2019 Q1 Form 10-Q Financial Statement

#000004591919000023 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $59.15M $81.20M
YoY Change -27.15% -14.43%
Cost Of Revenue $56.82M $74.80M
YoY Change -24.04% -14.22%
Gross Profit $2.335M $6.400M
YoY Change -63.52% -16.88%
Gross Profit Margin 3.95% 7.88%
Selling, General & Admin $7.475M $9.300M
YoY Change -19.62% -16.22%
% of Gross Profit 320.13% 145.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.442M $2.151M
YoY Change -32.96% -27.04%
% of Gross Profit 61.76% 33.61%
Operating Expenses $7.475M $11.50M
YoY Change -35.0% -17.86%
Operating Profit -$10.94M -$5.035M
YoY Change 117.28% -20.61%
Interest Expense -$220.0K -$900.0K
YoY Change -75.56% -10.0%
% of Operating Profit
Other Income/Expense, Net -$1.797M $28.88M
YoY Change -106.22% -1246.19%
Pretax Income -$12.74M $23.85M
YoY Change -153.41% -369.12%
Income Tax $790.0K -$8.780M
% Of Pretax Income -36.81%
Net Earnings -$13.53M $32.63M
YoY Change -141.46% -541.74%
Net Earnings / Revenue -22.87% 40.18%
Basic Earnings Per Share -$2.18 $5.24
Diluted Earnings Per Share -$2.18 $4.67
COMMON SHARES
Basic Shares Outstanding 6.268M 6.213M shares
Diluted Shares Outstanding 6.268M 6.990M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.94M $22.80M
YoY Change -8.15% -47.71%
Cash & Equivalents $20.94M $22.85M
Short-Term Investments
Other Short-Term Assets $2.464M $4.273M
YoY Change -42.34% 19.39%
Inventory $386.0K $473.0K
Prepaid Expenses $4.566M $6.052M
Receivables $47.26M $77.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $92.86M $101.4M
YoY Change -8.42% -23.85%
LONG-TERM ASSETS
Property, Plant & Equipment $11.66M $20.00M
YoY Change -41.7% -9.57%
Goodwill
YoY Change
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $5.588M $4.248M
YoY Change 31.54% 49.52%
Total Long-Term Assets $40.72M $24.15M
YoY Change 68.58% -61.39%
TOTAL ASSETS
Total Short-Term Assets $92.86M $101.4M
Total Long-Term Assets $40.72M $24.15M
Total Assets $133.6M $125.6M
YoY Change 6.39% -35.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.60M $26.60M
YoY Change -3.74% -32.74%
Accrued Expenses $14.03M $7.400M
YoY Change 89.58% -26.73%
Deferred Revenue $6.402M $5.906M
YoY Change 8.4%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $421.0K
YoY Change
Total Short-Term Liabilities $54.77M $52.85M
YoY Change 3.64% -43.46%
LONG-TERM LIABILITIES
Long-Term Debt $18.70M $0.00
YoY Change
Other Long-Term Liabilities $3.968M $4.503M
YoY Change -11.88% 15.17%
Total Long-Term Liabilities $22.67M $4.503M
YoY Change 403.4% 15.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.77M $52.85M
Total Long-Term Liabilities $22.67M $4.503M
Total Liabilities $155.9M $116.5M
YoY Change 33.82% -41.63%
SHAREHOLDERS EQUITY
Retained Earnings $810.6M $795.2M
YoY Change 1.94% -4.09%
Common Stock $464.2M $469.6M
YoY Change -1.17% -0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.249B $1.254B
YoY Change -0.38% -0.28%
Treasury Stock Shares 5.846M shares 5.864M shares
Shareholders Equity -$32.00M -$638.0K
YoY Change
Total Liabilities & Shareholders Equity $133.6M $125.6M
YoY Change 6.39% -35.85%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$13.53M $32.63M
YoY Change -141.46% -541.74%
Depreciation, Depletion And Amortization $1.442M $2.151M
YoY Change -32.96% -27.04%
Cash From Operating Activities -$2.871M $2.801M
YoY Change -202.5% -610.2%
INVESTING ACTIVITIES
Capital Expenditures $1.106M $1.618M
YoY Change -31.64% -5.66%
Acquisitions
YoY Change
Other Investing Activities $5.000K $3.900M
YoY Change -99.87%
Cash From Investing Activities -$1.101M $2.311M
YoY Change -147.64% -234.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.060M $9.493M
YoY Change -57.23% -6692.36%
NET CHANGE
Cash From Operating Activities -2.871M $2.801M
Cash From Investing Activities -1.101M $2.311M
Cash From Financing Activities 4.060M $9.493M
Net Change In Cash 60.00K $14.45M
YoY Change -99.58% -700.04%
FREE CASH FLOW
Cash From Operating Activities -$2.871M $2.801M
Capital Expenditures $1.106M $1.618M
Free Cash Flow -$3.977M $1.183M
YoY Change -436.18% -152.25%

Facts In Submission

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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 GAAP for interim financial information and with the instructions to Form&#160;10-Q and Rule&#160;8-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by 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, 2019</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, 2019</font><font style="font-family:Arial;font-size:10pt;">. The information included in this Quarterly 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 condensed consolidated financial statements and notes thereto included in our 2018 10-K.</font></div></div>
CY2019Q1 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 lease accounting, 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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