2020 Q1 Form 10-Q Financial Statement

#000112479620000066 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $43.22M $41.86M
YoY Change 3.23% -1.43%
Cost Of Revenue $33.71M $28.35M
YoY Change 18.93% 2.2%
Gross Profit $9.501M $13.51M
YoY Change -29.7% -8.25%
Gross Profit Margin 21.99% 32.28%
Selling, General & Admin $7.700M $8.144M
YoY Change -5.45% 30.55%
% of Gross Profit 81.04% 60.26%
Research & Development $8.538M $6.422M
YoY Change 32.95% 49.94%
% of Gross Profit 89.86% 47.52%
Depreciation & Amortization $1.769M $1.565M
YoY Change 13.04% -19.58%
% of Gross Profit 18.62% 11.58%
Operating Expenses $16.24M $14.57M
YoY Change 11.48% 38.45%
Operating Profit -$6.737M -$1.052M
YoY Change 540.4% -125.0%
Interest Expense $283.0K $750.0K
YoY Change -62.27% -442.47%
% of Operating Profit
Other Income/Expense, Net -$116.0K $820.0K
YoY Change -114.15% 978.95%
Pretax Income -$6.570M $518.0K
YoY Change -1368.34% -87.26%
Income Tax $905.0K $1.753M
% Of Pretax Income 338.42%
Net Earnings -$7.475M -$1.235M
YoY Change 505.26% -142.35%
Net Earnings / Revenue -17.3% -2.95%
Basic Earnings Per Share -$0.20 -$0.03
Diluted Earnings Per Share -$0.20 -$0.03
COMMON SHARES
Basic Shares Outstanding 37.85M shares 36.69M shares
Diluted Shares Outstanding 37.85M shares 36.69M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.3M $142.4M
YoY Change -18.33% 397.9%
Cash & Equivalents $116.3M $142.4M
Short-Term Investments
Other Short-Term Assets $5.000M $59.00K
YoY Change 8374.58% -99.03%
Inventory $49.49M $40.85M
Prepaid Expenses
Receivables $26.93M $30.16M
Other Receivables $0.00 $800.0K
Total Short-Term Assets $199.8M $219.2M
YoY Change -8.84% 148.26%
LONG-TERM ASSETS
Property, Plant & Equipment $41.01M $22.14M
YoY Change 85.28% 11.73%
Goodwill $9.972M $1.387M
YoY Change 618.96% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.718M $6.029M
YoY Change -21.74% 38.73%
Total Long-Term Assets $71.98M $32.34M
YoY Change 122.59% 15.88%
TOTAL ASSETS
Total Short-Term Assets $199.8M $219.2M
Total Long-Term Assets $71.98M $32.34M
Total Assets $271.8M $251.5M
YoY Change 8.05% 116.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.24M $13.99M
YoY Change 23.29% -10.24%
Accrued Expenses $9.247M $9.831M
YoY Change -5.94% -17.18%
Deferred Revenue $1.983M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $35.00K $102.0K
YoY Change -65.69% -97.08%
Total Short-Term Liabilities $31.27M $24.07M
YoY Change 29.92% -25.34%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $19.00K
YoY Change 78847.37% -99.86%
Other Long-Term Liabilities $1.740M $1.964M
YoY Change -11.41% 59.42%
Total Long-Term Liabilities $16.74M $1.983M
YoY Change 744.18% -86.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.27M $24.07M
Total Long-Term Liabilities $16.74M $1.983M
Total Liabilities $58.84M $32.87M
YoY Change 79.03% -36.32%
SHAREHOLDERS EQUITY
Retained Earnings -$124.9M -$105.8M
YoY Change 18.07% -8.59%
Common Stock $15.00K $15.00K
YoY Change 0.0% 650.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $212.9M $218.7M
YoY Change
Total Liabilities & Shareholders Equity $271.8M $251.5M
YoY Change 8.05% 116.47%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$7.475M -$1.235M
YoY Change 505.26% -142.35%
Depreciation, Depletion And Amortization $1.769M $1.565M
YoY Change 13.04% -19.58%
Cash From Operating Activities -$1.079M -$4.939M
YoY Change -78.15% 18.44%
INVESTING ACTIVITIES
Capital Expenditures $15.19M $2.284M
YoY Change 564.84% -167.37%
Acquisitions $0.00
YoY Change
Other Investing Activities $40.00K
YoY Change
Cash From Investing Activities -$15.46M -$2.734M
YoY Change 465.62% -19.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $15.53M $442.0K
YoY Change 3413.8% -190.39%
NET CHANGE
Cash From Operating Activities -$1.079M -$4.939M
Cash From Investing Activities -$15.46M -$2.734M
Cash From Financing Activities $15.53M $442.0K
Net Change In Cash -$1.002M -$7.112M
YoY Change -85.91% -11.82%
FREE CASH FLOW
Cash From Operating Activities -$1.079M -$4.939M
Capital Expenditures $15.19M $2.284M
Free Cash Flow -$16.26M -$7.223M
YoY Change 125.17% 826.03%

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769000 USD
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2759000 USD
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4373000 USD
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0.036
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P3Y2M
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1559000 USD
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1130000 USD
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1852000 USD
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2538000 USD
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3748000 USD
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4718000 USD
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1894000 USD
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1740000 USD
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820000 USD
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-116000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11000 USD
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
450000 USD
CY2020Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
320000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2284000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15185000 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8084000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
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7149000 USD
CY2019Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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0 USD
CY2020Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
15000000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
41000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
467000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
500000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
600000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
558000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1683000 USD
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
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1828000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
86380000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
101132000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27747000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41012000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
28000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
67000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6422000 USD
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8538000 USD
CY2019Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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25000 USD
CY2020Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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16000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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7566000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
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8144000 USD
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7700000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1909000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3763000 USD
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2864000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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1.03
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3600000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6000000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
79443000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
34519000 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4239000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3859000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.54
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.55
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
34519000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3859000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.55
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.07
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
27076000 USD
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M2D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M12D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y0M2D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y0M2D
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
87000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4555000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3724000 USD
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2984000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3351000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
100000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
2168000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1828000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
1556000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
1523000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
433000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
766000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-398000 USD
CY2020Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
1033000 USD
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
373000 shares
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-11000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36694000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37846000 shares
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
466000 USD
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36694000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37846000 shares
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
558000 USD
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
217783000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
218663000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
216608000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
212947000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
146000 USD
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain immaterial reclassifications were made to the prior period financial statements to conform to the current period presentation.</font></div></div>

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