$GNSS
Genasys Inc.

2018 Q1 Form 10-Q Financial Statement

#000143774918010384 Filed on May 18, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $7.868M $5.742M
YoY Change 37.02% 59.42%
Cost Of Revenue $3.832M $2.809M
YoY Change 36.46% 42.53%
Gross Profit $4.036M $2.934M
YoY Change 37.57% 79.83%
Gross Profit Margin 51.29% 51.09%
Selling, General & Admin $2.518M $1.893M
YoY Change 33.01% -16.85%
% of Gross Profit 62.39% 64.52%
Research & Development $913.9K $605.2K
YoY Change 51.0% 1.27%
% of Gross Profit 22.64% 20.63%
Depreciation & Amortization $133.7K $30.00K
YoY Change 345.68% -25.0%
% of Gross Profit 3.31% 1.02%
Operating Expenses $3.432M $2.498M
YoY Change 37.37% -13.08%
Operating Profit $604.2K $435.6K
YoY Change 38.71% -135.04%
Interest Expense $9.815K
YoY Change
% of Operating Profit 1.62%
Other Income/Expense, Net $15.21K $32.07K
YoY Change -52.59% 1.2%
Pretax Income $619.4K $467.6K
YoY Change 32.44% -138.61%
Income Tax $158.5K $169.3K
% Of Pretax Income 25.58% 36.2%
Net Earnings $460.9K $298.4K
YoY Change 54.49% -144.89%
Net Earnings / Revenue 5.86% 5.2%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 32.28M 31.80M
Diluted Shares Outstanding 33.30M 31.86M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.80M $18.03M
YoY Change -6.82% 2.39%
Cash & Equivalents $12.73M $14.52M
Short-Term Investments $4.060M $3.460M
Other Short-Term Assets $1.210M $700.0K
YoY Change 72.86% 7.69%
Inventory $5.443M $5.120M
Prepaid Expenses
Receivables $5.718M $3.241M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.17M $27.09M
YoY Change 7.69% 4.42%
LONG-TERM ASSETS
Property, Plant & Equipment $483.5K $471.7K
YoY Change 2.5% -6.47%
Goodwill $2.604M
YoY Change
Intangibles $1.834M $63.51K
YoY Change 2787.49% 4.55%
Long-Term Investments $990.0K $1.560M
YoY Change -36.54% -31.58%
Other Assets $5.810M $9.100M
YoY Change -36.15% -5.99%
Total Long-Term Assets $11.72M $11.19M
YoY Change 4.72% -10.62%
TOTAL ASSETS
Total Short-Term Assets $29.17M $27.09M
Total Long-Term Assets $11.72M $11.19M
Total Assets $40.89M $38.28M
YoY Change 6.82% -0.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.890M $1.282M
YoY Change 47.45% -11.1%
Accrued Expenses $3.414M $2.189M
YoY Change 56.01% 8.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $6.201M $3.471M
YoY Change 78.67% 0.27%
LONG-TERM LIABILITIES
Long-Term Debt $270.0K $0.00
YoY Change
Other Long-Term Liabilities $112.2K
YoY Change -35.53%
Total Long-Term Liabilities $270.0K $112.2K
YoY Change 140.56% -35.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.201M $3.471M
Total Long-Term Liabilities $270.0K $112.2K
Total Liabilities $6.470M $3.583M
YoY Change 80.59% -1.44%
SHAREHOLDERS EQUITY
Retained Earnings -$53.99M -$52.41M
YoY Change 3.02% 2.08%
Common Stock $322.00 $318.00
YoY Change 1.26% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.42M $34.70M
YoY Change
Total Liabilities & Shareholders Equity $40.89M $38.28M
YoY Change 6.82% -0.48%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $460.9K $298.4K
YoY Change 54.49% -144.89%
Depreciation, Depletion And Amortization $133.7K $30.00K
YoY Change 345.68% -25.0%
Cash From Operating Activities $1.150M -$370.0K
YoY Change -410.81% -305.56%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$40.00K
YoY Change 0.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities -$2.700M $20.00K
YoY Change -13600.0% 100.0%
Cash From Investing Activities -$2.740M -$30.00K
YoY Change 9033.33% -25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -330.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.150M -370.0K
Cash From Investing Activities -2.740M -30.00K
Cash From Financing Activities -330.0K 0.000
Net Change In Cash -1.920M -400.0K
YoY Change 380.0% -34.43%
FREE CASH FLOW
Cash From Operating Activities $1.150M -$370.0K
Capital Expenditures -$40.00K -$40.00K
Free Cash Flow $1.190M -$330.0K
YoY Change -460.61% -237.5%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">LRAD<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 multidirectional sound technologies, voice broadcast products, and location-based mass messaging solutions for emergency warning and workforce management. The principal markets for the Company&#x2019;s proprietary sound reproduction technologies, voice broadcast products and mass messaging solutions are in North and South America, Europe, Middle East and Asia.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018, </div>the Company acquired all of the issued and outstanding shares of capital stock of Genasys Holdings, S.L. and its subsidiaries (&#x201c;Genasys&#x201d;), pursuant to a Stock Purchase Agreement, dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018. </div>Genasys is a leading software provider of advanced location-based mass messaging solutions for emergency warning systems and workforce management. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> for additional information about this transaction.</div></div>
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