$HGBL
Heritage Global Inc.

2016 Q4 Form 10-K Financial Statement

#000156459017003568 Filed on March 07, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $5.870M $15.37M $7.790M
YoY Change -24.65% -11.82% -14.3%
Cost Of Revenue $2.090M $7.131M $4.410M
YoY Change -52.61% 128.19% -57.1%
Gross Profit $3.780M $8.240M $3.380M
YoY Change 11.83% -42.4% -384.03%
Gross Profit Margin 64.4% 53.61% 43.39%
Selling, General & Admin $3.070M $12.01M $3.820M
YoY Change -19.63% -5.99% 1.6%
% of Gross Profit 81.22% 145.74% 113.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $56.00K $90.00K
YoY Change -11.11% 14.29% -57.14%
% of Gross Profit 2.12% 0.68% 2.66%
Operating Expenses $3.150M $12.01M $3.900M
YoY Change -19.23% -5.99% -912.5%
Operating Profit $630.0K $190.0K -$520.0K
YoY Change -221.15% -101.84% -26.76%
Interest Expense -$30.00K $182.0K $150.0K
YoY Change -120.0% -47.85% -77.27%
% of Operating Profit -4.76% 95.79%
Other Income/Expense, Net -$910.0K $119.0K $300.0K
YoY Change -403.33% 72.46% 500.0%
Pretax Income -$310.0K $35.00K -$5.510M
YoY Change -94.37% -100.34% 55000.0%
Income Tax -$10.00K $21.00K -$10.00K
% Of Pretax Income 60.0%
Net Earnings -$300.0K $14.00K -$5.500M
YoY Change -94.55% -100.13% 3135.29%
Net Earnings / Revenue -5.11% 0.09% -70.6%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$10.55K $0.00 -$193.2K
COMMON SHARES
Basic Shares Outstanding 28.51M 28.40M
Diluted Shares Outstanding 28.43M

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.530M $2.530M $2.780M
YoY Change -8.99% -8.99% -27.03%
Cash & Equivalents $2.530M $2.530M $2.777M
Short-Term Investments $0.00
Other Short-Term Assets $390.0K $390.0K $450.0K
YoY Change -13.33% -13.33% -23.73%
Inventory $263.0K $260.0K $395.0K
Prepaid Expenses
Receivables $1.250M $1.250M $640.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.433M $4.430M $4.264M
YoY Change 3.96% 3.99% -42.29%
LONG-TERM ASSETS
Property, Plant & Equipment $156.0K $160.0K $110.0K
YoY Change 41.82% 45.45% -26.67%
Goodwill $6.158M $6.158M
YoY Change 0.0% -30.39%
Intangibles $4.122M $4.382M
YoY Change -5.93% -42.77%
Long-Term Investments $17.00K
YoY Change -98.5%
Other Assets $275.0K $280.0K $173.0K
YoY Change 58.96% -92.76% -6.99%
Total Long-Term Assets $10.71M $10.71M $14.54M
YoY Change -26.32% -26.34% -40.62%
TOTAL ASSETS
Total Short-Term Assets $4.433M $4.430M $4.264M
Total Long-Term Assets $10.71M $10.71M $14.54M
Total Assets $15.14M $15.14M $18.80M
YoY Change -19.46% -19.47% -41.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.750M $6.750M $6.670M
YoY Change 1.2% 1.2% -7.75%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.721M
YoY Change -100.0% -50.97%
Long-Term Debt Due $660.0K $660.0K $1.720M
YoY Change -61.63% -61.63% -51.0%
Total Short-Term Liabilities $8.570M $8.570M $9.356M
YoY Change -8.4% -8.44% -18.91%
LONG-TERM LIABILITIES
Long-Term Debt $350.0K $350.0K $2.500M
YoY Change -86.0% -86.0% 0.0%
Other Long-Term Liabilities $1.770M $1.770M $2.590M
YoY Change -31.66% -31.66% -23.82%
Total Long-Term Liabilities $2.120M $2.120M $5.090M
YoY Change -58.35% -58.35% -13.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.570M $8.570M $9.356M
Total Long-Term Liabilities $2.120M $2.120M $5.090M
Total Liabilities $11.65M $11.65M $15.41M
YoY Change -24.39% -24.4% -16.23%
SHAREHOLDERS EQUITY
Retained Earnings -$280.9M -$280.9M
YoY Change 0.0% 3.85%
Common Stock $285.0K $285.0K
YoY Change 0.0% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.494M $3.490M $3.394M
YoY Change
Total Liabilities & Shareholders Equity $15.14M $15.14M $18.80M
YoY Change -19.46% -19.47% -41.0%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$300.0K $14.00K -$5.500M
YoY Change -94.55% -100.13% 3135.29%
Depreciation, Depletion And Amortization $80.00K $56.00K $90.00K
YoY Change -11.11% 14.29% -57.14%
Cash From Operating Activities -$60.00K $3.920M $10.00K
YoY Change -700.0% -566.67% -97.06%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $99.00K -$10.00K
YoY Change 0.0% 1000.0% -91.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K $110.0K
YoY Change -100.0% -99.26% -126.19%
Cash From Investing Activities -$10.00K -$80.00K $100.0K
YoY Change -110.0% -102.97% -118.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -740.0K -4.090M 0.000
YoY Change 52.61% -100.0%
NET CHANGE
Cash From Operating Activities -60.00K 3.920M 10.00K
Cash From Investing Activities -10.00K -80.00K 100.0K
Cash From Financing Activities -740.0K -4.090M 0.000
Net Change In Cash -810.0K -250.0K 110.0K
YoY Change -836.36% -69.88% -114.29%
FREE CASH FLOW
Cash From Operating Activities -$60.00K $3.920M $10.00K
Capital Expenditures -$10.00K $99.00K -$10.00K
Free Cash Flow -$50.00K $3.821M $20.00K
YoY Change -350.0% -550.06% -95.65%

Facts In Submission

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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the Company&#8217;s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates include the assessment of collectability of revenue recognized and the valuation of accounts receivable, inventory, investments, goodwill and intangible assets, liabilities, contingent consideration, deferred income tax assets and liabilities, and stock-based compensation. These estimates have the potential to significantly impact our consolidated financial statements, either because of the significance of the financial statement item to which they relate, or because they require judgment and estimation due to the uncertainty involved in measuring, at a specific point in time, events that are continuous in nature.</p></div>
CY2016 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior year balances within the consolidated financial statements have been reclassified to conform to current year presentation.&nbsp;&nbsp;</p></div>
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12100000
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3259200
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