2024 Q2 Form 10-Q Financial Statement

#000071973324000023 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $125.7M $140.5M
YoY Change -23.62%
Cost Of Revenue $114.4M $132.4M
YoY Change -23.9%
Gross Profit $11.33M $8.081M
YoY Change -20.66%
Gross Profit Margin 9.01% 5.75%
Selling, General & Admin $7.203M $6.422M
YoY Change 3.48%
% of Gross Profit 63.6% 79.47%
Research & Development $2.135M $2.234M
YoY Change -17.25%
% of Gross Profit 18.85% 27.65%
Depreciation & Amortization $2.791M $2.749M
YoY Change 26.92%
% of Gross Profit 24.64% 34.02%
Operating Expenses $9.338M $8.656M
YoY Change 2.11%
Operating Profit $1.988M -$575.0K
YoY Change -61.26%
Interest Expense -$3.173M $2.800M
YoY Change -218.04%
% of Operating Profit -159.61%
Other Income/Expense, Net
YoY Change
Pretax Income -$470.0K -$3.375M
YoY Change -119.24%
Income Tax -$507.0K -$1.154M
% Of Pretax Income
Net Earnings $37.00K -$2.221M
YoY Change -98.13%
Net Earnings / Revenue 0.03% -1.58%
Basic Earnings Per Share -$0.18 -$0.21
Diluted Earnings Per Share $0.00 -$0.21
COMMON SHARES
Basic Shares Outstanding 10.76M shares 10.76M shares
Diluted Shares Outstanding 10.76M shares 10.76M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.752M $5.255M
YoY Change 12743.24%
Cash & Equivalents $4.752M $5.255M
Short-Term Investments
Other Short-Term Assets $25.67M $22.22M
YoY Change 6.54%
Inventory $109.0M $115.1M
Prepaid Expenses
Receivables $156.3M $164.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $295.8M $306.9M
YoY Change -17.91%
LONG-TERM ASSETS
Property, Plant & Equipment $44.22M $29.05M
YoY Change 62.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.42M $6.109M
YoY Change 42.71%
Total Long-Term Assets $65.64M $66.52M
YoY Change -8.1%
TOTAL ASSETS
Total Short-Term Assets $295.8M $306.9M
Total Long-Term Assets $65.64M $66.52M
Total Assets $361.4M $373.4M
YoY Change -16.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.39M $82.20M
YoY Change -39.88%
Accrued Expenses $6.510M $12.47M
YoY Change -59.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.123M $5.928M
YoY Change -58.79%
Total Short-Term Liabilities $104.4M $109.4M
YoY Change -35.99%
LONG-TERM LIABILITIES
Long-Term Debt $116.4M $122.5M
YoY Change -3.19%
Other Long-Term Liabilities $10.53M $336.0K
YoY Change 55.74%
Total Long-Term Liabilities $126.9M $133.9M
YoY Change -8.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.4M $109.4M
Total Long-Term Liabilities $126.9M $133.9M
Total Liabilities $231.6M $243.3M
YoY Change -23.4%
SHAREHOLDERS EQUITY
Retained Earnings $76.92M $82.18M
YoY Change -6.11%
Common Stock $47.28M $47.89M
YoY Change -0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.8M $130.1M
YoY Change
Total Liabilities & Shareholders Equity $361.4M $373.4M
YoY Change -16.29%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $37.00K -$2.221M
YoY Change -98.13%
Depreciation, Depletion And Amortization $2.791M $2.749M
YoY Change 26.92%
Cash From Operating Activities $7.695M -$2.999M
YoY Change -208.87%
INVESTING ACTIVITIES
Capital Expenditures $560.0K $789.0K
YoY Change -44.44%
Acquisitions
YoY Change
Other Investing Activities -$515.0K $116.0K
YoY Change
Cash From Investing Activities -$1.075M -$673.0K
YoY Change 6.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.123M 5.974M
YoY Change -197.54%
NET CHANGE
Cash From Operating Activities 7.695M -2.999M
Cash From Investing Activities -1.075M -673.0K
Cash From Financing Activities -7.123M 5.974M
Net Change In Cash -503.0K 2.302M
YoY Change -34.93%
FREE CASH FLOW
Cash From Operating Activities $7.695M -$2.999M
Capital Expenditures $560.0K $789.0K
Free Cash Flow $7.135M -$3.788M
YoY Change -188.35%

Facts In Submission

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1899000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
817000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3621000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5152000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
4404000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
132435000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
127311000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
130617000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
124878000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
130075000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div>Certain prior period reclassifications were made to conform with the current period presentation.
us-gaap Net Income Loss
NetIncomeLoss
-802000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
115100000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
137900000 usd
CY2024Q1 us-gaap Line Of Credit
LineOfCredit
112900000 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
300000 usd
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
7100000 usd
CY2023Q3 us-gaap Line Of Credit
LineOfCredit
115400000 usd
CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
300000 usd
CY2023Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
4600000 usd
CY2020Q4 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.0552
CY2020Q3 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.0485
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
763000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3123000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
114945000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5680000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1032000 usd
CY2024Q1 ktcc Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
816000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
126359000 usd
CY2024Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1071000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
125288000 usd
us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
8100000 usd
CY2024Q1 ktcc Estimated Federal And State Income Taxes And Potential Withholding Taxes
EstimatedFederalAndStateIncomeTaxesAndPotentialWithholdingTaxes
800000 usd
CY2024Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
9800000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3100000 usd
CY2024Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6700000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2221000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1976000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10762000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10762000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
103000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10762000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10865000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
525000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
376000 shares
us-gaap Net Income Loss
NetIncomeLoss
4094000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10762000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10762000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
130000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10762000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10892000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
652000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
516000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y29D
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
96000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29000 usd
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
400000 usd
CY2024Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
0 usd
CY2020Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
776500 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
29925000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
372652000 usd
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
373958000 usd
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
28619000 usd
CY2024Q1 us-gaap Revenues
Revenues
140527000 usd
CY2023Q2 us-gaap Revenues
Revenues
164553000 usd
us-gaap Revenues
Revenues
433707000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0425
CY2024Q1 us-gaap Lease Cost
LeaseCost
2563000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
2251000 usd
us-gaap Lease Cost
LeaseCost
7848000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1331000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1956000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
4657000 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1232000 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
295000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3191000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
839000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
2563000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
2251000 usd
us-gaap Lease Cost
LeaseCost
7848000 usd
us-gaap Lease Cost
LeaseCost
6995000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16790000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16202000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16790000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16202000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M18D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0425
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0400
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
4610000 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
9718000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
3170000 usd
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
8278000 usd
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M23D
CY2023Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M20D
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1088
CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0996
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5400000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11400000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
4600000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
300000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1529000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1112000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5104000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1909000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4147000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
501000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3238000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2281000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q1 ktcc Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
1873000 usd
CY2024Q1 ktcc Finance Lease Liability To Be Paid Due After Year Four
FinanceLeaseLiabilityToBePaidDueAfterYearFour
0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18172000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3522000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1382000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
352000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16790000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
3170000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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