2021 Q1 Form 10-Q Financial Statement

#000143774921012333 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $43.75M $47.08M $40.52M
YoY Change 7.98% -10.04% -31.49%
Cost Of Revenue $37.62M $39.42M $37.19M
YoY Change 1.15% -13.52% -34.53%
Gross Profit $6.133M $7.651M $3.328M
YoY Change 84.28% 13.55% 42.53%
Gross Profit Margin 14.02% 16.25% 8.21%
Selling, General & Admin $4.121M $5.940M $5.948M
YoY Change -30.72% 46.05% -20.43%
% of Gross Profit 67.19% 77.64% 178.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $698.0K $710.0K $1.121M
YoY Change -37.73% -46.17% -22.26%
% of Gross Profit 11.38% 9.28% 33.68%
Operating Expenses $41.74M $6.650M $43.14M
YoY Change -3.25% 23.51% 477.15%
Operating Profit -$884.0K $1.001M -$5.107M
YoY Change -82.69% -26.07% -53.32%
Interest Expense -$268.0K -$282.0K -$312.0K
YoY Change -14.1% -12.96% 41.82%
% of Operating Profit -28.17%
Other Income/Expense, Net -$283.0K -$2.058M -$1.069M
YoY Change -73.53% -20.91% -40.51%
Pretax Income -$1.167M -$2.708M -$6.176M
YoY Change -81.1% 33.2% -51.51%
Income Tax $600.0K -$3.752M -$11.29M
% Of Pretax Income
Net Earnings -$1.758M $1.044M $5.118M
YoY Change -134.35% -135.44% -137.84%
Net Earnings / Revenue -4.02% 2.22% 12.63%
Basic Earnings Per Share -$0.28 $0.68
Diluted Earnings Per Share -$0.28 $161.4K $0.67
COMMON SHARES
Basic Shares Outstanding 6.651M 6.320M
Diluted Shares Outstanding 6.651M 6.481M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.91M $29.41M $23.46M
YoY Change 6.18% 4.64% 12.03%
Cash & Equivalents $24.91M $29.41M $23.46M
Short-Term Investments
Other Short-Term Assets $814.0K $886.0K $1.461M
YoY Change -44.28% -46.95% -40.71%
Inventory $42.00K $46.00K $407.0K
Prepaid Expenses $3.986M $2.256M $4.114M
Receivables $45.41M $36.02M $36.43M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $83.89M $86.24M $82.64M
YoY Change 1.51% 8.75% -11.01%
LONG-TERM ASSETS
Property, Plant & Equipment $5.951M $5.878M $7.868M
YoY Change -24.36% -29.38% -32.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.831M $2.632M $3.447M
YoY Change -17.87% -30.02% -38.31%
Total Long-Term Assets $32.97M $33.26M $31.57M
YoY Change 4.46% 7.63% -22.48%
TOTAL ASSETS
Total Short-Term Assets $83.89M $86.24M $82.64M
Total Long-Term Assets $32.97M $33.26M $31.57M
Total Assets $116.9M $119.5M $114.2M
YoY Change 2.33% 8.44% -14.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.14M $16.29M $16.67M
YoY Change -3.18% -3.68% -34.9%
Accrued Expenses $13.72M $11.68M $12.64M
YoY Change 8.47% 2.12% -9.87%
Deferred Revenue $5.203M $4.661M $3.904M
YoY Change 33.27% 6.0% -39.02%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.730M $4.926M $334.0K
YoY Change 2513.77% -20.67%
Total Short-Term Liabilities $53.06M $47.19M $44.36M
YoY Change 19.63% 3.65% -19.02%
LONG-TERM LIABILITIES
Long-Term Debt $18.37M $22.17M $18.70M
YoY Change -1.76% 18.58% 0.0%
Other Long-Term Liabilities $3.004M $4.747M $2.553M
YoY Change 17.67% 81.95% -35.66%
Total Long-Term Liabilities $21.37M $26.92M $21.25M
YoY Change 0.57% 26.34% -6.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.06M $47.19M $44.36M
Total Long-Term Liabilities $21.37M $26.92M $21.25M
Total Liabilities $161.6M $162.9M $148.8M
YoY Change 8.6% 8.48% -4.55%
SHAREHOLDERS EQUITY
Retained Earnings $794.4M $796.1M $802.9M
YoY Change -1.07% -0.21% -0.94%
Common Stock $379.4M $395.2M $429.7M
YoY Change -11.71% -13.93% -7.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.163B $1.179B $1.214B
YoY Change -4.2% -5.2% -2.85%
Treasury Stock Shares $5.455M $5.522M $5.680M
Shareholders Equity -$54.42M -$53.12M -$44.29M
YoY Change
Total Liabilities & Shareholders Equity $116.9M $119.5M $114.2M
YoY Change 2.33% 8.44% -14.51%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$1.758M $1.044M $5.118M
YoY Change -134.35% -135.44% -137.84%
Depreciation, Depletion And Amortization $698.0K $710.0K $1.121M
YoY Change -37.73% -46.17% -22.26%
Cash From Operating Activities -$5.675M $3.593M -$3.974M
YoY Change 42.8% 32.0% 38.42%
INVESTING ACTIVITIES
Capital Expenditures $735.0K -$1.325M $832.0K
YoY Change -11.66% 6.85% -24.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 $33.00K $196.0K
YoY Change -100.0% -88.42% 3820.0%
Cash From Investing Activities -$735.0K -$1.292M -$636.0K
YoY Change 15.57% 35.29% -42.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$199.0K -199.0K -239.0K
YoY Change -16.74% -42.49% -105.89%
NET CHANGE
Cash From Operating Activities -$5.675M 3.593M -3.974M
Cash From Investing Activities -$735.0K -1.292M -636.0K
Cash From Financing Activities -$199.0K -199.0K -239.0K
Net Change In Cash -$7.067M 2.102M -5.407M
YoY Change 30.7% 47.92% -9111.67%
FREE CASH FLOW
Cash From Operating Activities -$5.675M $3.593M -$3.974M
Capital Expenditures $735.0K -$1.325M $832.0K
Free Cash Flow -$6.410M $4.918M -$4.806M
YoY Change 33.37% 24.13% 20.84%

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CY2021Q1 us-gaap Selling General And Administrative Expense
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CY2020Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2021Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2021Q1 us-gaap Sublease Income
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171000
CY2020Q1 us-gaap Sublease Income
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CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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9723000
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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9723000
CY2021Q1 us-gaap Temporary Equity Liquidation Preference Per Share
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158.36
CY2021Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
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1
CY2020Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
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1
CY2021Q1 us-gaap Treasury Stock Shares
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5454500
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: Arial; font-size: 10pt; margin: 0pt; text-align: justify;">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> 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.&nbsp;On an ongoing basis, management reviews its estimates based on currently available information.&nbsp;Changes in facts and circumstances could result in revised estimates and assumptions.</div></div></div></div></div></div></div></div></div></div>
CY2021Q1 us-gaap Variable Lease Cost
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920000
CY2020Q1 us-gaap Variable Lease Cost
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920000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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6651000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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6481000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6651000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6320000

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