$IRIX
IRIDEX CORP

2018 Q1 Form 10-Q Financial Statement

#000156459018011634 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2
Revenue $9.509M $10.48M
YoY Change -12.14%
Cost Of Revenue $5.587M $6.018M
YoY Change -9.29%
Gross Profit $3.922M $4.465M
YoY Change -15.71%
Gross Profit Margin 41.25% 42.59%
Selling, General & Admin $6.440M $4.827M
YoY Change 27.5%
% of Gross Profit 164.2% 108.11%
Research & Development $1.100M $1.339M
YoY Change -1.47%
% of Gross Profit 28.05% 29.99%
Depreciation & Amortization $190.0K $210.0K
YoY Change 50.0%
% of Gross Profit 4.84% 4.7%
Operating Expenses $7.540M $6.323M
YoY Change 22.9%
Operating Profit -$3.617M -$1.858M
YoY Change -1322.37%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $18.00K -$2.000K
YoY Change -81.82%
Pretax Income -$3.599M -$1.860M
YoY Change -1419.15%
Income Tax $4.000K $6.000K
% Of Pretax Income
Net Earnings -$3.603M -$1.866M
YoY Change -1947.52%
Net Earnings / Revenue -37.89% -17.8%
Basic Earnings Per Share -$0.31 -$0.16
Diluted Earnings Per Share -$0.31 -$0.16
COMMON SHARES
Basic Shares Outstanding 11.63M 11.52M
Diluted Shares Outstanding 11.63M 11.52M

Balance Sheet

Concept 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.52M $23.86M
YoY Change 127.02%
Cash & Equivalents $18.52M $23.86M
Short-Term Investments
Other Short-Term Assets $680.0K $570.0K
YoY Change 32.56%
Inventory $9.310M $11.73M
Prepaid Expenses
Receivables $6.400M $8.870M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.91M $45.02M
YoY Change 43.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.490M $1.670M
YoY Change 57.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $170.0K $80.00K
YoY Change -99.12%
Total Long-Term Assets $2.300M $2.410M
YoY Change -78.05%
TOTAL ASSETS
Total Short-Term Assets $34.91M $45.02M
Total Long-Term Assets $2.300M $2.410M
Total Assets $37.21M $47.43M
YoY Change 11.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.980M $1.940M
YoY Change -28.15%
Accrued Expenses $5.030M $3.860M
YoY Change 9.35%
Deferred Revenue $1.582M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.260M $7.170M
YoY Change -4.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $700.0K $420.0K
YoY Change -34.38%
Total Long-Term Liabilities $700.0K $420.0K
YoY Change -34.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.260M $7.170M
Total Long-Term Liabilities $700.0K $420.0K
Total Liabilities $9.960M $7.580M
YoY Change -7.22%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.26M $39.84M
YoY Change
Total Liabilities & Shareholders Equity $37.21M $47.43M
YoY Change 11.97%

Cashflow Statement

Concept 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.603M -$1.866M
YoY Change -1947.52%
Depreciation, Depletion And Amortization $190.0K $210.0K
YoY Change 50.0%
Cash From Operating Activities -$2.727M -$1.620M
YoY Change -405.66%
INVESTING ACTIVITIES
Capital Expenditures $274.0K -$340.0K
YoY Change -482.02%
Acquisitions
YoY Change
Other Investing Activities -$90.00K -$80.00K
YoY Change -20.0%
Cash From Investing Activities -$366.0K -$430.0K
YoY Change 126.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.263M
YoY Change 3735.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.0K 2.160M
YoY Change 1100.0%
NET CHANGE
Cash From Operating Activities -2.727M -1.620M
Cash From Investing Activities -366.0K -430.0K
Cash From Financing Activities -115.0K 2.160M
Net Change In Cash -3.185M 110.0K
YoY Change -78.85%
FREE CASH FLOW
Cash From Operating Activities -$2.727M -$1.620M
Capital Expenditures $274.0K -$340.0K
Free Cash Flow -$3.001M -$1.280M
YoY Change -390.25%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates.</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on our operating results.</p></div>
CY2018Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk.</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Our cash and cash equivalents are deposited in demand and money market accounts. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally these deposits may be redeemed upon demand and therefore, bear minimal risk.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We market our products to distributors and end-users throughout the world. Sales to international distributors are generally made on open credit terms and letters of credit. Management performs ongoing credit evaluations of our customers and maintains an allowance for potential credit losses. Historically, we have not experienced any significant losses related to individual customers or a group of customers in any particular geographic area. For the three month periods ended March 31, 2018 and April 1, 2017 no single customer accounted for more than 10% of total revenues.&#160;As of March 31, 2018 and December 30, 2017,&#160;&#160;no customer accounted for over 10% of our accounts receivable.</p></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
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ReversalOfSalesReturnReserve
172000
CY2018Q1 irix Reversal Of Materials And Other Warranty Related Expense
ReversalOfMaterialsAndOtherWarrantyRelatedExpense
368000
CY2018Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1500000
CY2018Q1 irix Accrual Of Sales Return Reserve
AccrualOfSalesReturnReserve
637000000
CY2018Q1 irix Accrual Of Materials And Other Warranty Related Costs
AccrualOfMaterialsAndOtherWarrantyRelatedCosts
853000

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