2015 Q4 Form 10-Q Financial Statement

#000082932315000049 Filed on October 26, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $21.04M $19.25M $13.03M
YoY Change 35.65% 47.81% -10.22%
Cost Of Revenue $4.680M $5.876M $5.911M
YoY Change -24.15% -0.58% -27.77%
Gross Profit $16.35M $13.38M $7.115M
YoY Change 75.05% 88.01% 12.48%
Gross Profit Margin 77.71% 69.48% 54.62%
Selling, General & Admin $15.62M $1.048M $1.181M
YoY Change 84.85% -11.27% -13.21%
% of Gross Profit 95.54% 7.83% 16.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $229.4K $225.9K
YoY Change 16.28% 1.52% -44.85%
% of Gross Profit 3.06% 1.71% 3.18%
Operating Expenses $15.63M $12.74M $6.651M
YoY Change 84.97% 91.6% 16.41%
Operating Profit $720.0K $635.1K $464.7K
YoY Change -19.1% 36.67% -24.19%
Interest Expense -$30.00K $23.10K $84.87K
YoY Change -57.14% -72.78% -13.79%
% of Operating Profit -4.17% 3.64% 18.26%
Other Income/Expense, Net -$84.87K
YoY Change -13.79%
Pretax Income $700.0K $612.0K $379.8K
YoY Change -15.66% 61.13% -26.18%
Income Tax $80.00K -$7.332K $0.00
% Of Pretax Income 11.43% -1.2% 0.0%
Net Earnings $620.0K $651.4K $402.9K
YoY Change -4.62% 61.69% -37.03%
Net Earnings / Revenue 2.95% 3.38% 3.09%
Basic Earnings Per Share $0.03 $0.02
Diluted Earnings Per Share $25.30K $26.22K $16.57K
COMMON SHARES
Basic Shares Outstanding 24.38M shares 24.27M shares 23.45M shares
Diluted Shares Outstanding 24.79M shares 24.14M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $3.900M $3.500M
YoY Change 16.22% 11.43% -2.78%
Cash & Equivalents $4.257M $3.922M $3.460M
Short-Term Investments
Other Short-Term Assets $300.0K $300.0K $400.0K
YoY Change 0.0% -25.0% -42.86%
Inventory
Prepaid Expenses $345.8K $271.6K $426.2K
Receivables $7.001M $6.055M $5.105M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.62M $10.27M $9.011M
YoY Change 27.08% 14.03% 3.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.806M $1.421M $1.032M
YoY Change 88.18% 37.73% -20.82%
Goodwill $5.761M $5.761M $5.761M
YoY Change 0.0% 0.0% 0.0%
Intangibles $9.321M $9.555M $9.729M
YoY Change -2.2% -1.78% -7.55%
Long-Term Investments
YoY Change
Other Assets $224.8K $225.4K $229.2K
YoY Change 6.1% -1.69% -49.58%
Total Long-Term Assets $15.31M $15.54M $15.72M
YoY Change -1.27% -1.13% -6.09%
TOTAL ASSETS
Total Short-Term Assets $11.62M $10.27M $9.011M
Total Long-Term Assets $15.31M $15.54M $15.72M
Total Assets $28.73M $27.24M $25.76M
YoY Change 12.21% 5.73% -3.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.08M $8.777M $6.642M
YoY Change 76.41% 32.13% -9.33%
Accrued Expenses $3.169M $4.227M $2.773M
YoY Change -14.44% 52.42% 9.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $1.660M
YoY Change -100.0% -100.0% 24.5%
Total Short-Term Liabilities $13.25M $13.00M $11.08M
YoY Change 27.66% 17.41% -1.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.833M
YoY Change -100.0% -100.0% -44.05%
Other Long-Term Liabilities $722.7K $550.7K $775.4K
YoY Change -1.7% -28.98% -32.21%
Total Long-Term Liabilities $4.522M $4.103M $7.322M
YoY Change -34.97% -43.96% -27.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.25M $13.00M $11.08M
Total Long-Term Liabilities $4.522M $4.103M $7.322M
Total Liabilities $17.77M $17.11M $18.40M
YoY Change 2.53% -7.02% -13.47%
SHAREHOLDERS EQUITY
Retained Earnings -$116.7M -$117.4M -$119.7M
YoY Change -1.96% -1.98% -1.0%
Common Stock $24.75K $24.65K $23.94K
YoY Change 2.76% 2.96% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.397M $1.397M $1.397M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 376.5K shares 376.5K shares 376.5K shares
Shareholders Equity $10.96M $10.13M $7.364M
YoY Change
Total Liabilities & Shareholders Equity $28.73M $27.24M $25.76M
YoY Change 12.21% 5.73% -3.59%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $620.0K $651.4K $402.9K
YoY Change -4.62% 61.69% -37.03%
Depreciation, Depletion And Amortization $500.0K $229.4K $225.9K
YoY Change 16.28% 1.52% -44.85%
Cash From Operating Activities $910.0K $2.130M $1.130M
YoY Change -24.79% 88.5% -8.13%
INVESTING ACTIVITIES
Capital Expenditures -$480.0K -$470.0K -$280.0K
YoY Change 166.67% 67.86% 40.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$480.0K -$470.0K -$280.0K
YoY Change 166.67% 67.86% 40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -1.510M -790.0K
YoY Change -87.18% 91.14% 43.64%
NET CHANGE
Cash From Operating Activities 910.0K 2.130M 1.130M
Cash From Investing Activities -480.0K -470.0K -280.0K
Cash From Financing Activities -100.0K -1.510M -790.0K
Net Change In Cash 330.0K 150.0K 60.00K
YoY Change 32.0% 150.0% -87.5%
FREE CASH FLOW
Cash From Operating Activities $910.0K $2.130M $1.130M
Capital Expenditures -$480.0K -$470.0K -$280.0K
Free Cash Flow $1.390M $2.600M $1.410M
YoY Change 0.0% 84.4% -1.4%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements, in accordance with accounting principles generally accepted in the United States ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management&#8217;s regular evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements. We regularly evaluate estimates and assumptions related to allowances for returns and redemptions, allowances for doubtful accounts, goodwill and purchased intangible asset valuations, lives of intangible assets, deferred income tax asset valuation allowances, contingent liabilities, including the Arkansas grant contingency, and stock compensation. Actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements, and such differences could be material.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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