2019 Q2 Form 10-Q Financial Statement

#000162828019005324 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $90.50M $89.10M $87.96M
YoY Change 2.55% 1.3% 0.9%
Cost Of Revenue $70.98M $72.44M $69.01M
YoY Change 3.15% 4.97% 1.29%
Gross Profit $19.52M $16.66M $18.95M
YoY Change 0.42% -12.09% -0.47%
Gross Profit Margin 21.57% 18.7% 21.55%
Selling, General & Admin $8.648M $8.147M $8.562M
YoY Change 4.08% -4.85% 11.94%
% of Gross Profit 44.3% 48.9% 45.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.792M $2.810M $2.929M
YoY Change -3.62% -4.06% 6.98%
% of Gross Profit 14.3% 16.87% 15.46%
Operating Expenses $8.648M $8.147M $8.562M
YoY Change 4.08% -4.85% 11.94%
Operating Profit $10.87M $8.513M $10.39M
YoY Change -2.32% -18.06% -8.8%
Interest Expense $321.0K $252.0K $207.0K
YoY Change 11.07% 21.74% -37.46%
% of Operating Profit 2.95% 2.96% 1.99%
Other Income/Expense, Net
YoY Change
Pretax Income $10.55M $8.261M $10.18M
YoY Change -2.67% -18.87% -11.71%
Income Tax $2.642M -$1.459M $1.255M
% Of Pretax Income 25.04% -17.66% 12.33%
Net Earnings $7.911M $9.720M $8.927M
YoY Change 5.1% 8.88% 2.87%
Net Earnings / Revenue 8.74% 10.91% 10.15%
Basic Earnings Per Share
Diluted Earnings Per Share $464.7K $570.6K $529.8K
COMMON SHARES
Basic Shares Outstanding 17.01M shares 16.96M shares 16.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $0.00 $1.100M
YoY Change -4.35% -100.0%
Cash & Equivalents $2.162M $0.00 $1.123M
Short-Term Investments
Other Short-Term Assets $1.800M $2.300M $3.200M
YoY Change -35.71% -28.13% 33.33%
Inventory $118.0M $111.3M $98.90M
Prepaid Expenses $1.834M $2.263M $3.187M
Receivables $41.60M $43.90M $34.50M
Other Receivables $5.400M $2.300M $1.000M
Total Short-Term Assets $169.0M $159.8M $138.7M
YoY Change 13.54% 15.28% 16.71%
LONG-TERM ASSETS
Property, Plant & Equipment $119.9M $119.9M $104.0M
YoY Change 10.16% 15.33% 11.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.656M $3.633M $2.559M
YoY Change 48.74% 41.97% -4.23%
Total Long-Term Assets $129.7M $130.3M $106.6M
YoY Change 16.55% 22.24% -7.96%
TOTAL ASSETS
Total Short-Term Assets $169.0M $159.8M $138.7M
Total Long-Term Assets $129.7M $130.3M $106.6M
Total Assets $298.7M $290.1M $245.2M
YoY Change 14.83% 18.31% 4.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.71M $19.40M $24.63M
YoY Change -11.24% -21.24% 49.22%
Accrued Expenses $11.01M $10.63M $7.161M
YoY Change 38.77% 48.43% -2.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $393.0K $390.0K $375.0K
YoY Change 3.69% 4.0% -91.4%
Total Short-Term Liabilities $32.12M $30.42M $32.17M
YoY Change 1.48% -5.44% 2.03%
LONG-TERM LIABILITIES
Long-Term Debt $42.10M $42.59M $31.86M
YoY Change 5.02% 33.67% -19.0%
Other Long-Term Liabilities $1.851M $1.516M $542.0K
YoY Change 239.63% 179.7% 35.84%
Total Long-Term Liabilities $43.95M $44.10M $32.40M
YoY Change 8.17% 36.11% -18.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.12M $30.42M $32.17M
Total Long-Term Liabilities $43.95M $44.10M $32.40M
Total Liabilities $86.28M $84.98M $69.82M
YoY Change 10.91% 21.71% -13.19%
SHAREHOLDERS EQUITY
Retained Earnings $213.0M $206.9M $174.7M
YoY Change 17.81% 18.42% 15.96%
Common Stock $6.715M $6.715M $6.715M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.35M $21.01M $19.67M
YoY Change 4.9% 6.78% 14.85%
Treasury Stock Shares 1.091M shares 1.101M shares 1.271M shares
Shareholders Equity $212.4M $205.1M $175.4M
YoY Change
Total Liabilities & Shareholders Equity $298.7M $290.1M $245.2M
YoY Change 14.83% 18.31% 4.54%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $7.911M $9.720M $8.927M
YoY Change 5.1% 8.88% 2.87%
Depreciation, Depletion And Amortization $2.792M $2.810M $2.929M
YoY Change -3.62% -4.06% 6.98%
Cash From Operating Activities $6.860M -$3.789M $879.0K
YoY Change 1805.56% -531.06% -193.31%
INVESTING ACTIVITIES
Capital Expenditures -$2.450M $3.741M $6.978M
YoY Change -59.77% -46.39% 8.12%
Acquisitions $0.00
YoY Change
Other Investing Activities -$10.00K $0.00 $62.00K
YoY Change -116.67% -100.0%
Cash From Investing Activities -$2.460M -$4.907M -$7.040M
YoY Change -59.2% -30.3% 9.08%
FINANCING ACTIVITIES
Cash Dividend Paid $1.714M $1.375M
YoY Change 24.65% 99.85%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $95.00K $93.00K
YoY Change 2.15% 4.49%
Cash From Financing Activities -2.230M $3.671M $4.200M
YoY Change -132.7% -12.6% -27.92%
NET CHANGE
Cash From Operating Activities 6.860M -$3.789M $879.0K
Cash From Investing Activities -2.460M -$4.907M -$7.040M
Cash From Financing Activities -2.230M $3.671M $4.200M
Net Change In Cash 2.170M -$5.025M -$1.961M
YoY Change 88.7% 156.25% 24.98%
FREE CASH FLOW
Cash From Operating Activities $6.860M -$3.789M $879.0K
Capital Expenditures -$2.450M $3.741M $6.978M
Free Cash Flow $9.310M -$7.530M -$6.099M
YoY Change 44.34% 23.46% -17.54%

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CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0588
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6952000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
481000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
977000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1357000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1858000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
55000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2224000 USD
CY2016 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2561000 USD
CY2017 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2372000 USD
CY2018 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2081000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2481000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3633000 USD
CY2019Q1 us-gaap Other Postretirement Benefits Payable Current And Noncurrent
OtherPostretirementBenefitsPayableCurrentAndNoncurrent
2526000 USD
CY2017Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
75000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
62000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
13000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-14000 USD
CY2018Q4 us-gaap Other Inventory
OtherInventory
1102000 USD
CY2019Q1 us-gaap Other Inventory
OtherInventory
1321000 USD
CY2018Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
7541000 USD
CY2019Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
7623000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1523000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1516000 USD
CY2018Q4 us-gaap Other Postretirement Benefits Payable Current And Noncurrent
OtherPostretirementBenefitsPayableCurrentAndNoncurrent
2595000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1375000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1714000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2073000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5467000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6978000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3741000 USD
CY2018 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.05
CY2019Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0500
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
10
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
10
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
437 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
437 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
437 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
437 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
4000 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
4000 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1320000 USD
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2263000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
7741000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
11025000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-78000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
295893000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
297420000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
120788000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119942000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
38797000 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
43885000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
93000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
95000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
198914000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
206851000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87956000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
89096000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
576000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8562000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8147000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1191000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1125000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
303000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
139000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
94000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
168730000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
175388000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
201441000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
205119000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
24000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1259551 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1101083 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
19403000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
21006000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2073000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5467000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
175000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
66000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16843255 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16967631 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;The financial reporting policies of the Company conform to GAAP.&#160;&#160;The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;The application of certain of these policies places demands on management&#8217;s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain.&#160;&#160;For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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