2019 Q4 Form 10-Q Financial Statement

#000106660519000018 Filed on October 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $184.6M $186.5M $178.2M
YoY Change -3.33% -3.03% -5.07%
Cost Of Revenue $4.600M $4.300M $5.100M
YoY Change -19.3% -10.42% 10.87%
Gross Profit $180.0M $182.2M $173.1M
YoY Change -2.86% -2.88% -5.46%
Gross Profit Margin 97.51% 97.68% 97.15%
Selling, General & Admin $165.7M $163.6M $154.8M
YoY Change -1.72% -2.04% -5.95%
% of Gross Profit 92.06% 89.79% 89.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.400M $2.400M
YoY Change -17.24% -11.11% -14.29%
% of Gross Profit 1.33% 1.32% 1.39%
Operating Expenses $165.8M $172.0M $159.8M
YoY Change -4.86% 0.17% -5.56%
Operating Profit $14.20M $14.47M $18.35M
YoY Change -14.93% -29.69% -0.59%
Interest Expense $800.0K $800.0K $400.0K
YoY Change 33.33% 166.67%
% of Operating Profit 5.63% 5.53% 2.18%
Other Income/Expense, Net $1.000M $355.0K $1.120M
YoY Change -240.85% -86.37% -2340.0%
Pretax Income $16.10M $14.80M $19.50M
YoY Change 0.74% -36.17% 5.91%
Income Tax $5.600M $4.900M $5.200M
% Of Pretax Income 34.78% 33.11% 26.67%
Net Earnings $10.60M $9.947M $14.28M
YoY Change -5.31% -39.6% 24.57%
Net Earnings / Revenue 5.74% 5.33% 8.01%
Basic Earnings Per Share $0.52 $0.75
Diluted Earnings Per Share $538.1K $0.51 $0.73
COMMON SHARES
Basic Shares Outstanding 19.17M shares 19.13M shares 19.12M shares
Diluted Shares Outstanding 19.43M shares 19.43M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $332.9M $218.9M $144.0M
YoY Change 18.92% 33.34% 67.85%
Cash & Equivalents $271.7M $176.4M $105.3M
Short-Term Investments $61.15M $42.57M $38.70M
Other Short-Term Assets $27.85M $27.97M $30.08M
YoY Change -5.91% -6.1% 8.84%
Inventory
Prepaid Expenses $20.19M $20.44M $23.19M
Receivables $109.2M $150.9M $147.0M
Other Receivables $4.400M $5.900M $6.200M
Total Short-Term Assets $494.5M $424.0M $350.4M
YoY Change 9.67% 10.73% 16.73%
LONG-TERM ASSETS
Property, Plant & Equipment $28.65M $29.36M $30.79M
YoY Change -15.41% -17.29% -16.23%
Goodwill $126.8M $128.3M $122.1M
YoY Change 3.88% 4.77% -0.63%
Intangibles
YoY Change
Long-Term Investments $25.40M $23.80M $23.60M
YoY Change 30.93% 13.33% 9.26%
Other Assets $20.43M $20.32M $21.73M
YoY Change -8.27% 3.94% 11.46%
Total Long-Term Assets $349.7M $352.6M $353.6M
YoY Change 40.01% 41.09% 39.92%
TOTAL ASSETS
Total Short-Term Assets $494.5M $424.0M $350.4M
Total Long-Term Assets $349.7M $352.6M $353.6M
Total Assets $844.2M $776.6M $704.0M
YoY Change 20.49% 22.72% 27.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.633M $9.093M $8.107M
YoY Change -5.81% 1.27% -7.06%
Accrued Expenses $265.3M $210.9M $156.9M
YoY Change 15.9% 17.1% 29.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $345.3M $296.2M $235.3M
YoY Change 8.27% 8.6% 10.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.634M $10.51M $4.317M
YoY Change -73.4% -51.73% -80.34%
Total Long-Term Liabilities $189.7M $183.7M $180.2M
YoY Change 65.66% 72.94% 76.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $345.3M $296.2M $235.3M
Total Long-Term Liabilities $189.7M $183.7M $180.2M
Total Liabilities $535.1M $480.0M $415.6M
YoY Change 23.44% 26.64% 31.91%
SHAREHOLDERS EQUITY
Retained Earnings $91.08M $83.50M $76.51M
YoY Change 62.51% 86.15% 147.49%
Common Stock $229.0M $224.9M $222.3M
YoY Change 0.73% -0.12% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.80M $14.80M $14.80M
YoY Change -27.11% -27.11% -27.11%
Treasury Stock Shares 419.8K shares 458.4K shares 458.4K shares
Shareholders Equity $309.1M $296.6M $288.4M
YoY Change
Total Liabilities & Shareholders Equity $844.2M $776.6M $704.0M
YoY Change 20.49% 22.72% 27.33%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $10.60M $9.947M $14.28M
YoY Change -5.31% -39.6% 24.57%
Depreciation, Depletion And Amortization $2.400M $2.400M $2.400M
YoY Change -17.24% -11.11% -14.29%
Cash From Operating Activities $114.0M $86.50M $33.40M
YoY Change -9.38% 2.73% 9.87%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$800.0K -$900.0K
YoY Change -27.27% -66.67% -30.77%
Acquisitions
YoY Change
Other Investing Activities -$18.50M -$7.300M -$38.60M
YoY Change -708.33% -3069.23%
Cash From Investing Activities -$19.20M -$8.100M -$39.50M
YoY Change 1820.0% 575.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.900M -4.400M -3.000M
YoY Change -59.72% 76.0% -79.45%
NET CHANGE
Cash From Operating Activities 114.0M 86.50M 33.40M
Cash From Investing Activities -19.20M -8.100M -39.50M
Cash From Financing Activities -2.900M -4.400M -3.000M
Net Change In Cash 91.90M 74.00M -9.100M
YoY Change -21.85% -8.07% -157.59%
FREE CASH FLOW
Cash From Operating Activities $114.0M $86.50M $33.40M
Capital Expenditures -$800.0K -$800.0K -$900.0K
Free Cash Flow $114.8M $87.30M $34.30M
YoY Change -9.54% 0.81% 8.2%

Facts In Submission

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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Goodwill And Intangible Asset Impairment
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us-gaap Goodwill And Intangible Asset Impairment
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UnbilledContractsReceivable
8684000 USD
CY2019Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
9090000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
23975000 USD
CY2019Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
22776000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2128000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
6042000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19401000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19444000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19428000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19518000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18954000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18905000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19127000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19084000 shares
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Litigation</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has contingent liabilities from various pending claims and litigation matters arising in the ordinary course of the Company&#8217;s business, some of which involve claims for damages that are substantial in amount. Some of these matters are covered by insurance. Based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial condition, results of operations or liquidity.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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