2022 Q1 Form 10-Q Financial Statement

#000143774922011662 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $39.56M $35.88M
YoY Change 10.25% 17.45%
Cost Of Revenue $13.60M $12.08M
YoY Change 12.54% 20.02%
Gross Profit $25.96M $23.80M
YoY Change 9.09% 16.19%
Gross Profit Margin 65.63% 66.32%
Selling, General & Admin $15.10M $13.01M
YoY Change 16.08% -0.96%
% of Gross Profit 58.17% 54.67%
Research & Development $2.932M $2.844M
YoY Change 3.09% -5.01%
% of Gross Profit 11.29% 11.95%
Depreciation & Amortization $2.373M $2.624M
YoY Change -9.57% 70.61%
% of Gross Profit 9.14% 11.03%
Operating Expenses $18.03M $15.85M
YoY Change 13.75% -1.71%
Operating Profit $7.928M $7.945M
YoY Change -0.21% 82.52%
Interest Expense $0.00 $577.0K
YoY Change -100.0%
% of Operating Profit 0.0% 7.26%
Other Income/Expense, Net
YoY Change
Pretax Income $7.996M $7.493M
YoY Change 6.71% 75.07%
Income Tax $1.958M $1.564M
% Of Pretax Income 24.49% 20.87%
Net Earnings $6.038M $5.929M
YoY Change 1.84% 86.8%
Net Earnings / Revenue 15.26% 16.52%
Basic Earnings Per Share $0.28 $0.29
Diluted Earnings Per Share $0.27 $0.28
COMMON SHARES
Basic Shares Outstanding 21.94M 20.55M
Diluted Shares Outstanding 22.10M 20.85M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.88M $23.70M
YoY Change 199.08% -22.55%
Cash & Equivalents $15.56M $23.53M
Short-Term Investments $55.32M $200.0K
Other Short-Term Assets $2.479M $7.500M
YoY Change -66.95% 5.63%
Inventory $46.66M $39.20M
Prepaid Expenses
Receivables $21.39M $20.13M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.4M $90.66M
YoY Change 55.98% 1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $16.68M $15.20M
YoY Change 9.76% 2.77%
Goodwill $65.95M $65.95M
YoY Change 0.0% 65.8%
Intangibles $51.19M $57.34M
YoY Change -10.72% 138.33%
Long-Term Investments
YoY Change
Other Assets $556.0K $1.110M
YoY Change -49.91% 326.92%
Total Long-Term Assets $151.0M $156.7M
YoY Change -3.62% 65.25%
TOTAL ASSETS
Total Short-Term Assets $141.4M $90.66M
Total Long-Term Assets $151.0M $156.7M
Total Assets $292.5M $247.4M
YoY Change 18.23% 34.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.194M $2.561M
YoY Change -14.33% 85.45%
Accrued Expenses $12.92M $14.37M
YoY Change -10.07% 30.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.800M
YoY Change
Total Short-Term Liabilities $18.27M $22.30M
YoY Change -18.09% 34.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $28.50M
YoY Change -100.0%
Other Long-Term Liabilities $2.626M $4.575M
YoY Change -42.6% 7.98%
Total Long-Term Liabilities $2.626M $4.575M
YoY Change -42.6% 7.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.27M $22.30M
Total Long-Term Liabilities $2.626M $4.575M
Total Liabilities $34.67M $69.84M
YoY Change -50.37% 95.52%
SHAREHOLDERS EQUITY
Retained Earnings $91.42M $74.22M
YoY Change 23.17% 27.34%
Common Stock $183.5M $117.5M
YoY Change 56.26% 9.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.55M $11.69M
YoY Change 7.35% 5.42%
Treasury Stock Shares $1.558M $1.541M
Shareholders Equity $257.8M $177.5M
YoY Change
Total Liabilities & Shareholders Equity $292.5M $247.4M
YoY Change 18.23% 34.03%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $6.038M $5.929M
YoY Change 1.84% 86.8%
Depreciation, Depletion And Amortization $2.373M $2.624M
YoY Change -9.57% 70.61%
Cash From Operating Activities $4.711M $6.074M
YoY Change -22.44% 410.85%
INVESTING ACTIVITIES
Capital Expenditures -$536.0K -$1.060M
YoY Change -49.43% 23.26%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$536.0K -$1.060M
YoY Change -49.43% 4140.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$363.0K -$1.297M
YoY Change -72.01% 636.93%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.380M -$7.965M
YoY Change -70.12% 357.5%
NET CHANGE
Cash From Operating Activities $4.711M $6.074M
Cash From Investing Activities -$536.0K -$1.060M
Cash From Financing Activities -$2.380M -$7.965M
Net Change In Cash $1.705M -$3.239M
YoY Change -152.64% 284.68%
FREE CASH FLOW
Cash From Operating Activities $4.711M $6.074M
Capital Expenditures -$536.0K -$1.060M
Free Cash Flow $5.247M $7.134M
YoY Change -26.45% 248.17%

Facts In Submission

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RevenueFromContractWithCustomerExcludingAssessedTax
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0 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2022Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2022Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2022Q1 us-gaap Unrecognized Tax Benefits
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2100000 USD
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70854000 USD
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18144000 USD
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52710000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1516000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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1566000 USD
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4500000 USD
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5884000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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5702000 USD
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5464000 USD
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4997000 USD
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4720000 USD
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0 USD
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CY2021Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2021Q1 us-gaap Lease Cost
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674000 USD
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P7Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y
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2141000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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6049000 USD
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10236000 USD
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551000 USD
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5416000 USD
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12918000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
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16332000 USD
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
1712000 USD
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
1761000 USD
CY2022Q1 us-gaap Accrued Income Taxes Noncurrent
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766000 USD
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148000 USD
CY2021Q4 us-gaap Other Sundry Liabilities Noncurrent
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141000 USD
CY2022Q1 us-gaap Other Liabilities Noncurrent
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2626000 USD
CY2021Q4 us-gaap Other Liabilities Noncurrent
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2701000 USD
CY2022Q1 us-gaap Number Of Operating Segments
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1 pure
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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39561000 USD
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35883000 USD
CY2022Q1 us-gaap Share Based Compensation
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1167000 USD
CY2021Q1 us-gaap Share Based Compensation
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927000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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1167000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
927000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
112
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
694
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
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32000
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
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70000
CY2022Q1 us-gaap Net Income Loss
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6038000 USD
CY2021Q1 us-gaap Net Income Loss
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5929000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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21935000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20546000
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0.28
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0.29
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6038000 USD
CY2021Q1 us-gaap Net Income Loss
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5929000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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21935000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20546000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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168000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
301000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22103000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20847000
CY2022Q1 us-gaap Earnings Per Share Diluted
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0.27
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0.28
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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430000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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256000
CY2022Q1 us-gaap Income Taxes Paid Net
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337000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1492000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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2240000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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0 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-14000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-30000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1506000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2270000 USD

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