2016 Q2 Form 10-Q Financial Statement

#000117184316011528 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $26.14M $28.80M
YoY Change -9.25% 6.83%
Cost Of Revenue $14.46M $16.21M
YoY Change -10.76% 10.39%
Gross Profit $11.68M $12.60M
YoY Change -7.3% 2.58%
Gross Profit Margin 44.67% 43.73%
Selling, General & Admin $10.32M $10.05M
YoY Change 2.69% 17.49%
% of Gross Profit 88.39% 79.79%
Research & Development $1.502M $1.714M
YoY Change -12.37% 33.49%
% of Gross Profit 12.87% 13.61%
Depreciation & Amortization $1.120M $1.090M
YoY Change 2.75% 19.78%
% of Gross Profit 9.59% 8.65%
Operating Expenses $12.52M $12.50M
YoY Change 0.15% 18.56%
Operating Profit -$840.0K $99.00K
YoY Change -948.48% -94.3%
Interest Expense $180.0K $215.0K
YoY Change -16.28% -13.31%
% of Operating Profit 217.17%
Other Income/Expense, Net $73.00K -$526.0K
YoY Change -113.88% 12.39%
Pretax Income -$767.0K -$427.0K
YoY Change 79.63% -133.62%
Income Tax -$54.00K -$776.0K
% Of Pretax Income
Net Earnings -$713.0K $349.0K
YoY Change -304.3% -65.85%
Net Earnings / Revenue -2.73% 1.21%
Basic Earnings Per Share -$0.02 $0.01
Diluted Earnings Per Share -$0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 34.13M shares 33.57M shares
Diluted Shares Outstanding 34.13M shares 35.03M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.600M $7.400M
YoY Change -51.35% -71.97%
Cash & Equivalents $3.631M $6.090M
Short-Term Investments
Other Short-Term Assets $0.00 $4.922M
YoY Change -100.0% 159.05%
Inventory $22.20M $23.07M
Prepaid Expenses
Receivables $16.30M $18.54M
Other Receivables $4.700M $5.000M
Total Short-Term Assets $46.80M $56.54M
YoY Change -17.23% -12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $5.600M $5.764M
YoY Change -2.85% 40.59%
Goodwill $41.08M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $406.0K
YoY Change 146.31% -96.97%
Total Long-Term Assets $67.30M $82.04M
YoY Change -17.96% 11.92%
TOTAL ASSETS
Total Short-Term Assets $46.80M $56.54M
Total Long-Term Assets $67.30M $82.04M
Total Assets $114.1M $138.6M
YoY Change -17.66% 0.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.600M $8.834M
YoY Change -25.29% 73.22%
Accrued Expenses $4.000M $4.438M
YoY Change -9.87% -3.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.400M $5.000M
YoY Change -52.0% 0.0%
Total Short-Term Liabilities $14.90M $21.23M
YoY Change -29.83% 29.47%
LONG-TERM LIABILITIES
Long-Term Debt $13.80M $15.65M
YoY Change -11.82% -9.54%
Other Long-Term Liabilities $2.700M $4.700M
YoY Change -42.55% -17.54%
Total Long-Term Liabilities $16.50M $15.65M
YoY Change 5.43% -31.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.90M $21.23M
Total Long-Term Liabilities $16.50M $15.65M
Total Liabilities $37.40M $43.76M
YoY Change -14.54% 10.79%
SHAREHOLDERS EQUITY
Retained Earnings -$93.74M
YoY Change
Common Stock $210.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 7.746M shares
Shareholders Equity $76.70M $94.81M
YoY Change
Total Liabilities & Shareholders Equity $114.1M $138.6M
YoY Change -17.66% 0.64%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$713.0K $349.0K
YoY Change -304.3% -65.85%
Depreciation, Depletion And Amortization $1.120M $1.090M
YoY Change 2.75% 19.78%
Cash From Operating Activities $950.0K -$480.0K
YoY Change -297.92% -133.8%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$600.0K
YoY Change -66.67% 30.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K
YoY Change -100.0% -166.67%
Cash From Investing Activities -$200.0K -$580.0K
YoY Change -65.52% 16.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K 200.0K
YoY Change -550.0% -135.09%
NET CHANGE
Cash From Operating Activities 950.0K -480.0K
Cash From Investing Activities -200.0K -580.0K
Cash From Financing Activities -900.0K 200.0K
Net Change In Cash -150.0K -860.0K
YoY Change -82.56% -345.71%
FREE CASH FLOW
Cash From Operating Activities $950.0K -$480.0K
Capital Expenditures -$200.0K -$600.0K
Free Cash Flow $1.150M $120.0K
YoY Change 858.33% -93.62%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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T</font><font style='font-family:Times New Roman;font-size:10pt;' >he Company is evaluating the impact of ASU 2016-13 on its consolidated financial statements.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:24.5pt;' >Recently Adopted Acc</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >ounting Pronouncements</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:inherit;font-size:10pt;margin-left:24.5pt;' >In April 2015, the FASB issued ASU 2015-03,&#160;</font><font style='font-family:inherit;font-size:10pt;font-style:italic;' >Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs</font><font style='font-family:inherit;font-size:10pt;' >. 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Under the update, measurement-period adjustments are to be calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period earnings. ASU 2015-16 requires prospective application to adjustments of provisional amounts that occur after the effective </font><font style='font-family:Times New Roman;font-size:10pt;' >date. The update wa</font><font style='font-family:Times New Roman;font-size:10pt;' >s effective for fiscal years beginning after December 15, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >5</font><font style='font-family:Times New Roman;font-size:10pt;' >.&#160;&#160;</font><font style='font-family:Times New Roman;font-size:10pt;' >The Company adopted ASU 2015-16 on January 1, 2016. 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0.115 pure
hbio Minimun Percentage Of Term Loan And Delayed Draw Term Loan On Which Interest Rate Required To Be Fixed
MinimunPercentageOfTermLoanAndDelayedDrawTermLoanOnWhichInterestRateRequiredToBeFixed
0.5 pure
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-11884000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1253000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1230000 USD
us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Current Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInCurrentFiscalYear
600000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
400000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4291 pure
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.014 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3935 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y1M28D
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M10D
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
899000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
692000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-338532 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34070241 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33240467 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34070241 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33240467 shares
CY2016Q2 hbio Percentage Of Outstanding Common Stock
PercentageOfOutstandingCommonStock
0.2 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.85 pure
CY2016Q2 hbio Employee Stock Purchase Plan Shares Authorized
EmployeeStockPurchasePlanSharesAuthorized
750000 shares
CY2016Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
39353 shares
CY2015Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
26181 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
683364 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5502327 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5169376 shares
hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
1.26
hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
2.21

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