$MPTI
M-tron Industries, Inc.

2022 Q4 Form 10-Q Financial Statement

#000156459022037653 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $8.673M $8.417M $6.860M
YoY Change 26.43% 17.34%
Cost Of Revenue $5.580M $4.520M
YoY Change 23.45%
Gross Profit $3.093M $2.340M
YoY Change 32.18%
Gross Profit Margin 35.66% 34.11%
Selling, General & Admin $2.265M $2.142M
YoY Change 5.74%
% of Gross Profit 73.23% 91.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $199.0K $186.0K $152.0K
YoY Change 30.92% -52.31%
% of Gross Profit 6.43% 6.5%
Operating Expenses $2.265M $7.787M $2.142M
YoY Change 5.74% 353.79%
Operating Profit $828.0K $630.0K $198.0K
YoY Change 318.18% -23.26%
Interest Expense -$5.000K -$3.000K
YoY Change 66.67%
% of Operating Profit -0.6% -1.52%
Other Income/Expense, Net -$233.0K -$16.00K -$10.00K
YoY Change 2230.0% -23.81%
Pretax Income $595.0K $614.0K $185.0K
YoY Change 221.62% -23.25%
Income Tax $405.0K $111.0K $159.0K
% Of Pretax Income 68.07% 18.08% 85.95%
Net Earnings $190.0K $503.0K $26.00K
YoY Change 630.77% -21.16%
Net Earnings / Revenue 2.19% 5.98% 0.38%
Basic Earnings Per Share $0.07 $0.19 $0.01
Diluted Earnings Per Share $0.05 $0.19 $9.535K
COMMON SHARES
Basic Shares Outstanding 2.727M 2.676M
Diluted Shares Outstanding 2.676M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $926.0K $806.0K $2.635M
YoY Change -64.86% -56.27%
Cash & Equivalents $926.0K $806.0K $2.635M
Short-Term Investments
Other Short-Term Assets $673.0K $142.0K $242.0K
YoY Change 178.1% -44.31%
Inventory $7.518M $7.298M $5.221M
Prepaid Expenses
Receivables $5.197M $5.336M $3.995M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.31M $13.58M $12.09M
YoY Change 18.37% 17.48%
LONG-TERM ASSETS
Property, Plant & Equipment $3.647M $3.559M $3.382M
YoY Change 7.84% 11.88%
Goodwill $40.00K $40.00K
YoY Change 0.0%
Intangibles $98.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.00K $18.00K $5.000K
YoY Change 220.0% 125.0%
Total Long-Term Assets $4.959M $10.20M $7.913M
YoY Change -37.33% 39.83%
TOTAL ASSETS
Total Short-Term Assets $14.31M $13.58M $12.09M
Total Long-Term Assets $4.959M $10.20M $7.913M
Total Assets $19.27M $23.78M $20.01M
YoY Change -3.66% 26.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.381M $2.975M $1.396M
YoY Change 70.56% 261.04%
Accrued Expenses $2.241M $1.672M $1.616M
YoY Change 38.68% 26.86%
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 $4.856M $4.726M $3.012M
YoY Change 61.22% 120.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.00K $91.00K $145.0K
YoY Change -47.59% -8.08%
Total Long-Term Liabilities $76.00K $91.00K $145.0K
YoY Change -47.59% -8.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.856M $4.726M $3.012M
Total Long-Term Liabilities $76.00K $91.00K $145.0K
Total Liabilities $4.932M $4.817M $3.157M
YoY Change 56.22% 114.95%
SHAREHOLDERS EQUITY
Retained Earnings $212.0K
YoY Change
Common Stock $14.13M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.34M $18.96M $16.85M
YoY Change
Total Liabilities & Shareholders Equity $19.27M $23.78M $20.01M
YoY Change -3.66% 26.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income $190.0K $503.0K $26.00K
YoY Change 630.77% -21.16%
Depreciation, Depletion And Amortization $199.0K $186.0K $152.0K
YoY Change 30.92% -52.31%
Cash From Operating Activities $837.0K $241.0K $1.594M
YoY Change -47.49% -82.36%
INVESTING ACTIVITIES
Capital Expenditures $273.0K -$268.0K -$340.0K
YoY Change -180.29% -64.69%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$273.0K -$268.0K -$340.0K
YoY Change -19.71% -64.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -444.0K -270.0K -462.0K
YoY Change -3.9% -77.87%
NET CHANGE
Cash From Operating Activities 837.0K 241.0K 1.594M
Cash From Investing Activities -273.0K -268.0K -340.0K
Cash From Financing Activities -444.0K -270.0K -462.0K
Net Change In Cash 120.0K -297.0K 792.0K
YoY Change -84.85% -51.55%
FREE CASH FLOW
Cash From Operating Activities $837.0K $241.0K $1.594M
Capital Expenditures $273.0K -$268.0K -$340.0K
Free Cash Flow $564.0K $509.0K $1.934M
YoY Change -70.84% -76.05%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Condensed Combined Financial Statements in conformity with 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>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration Risks</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the nine months ended September 30, 2022, the Company's largest customer, a commercial aerospace and defense company, accounted for $6,361,000, or 27.5%, of the Company's total revenues, compared to $5,597,000, or 28.2%, of the Company’s total revenues for the nine months ended September 30, 2021. The Company’s second largest customer, a defense contractor, accounted for $3,510,000, or 14.4%, of the Company's total revenues, compared to $2,558,000, or 12.9%, of the Company’s total revenues for the nine months ended September 30, 2022 and 2021, respectively.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of September 30, 2022, four of the Company's largest customers accounted for approximately $3,578,000, or 67.1%, of accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit and utilizes letters of credit to further limit credit risk for export sales. As a result of these policies, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal.</p>
CY2022Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
3578000000
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1621000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1381000
CY2021Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1347000
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3392000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2061000
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1745000
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2721000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2190000
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2471000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1185000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
970000
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
791000
CY2022Q3 us-gaap Inventory Net
InventoryNet
7298000
CY2021Q4 us-gaap Inventory Net
InventoryNet
5221000
CY2021Q3 us-gaap Inventory Net
InventoryNet
5007000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.174
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
CY2022Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0

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