$MPTI
M-Tron Industries Inc

2024 Q2 Form 10-Q Financial Statement

#000143774924016652 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $11.81M $11.19M
YoY Change 16.45% 19.41%
Cost Of Revenue $6.307M $6.406M
YoY Change 6.52% 3.81%
Gross Profit $5.501M $4.779M
YoY Change 30.39% 49.53%
Gross Profit Margin 46.59% 42.73%
Selling, General & Admin $2.712M $2.357M
YoY Change 27.98% -3.2%
% of Gross Profit 49.3% 49.32%
Research & Development $682.0K $633.0K
YoY Change 27.48% 19.66%
% of Gross Profit 12.4% 13.25%
Depreciation & Amortization $220.0K $219.0K
YoY Change 7.84% 12.31%
% of Gross Profit 4.0% 4.58%
Operating Expenses $682.0K $633.0K
YoY Change -74.3% 19.66%
Operating Profit $2.107M $1.789M
YoY Change 34.63% 135.09%
Interest Expense $44.00K $32.00K
YoY Change -980.0% -1700.0%
% of Operating Profit 2.09% 1.79%
Other Income/Expense, Net $39.00K $74.00K
YoY Change 129.41% -276.19%
Pretax Income $2.146M $1.863M
YoY Change 35.65% 159.11%
Income Tax $402.0K $377.0K
% Of Pretax Income 18.73% 20.24%
Net Earnings $1.744M $1.486M
YoY Change 36.57% 168.72%
Net Earnings / Revenue 14.77% 13.29%
Basic Earnings Per Share $0.64 $0.55
Diluted Earnings Per Share $0.63 $0.53
COMMON SHARES
Basic Shares Outstanding 2.799M 2.796M
Diluted Shares Outstanding 2.780M 2.785M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.501M $5.414M
YoY Change 392.13% 380.39%
Cash & Equivalents $6.501M $5.414M
Short-Term Investments
Other Short-Term Assets $640.0K $554.0K
YoY Change 95.72% 16.88%
Inventory $9.341M $9.161M
Prepaid Expenses
Receivables $5.180M $5.594M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.66M $20.72M
YoY Change 34.5% 33.12%
LONG-TERM ASSETS
Property, Plant & Equipment $4.687M $4.034M
YoY Change 31.51% 14.28%
Goodwill $40.00K $40.00K
YoY Change
Intangibles $40.00K $40.00K
YoY Change -43.66%
Long-Term Investments
YoY Change
Other Assets $7.000K $8.000K
YoY Change -46.15% -46.67%
Total Long-Term Assets $6.720M $6.059M
YoY Change 40.32% 25.5%
TOTAL ASSETS
Total Short-Term Assets $21.66M $20.72M
Total Long-Term Assets $6.720M $6.059M
Total Assets $28.38M $26.78M
YoY Change 35.83% 31.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.442M $1.231M
YoY Change -20.38% -61.65%
Accrued Expenses $3.271M $3.151M
YoY Change 41.23% 53.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.713M $5.057M
YoY Change -1.24% -9.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.000K $10.00K
YoY Change -78.57% -83.05%
Total Long-Term Liabilities $9.000K $10.00K
YoY Change -78.57% -83.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.713M $5.057M
Total Long-Term Liabilities $9.000K $10.00K
Total Liabilities $4.722M $5.067M
YoY Change -1.91% -10.3%
SHAREHOLDERS EQUITY
Retained Earnings $6.931M $5.187M
YoY Change 239.42% 578.04%
Common Stock $16.73M $16.53M
YoY Change 19.16% 18.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.66M $21.72M
YoY Change
Total Liabilities & Shareholders Equity $28.38M $26.78M
YoY Change 35.83% 31.32%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.744M $1.486M
YoY Change 36.57% 168.72%
Depreciation, Depletion And Amortization $220.0K $219.0K
YoY Change 7.84% 12.31%
Cash From Operating Activities $1.960M $1.496M
YoY Change 292.0% 436.2%
INVESTING ACTIVITIES
Capital Expenditures $873.0K $122.0K
YoY Change 289.73% 56.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$873.0K -$122.0K
YoY Change 289.73% 56.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $127.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.960M $1.496M
Cash From Investing Activities -873.0K -$122.0K
Cash From Financing Activities 0.000 $127.0K
Net Change In Cash 1.087M $1.501M
YoY Change 460.31% 646.77%
FREE CASH FLOW
Cash From Operating Activities $1.960M $1.496M
Capital Expenditures $873.0K $122.0K
Free Cash Flow $1.087M $1.374M
YoY Change 293.84% 583.58%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
633000 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
529000 usd
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Concentration Risks</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2024</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $4,875, or 43.6%, and $2,203, or 19.7%, of the Company's Revenues, respectively. For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $2,334, or 24.9%, and $1,009, or 10.8%, of the Company’s Revenues, respectively. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of <em style="font: inherit;"> March 31, 2024</em>, the Company's four largest customers accounted for approximately $4,227, or 73.6%, of gross accounts receivable. As of <em style="font: inherit;"> December 31, 2023</em>, <span style="-sec-ix-hidden:c112846822">four</span> of the Company's largest customers accounted for approximately $3,774, or 76.4%, of gross accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit. As a result, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.202 pure
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231 pure
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
1486000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
553000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2716202
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2678434
CY2024Q1 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
7581
CY2023Q1 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
CY2024Q1 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
61177
CY2023Q1 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
22984
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2784960
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2701418
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.2
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
4669000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4368000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
4346000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4150000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1515000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1634000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
10530000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
10152000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1369000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1268000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
9161000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8884000 usd
CY2024Q1 us-gaap Land
Land
536000 usd
CY2023Q4 us-gaap Land
Land
536000 usd
CY2024Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5216000 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5216000 usd
CY2024Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
20168000 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
20046000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25920000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25798000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21886000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21667000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4034000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4131000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
40000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
40000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1265000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1266000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1225000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1221000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45000 usd

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