2016 Q2 Form 10-Q Financial Statement

#000102265216000101 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $62.81M $66.94M $53.49M
YoY Change 21.57% 25.14% 10.79%
Cost Of Revenue $39.57M $45.76M $40.86M
YoY Change 8.88% 11.99% 6.92%
Gross Profit $23.24M $21.18M $12.63M
YoY Change 51.65% 67.67% 25.49%
Gross Profit Margin 37.0% 31.64% 23.62%
Selling, General & Admin $18.35M $17.95M $9.588M
YoY Change 38.82% 87.23% 5.7%
% of Gross Profit 78.97% 84.75% 75.89%
Research & Development $8.281M $8.025M $10.76M
YoY Change -14.54% -25.4% 24.83%
% of Gross Profit 35.64% 37.88% 85.15%
Depreciation & Amortization $3.630M $3.598M $1.250M
YoY Change 218.42% 187.84% -41.31%
% of Gross Profit 15.62% 16.99% 9.89%
Operating Expenses $27.88M $27.53M $20.35M
YoY Change 18.29% 35.27% 7.13%
Operating Profit -$4.638M -$6.344M -$7.715M
YoY Change -43.73% -17.77% -13.58%
Interest Expense -$3.907M -$3.928M -$74.00K
YoY Change 366.23% 5208.11% -593.33%
% of Operating Profit
Other Income/Expense, Net $5.842M -$1.296M -$17.00K
YoY Change -8951.52% 7523.53% -61.36%
Pretax Income -$2.703M -$11.57M -$7.806M
YoY Change -70.45% 48.19% -12.84%
Income Tax -$10.00K $331.0K $20.00K
% Of Pretax Income
Net Earnings -$2.701M -$11.90M -$7.826M
YoY Change -70.7% 52.06% -12.86%
Net Earnings / Revenue -4.3% -17.78% -14.63%
Basic Earnings Per Share
Diluted Earnings Per Share -$50.37K -$223.3K -$168.5K
COMMON SHARES
Basic Shares Outstanding 53.40M shares 53.19M shares 45.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.50M $9.400M $9.400M
YoY Change 3.35% 0.0% -65.06%
Cash & Equivalents $18.54M $8.261M $9.370M
Short-Term Investments $0.00 $1.100M
Other Short-Term Assets $5.900M $7.100M $7.500M
YoY Change -93.89% -5.33% 134.38%
Inventory $34.26M $48.34M $46.32M
Prepaid Expenses
Receivables $35.52M $34.81M $33.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $94.26M $99.65M $96.91M
YoY Change -49.7% 2.83% 13.72%
LONG-TERM ASSETS
Property, Plant & Equipment $7.686M $8.543M $5.061M
YoY Change 77.1% 68.8% -38.62%
Goodwill $31.12M $30.95M $1.776M
YoY Change 1726.23% 1642.51%
Intangibles $42.51M $43.38M $21.82M
YoY Change 101.77% 98.85% 1061.1%
Long-Term Investments
YoY Change
Other Assets $771.0K $21.00K $434.0K
YoY Change 283.58% -95.16% -40.63%
Total Long-Term Assets $88.71M $89.21M $29.09M
YoY Change 224.79% 206.7% 149.53%
TOTAL ASSETS
Total Short-Term Assets $94.26M $99.65M $96.91M
Total Long-Term Assets $88.71M $89.21M $29.09M
Total Assets $183.0M $188.9M $126.0M
YoY Change -14.78% 49.9% 30.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.91M $25.85M $38.55M
YoY Change -26.26% -32.93% 66.24%
Accrued Expenses $35.37M $32.46M $32.00M
YoY Change 16.27% 1.46% 51.35%
Deferred Revenue
YoY Change
Short-Term Debt $3.500M $3.300M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.81M $61.62M $70.54M
YoY Change 2.44% -12.65% 44.1%
LONG-TERM LIABILITIES
Long-Term Debt $86.70M $84.60M $0.00
YoY Change 10.87%
Other Long-Term Liabilities $13.08M $13.79M $16.11M
YoY Change -17.52% -14.36% 834.71%
Total Long-Term Liabilities $13.08M $13.79M $16.11M
YoY Change -17.52% -14.36% 834.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.81M $61.62M $70.54M
Total Long-Term Liabilities $13.08M $13.79M $16.11M
Total Liabilities $161.8M $166.9M $93.80M
YoY Change 6.82% 77.97% 54.6%
SHAREHOLDERS EQUITY
Retained Earnings -$478.1M -$475.4M -$419.0M
YoY Change 11.64% 13.45% 10.12%
Common Stock $54.00K $53.00K $50.00K
YoY Change 8.0% 6.0% 47.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $21.08M $21.87M $32.19M
YoY Change
Total Liabilities & Shareholders Equity $183.0M $188.9M $126.0M
YoY Change -14.78% 49.9% 30.06%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$2.701M -$11.90M -$7.826M
YoY Change -70.7% 52.06% -12.86%
Depreciation, Depletion And Amortization $3.630M $3.598M $1.250M
YoY Change 218.42% 187.84% -41.31%
Cash From Operating Activities $5.570M -$6.338M -$7.133M
YoY Change -146.22% -11.15% -232.22%
INVESTING ACTIVITIES
Capital Expenditures -$710.0K $448.0K $111.0K
YoY Change 42.0% 303.6% -78.36%
Acquisitions $0.00 $9.063M
YoY Change -100.0%
Other Investing Activities $8.610M $120.0K -$9.060M
YoY Change -109.75% -101.32% -238.11%
Cash From Investing Activities $7.910M -$989.0K -$9.398M
YoY Change -108.91% -89.48% -255.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.100M $2.908M $8.077M
YoY Change -102.83% -64.0% -425.03%
NET CHANGE
Cash From Operating Activities 5.570M -$6.338M -$7.133M
Cash From Investing Activities 7.910M -$989.0K -$9.398M
Cash From Financing Activities -3.100M $2.908M $8.077M
Net Change In Cash 10.38M -$4.419M -$8.454M
YoY Change 18.9% -47.73% -194.34%
FREE CASH FLOW
Cash From Operating Activities $5.570M -$6.338M -$7.133M
Capital Expenditures -$710.0K $448.0K $111.0K
Free Cash Flow $6.280M -$6.786M -$7.244M
YoY Change -154.37% -6.32% -248.38%

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CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2278000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
18142000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13792000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-445000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-17000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1296000 USD
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
970000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
9063000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
224000 USD
CY2016Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
656000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
448000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6039000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7141000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-156000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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2000000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
3400000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
115000 USD
CY2015Q1 us-gaap Proceeds From Warrant Exercises
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8644000 USD
CY2016Q1 us-gaap Proceeds From Warrant Exercises
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0 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
932000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
989000 USD
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
293000 USD
CY2016Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
350000 USD
CY2015Q1 us-gaap Profit Loss
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-7826000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-11899000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8812000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8543000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-41000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-111000 USD
CY2015Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2633000 USD
CY2016Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
0 USD
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
273000 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
54000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10758000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8025000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
11205000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
11233000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
622000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
-164000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
622000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
1730000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
1557000 USD
CY2015Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1044000 USD
CY2016Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1000000 USD
CY2016Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
955000 USD
CY2016Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
600000 USD
CY2016Q1 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
159000 USD
CY2016Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
16000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-463451000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-475353000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
53011000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
54161000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
483000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
12783000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4224000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7753000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
790000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1066000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1389000 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3364000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
312000 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6657000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
952000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3065000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6085000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6724000 shares
CY2015Q4 us-gaap Short Term Investments
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1267000 USD
CY2016Q1 us-gaap Short Term Investments
ShortTermInvestments
1100000 USD
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
273000 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
30432000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
21866000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
30463000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21916000 USD
CY2016Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2800000 USD
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46262000 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53251000 shares
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent liabilities. Actual results could differ materially from these estimates. Significant estimates include allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, valuation of debt obligations, royalty costs, accruals relating to litigation and restructuring, provision for warranty costs, income taxes and share-based compensation expense.</font></div></div>

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