2017 Q1 Form 10-Q Financial Statement

#000080786317000007 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $11.42M $8.522M
YoY Change 33.99% 50.25%
Cost Of Revenue $830.0K $720.0K
YoY Change 15.28% 29.03%
Gross Profit $10.59M $7.802M
YoY Change 35.72% 52.56%
Gross Profit Margin 92.73% 91.55%
Selling, General & Admin $6.446M $4.817M
YoY Change 33.82% 48.67%
% of Gross Profit 60.87% 61.74%
Research & Development $2.401M $1.813M
YoY Change 32.43% 30.43%
% of Gross Profit 22.67% 23.24%
Depreciation & Amortization $200.0K $260.0K
YoY Change -23.08% 160.0%
% of Gross Profit 1.89% 3.33%
Operating Expenses $9.365M $7.171M
YoY Change 30.6% 54.95%
Operating Profit $1.224M $631.0K
YoY Change 93.98% 29.84%
Interest Expense $30.00K
YoY Change 50.0%
% of Operating Profit 4.75%
Other Income/Expense, Net $67.00K $30.00K
YoY Change 123.33% 42.86%
Pretax Income $1.291M $661.0K
YoY Change 95.31% 30.12%
Income Tax $74.00K $79.00K
% Of Pretax Income 5.73% 11.95%
Net Earnings $1.217M $582.0K
YoY Change 109.11% 14.79%
Net Earnings / Revenue 10.66% 6.83%
Basic Earnings Per Share $0.04 $0.02
Diluted Earnings Per Share $0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 32.79M shares 31.33M shares
Diluted Shares Outstanding 34.82M shares 33.13M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.00M $28.20M
YoY Change 27.66% 9.73%
Cash & Equivalents $12.96M $13.23M
Short-Term Investments $23.10M $14.90M
Other Short-Term Assets $1.130M $1.100M
YoY Change 2.73% 10.0%
Inventory
Prepaid Expenses
Receivables $5.104M $2.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $42.24M $31.80M
YoY Change 32.84% 7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $474.0K $900.0K
YoY Change -47.33% -18.18%
Goodwill $2.725M
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.900M $3.800M
YoY Change 2.63% 52.0%
Other Assets $62.00K $100.0K
YoY Change -38.0% 137.82%
Total Long-Term Assets $9.520M $10.50M
YoY Change -9.33% 184.94%
TOTAL ASSETS
Total Short-Term Assets $42.24M $31.80M
Total Long-Term Assets $9.520M $10.50M
Total Assets $51.76M $42.30M
YoY Change 22.37% 26.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.820M $1.600M
YoY Change 13.75% 23.07%
Accrued Expenses $2.400M $2.000M
YoY Change 20.0% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.215M $7.700M
YoY Change 6.69% 22.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $686.0K $1.000M
YoY Change -31.4% 79.04%
Total Long-Term Liabilities $686.0K $1.000M
YoY Change -31.4% 79.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.215M $7.700M
Total Long-Term Liabilities $686.0K $1.000M
Total Liabilities $8.952M $8.700M
YoY Change 2.9% 22.53%
SHAREHOLDERS EQUITY
Retained Earnings -$30.93M
YoY Change
Common Stock $74.10M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.81M $33.60M
YoY Change
Total Liabilities & Shareholders Equity $51.76M $42.30M
YoY Change 22.37% 26.7%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $1.217M $582.0K
YoY Change 109.11% 14.79%
Depreciation, Depletion And Amortization $200.0K $260.0K
YoY Change -23.08% 160.0%
Cash From Operating Activities $5.600M $4.170M
YoY Change 34.29% 159.01%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$40.00K
YoY Change 400.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities $1.360M $4.550M
YoY Change -70.11% -152.72%
Cash From Investing Activities $1.160M $4.510M
YoY Change -74.28% -152.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 190.0K
YoY Change -94.74%
NET CHANGE
Cash From Operating Activities 5.600M 4.170M
Cash From Investing Activities 1.160M 4.510M
Cash From Financing Activities 10.00K 190.0K
Net Change In Cash 6.770M 8.870M
YoY Change -23.68% -225.99%
FREE CASH FLOW
Cash From Operating Activities $5.600M $4.170M
Capital Expenditures -$200.0K -$40.00K
Free Cash Flow $5.800M $4.210M
YoY Change 37.77% 159.88%

Facts In Submission

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-129000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
74000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-296000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
27000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-18000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
355000 USD
CY2017Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
348000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
314000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
686000 USD
CY2016Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
14472000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
12317000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
254000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
19599000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12150000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
440000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
474000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
11000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1813000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3520000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2401000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4852000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-31542000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30932000 USD
CY2016Q1 us-gaap Revenues
Revenues
8522000 USD
us-gaap Revenues
Revenues
15926000 USD
CY2017Q1 us-gaap Revenues
Revenues
11419000 USD
us-gaap Revenues
Revenues
20688000 USD
CY2016Q1 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
2966000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
5640000 USD
CY2017Q1 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
3622000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
6908000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2553000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5016000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3704000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7542000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2161000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2308000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.78
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0175
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0192
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0143
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0168
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
32000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32501 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
107800 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.98
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11900000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10000000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3015374 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3080382 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.95
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.02
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.85
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.29
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M26D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
24863000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
23051000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10291 shares
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
39485000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
42812000 USD
CY2017Q1 us-gaap Tenant Improvements
TenantImprovements
300000 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1808343 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1411201 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2029225 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2236404 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33133920 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32625526 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34815304 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34818392 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31325577 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31214325 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32786079 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32581988 shares
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Topic 460, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 460&#8221;), except for standard indemnification and warranty provisions that are contained within many of the Company&#8217;s customer license and service agreements and certain supplier agreements, and give rise only to the disclosure requirements prescribed by ASC 460. Indemnification and warranty provisions contained within the Company&#8217;s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company&#8217;s industry.&#160;&#160;The Company has not previously incurred significant costs to settle claims or pay awards under these indemnification or warranty obligations. The Company accounts for these obligations in accordance with FASB ASC Topic 450, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contingencies</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 450&#8221;), and records a liability for these obligations when a loss is probable and reasonably estimable.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, management reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. These estimates include, but are not limited to, assessing the collectability of accounts receivable, estimation of the value of stock-based compensation awards, fair value of assets and liabilities acquired, impairment of goodwill, useful lives of intangible assets, vendor specific objective evidence (&#8220;VSOE&#8221;) of fair value related to revenue recognition, contingent consideration and income taxes.</font></div></div>

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