2019 Q1 Form 10-Q Financial Statement

#000078993319000029 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $40.10M $31.20M
YoY Change 28.52% 10.25%
Cost Of Revenue $26.71M $25.78M
YoY Change 3.63% 8.57%
Gross Profit $13.39M $5.424M
YoY Change 146.77% 19.0%
Gross Profit Margin 33.38% 17.38%
Selling, General & Admin $12.65M $10.63M
YoY Change 19.06% 11.63%
% of Gross Profit 94.53% 195.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.813M $3.397M
YoY Change 12.25% 6.82%
% of Gross Profit 28.49% 62.63%
Operating Expenses $13.28M $11.26M
YoY Change 17.98% 15.98%
Operating Profit $16.37M $9.721M
YoY Change 68.43% -0.87%
Interest Expense $231.0K $646.0K
YoY Change -64.24% -30.69%
% of Operating Profit 1.41% 6.65%
Other Income/Expense, Net $965.0K -$741.0K
YoY Change -230.23% -24.92%
Pretax Income $17.30M $8.980M
YoY Change 92.65% 1.83%
Income Tax $2.320M $804.0K
% Of Pretax Income 13.41% 8.95%
Net Earnings $15.02M $8.176M
YoY Change 83.68% 64.24%
Net Earnings / Revenue 37.45% 26.21%
Basic Earnings Per Share $2.16 $1.19
Diluted Earnings Per Share $2.15 $1.18
COMMON SHARES
Basic Shares Outstanding 6.949M shares 6.894M shares
Diluted Shares Outstanding 6.998M shares 6.939M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.10M $83.40M
YoY Change -5.16% 47.87%
Cash & Equivalents $79.06M $83.40M
Short-Term Investments
Other Short-Term Assets $24.00M $13.10M
YoY Change 83.21% -41.26%
Inventory $32.80M $30.12M
Prepaid Expenses
Receivables $28.10M $35.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $164.0M $162.3M
YoY Change 1.07% -50.95%
LONG-TERM ASSETS
Property, Plant & Equipment $125.8M $119.8M
YoY Change 5.03% -9.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.27M $18.68M
YoY Change 24.57% -47.98%
Other Assets $25.08M $22.51M
YoY Change 11.45% -14.78%
Total Long-Term Assets $229.8M $211.9M
YoY Change 8.43% -26.78%
TOTAL ASSETS
Total Short-Term Assets $164.0M $162.3M
Total Long-Term Assets $229.8M $211.9M
Total Assets $393.8M $374.2M
YoY Change 5.24% -39.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.224M $8.174M
YoY Change 0.61% -90.62%
Accrued Expenses $28.50M $6.000M
YoY Change 375.0% -71.01%
Deferred Revenue $718.0K $860.0K
YoY Change -16.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $573.0K $1.081M
YoY Change -46.99% -38.47%
Total Short-Term Liabilities $49.57M $40.84M
YoY Change 21.38% -75.58%
LONG-TERM LIABILITIES
Long-Term Debt $7.448M $34.69M
YoY Change -78.53% -72.32%
Other Long-Term Liabilities $6.720M $13.63M
YoY Change -50.69% -73.09%
Total Long-Term Liabilities $14.17M $48.32M
YoY Change -70.68% -72.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.57M $40.84M
Total Long-Term Liabilities $14.17M $48.32M
Total Liabilities $129.5M $149.3M
YoY Change -13.25% -62.28%
SHAREHOLDERS EQUITY
Retained Earnings $264.2M $226.5M
YoY Change 16.65% -6.55%
Common Stock $6.573M $4.537M
YoY Change 44.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.3M $224.9M
YoY Change
Total Liabilities & Shareholders Equity $393.8M $374.2M
YoY Change 5.24% -39.68%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $15.02M $8.176M
YoY Change 83.68% 64.24%
Depreciation, Depletion And Amortization $3.813M $3.397M
YoY Change 12.25% 6.82%
Cash From Operating Activities -$544.0K -$8.029M
YoY Change -93.22% -80.98%
INVESTING ACTIVITIES
Capital Expenditures $4.252M $2.452M
YoY Change 73.41% -28.41%
Acquisitions
YoY Change
Other Investing Activities $13.00K -$309.0K
YoY Change -104.21% 56.06%
Cash From Investing Activities -$4.247M -$2.088M
YoY Change 103.4% -45.57%
FINANCING ACTIVITIES
Cash Dividend Paid $1.153M $1.144M
YoY Change 0.79% -37.38%
Common Stock Issuance & Retirement, Net $1.300M $0.00
YoY Change
Debt Paid & Issued, Net $161.0K $8.205M
YoY Change -98.04% 1799.31%
Cash From Financing Activities -$1.408M -$8.080M
YoY Change -82.57% -137.64%
NET CHANGE
Cash From Operating Activities -$544.0K -$8.029M
Cash From Investing Activities -$4.247M -$2.088M
Cash From Financing Activities -$1.408M -$8.080M
Net Change In Cash -$6.199M -$18.20M
YoY Change -65.93% -25.95%
FREE CASH FLOW
Cash From Operating Activities -$544.0K -$8.029M
Capital Expenditures $4.252M $2.452M
Free Cash Flow -$4.796M -$10.48M
YoY Change -54.24% -77.03%

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-140000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-101000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-35000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-24000 USD
CY2018Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
20179000 USD
CY2019Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
22122000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6516000 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
7330000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
15581000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6720000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-46000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-309000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
13000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1300000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1144000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1153000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2452000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4252000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
10429000 USD
CY2019Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
10067000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
14562000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
18898000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1269000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1206000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
55000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
18000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
124554000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
125842000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-140000 USD
CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-101000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8205000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
161000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
250352000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
264217000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31200000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
40097000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
700000 USD
CY2019Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
The fixed portion of the transaction price will be recognized over the primary term of the contract, which is generally five years. The timing of the payment of the fixed portion of the transaction price is upfront, however, the performance obligation is satisfied over the primary term of the contract, which is generally five years. This revenue consists of up-front lease bonus payments received under royalty contracts that are recognized over the primary term of the royalty agreement, which is generally five years.
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
500000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12653000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
219448000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
224882000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
250704000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
700000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
500000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10627000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
264267000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
1300000 USD
CY2018Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
4400000 USD
CY2019Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
6100000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6939000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6998000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6894000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6949000 shares

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