$GNSS
Genasys Inc.

2018 Q4 Form 10-Q Financial Statement

#000143774919002354 Filed on February 12, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $10.18M $7.629M
YoY Change 33.41% 159.36%
Cost Of Revenue $5.088M $3.671M
YoY Change 38.61% 113.83%
Gross Profit $5.089M $3.958M
YoY Change 28.6% 223.19%
Gross Profit Margin 50.0% 51.88%
Selling, General & Admin $2.751M $2.188M
YoY Change 25.71% 11.29%
% of Gross Profit 54.06% 55.3%
Research & Development $1.048M $778.0K
YoY Change 34.75% 32.45%
% of Gross Profit 20.6% 19.66%
Depreciation & Amortization $201.3K $60.11K
YoY Change 234.86% 95.88%
% of Gross Profit 3.95% 1.52%
Operating Expenses $3.799M $2.966M
YoY Change 28.08% 16.16%
Operating Profit $1.290M $991.1K
YoY Change 30.15% -174.56%
Interest Expense $283.0K $2.709M
YoY Change -89.55%
% of Operating Profit 21.94% 273.32%
Other Income/Expense, Net $39.07K $34.53K
YoY Change 13.14% 14.61%
Pretax Income $1.329M $1.026M
YoY Change 29.57% -178.94%
Income Tax $283.0K $2.709M
% Of Pretax Income 21.3% 264.12%
Net Earnings $1.046M -$1.683M
YoY Change -162.14% 107.12%
Net Earnings / Revenue 10.28% -22.07%
Basic Earnings Per Share $0.03 -$0.05
Diluted Earnings Per Share $0.03 -$0.05
COMMON SHARES
Basic Shares Outstanding 32.90M 32.24M
Diluted Shares Outstanding 33.57M 32.24M

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.200M $18.72M
YoY Change -56.2% 3.6%
Cash & Equivalents $4.416M $15.12M
Short-Term Investments $3.780M $3.600M
Other Short-Term Assets $230.3K $590.0K
YoY Change -60.97% 13.46%
Inventory $8.709M $5.260M
Prepaid Expenses
Receivables $8.699M $5.678M
Other Receivables $180.0K $0.00
Total Short-Term Assets $26.96M $30.25M
YoY Change -10.87% 20.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.363M $505.5K
YoY Change 367.47% 10.72%
Goodwill $2.413M
YoY Change
Intangibles $1.460M $53.89K
YoY Change 2608.68% -14.2%
Long-Term Investments $900.0K $1.010M
YoY Change -10.89% -47.4%
Other Assets $6.250M $5.740M
YoY Change 8.89% -38.68%
Total Long-Term Assets $13.39M $7.305M
YoY Change 83.3% -38.09%
TOTAL ASSETS
Total Short-Term Assets $26.96M $30.25M
Total Long-Term Assets $13.39M $7.305M
Total Assets $40.35M $37.55M
YoY Change 7.45% 1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.013M $1.903M
YoY Change 58.33% 77.09%
Accrued Expenses $2.080M $1.859M
YoY Change 11.89% 21.49%
Deferred Revenue $526.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $292.6K
YoY Change
Total Short-Term Liabilities $5.385M $3.760M
YoY Change 43.23% 44.37%
LONG-TERM LIABILITIES
Long-Term Debt $51.64K $0.00
YoY Change
Other Long-Term Liabilities $1.916M
YoY Change
Total Long-Term Liabilities $1.968M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.385M $3.760M
Total Long-Term Liabilities $1.968M $0.00
Total Liabilities $7.353M $3.762M
YoY Change 95.48% 37.11%
SHAREHOLDERS EQUITY
Retained Earnings -$55.47M -$54.46M
YoY Change 1.87% 3.32%
Common Stock $326.00 $322.00
YoY Change 1.24% 1.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.00M $33.79M
YoY Change
Total Liabilities & Shareholders Equity $40.35M $37.55M
YoY Change 7.45% 1.6%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $1.046M -$1.683M
YoY Change -162.14% 107.12%
Depreciation, Depletion And Amortization $201.3K $60.11K
YoY Change 234.86% 95.88%
Cash From Operating Activities -$5.094M $1.754M
YoY Change -390.48% 22.78%
INVESTING ACTIVITIES
Capital Expenditures $38.81K $54.17K
YoY Change -28.35% 290.73%
Acquisitions
YoY Change
Other Investing Activities $110.0K $450.0K
YoY Change -75.56% 462.5%
Cash From Investing Activities $69.67K $400.6K
YoY Change -82.61% 480.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.621M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.618M 159.5K
YoY Change -1114.62%
NET CHANGE
Cash From Operating Activities -5.094M 1.754M
Cash From Investing Activities 69.67K 400.6K
Cash From Financing Activities -1.618M 159.5K
Net Change In Cash -6.652M 2.314M
YoY Change -387.53% 54.52%
FREE CASH FLOW
Cash From Operating Activities -$5.094M $1.754M
Capital Expenditures $38.81K $54.17K
Free Cash Flow -$5.133M $1.699M
YoY Change -402.03% 20.15%

Facts In Submission

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CY2018Q4 us-gaap Nature Of Operations
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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>
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CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
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PreferredStockValue
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PreferredStockValue
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PrepaidInsurance
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CY2018Q4 us-gaap Prior Period Reclassification Adjustment Description
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<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="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="display: inline; font-family: times new roman; font-size: 10pt"><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; 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Where necessary, the prior year&#x2019;s information has been reclassified to conform to the current year presentation.</div></div></div></div></div></div></div></div></div></div></div>
CY2018Q4 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2018Q4 us-gaap Research And Development Expense
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CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2018Q4 us-gaap Restricted Cash Current
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RestrictedCashCurrent
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CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
339591
CY2018Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10177559
CY2017Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7628567
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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609238
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
525983
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2018Q4 us-gaap Revenue Remaining Performance Obligation Percentage
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0.86
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.022
CY2018Q4 us-gaap Selling General And Administrative Expense
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2751008
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2188398
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
133845
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
138461
CY2017Q4 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
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1702236
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.93
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1504
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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753334
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.99
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1313333
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2639924
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2.18
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.94
CY2018Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2018Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2018Q4 us-gaap Share Price
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CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2018Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2017Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q4 us-gaap Stock Repurchased And Retired During Period Value
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
33790734
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32236039
CY2018Q4 us-gaap Weighted Average Number Of Shares Issued Basic
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32896021
CY2017Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
32236039
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32896021
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32236039

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