2018 Q1 Form 10-Q Financial Statement

#000137367018000023 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $129.2M $100.7M
YoY Change 28.22% 43.99%
Cost Of Revenue $96.53M $78.10M
YoY Change 23.6% 40.72%
Gross Profit $32.63M $21.50M
YoY Change 51.79% 49.16%
Gross Profit Margin 25.27% 21.34%
Selling, General & Admin $18.13M $4.278M
YoY Change 323.77% 9.86%
% of Gross Profit 55.55% 19.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $402.0K $88.00K
YoY Change 356.82% 57.14%
% of Gross Profit 1.23% 0.41%
Operating Expenses $18.13M $4.278M
YoY Change 323.77% 9.86%
Operating Profit $14.51M $11.57M
YoY Change 25.33% 113.25%
Interest Expense $1.500M $0.00
YoY Change
% of Operating Profit 10.34% 0.0%
Other Income/Expense, Net $570.0K $542.0K
YoY Change 5.17% 5.04%
Pretax Income $16.61M $12.12M
YoY Change 37.11% 103.85%
Income Tax $3.372M $3.889M
% Of Pretax Income 20.3% 32.1%
Net Earnings $11.20M $6.197M
YoY Change 80.78% 100.29%
Net Earnings / Revenue 8.67% 6.15%
Basic Earnings Per Share $0.22 $0.13
Diluted Earnings Per Share $0.22 $0.13
COMMON SHARES
Basic Shares Outstanding 50.58M shares 48.96M shares
Diluted Shares Outstanding 50.72M shares 49.02M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.40M $32.30M
YoY Change 6.5% 31.84%
Cash & Equivalents $38.85M $32.33M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $528.5M $406.2M
Prepaid Expenses
Receivables $1.500M $2.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $564.4M $441.4M
YoY Change 27.87% 9.07%
LONG-TERM ASSETS
Property, Plant & Equipment $2.108M $805.0K
YoY Change 161.86% 6.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.65M
YoY Change
Other Assets $32.20M $69.80M
YoY Change -53.87% -12.97%
Total Long-Term Assets $78.79M $92.07M
YoY Change -14.42% -8.69%
TOTAL ASSETS
Total Short-Term Assets $564.4M $441.4M
Total Long-Term Assets $78.79M $92.07M
Total Assets $643.2M $533.5M
YoY Change 20.57% 5.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.20M $13.10M
YoY Change 54.2% -22.02%
Accrued Expenses $16.30M $14.90M
YoY Change 9.4% 106.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.20M $45.10M
YoY Change 31.26% 36.25%
LONG-TERM LIABILITIES
Long-Term Debt $144.9M $72.70M
YoY Change 99.31% -6.19%
Other Long-Term Liabilities $0.00 $9.100M
YoY Change -100.0% -48.3%
Total Long-Term Liabilities $144.9M $81.80M
YoY Change 77.14% -13.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.20M $45.10M
Total Long-Term Liabilities $144.9M $81.80M
Total Liabilities $204.1M $126.9M
YoY Change 60.81% -0.99%
SHAREHOLDERS EQUITY
Retained Earnings $137.1M $117.1M
YoY Change 17.05% 29.75%
Common Stock $291.3M $275.0M
YoY Change 5.93% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $428.4M $392.1M
YoY Change
Total Liabilities & Shareholders Equity $643.2M $533.5M
YoY Change 20.57% 5.53%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $11.20M $6.197M
YoY Change 80.78% 100.29%
Depreciation, Depletion And Amortization $402.0K $88.00K
YoY Change 356.82% 57.14%
Cash From Operating Activities -$20.22M $16.55M
YoY Change -222.18% -200.67%
INVESTING ACTIVITIES
Capital Expenditures $601.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$601.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $19.38M -$18.32M
YoY Change -205.79% -189.11%
NET CHANGE
Cash From Operating Activities -$20.22M $16.55M
Cash From Investing Activities -$601.0K $0.00
Cash From Financing Activities $19.38M -$18.32M
Net Change In Cash -$1.441M -$1.770M
YoY Change -18.59% -143.06%
FREE CASH FLOW
Cash From Operating Activities -$20.22M $16.55M
Capital Expenditures $601.0K $0.00
Free Cash Flow -$20.82M $16.55M
YoY Change -225.81% -200.63%

Facts In Submission

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RealEstateInventoryCapitalizedInterestCostsIncurred
1628000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
17500000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10000000 USD
CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
725000 USD
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
12000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3605000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4403000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
125903000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
137106000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
35773000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
47500000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
19567000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4536000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
107376000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P9M
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
CY2017Q1 us-gaap Revenues
Revenues
99337000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1705000 USD
CY2018Q1 us-gaap Revenues
Revenues
128265000 USD
CY2017Q1 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
5435000 USD
CY2018Q1 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
6938000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4278000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5825000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
106000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.95
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
38000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
38000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.25
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.25
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
106000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
9.95
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
300000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.49
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1023000 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M27D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
200000 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
200000 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
0 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.00
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.88
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.88
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6M27D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.00
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
669000 USD
CY2016Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
416347000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
428386000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
433038000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
439068000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Assets Not Pledged
VariableInterestEntityConsolidatedAssetsNotPledged
52200000 USD
CY2018Q1 us-gaap Variable Interest Entity Consolidated Assets Not Pledged
VariableInterestEntityConsolidatedAssetsNotPledged
49000000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
59000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
141000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49017000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50718000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48958000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50577000 shares
CY2018Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Basis of Presentation</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (&#8220;GAAP&#8221;) as set forth in the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) and applicable regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;), but do not include all of the information and footnotes required for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements for the periods presented reflect all adjustments, of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. Our operating results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for any future periods.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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a331201810-qgrbk.htm Edgar Link pending
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