2023 Q3 Form 10-Q Financial Statement

#000095017023040439 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $75.86M $77.10M
YoY Change -0.09% 1.9%
Cost Of Revenue $45.64M $46.89M
YoY Change -0.48% -2.09%
Gross Profit $21.84M $21.98M
YoY Change -27.35% -20.87%
Gross Profit Margin 28.8% 28.51%
Selling, General & Admin $16.47M $17.43M
YoY Change 3.68% 21.29%
% of Gross Profit 75.4% 79.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $892.0K $806.0K
YoY Change 6.44% 0.5%
% of Gross Profit 4.08% 3.67%
Operating Expenses $16.47M $17.43M
YoY Change 3.68% 21.29%
Operating Profit $13.74M $12.79M
YoY Change -3.09% -4.62%
Interest Expense $814.0K $921.0K
YoY Change 2807.14% -3389.29%
% of Operating Profit 5.92% 7.2%
Other Income/Expense, Net
YoY Change
Pretax Income $12.93M $11.87M
YoY Change -8.65% -11.3%
Income Tax $3.509M $3.149M
% Of Pretax Income 27.14% 26.53%
Net Earnings $9.420M $8.720M
YoY Change -7.78% -16.99%
Net Earnings / Revenue 12.42% 11.31%
Basic Earnings Per Share $0.35 $0.32
Diluted Earnings Per Share $0.34 $0.32
COMMON SHARES
Basic Shares Outstanding 27.22M 27.19M
Diluted Shares Outstanding 27.82M 27.55M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.900M $15.83M
YoY Change -83.95% -66.84%
Cash & Equivalents $9.879M $15.83M
Short-Term Investments
Other Short-Term Assets $3.200M $3.203M
YoY Change 5.51% -40.29%
Inventory
Prepaid Expenses
Receivables $62.20M $57.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $75.26M $76.83M
YoY Change -34.1% -25.86%
LONG-TERM ASSETS
Property, Plant & Equipment $20.03M $19.86M
YoY Change 7.48% 1.12%
Goodwill $83.66M $84.15M
YoY Change 0.18%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $282.0K $285.0K
YoY Change -43.71% -47.22%
Total Long-Term Assets $105.6M $106.1M
YoY Change 1.83% 1.22%
TOTAL ASSETS
Total Short-Term Assets $75.26M $76.83M
Total Long-Term Assets $105.6M $106.1M
Total Assets $180.8M $182.9M
YoY Change -17.0% -12.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.039M $5.475M
YoY Change -6.69% -31.91%
Accrued Expenses $22.10M $20.58M
YoY Change -16.8% -0.01%
Deferred Revenue $12.87M $14.45M
YoY Change -9.69%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.97M $46.87M
YoY Change -9.04% -2.27%
LONG-TERM LIABILITIES
Long-Term Debt $43.69M $52.68M
YoY Change
Other Long-Term Liabilities $800.0K $1.151M
YoY Change -21.49% -2.46%
Total Long-Term Liabilities $43.69M $52.68M
YoY Change 4187.93% 4364.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.97M $46.87M
Total Long-Term Liabilities $43.69M $52.68M
Total Liabilities $100.0M $110.0M
YoY Change 63.78% 89.29%
SHAREHOLDERS EQUITY
Retained Earnings $55.97M $49.54M
YoY Change 123.52%
Common Stock $314.1M $311.6M
YoY Change 3.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $274.6M $274.6M
YoY Change 73.88%
Treasury Stock Shares
Shareholders Equity $80.84M $72.89M
YoY Change
Total Liabilities & Shareholders Equity $180.8M $182.9M
YoY Change -17.0% -12.24%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $9.420M $8.720M
YoY Change -7.78% -16.99%
Depreciation, Depletion And Amortization $892.0K $806.0K
YoY Change 6.44% 0.5%
Cash From Operating Activities $7.170M $7.713M
YoY Change -60.68% 27.4%
INVESTING ACTIVITIES
Capital Expenditures $1.070M $1.062M
YoY Change -183.99% 6.95%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.070M -$1.062M
YoY Change -16.01% 6.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.06M -7.651M
YoY Change 298.81% 148.73%
NET CHANGE
Cash From Operating Activities 7.170M 7.713M
Cash From Investing Activities -1.070M -1.062M
Cash From Financing Activities -12.06M -7.651M
Net Change In Cash -5.960M -1.000M
YoY Change -142.76% -151.07%
FREE CASH FLOW
Cash From Operating Activities $7.170M $7.713M
Capital Expenditures $1.070M $1.062M
Free Cash Flow $6.100M $6.651M
YoY Change -68.73% 31.42%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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us-gaap Operating Lease Cost
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us-gaap Lease Cost
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560000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap General And Administrative Expense
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CY2023Q2 us-gaap Share Based Compensation
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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177000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2377000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
As of June 30, 2023, the Company does not have any additional operating leases that have not yet commenced
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us-gaap Depreciation Depletion And Amortization
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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ecd Rule10b51 Arr Adopted Flag
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