2018 Q1 Form 10-Q Financial Statement

#000004591918000027 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $81.20M $94.89M
YoY Change -14.43% -4.69%
Cost Of Revenue $74.80M $87.20M
YoY Change -14.22% -6.14%
Gross Profit $6.400M $7.700M
YoY Change -16.88% 16.67%
Gross Profit Margin 7.88% 8.11%
Selling, General & Admin $9.300M $11.10M
YoY Change -16.22% -11.9%
% of Gross Profit 145.31% 144.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.151M $2.948M
YoY Change -27.04% -2.9%
% of Gross Profit 33.61% 38.29%
Operating Expenses $11.50M $14.00M
YoY Change -17.86% -10.83%
Operating Profit -$5.035M -$6.342M
YoY Change -20.61% -25.8%
Interest Expense -$900.0K -$1.000M
YoY Change -10.0% -28.57%
% of Operating Profit
Other Income/Expense, Net $28.88M -$2.520M
YoY Change -1246.19% 244.73%
Pretax Income $23.85M -$8.862M
YoY Change -369.12% -4.48%
Income Tax -$8.780M -$1.476M
% Of Pretax Income -36.81%
Net Earnings $32.63M -$7.386M
YoY Change -541.74% 31.89%
Net Earnings / Revenue 40.18% -7.78%
Basic Earnings Per Share $5.24 -$1.20
Diluted Earnings Per Share $4.67 -$1.20
COMMON SHARES
Basic Shares Outstanding 6.213M shares 6.169M shares
Diluted Shares Outstanding 6.990M shares 6.169M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.80M $43.60M
YoY Change -47.71% 272.65%
Cash & Equivalents $22.85M $43.64M
Short-Term Investments
Other Short-Term Assets $4.273M $3.579M
YoY Change 19.39% -22.67%
Inventory $473.0K $869.0K
Prepaid Expenses $6.052M $7.179M
Receivables $77.09M $77.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $101.4M $133.2M
YoY Change -23.85% 6.14%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00M $22.11M
YoY Change -9.57% -37.12%
Goodwill $34.51M
YoY Change -84.49%
Intangibles $0.00 $3.097M
YoY Change -100.0% -20.95%
Long-Term Investments
YoY Change
Other Assets $4.248M $2.841M
YoY Change 49.52% -61.74%
Total Long-Term Assets $24.15M $62.56M
YoY Change -61.39% -76.74%
TOTAL ASSETS
Total Short-Term Assets $101.4M $133.2M
Total Long-Term Assets $24.15M $62.56M
Total Assets $125.6M $195.7M
YoY Change -35.85% -50.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.60M $39.54M
YoY Change -32.74% 40.82%
Accrued Expenses $7.400M $10.10M
YoY Change -26.73% 4.12%
Deferred Revenue $5.906M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.85M $93.48M
YoY Change -43.46% 8.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.503M $3.910M
YoY Change 15.17% -86.44%
Total Long-Term Liabilities $4.503M $3.910M
YoY Change 15.17% -96.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.85M $93.48M
Total Long-Term Liabilities $4.503M $3.910M
Total Liabilities $116.5M $199.5M
YoY Change -41.63% -24.7%
SHAREHOLDERS EQUITY
Retained Earnings $795.2M $829.1M
YoY Change -4.09% -13.88%
Common Stock $469.6M $470.6M
YoY Change -0.19% -0.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.254B $1.258B
YoY Change -0.28% -0.4%
Treasury Stock Shares 5.864M shares 58.73M shares
Shareholders Equity -$638.0K -$3.823M
YoY Change
Total Liabilities & Shareholders Equity $125.6M $195.7M
YoY Change -35.85% -50.38%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $32.63M -$7.386M
YoY Change -541.74% 31.89%
Depreciation, Depletion And Amortization $2.151M $2.948M
YoY Change -27.04% -2.9%
Cash From Operating Activities $2.801M -$549.0K
YoY Change -610.2% -110.2%
INVESTING ACTIVITIES
Capital Expenditures $1.618M $1.715M
YoY Change -5.66% -54.98%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $3.900M $0.00
YoY Change -100.0%
Cash From Investing Activities $2.311M -$1.715M
YoY Change -234.75% -78.74%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net -$15.00K
YoY Change -81.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.493M -$144.0K
YoY Change -6692.36% -96.21%
NET CHANGE
Cash From Operating Activities $2.801M -$549.0K
Cash From Investing Activities $2.311M -$1.715M
Cash From Financing Activities $9.493M -$144.0K
Net Change In Cash $14.45M -$2.408M
YoY Change -700.04% -62.84%
FREE CASH FLOW
Cash From Operating Activities $2.801M -$549.0K
Capital Expenditures $1.618M $1.715M
Free Cash Flow $1.183M -$2.264M
YoY Change -152.25% -243.93%

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45000 USD
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364000 USD
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383000 USD
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364000 USD
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Interim Financial Information</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial information and with the instructions to Form&#160;10-Q and Rule&#160;10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the </font><font style="font-family:Arial;font-size:10pt;">three months ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:Arial;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:Arial;font-size:10pt;">. The information included in this Form&#160;10-Q should be read in conjunction with Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included in our annual report on Form&#160;10-K for the year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;">.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes could differ from those estimates and assumptions. Such estimates include, but are not limited to, estimates related to pension accounting; fair value for purposes of assessing long-lived assets for impairment; income taxes; stock-based compensation; and contingencies.&#160;On an ongoing basis, management reviews its estimates based on currently available information.&#160;Changes in facts and circumstances could result in revised estimates and assumptions.</font></div></div>

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