2023 Q4 Form 10-K Financial Statement

#000109605624000011 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $97.40M $405.0M
YoY Change -16.54% -4.35%
Cost Of Revenue $82.80M $328.4M
YoY Change -12.66% 0.0%
Gross Profit $14.60M $76.60M
YoY Change -33.33% -19.37%
Gross Profit Margin 14.99% 18.91%
Selling, General & Admin $11.30M $48.70M
YoY Change 6.6% 12.99%
% of Gross Profit 77.4% 63.58%
Research & Development $1.200M $4.600M
YoY Change -14.29% -6.12%
% of Gross Profit 8.22% 6.01%
Depreciation & Amortization $3.200M $12.70M
YoY Change 0.0% -6.62%
% of Gross Profit 21.92% 16.58%
Operating Expenses $12.50M $53.30M
YoY Change 4.17% 11.04%
Operating Profit $500.0K $4.200M
YoY Change -94.95% -90.63%
Interest Expense $1.600M $6.300M
YoY Change -233.33% 61.54%
% of Operating Profit 320.0% 150.0%
Other Income/Expense, Net $300.0K $0.00
YoY Change -137.5%
Pretax Income -$800.0K -$9.700M
YoY Change -110.0% -188.99%
Income Tax $700.0K -$7.100M
% Of Pretax Income
Net Earnings -$1.300M -$1.900M
YoY Change -165.0% -107.06%
Net Earnings / Revenue -1.33% -0.47%
Basic Earnings Per Share -$0.05 -$0.07
Diluted Earnings Per Share -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 26.87M shares 26.90M shares
Diluted Shares Outstanding 27.02M shares 27.02M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $2.300M
YoY Change -90.48% -81.75%
Cash & Equivalents $1.200M $2.300M
Short-Term Investments
Other Short-Term Assets $18.90M $16.80M
YoY Change 11.83% -0.59%
Inventory $109.8M $95.90M
Prepaid Expenses $9.400M
Receivables $57.60M $52.40M
Other Receivables $2.700M $1.400M
Total Short-Term Assets $190.3M $168.8M
YoY Change -5.37% -16.06%
LONG-TERM ASSETS
Property, Plant & Equipment $74.60M $79.20M
YoY Change -3.99% -18.77%
Goodwill $66.00M
YoY Change 0.61%
Intangibles $12.00M
YoY Change -4.0%
Long-Term Investments $300.0K $400.0K
YoY Change -25.0% 0.0%
Other Assets $32.20M $44.20M
YoY Change 7.33% 47.33%
Total Long-Term Assets $202.6M $203.3M
YoY Change -1.65% -1.31%
TOTAL ASSETS
Total Short-Term Assets $190.3M $168.8M
Total Long-Term Assets $202.6M $203.3M
Total Assets $392.9M $372.1M
YoY Change -3.49% -8.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.30M $26.50M
YoY Change 3.97% -29.89%
Accrued Expenses $21.10M $25.60M
YoY Change -28.23% -24.93%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $0.00
YoY Change
Long-Term Debt Due $1.100M $4.600M
YoY Change -95.6% -81.6%
Total Short-Term Liabilities $80.30M $64.80M
YoY Change -27.13% -41.2%
LONG-TERM LIABILITIES
Long-Term Debt $78.80M $67.60M
YoY Change 40.21% 20.28%
Other Long-Term Liabilities $17.00M $16.90M
YoY Change -10.53% -28.09%
Total Long-Term Liabilities $95.80M $84.50M
YoY Change 27.39% 6.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.30M $64.80M
Total Long-Term Liabilities $95.80M $84.50M
Total Liabilities $187.5M $159.5M
YoY Change -6.16% -20.17%
SHAREHOLDERS EQUITY
Retained Earnings $110.1M
YoY Change -8.4%
Common Stock $26.50M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.40M
YoY Change 9.8%
Treasury Stock Shares
Shareholders Equity $205.4M $212.6M
YoY Change
Total Liabilities & Shareholders Equity $392.9M $372.1M
YoY Change -3.49% -8.6%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.300M -$1.900M
YoY Change -165.0% -107.06%
Depreciation, Depletion And Amortization $3.200M $12.70M
YoY Change 0.0% -6.62%
Cash From Operating Activities $11.50M $26.30M
YoY Change -39.79% 65.41%
INVESTING ACTIVITIES
Capital Expenditures $2.600M $9.400M
YoY Change -16.13% 13.25%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0% -103.85%
Cash From Investing Activities -$2.600M -$9.500M
YoY Change -38.1% 66.67%
FINANCING ACTIVITIES
Cash Dividend Paid $3.500M $14.00M
YoY Change -2.78% -1.41%
Common Stock Issuance & Retirement, Net $2.700M
YoY Change -75.68%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.70M -$27.50M
YoY Change 13.61% 1275.0%
NET CHANGE
Cash From Operating Activities 11.50M $26.30M
Cash From Investing Activities -2.600M -$9.500M
Cash From Financing Activities -16.70M -$27.50M
Net Change In Cash -7.800M -$10.30M
YoY Change -4000.0% -258.46%
FREE CASH FLOW
Cash From Operating Activities $11.50M $26.30M
Capital Expenditures $2.600M $9.400M
Free Cash Flow $8.900M $16.90M
YoY Change -44.38% 122.37%

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CY2021 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 lxfr Stock Issued During Period Value Treasury Stock Reissued To Satisfy Share Based Compensation
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CY2023 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q4 us-gaap Stockholders Equity
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Fiscal Period
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<div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal year</span></div>Our fiscal year ends on December 31.
CY2022 lxfr Average Foreign Currency Exchange Rate Translation
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0.8108
CY2023 lxfr Increase Decrease Of Average Foreign Currency Exchange Rate Translation
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0.05
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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405000000.0 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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423400000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 us-gaap Use Of Estimates
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<div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and in the reported amounts of revenues and expenses during the reporting period. Significant estimates include our assessment of property, plant and equipment, right of use asset valuations and impairment, goodwill for impairment, loss contingencies, estimated realizable value on excess and obsolete inventory, assets acquired and liabilities assumed in acquisitions, estimated selling proceeds from assets held for sale, contingent liabilities, income taxes and pension benefits. Actual results could differ from our estimates.</span></div>
CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2023Q4 us-gaap Restricted Cash Current
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300000 usd
CY2022Q4 us-gaap Restricted Cash Current
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300000 usd
CY2023 lxfr Average Foreign Currency Exchange Rate Translation
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0.8032
CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are exposed to credit risk in the event of nonpayment by customers. However, we mitigate our exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, utilizing credit insurance, prepayments or guarantees. No individual customer represented more than 10% of our revenue or accounts receivable. The concentration of credit risks from financial instruments related to the markets we serve is not expected to have a material adverse effect on our consolidated financial position, cash flows or future results of operations.</span></div>
CY2023 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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29900000 usd
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300000 usd
CY2021 us-gaap Business Combination Acquisition Related Costs
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3200000 usd
CY2022 us-gaap Restructuring And Related Cost Incurred Cost
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1900000 usd
CY2023 us-gaap Payments For Restructuring
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Value
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