2018 Q4 Form 10-Q Financial Statement

#000004591918000062 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $70.21M $63.59M $94.42M
YoY Change -29.7% -32.66% -3.08%
Cost Of Revenue $64.59M $58.64M $81.80M
YoY Change -25.5% -28.32% -5.76%
Gross Profit $5.623M $4.953M $12.70M
YoY Change -57.08% -61.0% 18.69%
Gross Profit Margin 8.01% 7.79% 13.45%
Selling, General & Admin $7.321M $9.658M $9.100M
YoY Change -26.79% 6.13% -21.55%
% of Gross Profit 130.2% 194.99% 71.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.572M $1.826M $2.556M
YoY Change -34.5% -28.56% -19.27%
% of Gross Profit 27.96% 36.87% 20.13%
Operating Expenses $8.894M $11.48M $11.70M
YoY Change -27.69% -1.85% -20.41%
Operating Profit -$4.338M -$10.35M $950.0K
YoY Change -87.12% -1189.79% -123.25%
Interest Expense -$262.0K -$177.0K $1.285M
YoY Change -79.85% -113.77% 82.53%
% of Operating Profit 135.26%
Other Income/Expense, Net -$1.072M -$1.068M -$3.048M
YoY Change 7.2% -64.96% 134.46%
Pretax Income -$5.673M -$11.42M -$2.098M
YoY Change -84.22% 444.38% -61.05%
Income Tax -$7.312M -$1.400M $382.0K
% Of Pretax Income
Net Earnings $1.639M -$9.984M -$2.480M
YoY Change -105.59% 302.58% -17.33%
Net Earnings / Revenue 2.33% -15.7% -2.63%
Basic Earnings Per Share $0.21 -$1.62 -$0.40
Diluted Earnings Per Share $0.21 -$1.62 -$0.40
COMMON SHARES
Basic Shares Outstanding 6.254M shares 6.250M shares 6.201M shares
Diluted Shares Outstanding 6.250M shares 6.201M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.88M $10.38M $11.40M
YoY Change 148.6% -8.96% 65.22%
Cash & Equivalents $20.88M $10.38M $11.40M
Short-Term Investments
Other Short-Term Assets $2.536M $3.167M $4.424M
YoY Change -34.97% -28.41% 50.84%
Inventory $448.0K $527.0K $796.0K
Prepaid Expenses $4.088M $4.870M $5.372M
Receivables $54.24M $51.20M $90.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.0M $87.14M $121.5M
YoY Change 1.73% -28.29% -54.65%
LONG-TERM ASSETS
Property, Plant & Equipment $13.59M $13.63M $21.08M
YoY Change -37.61% -35.32% -18.64%
Goodwill $0.00 $34.51M
YoY Change -52.84%
Intangibles $0.00 $0.00 $2.758M
YoY Change -100.0% -100.0% -21.36%
Long-Term Investments
YoY Change
Other Assets $6.591M $5.320M $2.877M
YoY Change 104.06% 84.91% -65.14%
Total Long-Term Assets $20.18M $18.95M $61.22M
YoY Change -26.89% -69.04% -44.77%
TOTAL ASSETS
Total Short-Term Assets $105.0M $87.14M $121.5M
Total Long-Term Assets $20.18M $18.95M $61.22M
Total Assets $125.2M $106.1M $182.7M
YoY Change -4.31% -41.95% -51.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.05M $31.20M $42.46M
YoY Change -14.05% -26.52% 11.37%
Accrued Expenses $6.783M $7.078M $10.30M
YoY Change -36.01% -31.28% -0.96%
Deferred Revenue $6.034M $6.446M
YoY Change 12.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $54.16M $52.89M $71.52M
YoY Change -19.46% -26.06% -53.92%
LONG-TERM LIABILITIES
Long-Term Debt $14.20M $0.00 $12.00M
YoY Change -100.0%
Other Long-Term Liabilities $4.060M $2.951M $3.154M
YoY Change -3.36% -6.44% -87.64%
Total Long-Term Liabilities $18.26M $2.951M $15.15M
YoY Change 334.66% -80.53% -40.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.16M $52.89M $71.52M
Total Long-Term Liabilities $18.26M $2.951M $15.15M
Total Liabilities $134.6M $114.8M $189.1M
YoY Change -18.62% -39.29% -26.18%
SHAREHOLDERS EQUITY
Retained Earnings $812.7M $811.1M $823.9M
YoY Change 2.28% -1.56% -13.76%
Common Stock $466.0M $467.1M $468.9M
YoY Change -0.7% -0.38% -0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.251B $1.253B $1.255B
YoY Change -0.22% -0.18% -0.41%
Treasury Stock Shares 5.865M shares 5.861M shares 58.68M shares
Shareholders Equity -$19.18M -$18.45M -$6.396M
YoY Change
Total Liabilities & Shareholders Equity $125.2M $106.1M $182.7M
YoY Change -4.31% -41.95% -51.76%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $1.639M -$9.984M -$2.480M
YoY Change -105.59% 302.58% -17.33%
Depreciation, Depletion And Amortization $1.572M $1.826M $2.556M
YoY Change -34.5% -28.56% -19.27%
Cash From Operating Activities -$2.168M -$9.513M -$200.0K
YoY Change -119.36% 4656.5% -104.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.372M -$734.0K -$1.100M
YoY Change -14.25% -33.27% -8.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $254.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.372M -$480.0K -$1.100M
YoY Change -14.25% -56.36% -31.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.85M 381.0K -500.0K
YoY Change -212.61% -176.2% -94.25%
NET CHANGE
Cash From Operating Activities -2.168M -9.513M -200.0K
Cash From Investing Activities -1.372M -480.0K -1.100M
Cash From Financing Activities 13.85M 381.0K -500.0K
Net Change In Cash 10.31M -9.612M -1.800M
YoY Change -481.89% 434.0% -67.86%
FREE CASH FLOW
Cash From Operating Activities -$2.168M -$9.513M -$200.0K
Capital Expenditures -$1.372M -$734.0K -$1.100M
Free Cash Flow -$796.0K -$8.779M $900.0K
YoY Change -106.22% -1075.44% -84.75%

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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 and nine months ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">September&#160;30, 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 Quartery Report on 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 fiscal year ended </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;"> (the "2017 10-K").</font></div></div>
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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