2017 Q2 Form 10-Q Financial Statement

#000088634617000071 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $102.9M $96.54M
YoY Change 6.55% 4.65%
Cost Of Revenue $53.84M $52.56M
YoY Change 2.43% 9.7%
Gross Profit $49.02M $43.98M
YoY Change 11.46% -0.81%
Gross Profit Margin 47.66% 45.55%
Selling, General & Admin $34.62M $32.50M
YoY Change 6.54% 0.85%
% of Gross Profit 70.63% 73.89%
Research & Development $2.147M $1.704M
YoY Change 26.0% 2.65%
% of Gross Profit 4.38% 3.87%
Depreciation & Amortization $3.256M $2.564M
YoY Change 26.99% -11.89%
% of Gross Profit 6.64% 5.83%
Operating Expenses $36.77M $34.20M
YoY Change 7.51% 0.94%
Operating Profit $12.25M $10.09M
YoY Change 21.37% -2.68%
Interest Expense $348.0K $269.0K
YoY Change 29.37% 16.45%
% of Operating Profit 2.84% 2.67%
Other Income/Expense, Net -$200.0K
YoY Change
Pretax Income $11.80M $9.879M
YoY Change 19.47% -3.08%
Income Tax $2.735M $2.888M
% Of Pretax Income 23.17% 29.23%
Net Earnings $8.951M $6.876M
YoY Change 30.18% -0.3%
Net Earnings / Revenue 8.7% 7.12%
Basic Earnings Per Share $0.82 $0.64
Diluted Earnings Per Share $0.80 $0.62
COMMON SHARES
Basic Shares Outstanding 10.95M shares 10.79M shares
Diluted Shares Outstanding 11.21M shares 11.02M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.50M $104.5M
YoY Change -31.58% 144.16%
Cash & Equivalents $71.54M $104.5M
Short-Term Investments
Other Short-Term Assets $13.04M $15.52M
YoY Change -15.99% -22.11%
Inventory $59.84M $58.68M
Prepaid Expenses
Receivables $71.93M $62.03M
Other Receivables $0.00 $0.00
Total Short-Term Assets $222.1M $244.6M
YoY Change -9.17% 30.0%
LONG-TERM ASSETS
Property, Plant & Equipment $48.63M $42.13M
YoY Change 15.44% -3.05%
Goodwill $153.8M $121.7M
YoY Change 26.41% 0.18%
Intangibles $51.82M $38.15M
YoY Change 35.83% -11.81%
Long-Term Investments
YoY Change
Other Assets $12.42M $11.08M
YoY Change 12.09% 2.43%
Total Long-Term Assets $266.7M $213.0M
YoY Change 25.18% -2.72%
TOTAL ASSETS
Total Short-Term Assets $222.1M $244.6M
Total Long-Term Assets $266.7M $213.0M
Total Assets $488.8M $457.6M
YoY Change 6.82% 12.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.22M $23.80M
YoY Change 5.98% -10.15%
Accrued Expenses $17.20M $14.50M
YoY Change 18.62% 5.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $5.125M
YoY Change -86.34% 720.0%
Total Short-Term Liabilities $90.62M $84.18M
YoY Change 7.65% 0.33%
LONG-TERM LIABILITIES
Long-Term Debt $69.90M $67.05M
YoY Change 4.26% 122.56%
Other Long-Term Liabilities $17.50M $17.11M
YoY Change 2.27% -50.88%
Total Long-Term Liabilities $17.50M $84.16M
YoY Change -79.21% 179.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.62M $84.18M
Total Long-Term Liabilities $17.50M $84.16M
Total Liabilities $108.1M $168.3M
YoY Change -35.77% 47.63%
SHAREHOLDERS EQUITY
Retained Earnings $327.7M $302.1M
YoY Change 8.48% 9.73%
Common Stock $146.0K $146.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $88.79M $92.38M
YoY Change -3.88% 8.25%
Treasury Stock Shares 3.624M shares 3.770M shares
Shareholders Equity $293.5M $276.1M
YoY Change
Total Liabilities & Shareholders Equity $488.8M $457.6M
YoY Change 6.82% 12.4%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $8.951M $6.876M
YoY Change 30.18% -0.3%
Depreciation, Depletion And Amortization $3.256M $2.564M
YoY Change 26.99% -11.89%
Cash From Operating Activities $1.683M $5.518M
YoY Change -69.5% -344.16%
INVESTING ACTIVITIES
Capital Expenditures $1.722M $524.0K
YoY Change 228.63% -56.91%
Acquisitions $165.0K
YoY Change
Other Investing Activities $2.000K $0.00
YoY Change
Cash From Investing Activities -$1.889M -$2.952M
YoY Change -36.01% 143.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.642M $35.96M
YoY Change -104.57% 779.24%
NET CHANGE
Cash From Operating Activities $1.683M $5.518M
Cash From Investing Activities -$1.889M -$2.952M
Cash From Financing Activities -$1.642M $35.96M
Net Change In Cash -$486.0K $38.53M
YoY Change -101.26% -1804.73%
FREE CASH FLOW
Cash From Operating Activities $1.683M $5.518M
Capital Expenditures $1.722M $524.0K
Free Cash Flow -$39.00K $4.994M
YoY Change -100.78% -243.67%

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NetCashProvidedByUsedInOperatingActivities
1683000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2952000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1889000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
6876000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
8951000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
115000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
116000 USD
CY2017Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10093000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
12046000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9799000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
13037000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11452000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12421000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
5930000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
5032000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-72000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
15000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5386000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5141000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
418000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-82000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
236000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-49000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-126000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
27000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
22665000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
22175000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17100000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17500000 USD
CY2016Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-317000 USD
CY2017Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
0 USD
CY2016Q2 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
0 USD
CY2017Q2 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
165000 USD
CY2016Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2017Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2000 USD
CY2016Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2017Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
654000 USD
CY2016Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1831000 USD
CY2017Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2078000 USD
CY2016Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1980000 USD
CY2017Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2182000 USD
CY2016Q2 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
2813000 USD
CY2017Q2 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
524000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1722000 USD
CY2016Q2 us-gaap Pension Contributions
PensionContributions
270000 USD
CY2017Q2 us-gaap Pension Contributions
PensionContributions
90000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
41046000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
8000000 USD
CY2016Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
129000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-118000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
385000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
6991000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
9067000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
124424000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
127631000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
47704000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48630000 USD
CY2016Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
76000 USD
CY2016Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
125000 USD
CY2017Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
4610000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1704000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2147000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2082000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1543000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
321050000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
327691000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
96538000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
102857000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32496000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34799000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1323000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1295000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3670000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3785000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3843000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4139000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
81000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
62000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
526000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
570000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
560000 USD
CY2016Q2 us-gaap Stock Issued1
StockIssued1
2854000 USD
CY2017Q2 us-gaap Stock Issued1
StockIssued1
2640000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
804000 USD
CY2016Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-656000 USD
CY2017Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-887000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
282629000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
293478000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
267945000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
277603000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
284279000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
295290000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3686532 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
3623512 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
90335000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
88791000 USD
CY2016Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
3068000 USD
CY2017Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
4262000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11018000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11205000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10793000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10952000 shares
CY2017Q2 us-gaap Use Of Estimates
UseOfEstimates
<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%;padding-top:6px;text-align:left;text-indent:48px;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 (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;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:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although the Company makes every effort to ensure the accuracy of the estimates and assumptions used in the preparation of its condensed consolidated financial statements or in the application of accounting policies, if business conditions were different, or if the Company were to use different estimates and assumptions, it is possible that materially different amounts could be reported in the Company's condensed consolidated financial statements.</font></div></div>

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