$LMAT
LEMAITRE VASCULAR INC

2014 Q1 Form 10-Q Financial Statement

#000119312514189430 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $16.75M $15.38M
YoY Change 8.92% 10.44%
Cost Of Revenue $5.530M $4.176M
YoY Change 32.42% 2.86%
Gross Profit $11.22M $11.21M
YoY Change 0.16% 13.54%
Gross Profit Margin 66.99% 72.85%
Selling, General & Admin $9.544M $8.650M
YoY Change 10.34% 11.18%
% of Gross Profit 85.03% 77.19%
Research & Development $1.344M $1.273M
YoY Change 5.58% 11.67%
% of Gross Profit 11.97% 11.36%
Depreciation & Amortization $831.0K $610.0K
YoY Change 36.23% 10.91%
% of Gross Profit 7.4% 5.44%
Operating Expenses $11.46M $10.08M
YoY Change 13.61% 13.16%
Operating Profit -$231.0K $1.123M
YoY Change -120.57% 16.98%
Interest Expense -$40.00K $4.000K
YoY Change -1100.0% -102.11%
% of Operating Profit 0.36%
Other Income/Expense, Net
YoY Change
Pretax Income -$273.0K $1.070M
YoY Change -125.51% 62.12%
Income Tax -$66.00K $224.0K
% Of Pretax Income 20.93%
Net Earnings -$207.0K $846.0K
YoY Change -124.47% 119.17%
Net Earnings / Revenue -1.24% 5.5%
Basic Earnings Per Share -$0.01 $0.06
Diluted Earnings Per Share -$0.01 $0.05
COMMON SHARES
Basic Shares Outstanding 15.59M shares 15.22M shares
Diluted Shares Outstanding 15.59M shares 15.65M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.50M $15.30M
YoY Change -18.3% -21.94%
Cash & Equivalents $12.50M $15.30M
Short-Term Investments
Other Short-Term Assets $3.200M $2.800M
YoY Change 14.29% -6.67%
Inventory $14.19M $11.30M
Prepaid Expenses
Receivables $10.49M $9.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.34M $38.70M
YoY Change 4.22% -2.27%
LONG-TERM ASSETS
Property, Plant & Equipment $5.807M $5.400M
YoY Change 7.54% 17.39%
Goodwill $15.03M
YoY Change
Intangibles $5.758M
YoY Change
Long-Term Investments
YoY Change
Other Assets $168.0K $400.0K
YoY Change -58.0% 0.0%
Total Long-Term Assets $28.38M $24.50M
YoY Change 15.85% 23.74%
TOTAL ASSETS
Total Short-Term Assets $40.34M $38.70M
Total Long-Term Assets $28.38M $24.50M
Total Assets $68.72M $63.20M
YoY Change 8.73% 6.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.040M $900.0K
YoY Change 15.56% 12.5%
Accrued Expenses $6.868M $5.200M
YoY Change 32.08% 23.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.709M $7.900M
YoY Change 10.24% 25.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $298.0K $400.0K
YoY Change -25.5% 300.0%
Total Long-Term Liabilities $298.0K $400.0K
YoY Change -25.5% 300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.709M $7.900M
Total Long-Term Liabilities $298.0K $400.0K
Total Liabilities $12.48M $9.900M
YoY Change 26.08% 35.62%
SHAREHOLDERS EQUITY
Retained Earnings -$874.0K
YoY Change
Common Stock $170.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.043M
YoY Change
Treasury Stock Shares 1.380M shares
Shareholders Equity $56.24M $53.30M
YoY Change
Total Liabilities & Shareholders Equity $68.72M $63.20M
YoY Change 8.73% 6.4%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$207.0K $846.0K
YoY Change -124.47% 119.17%
Depreciation, Depletion And Amortization $831.0K $610.0K
YoY Change 36.23% 10.91%
Cash From Operating Activities -$1.690M -$350.0K
YoY Change 382.86% -189.74%
INVESTING ACTIVITIES
Capital Expenditures $433.0K $676.0K
YoY Change -35.95% -311.25%
Acquisitions $193.0K
YoY Change
Other Investing Activities -$190.0K -$110.0K
YoY Change 72.73%
Cash From Investing Activities -$640.0K -$800.0K
YoY Change -20.0% 158.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000K $90.00K
YoY Change -98.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K 80.00K
YoY Change 50.0% -113.33%
NET CHANGE
Cash From Operating Activities -1.690M -350.0K
Cash From Investing Activities -640.0K -800.0K
Cash From Financing Activities 120.0K 80.00K
Net Change In Cash -2.210M -1.070M
YoY Change 106.54% 105.77%
FREE CASH FLOW
Cash From Operating Activities -$1.690M -$350.0K
Capital Expenditures $433.0K $676.0K
Free Cash Flow -$2.123M -$1.026M
YoY Change 106.92% -244.51%

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-63000
CY2014Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
51000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
124000
CY2014Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
193000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
28000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-231000
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
13000
CY2014Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-5000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-273000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
27000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-68000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-207000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
997000
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
27000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
27000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1000
CY2014Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
50000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
16754000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
433000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
96000
CY2014Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3315000
CY2014Q1 us-gaap Inventory Write Down
InventoryWriteDown
75000
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5530000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
123000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
278000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2207000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6229000
CY2014Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
164000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-639000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-1812000
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1344000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
831000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
28000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
399000
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
403000
CY2014Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
11455000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-66000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2000
CY2014Q1 lmat Statute Of Limitation Expiration Period
StatuteOfLimitationExpirationPeriod
Until 2017
CY2014Q1 lmat Income Tax Examination Period
IncomeTaxExaminationPeriod
the German tax authority notified our German subsidiary that the tax years 2009 through 2012 would be audited.

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