$KOPN
KOPIN CORP Stock $kopn

$kopn Overview Financials Valuation SEC Filings Company Website

2017 Q2 Form 10-Q Financial Statement

#000077126617000030 Filed on May 11, 2017

Income Statement

Concept	2017 Q2	2016 Q1
Revenue	$4.378M	$6.119M
YoY Change	0.53%	-28.72%
Cost Of Revenue	$3.117M	$4.636M
YoY Change	-32.91%	-12.26%
Gross Profit	$816.0K	$1.342M
YoY Change	-248.36%	-27.73%
Gross Profit Margin	18.64%	21.93%
Selling, General & Admin	$5.642M	$3.761M
YoY Change	31.75%	-14.26%
% of Gross Profit	691.38%	280.24%
Research & Development	$4.282M	$4.040M
YoY Change	3.94%	-16.88%
% of Gross Profit	524.74%	301.04%
Depreciation & Amortization	$440.0K	$340.0K
YoY Change	41.94%	-50.0%
% of Gross Profit	53.92%	25.34%
Operating Expenses	$9.924M	$7.801M
YoY Change	18.11%	-15.63%
Operating Profit	-$8.663M	-$6.318M
YoY Change	772.64%	6.27%
Interest Expense	-$960.0K	-$340.0K
YoY Change	-536.36%	-115.67%
% of Operating Profit
Other Income/Expense, Net	-$423.1K	-$376.1K
YoY Change	-518.96%	-117.16%
Pretax Income	-$9.086M	-$6.694M
YoY Change	918.91%	78.35%
Income Tax	-$1.146M	$141.0K
% Of Pretax Income
Net Earnings	-$7.858M	-$6.932M
YoY Change	146.02%	78.43%
Net Earnings / Revenue	-179.49%	-113.29%
Basic Earnings Per Share	-$0.12	-$0.11
Diluted Earnings Per Share	-$0.12	-$0.11
COMMON SHARES
Basic Shares Outstanding	64.54M shares	63.98M shares
Diluted Shares Outstanding	64.54M shares	63.98M shares

Balance Sheet

Concept	2017 Q2	2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$67.75M	$90.87M
YoY Change	-25.9%	1.34%
Cash & Equivalents	$18.39M	$27.62M
Short-Term Investments	$49.36M	$63.25M
Other Short-Term Assets	$1.300M	$800.0K
YoY Change	30.0%	-11.11%
Inventory	$4.195M	$2.706M
Prepaid Expenses
Receivables	$2.391M	$1.661M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$75.60M	$96.11M
YoY Change	-21.97%	-13.56%
LONG-TERM ASSETS
Property, Plant & Equipment	$3.000M	$2.713M
YoY Change	9.92%	-36.12%
Goodwill	$2.327M	$928.1K
YoY Change	162.19%	-2.05%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$823.7K	$711.3K
YoY Change	14.94%	-69.94%
Total Long-Term Assets	$8.453M	-$96.01M
YoY Change	95.07%	-1296.65%
TOTAL ASSETS
Total Short-Term Assets	$75.60M	$96.11M
Total Long-Term Assets	$8.453M	-$96.01M
Total Assets	$84.05M	$99.81K
YoY Change	-16.96%	-99.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.878M	$4.440M
YoY Change	-10.37%	25.97%
Accrued Expenses	$6.500M	$4.600M
YoY Change	30.0%	-4.17%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$15.12M	$11.73M
YoY Change	9.25%	-2.22%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$300.0K	$300.0K
YoY Change	0.0%	0.0%
Total Long-Term Liabilities	$300.0K	$300.0K
YoY Change	0.0%	0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$15.12M	$11.73M
Total Long-Term Liabilities	$300.0K	$300.0K
Total Liabilities	$15.50M	$11.90M
YoY Change	8.39%	0.85%
SHAREHOLDERS EQUITY
Retained Earnings	-$221.9M	-$197.5M
YoY Change	10.59%	9.89%
Common Stock	$330.1M	$327.9M
YoY Change	0.48%	0.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$42.74M	$42.74M
YoY Change	0.0%	0.0%
Treasury Stock Shares	12.10M shares	12.10M shares
Shareholders Equity	$68.59M	$89.43M
YoY Change
Total Liabilities & Shareholders Equity	$84.05M	$101.3M
YoY Change	-16.96%	-15.0%

Cashflow Statement

Concept	2017 Q2	2016 Q1
OPERATING ACTIVITIES
Net Income	-$7.858M	-$6.932M
YoY Change	146.02%	78.43%
Depreciation, Depletion And Amortization	$440.0K	$340.0K
YoY Change	41.94%	-50.0%
Cash From Operating Activities	-$6.619M	-$5.569M
YoY Change	-1.36%	1.68%
INVESTING ACTIVITIES
Capital Expenditures	$298.0K	$223.5K
YoY Change	-431.09%	-28.91%
Acquisitions
YoY Change
Other Investing Activities	$12.35K	$92.28K
YoY Change	-99.75%	1018.5%
Cash From Investing Activities	$9.013M	$13.23M
YoY Change	87.38%	303.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$0.00	-$1.500K
YoY Change
NET CHANGE
Cash From Operating Activities	-$6.619M	-$5.569M
Cash From Investing Activities	$9.013M	$13.23M
Cash From Financing Activities	$0.00	-$1.500K
Net Change In Cash	$2.394M	$7.660M
YoY Change	-226.0%	-448.66%
FREE CASH FLOW
Cash From Operating Activities	-$6.619M	-$5.569M
Capital Expenditures	$298.0K	$223.5K
Free Cash Flow	-$6.917M	-$5.793M
YoY Change	4.49%	0.02%

Facts In Submission

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CY2017Q2	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2017
CY2017Q2	dei	Document Period End Date DocumentPeriodEndDate	2017-04-01
CY2017Q2	dei	Document Type DocumentType	10-Q
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CY2017Q2	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
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CY2017Q2	dei	Trading Symbol TradingSymbol	KOPN
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CY2016Q1	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	98673	USD
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CY2016Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	1057861	USD
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CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-39093	USD
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CY2016Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	92276	USD
CY2017Q2	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	12346	USD
CY2016Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	1500	USD
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CY2016Q1	us-gaap	Payments To Acquire Available For Sale Securities Debt PaymentsToAcquireAvailableForSaleSecuritiesDebt	13474384	USD
CY2017Q2	us-gaap	Payments To Acquire Available For Sale Securities Debt PaymentsToAcquireAvailableForSaleSecuritiesDebt	948637	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	223520	USD
CY2017Q2	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	297983	USD
CY2016Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
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CY2016Q4	us-gaap	Prepaid Taxes PrepaidTaxes	341144	USD
CY2017Q2	us-gaap	Prepaid Taxes PrepaidTaxes	116921	USD
CY2016Q1	us-gaap	Proceeds From Divestiture Of Businesses ProceedsFromDivestitureOfBusinesses	15000000	USD
CY2016Q1	us-gaap	Proceeds From Divestiture Of Businesses ProceedsFromDivestitureOfBusinesses	15000000	USD
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CY2016Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	11229734	USD
CY2017Q2	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	13519291	USD
CY2016Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	518000	USD
CY2017Q2	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	736000	USD
CY2017Q2	us-gaap	Product Warranty Accrual Noncurrent ProductWarrantyAccrualNoncurrent	218000	USD
CY2016Q1	us-gaap	Profit Loss ProfitLoss	-6834788	USD
CY2017Q2	us-gaap	Profit Loss ProfitLoss	-7939879	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	2976006	USD
CY2017Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	2999590	USD
CY2017Q2	us-gaap	Related Parties Amount In Cost Of Sales RelatedPartiesAmountInCostOfSales	62000	USD
CY2017Q2	us-gaap	Related Party Transaction Purchases From Related Party RelatedPartyTransactionPurchasesFromRelatedParty	9000	USD
CY2016Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	4039951	USD
CY2017Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	4281870	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-214042787	USD
CY2017Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-221901228	USD
CY2016Q1	us-gaap	Revenues Revenues	6119138	USD
CY2017Q2	us-gaap	Revenues Revenues	4378127	USD
CY2016Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	5978134	USD
CY2017Q2	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	3933142	USD
CY2016Q1	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	3760849	USD
CY2017Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	5641684	USD
CY2016Q1	us-gaap	Share Based Compensation ShareBasedCompensation	56454	USD
CY2017Q2	us-gaap	Share Based Compensation ShareBasedCompensation	1292105	USD
CY2017Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid	1600000	USD
CY2016Q4	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	518000	USD
CY2017Q2	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	736000	USD
CY2017Q2	us-gaap	Standard Product Warranty Accrual Current StandardProductWarrantyAccrualCurrent	100000	USD
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	74077686	USD
CY2017Q2	us-gaap	Stockholders Equity StockholdersEquity	68594082	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	74219643	USD
CY2017Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	68678005	USD
CY2016Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	935364	USD
CY2017Q2	us-gaap	Taxes Payable Current TaxesPayableCurrent	936866	USD
CY2016Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	12102258	shares
CY2017Q2	us-gaap	Treasury Stock Shares TreasuryStockShares	12102258	shares
CY2016Q4	us-gaap	Treasury Stock Value TreasuryStockValue	42741551	USD
CY2017Q2	us-gaap	Treasury Stock Value TreasuryStockValue	42741551	USD
	us-gaap	Unusual Or Infrequent Item Gain Gross UnusualOrInfrequentItemGainGross	1589000	USD
CY2016Q1	us-gaap	Unusual Or Infrequent Item Loss Gross UnusualOrInfrequentItemLossGross	77000	USD
CY2017Q2	us-gaap	Valuation Allowances And Reserves Adjustments ValuationAllowancesAndReservesAdjustments	1100000	USD
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	63978048	shares
CY2016Q1	us-gaap	Unusual Or Infrequent Item Net Gain Loss UnusualOrInfrequentItemNetGainLoss	11000	USD
CY2016Q1	us-gaap	Unusual Or Infrequent Item Net Of Insurance Proceeds UnusualOrInfrequentItemNetOfInsuranceProceeds	61000	USD
CY2016Q1	us-gaap	Unusual Or Infrequent Tax Effect UnusualOrInfrequentTaxEffect	50000	USD
CY2017Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	64538686	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	63978048	shares
CY2017Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	64538686	shares
CY2017Q2	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements of Kopin Corporation (the Company) as of </font><font style="font-family:inherit;font-size:10pt;">April 1, 2017</font><font style="font-family:inherit;font-size:10pt;"> and for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">April 1, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">March 26, 2016</font><font style="font-family:inherit;font-size:10pt;"> are unaudited and include all adjustments which, in the opinion of management, are necessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">. The results of the Company's operations for any interim period are not necessarily indicative of the results of the Company's operations for any other interim period or for a full fiscal year.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">May 2014</font><font style="font-family:inherit;font-size:10pt;">, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">2014-09, Revenue from Contracts with Customers (Topic 606)</font><font style="font-family:inherit;font-size:10pt;">. This new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In addition, ASU 2014-09 provides guidance on accounting for certain revenue-related costs including, but not limited to, when to capitalize costs associated with obtaining and fulfilling a contract. The underlying principle is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new standard also requires entities to enhance disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company anticipates applying the guidance in ASU 2014-09 after </font><font style="font-family:inherit;font-size:10pt;">January 1, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company is currently evaluating the expected impact of this new guidance on its consolidated financial statements and available adoption methods.</font></div><div style="line-height:174%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">February 2016</font><font style="font-family:inherit;font-size:10pt;">, the FASB issued Accounting Standards Update No. 2016-02 (Topic 842) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. Topic 842 supersedes the lease recognition requirements in Accounting Standards Codification Topic 840, "Leases". Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating. Topic 842 is effective for annual reporting periods, and interim periods within those years beginning after </font><font style="font-family:inherit;font-size:10pt;">December 15, 2018</font><font style="font-family:inherit;font-size:10pt;">. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and there are certain optional practical expedients that an entity may elect to apply. Full retrospective application is prohibited and early adoption by public entities is permitted. The Company is currently evaluating the expected impact of this new guidance on its consolidated financial statements. The Company has not yet made any decision on the timing of adoption or method of adoption with respect to the optional practical expedients.</font></div><div style="line-height:120%;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;font-style:italic;">Business Combinations</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">January 2017</font><font style="font-family:inherit;font-size:10pt;">, the FASB issued ASU </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">2017-01</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805).</font><font style="font-family:inherit;font-size:10pt;"> The new guidance clarifies the definition of a business that an entity uses to determine whether a transaction should be accounted for as an asset acquisition (or disposal) or a business combination. The guidance is expected to cause fewer acquired sets of assets (and liabilities) to be identified as businesses. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after </font><font style="font-family:inherit;font-size:10pt;">December 15, 2017</font><font style="font-family:inherit;font-size:10pt;">. Early adoption is permitted for transactions that meet certain requirements. The Company is evaluating the impact this standard will have on its financial statements.</font></div><div style="line-height:120%;text-align:left;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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles- Goodwill and Other</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">January 2017</font><font style="font-family:inherit;font-size:10pt;">, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2017-04, Intangibles- Goodwill and Other (Topic 350). </font><font style="font-family:inherit;font-size:10pt;">The new guidance simplifies the accounting for goodwill impairments by eliminating Step 2 from the goodwill impairment test. The guidance requires, among other things, recognition of an impairment loss when the fair value of a reporting unit exceeds its carrying amount. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after </font><font style="font-family:inherit;font-size:10pt;">December 15, 2019</font><font style="font-family:inherit;font-size:10pt;">. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after </font><font style="font-family:inherit;font-size:10pt;">January 1, 2017</font><font style="font-family:inherit;font-size:10pt;">. The Company is evaluating the impact this standard will have on its financial statements.</font></div></div>

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$KOPN
KOPIN CORP Stock $kopn

2017 Q2 Form 10-Q Financial Statement

#000077126617000030 Filed on May 11, 2017

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$KOPN KOPIN CORP Stock $kopn

2017 Q2 Form 10-Q Financial Statement

#000077126617000030 Filed on May 11, 2017

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$KOPN
KOPIN CORP Stock $kopn