% 68.26%
Research & Development $778.0K $587.4K $600.0K
YoY Change 32.45% 4.67% 30.43%
% of Gross Profit 19.66% 47.97% 26.09%
Depreciation & Amortization $60.11K $30.68K $40.00K
YoY Change 95.88% -44.46% -33.33%
% of Gross Profit 1.52% 2.51% 1.74%
Operating Expenses $2.966M $2.554M $2.170M
YoY Change 16.16% 26.35% 37.34%
Operating Profit $991.1K -$1.329M $130.0K
YoY Change -174.56% 83.88% -77.97%
Interest Expense $2.709M
YoY Change
% of Operating Profit 273.32%
Other Income/Expense, Net $34.53K $30.13K $30.00K
YoY Change 14.61% -9.43% 0.0%
Pretax Income $1.026M -$1.299M $160.0K
YoY Change -178.94% 88.38% -74.19%
Income Tax $2.709M -$486.5K $680.0K
% Of Pretax Income 264.12% 425.0%
Net Earnings -$1.683M -$812.7K -$510.0K
YoY Change 107.12% 113.82% -105.69%
Net Earnings / Revenue -22.07% -27.63% -10.41%
Basic Earnings Per Share -$0.05 -$0.03
Diluted Earnings Per Share -$0.05 -$0.03 -$16.04K
COMMON SHARES
Basic Shares Outstanding 32.24M 31.80M
Diluted Shares Outstanding 32.24M

Balance Sheet

Concept 2017 Q4 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.72M $18.07M $16.40M
YoY Change 3.6% -0.82% -16.2%
Cash & Equivalents $15.12M $14.96M $13.47M
Short-Term Investments $3.600M $3.110M $2.940M
Other Short-Term Assets $590.0K $520.0K $600.0K
YoY Change 13.46% 15.56% 5.26%
Inventory $5.260M $5.092M $4.764M
Prepaid Expenses
Receivables $5.678M $1.479M $3.409M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.25M $25.16M $25.17M
YoY Change 20.22% -2.59% -7.38%
LONG-TERM ASSETS
Property, Plant & Equipment $505.5K $456.5K $473.3K
YoY Change 10.72% -6.42% 0.29%
Goodwill
YoY Change
Intangibles $53.89K $62.80K $62.91K
YoY Change -14.2% 8.37% 7.74%
Long-Term Investments $1.010M $1.920M $2.190M
YoY Change -47.4% -15.79% -28.2%
Other Assets $5.740M $9.360M $8.920M
YoY Change -38.68% 1.96% 0.0%
Total Long-Term Assets $7.305M $11.80M $11.64M
YoY Change -38.09% -1.71% -6.83%
TOTAL ASSETS
Total Short-Term Assets $30.25M $25.16M $25.17M
Total Long-Term Assets $7.305M $11.80M $11.64M
Total Assets $37.55M $36.96M $36.81M
YoY Change 1.6% -2.31% -7.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.903M $1.075M $574.6K
YoY Change 77.09% 124.87% -18.38%
Accrued Expenses $1.859M $1.530M $1.503M
YoY Change 21.49% 5.22% 72.65%
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 $3.760M $2.604M $2.078M
YoY Change 44.37% 34.82% 31.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $139.2K $165.0K
YoY Change -7.73% 11.55%
Total Long-Term Liabilities $0.00 $139.2K $165.0K
YoY Change -100.0% -7.73% 11.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.760M $2.604M $2.078M
Total Long-Term Liabilities $0.00 $139.2K $165.0K
Total Liabilities $3.762M $2.744M $2.243M
YoY Change 37.11% 31.74% 30.2%
SHAREHOLDERS EQUITY
Retained Earnings -$54.46M -$52.71M -$51.90M
YoY Change 3.32% 4.67% 4.5%
Common Stock $322.00 $318.00 $318.00
YoY Change 1.26% -0.31% -3.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.79M $34.22M $34.57M
YoY Change
Total Liabilities & Shareholders Equity $37.55M $36.96M $36.81M
YoY Change 1.6% -2.31% -7.2%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.683M -$812.7K -$510.0K
YoY Change 107.12% 113.82% -105.69%
Depreciation, Depletion And Amortization $60.11K $30.68K $40.00K
YoY Change 95.88% -44.46% -33.33%
Cash From Operating Activities $1.754M $1.428M -$1.330M
YoY Change 22.78% -462.38% -275.0%
INVESTING ACTIVITIES
Capital Expenditures $54.17K $13.86K $0.00
YoY Change 290.73% -80.52% -100.0%
Acquisitions
YoY Change
Other Investing Activities $450.0K $80.00K -$750.0K
YoY Change 462.5% -112.9% -270.45%
Cash From Investing Activities $400.6K $69.03K -$750.0K
YoY Change 480.29% -109.86% -302.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 159.5K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.754M 1.428M -1.330M
Cash From Investing Activities 400.6K 69.03K -750.0K
Cash From Financing Activities 159.5K 0.000
Net Change In Cash 2.314M 1.497M -2.080M
YoY Change 54.52% -173.5% -485.19%
FREE CASH FLOW
Cash From Operating Activities $1.754M $1.428M -$1.330M
Capital Expenditures $54.17K $13.86K $0.00
Free Cash Flow $1.699M $1.414M -$1.330M
YoY Change 20.15% -403.99% -260.24%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><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 style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 24.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">LRAD<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&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 principal markets for the Company&#x2019;s proprietary sound reproduction technologies and products are in North and South America, Europe, Middle East and Asia. </div></div></div>
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CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
589561
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
983322
CY2017Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
117644
CY2017Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
164517
CY2017Q4 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=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Reclassifications </div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 24.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Where necessary, the prior year<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s information has been reclassified to conform to the current year presentation. </div></div></div></div></div>
CY2017Q4 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
2128016
CY2016Q4 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1555314
CY2017Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
159518
CY2016Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
179101
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
356984
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
188308
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
353938
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
188308
CY2017Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
179101
CY2017Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3154
CY2016Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
12742
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2217963
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2163797
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
505469
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
509603
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
778037
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
587410
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54455106
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52771853
CY2017Q4 us-gaap Revenues
Revenues
7628567
CY2016Q4 us-gaap Revenues
Revenues
2941334
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7336025
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2701959
CY2017Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
292542
CY2016Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
239375
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2188398
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1966436
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
138461
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
464749
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.454
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.022
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3251811
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.24
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
80833
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3500
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.89
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
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1780084
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4663502
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4495317
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.16
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.15
CY2017Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.76
CY2017Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.21
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y219D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1368424
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y219D
CY2017Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
90852
CY2017Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
159518
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
33790734
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
35184039
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32236039
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31800103
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32236039
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31800103

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