2016 Q4 Form 10-Q Financial Statement

#000117184316012917 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $26.42M $25.01M $25.73M
YoY Change -6.89% -2.81% 1.11%
Cost Of Revenue $14.31M $13.32M $14.01M
YoY Change -7.35% -4.91% -0.01%
Gross Profit $12.11M $11.69M $11.73M
YoY Change -6.34% -0.31% 2.48%
Gross Profit Margin 45.83% 46.75% 45.57%
Selling, General & Admin $10.26M $9.810M $10.03M
YoY Change -0.39% -2.22% 21.72%
% of Gross Profit 84.76% 83.92% 85.56%
Research & Development $1.160M $1.309M $1.426M
YoY Change -24.18% -8.2% 34.66%
% of Gross Profit 9.58% 11.2% 12.16%
Depreciation & Amortization $990.0K $1.090M $1.060M
YoY Change -22.05% 2.83% 13.98%
% of Gross Profit 8.18% 9.32% 9.04%
Operating Expenses $13.23M $12.50M $12.50M
YoY Change 3.26% 0.02% 24.8%
Operating Profit -$1.123M -$813.0K -$775.0K
YoY Change -1093.81% 4.9% -154.39%
Interest Expense $170.0K $142.0K $204.0K
YoY Change -206.25% -30.39% -14.64%
% of Operating Profit
Other Income/Expense, Net $135.0K -$67.00K -$321.0K
YoY Change -131.11% -79.13% -31.56%
Pretax Income -$988.0K -$880.0K -$1.096M
YoY Change 207.79% -19.71% -214.64%
Income Tax $332.0K $758.0K -$249.0K
% Of Pretax Income
Net Earnings -$1.320M -$1.638M -$847.0K
YoY Change -92.3% 93.39% -233.81%
Net Earnings / Revenue -5.0% -6.55% -3.29%
Basic Earnings Per Share -$0.04 -$0.05 -$0.02
Diluted Earnings Per Share -$0.04 -$0.05 -$0.02
COMMON SHARES
Basic Shares Outstanding 34.37M shares 34.33M shares 33.93M shares
Diluted Shares Outstanding 34.33M shares 33.93M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $5.300M $6.100M
YoY Change -16.42% -13.11% -77.15%
Cash & Equivalents $5.596M $5.345M $6.090M
Short-Term Investments
Other Short-Term Assets $4.175M $4.463M $5.070M
YoY Change 7.8% -11.97% 24.82%
Inventory $19.96M $21.20M $23.01M
Prepaid Expenses
Receivables $15.75M $15.12M $15.59M
Other Receivables $4.200M $4.500M $5.100M
Total Short-Term Assets $45.47M $46.15M $52.32M
YoY Change -10.04% -11.79% -19.5%
LONG-TERM ASSETS
Property, Plant & Equipment $4.296M $5.267M $5.934M
YoY Change -27.21% -11.24% 44.41%
Goodwill $38.03M $39.62M $40.86M
YoY Change -5.76% -3.02% 13.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0K $112.0K $349.0K
YoY Change -15.79% -67.91% -2.79%
Total Long-Term Assets $62.29M $66.02M $81.23M
YoY Change -10.37% -18.72% 14.21%
TOTAL ASSETS
Total Short-Term Assets $45.47M $46.15M $52.32M
Total Long-Term Assets $62.29M $66.02M $81.23M
Total Assets $107.8M $112.2M $133.6M
YoY Change -10.23% -16.01% -1.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.196M $6.142M $6.322M
YoY Change -29.45% -2.85% 23.96%
Accrued Expenses $4.550M $4.501M $3.840M
YoY Change 13.16% 17.21% -7.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.400M $2.400M $5.000M
YoY Change 0.0% -52.0% 0.0%
Total Short-Term Liabilities $14.60M $14.44M $17.27M
YoY Change -24.44% -16.38% 10.51%
LONG-TERM LIABILITIES
Long-Term Debt $11.37M $12.67M $15.15M
YoY Change -30.51% -16.38% -16.76%
Other Long-Term Liabilities $3.200M $2.600M $4.600M
YoY Change 6.67% -43.48% -14.81%
Total Long-Term Liabilities $11.37M $12.67M $15.15M
YoY Change -30.51% -16.38% -16.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.60M $14.44M $17.27M
Total Long-Term Liabilities $11.37M $12.67M $15.15M
Total Liabilities $35.57M $36.29M $39.27M
YoY Change -16.21% -7.6% -0.21%
SHAREHOLDERS EQUITY
Retained Earnings -$116.0M -$114.7M -$94.58M
YoY Change 3.86% 21.28% 2.06%
Common Stock $215.6M $417.0K $211.1M
YoY Change 1.74% -99.8% 2.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 7.746M shares 7.746M shares 7.746M shares
Shareholders Equity $72.20M $75.89M $94.29M
YoY Change
Total Liabilities & Shareholders Equity $107.8M $112.2M $133.6M
YoY Change -10.23% -16.01% -1.89%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.320M -$1.638M -$847.0K
YoY Change -92.3% 93.39% -233.81%
Depreciation, Depletion And Amortization $990.0K $1.090M $1.060M
YoY Change -22.05% 2.83% 13.98%
Cash From Operating Activities $1.720M $3.440M -$80.00K
YoY Change -2.82% -4400.0% -113.33%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K -$540.0K -$660.0K
YoY Change -22.06% -18.18% 37.5%
Acquisitions
YoY Change
Other Investing Activities $1.420M $0.00 -$10.00K
YoY Change -100.0%
Cash From Investing Activities $890.0K -$540.0K -$670.0K
YoY Change -230.88% -19.4% 39.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.210M -1.030M -410.0K
YoY Change 4.31% 151.22% -130.15%
NET CHANGE
Cash From Operating Activities 1.720M 3.440M -80.00K
Cash From Investing Activities 890.0K -540.0K -670.0K
Cash From Financing Activities -1.210M -1.030M -410.0K
Net Change In Cash 1.400M 1.870M -1.160M
YoY Change -2100.0% -261.21% -178.38%
FREE CASH FLOW
Cash From Operating Activities $1.720M $3.440M -$80.00K
Capital Expenditures -$530.0K -$540.0K -$660.0K
Free Cash Flow $2.250M $3.980M $580.0K
YoY Change -8.16% 586.21% -46.3%

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<div><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >.</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > Recently Issued Accounting Pronouncements</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' > </font></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;margin-left:24.5pt;' >In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >&#8220;Revenue from Contracts with Customers,&#8221;</font><font style='font-family:Times New Roman;font-size:10pt;' > a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in th</font><font style='font-family:Times New Roman;font-size:10pt;' >e United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or servi</font><font style='font-family:Times New Roman;font-size:10pt;' >ces. At its July 2015 meeting, the FASB agreed to defer the mandatory effective date of ASU 2014-09 one year. Under the one year deferral, the standard will take effect in 2018 for calendar ye</font><font style='font-family:Times New Roman;font-size:10pt;' >ar-end public entities. </font></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;margin-left:24.5pt;' >&#160;</font></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;margin-left:24.5pt;' >In July 2015, the FASB issued&#160;ASU&#160;201</font><font style='font-family:Times New Roman;font-size:10pt;' >5-11,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Simplifying Measurement of Inventory</font><font style='font-family:Times New Roman;font-size:10pt;' >.&#160;The update requires measurement of most inventory &#8220;at the lower of cost and net realizable value&#8221;, and applies to all entities that recognize inventory within the scope of ASC 330, except for inventory measured u</font><font style='font-family:Times New Roman;font-size:10pt;' >nder the last-in, first-out (LIFO) method or the retail inventory method (RIM). 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The update requires a lessee to rec</font><font style='font-family:Times New Roman;font-size:10pt;' >ord on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12&#160;months. 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For deferred financing costs paid to secure long-term debt, the Company made a policy election to present such costs as a direct deduction from the debt liability on t</font><font style='font-family:inherit;font-size:10pt;' >he consolidated balance sheet.</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;margin-left:24.5pt;' >In September 2015, the FASB issued&#160;ASU&#160;2015-16</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Simplifying</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > the Accounting for Measurement-Period Adjustments</font><font style='font-family:Times New Roman;font-size:10pt;' >.&#160;The update eliminates the requirement to retrospectively adjust financial statements for measurement-period adjustments that occur in periods after a business combination. Un</font><font style='font-family:Times New Roman;font-size:10pt;' >der 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 date. The update was effective for fiscal years beginning after December 15, 2015.&#160;&#160;The Company adopted ASU 2015-16 on January 1, 2016. The adoption of ASU 2015-16 did not have a material impact&#160;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;margin-left:24.5pt;' >In November 2015, the FASB issued ASU&#160;2015-17,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Balance Sheet Classification of Deferred Taxes</font><font style='font-family:Times New Roman;font-size:10pt;' >. The update requires all deferred income taxes to be presented on the balance sheet as noncurrent. The new guidance is intended to</font><font style='font-family:Times New Roman;font-size:10pt;' > simplify financial reporting by eliminating the requirement to classify deferred taxes between current and noncurrent. The update is effective for fiscal years beginning after December 15, 2016.&#160;&#160;Early adoption is permitted at the beginning of an interim </font><font style='font-family:Times New Roman;font-size:10pt;' >or annual period. </font><font style='font-family:Times New Roman;font-size:10pt;' >During the </font><font style='font-family:Times New Roman;font-size:10pt;' >nine months ended</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >September 30,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' >, t</font><font style='font-family:Times New Roman;font-size:10pt;' >he Company </font><font style='font-family:Times New Roman;font-size:10pt;' >early adopted the new guidance on a prospective basis and has presented all deferred tax assets and deferred tax liabilities as noncurrent in the consolidated balance sheet</font><font style='font-family:Times New Roman;font-size:10pt;' > at </font><font style='font-family:Times New Roman;font-size:10pt;' >September 30,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font></p></div>
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dei Document Period End Date
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300000 USD
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500000 USD
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0 shares
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hbio Weighted Average Estimated Black Scholes Value Of Option Grants
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us-gaap Asset Impairment Charges
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Asset Impairment Charges
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