$MPTI
M-tron Industries, Inc.

2023 Q2 Form 10-Q Financial Statement

#000156459023007180 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $10.14M $9.367M $7.691M
YoY Change 43.54% 21.79% 22.98%
Cost Of Revenue $5.921M $6.171M $4.819M
YoY Change 34.2% 28.06%
Gross Profit $4.219M $3.196M $2.872M
YoY Change 59.09% 11.28%
Gross Profit Margin 41.61% 34.12% 37.34%
Selling, General & Admin $2.119M $2.435M $2.058M
YoY Change 3.42% 18.32%
% of Gross Profit 50.23% 76.19% 71.66%
Research & Development $535.0K $529.0K $500.0K
YoY Change 5.8%
% of Gross Profit 12.68% 16.55% 17.41%
Depreciation & Amortization $204.0K $195.0K $161.0K
YoY Change 13.97% 21.12%
% of Gross Profit 4.84% 6.1% 5.61%
Operating Expenses $2.654M $529.0K $2.058M
YoY Change 29.53% -74.3%
Operating Profit $1.565M $761.0K $814.0K
YoY Change 159.54% -6.51% 169.54%
Interest Expense -$5.000K -$2.000K -$3.000K
YoY Change 150.0% -33.33%
% of Operating Profit -0.32% -0.26% -0.37%
Other Income/Expense, Net $17.00K -$42.00K -$17.00K
YoY Change -288.89% 147.06% -139.53%
Pretax Income $1.582M $719.0K $794.0K
YoY Change 167.23% -9.45% 130.14%
Income Tax $305.0K $166.0K $175.0K
% Of Pretax Income 19.28% 23.09% 22.04%
Net Earnings $1.277M $553.0K $619.0K
YoY Change 162.76% -10.66% 120.28%
Net Earnings / Revenue 12.59% 5.9% 8.05%
Basic Earnings Per Share $0.47 $0.21 $0.23
Diluted Earnings Per Share $0.47 $0.20 $227.0K
COMMON SHARES
Basic Shares Outstanding 2.727M 2.727M 2.676M
Diluted Shares Outstanding 2.711M 2.701M 2.676M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.321M $1.127M $1.560M
YoY Change 19.76% -27.76%
Cash & Equivalents $1.321M $1.127M $1.560M
Short-Term Investments
Other Short-Term Assets $327.0K $474.0K $215.0K
YoY Change 53.52% 120.47%
Inventory $8.713M $8.466M $5.652M
Prepaid Expenses
Receivables $5.745M $5.500M $4.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.11M $15.57M $12.33M
YoY Change 36.8% 26.28%
LONG-TERM ASSETS
Property, Plant & Equipment $3.564M $3.530M $3.643M
YoY Change -2.28% -3.1%
Goodwill
YoY Change
Intangibles $71.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.00K $15.00K $4.697M
YoY Change -99.79% -99.68%
Total Long-Term Assets $4.789M $4.828M $8.479M
YoY Change -51.51% -43.06%
TOTAL ASSETS
Total Short-Term Assets $16.11M $15.57M $12.33M
Total Long-Term Assets $4.789M $4.828M $8.479M
Total Assets $20.90M $20.40M $20.81M
YoY Change -3.49% -1.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.811M $3.210M $1.458M
YoY Change 14.33% 120.16%
Accrued Expenses $2.316M $2.050M $1.510M
YoY Change 46.68% 35.76%
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 $4.772M $5.590M $2.968M
YoY Change 47.51% 88.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.00K $59.00K $130.0K
YoY Change -62.5% -54.62%
Total Long-Term Liabilities $42.00K $59.00K $130.0K
YoY Change -62.5% -54.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.772M $5.590M $2.968M
Total Long-Term Liabilities $42.00K $59.00K $130.0K
Total Liabilities $4.814M $5.649M $3.098M
YoY Change 43.83% 82.34%
SHAREHOLDERS EQUITY
Retained Earnings $2.042M $765.0K
YoY Change
Common Stock $14.04M $13.98M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.08M $14.75M $17.71M
YoY Change
Total Liabilities & Shareholders Equity $20.90M $20.40M $20.81M
YoY Change -3.49% -1.98%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.277M $553.0K $619.0K
YoY Change 162.76% -10.66% 120.28%
Depreciation, Depletion And Amortization $204.0K $195.0K $161.0K
YoY Change 13.97% 21.12%
Cash From Operating Activities $500.0K $279.0K -$160.0K
YoY Change -55.52% -274.38%
INVESTING ACTIVITIES
Capital Expenditures $224.0K $78.00K -$207.0K
YoY Change -219.15% -137.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$224.0K -$78.00K -$207.0K
YoY Change 19.15% -62.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.00K 0.000 -708.0K
YoY Change -94.11% -100.0%
NET CHANGE
Cash From Operating Activities 500.0K 279.0K -160.0K
Cash From Investing Activities -224.0K -78.00K -207.0K
Cash From Financing Activities -82.00K 0.000 -708.0K
Net Change In Cash 194.0K 201.0K -1.075M
YoY Change -142.45% -118.7%
FREE CASH FLOW
Cash From Operating Activities $500.0K $279.0K -$160.0K
Capital Expenditures $224.0K $78.00K -$207.0K
Free Cash Flow $276.0K $201.0K $47.00K
YoY Change -78.96% 327.66%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 Consolidated and 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>
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
529000
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
500000
CY2023Q1 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 three months ended March 31, 2023, the Company's largest customer accounted for $2,334,000, or 24.9%, of the Company's total revenues, compared to $2,063,000, or 25.4%, of the Company’s total revenues for the three months ended March 31, 2022. The Company’s second largest customer accounted for $1,008,000, or 10.8%, of the Company's total revenues, compared to $920,000, or 11.3%, of the Company’s total revenues for the three months ended March 31, 2023, and 2022, 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 March 31, 2023, four of the Company's largest customers accounted for approximately $3,138,000, or 55.7%, of 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>
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
3138000000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1400000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1318000
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3716000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3335000
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3584000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3173000
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1166000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1010000
CY2023Q1 us-gaap Inventory Net
InventoryNet
8466000
CY2022Q4 us-gaap Inventory Net
InventoryNet
7518000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
0

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