2013 Q1 Form 10-K Financial Statement

#000110465913047358 Filed on June 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2013 2012 Q4
Revenue $12.81M $35.35M $11.36M
YoY Change 16.77% -10.77% 17.73%
Cost Of Revenue $4.600M $17.60M $4.414M
YoY Change 2.22% 9.28% 17.24%
Gross Profit $8.211M $28.86M $6.947M
YoY Change 27.03% 22.76% 18.05%
Gross Profit Margin 64.1% 81.64% 61.15%
Selling, General & Admin $3.670M $13.70M $3.982M
YoY Change 47.98% 46.92% 67.24%
% of Gross Profit 44.7% 47.47% 57.32%
Research & Development $610.0K $2.000M $501.0K
YoY Change 103.33% 47.17% 46.49%
% of Gross Profit 7.43% 6.93% 7.21%
Depreciation & Amortization $840.0K $831.0K $910.0K
YoY Change 44.83% -62.48% 68.52%
% of Gross Profit 10.23% 2.88% 13.1%
Operating Expenses $4.280M $15.76M $4.483M
YoY Change 53.96% 42.81% 64.63%
Operating Profit $3.931M $13.10M $2.464M
YoY Change 6.7% 5.03% -22.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$20.00K -$100.0K -$40.00K
YoY Change 0.0% 0.0% 33.33%
Pretax Income $3.910M $12.98M $2.426M
YoY Change 17.77% 5.25% -22.52%
Income Tax $1.360M $4.528M $883.0K
% Of Pretax Income 34.78% 34.89% 36.4%
Net Earnings $2.560M $8.500M $1.540M
YoY Change 16.36% 7.59% -22.61%
Net Earnings / Revenue 19.98% 24.04% 13.56%
Basic Earnings Per Share $0.76 $2.52 $0.46
Diluted Earnings Per Share $0.71 $2.35 $0.44
COMMON SHARES
Basic Shares Outstanding 3.380M shares 3.357M shares 3.360M shares
Diluted Shares Outstanding 3.593M shares 3.542M shares

Balance Sheet

Concept 2013 Q1 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $4.000M $2.700M
YoY Change -44.44% -44.44% -52.63%
Cash & Equivalents $4.006M $4.000M $2.722M
Short-Term Investments
Other Short-Term Assets $1.400M $1.400M $1.000M
YoY Change 40.0% 40.0% 25.0%
Inventory $5.576M $5.600M $5.281M
Prepaid Expenses
Receivables $8.474M $8.500M $7.595M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.46M $19.50M $16.56M
YoY Change 1.53% 1.56% -5.38%
LONG-TERM ASSETS
Property, Plant & Equipment $7.406M $7.400M $7.328M
YoY Change 1.93% 1.37% 0.38%
Goodwill $23.64M $23.64M
YoY Change 63.6%
Intangibles $15.42M $16.09M
YoY Change 57.02%
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $46.46M $46.40M $47.06M
YoY Change 47.34% 47.3% 43.81%
TOTAL ASSETS
Total Short-Term Assets $19.46M $19.50M $16.56M
Total Long-Term Assets $46.46M $46.40M $47.06M
Total Assets $65.92M $65.90M $63.62M
YoY Change 30.03% 29.98% 26.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.010M $1.000M $883.0K
YoY Change 76.27% 66.67% 47.17%
Accrued Expenses $422.0K $2.500M $488.0K
YoY Change -16.27% -3.85% -71.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.662M $4.700M $3.859M
YoY Change 9.39% 9.3% -16.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.000M $4.000M $5.000M
YoY Change 525.0%
Other Long-Term Liabilities $2.100M $2.100M $2.100M
YoY Change
Total Long-Term Liabilities $4.000M $6.100M $5.000M
YoY Change 525.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.662M $4.700M $3.859M
Total Long-Term Liabilities $4.000M $6.100M $5.000M
Total Liabilities $13.17M $13.20M $13.52M
YoY Change 94.16% 94.12% 58.74%
SHAREHOLDERS EQUITY
Retained Earnings $42.18M $42.71M
YoY Change 18.0%
Common Stock $10.72M $7.613M
YoY Change 25.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.75M $52.80M $50.10M
YoY Change
Total Liabilities & Shareholders Equity $65.92M $65.90M $63.62M
YoY Change 30.03% 29.98% 26.73%

Cashflow Statement

Concept 2013 Q1 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $2.560M $8.500M $1.540M
YoY Change 16.36% 7.59% -22.61%
Depreciation, Depletion And Amortization $840.0K $831.0K $910.0K
YoY Change 44.83% -62.48% 68.52%
Cash From Operating Activities $2.950M $11.40M $3.520M
YoY Change -17.6% -8.73% -18.14%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$910.0K -$290.0K
YoY Change 92.31% 33.82% 38.1%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$16.66M $0.00
YoY Change -100.0% 2151.35% -100.0%
Cash From Investing Activities -$250.0K -$17.57M -$290.0K
YoY Change 56.25% 1137.32% -68.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.420M 2.980M -3.290M
YoY Change -25.65% -140.16% 24.15%
NET CHANGE
Cash From Operating Activities 2.950M 11.40M 3.520M
Cash From Investing Activities -250.0K -17.57M -290.0K
Cash From Financing Activities -1.420M 2.980M -3.290M
Net Change In Cash 1.280M -3.190M -60.00K
YoY Change -15.23% -187.4% -108.22%
FREE CASH FLOW
Cash From Operating Activities $2.950M $11.40M $3.520M
Capital Expenditures -$250.0K -$910.0K -$290.0K
Free Cash Flow $3.200M $12.31M $3.810M
YoY Change -13.75% -6.53% -15.52%

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Concentration of Credit Risk</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable.&#160; For the years ended March&#160;31, 2013, 2012 and 2011, no individual customer represented more than 10% of our revenues and as of March&#160;31, 2013, no individual customer represented more than 10% of our accounts receivable balance.&#160; Approximately 60% and 40% of our sales are to customers located in the United States and foreign countries, respectively.</font></p> </div>
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