2013 Q2 Form 10-Q Financial Statement

#000114420413055746 Filed on October 18, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q3 2012 Q2
Revenue $5.600M $6.540M $7.186M
YoY Change -22.07% -19.75% -15.26%
Cost Of Revenue $3.568M $4.390M $5.127M
YoY Change -30.41% -25.72% 1.67%
Gross Profit $2.032M $2.150M $2.059M
YoY Change -1.31% -4.44% -25.13%
Gross Profit Margin 36.29% 32.87% 28.65%
Selling, General & Admin $1.470M $1.700M $1.863M
YoY Change -21.1% -30.61% -12.94%
% of Gross Profit 72.34% 79.07% 90.48%
Research & Development $124.0K $90.00K $113.0K
YoY Change 9.73% -50.0% -13.08%
% of Gross Profit 6.1% 4.19% 5.49%
Depreciation & Amortization $400.0K $560.0K $570.0K
YoY Change -29.82% 0.0% 9.62%
% of Gross Profit 19.69% 26.05% 27.68%
Operating Expenses $1.594M $1.780M $1.976M
YoY Change -19.33% -32.32% -12.95%
Operating Profit $438.0K $370.0K -$540.0K
YoY Change -181.11% -197.37% -212.5%
Interest Expense $163.0K -$100.0K $172.0K
YoY Change -5.23% -56.52% -345.71%
% of Operating Profit 37.21% -27.03%
Other Income/Expense, Net $1.000K $0.00 $10.00K
YoY Change -90.0% 0.0%
Pretax Income $594.0K -$2.240M -$246.0K
YoY Change -341.46% 261.29% -158.57%
Income Tax $18.00K $0.00
% Of Pretax Income 3.03%
Net Earnings $576.0K -$2.240M -$246.0K
YoY Change -334.15% 234.33% -158.57%
Net Earnings / Revenue 10.29% -34.25% -3.42%
Basic Earnings Per Share $0.08 -$0.03
Diluted Earnings Per Share $0.07 -$303.1K -$0.03
COMMON SHARES
Basic Shares Outstanding 7.673M shares 7.259M shares
Diluted Shares Outstanding 8.400M shares 7.259M shares

Balance Sheet

Concept 2013 Q2 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.0K $720.0K $410.0K
YoY Change -24.39% -75.68% -91.14%
Cash & Equivalents $313.0K $721.0K $409.0K
Short-Term Investments
Other Short-Term Assets $250.0K $230.0K $330.0K
YoY Change -24.24% -61.02% -49.23%
Inventory $1.479M $1.656M $1.750M
Prepaid Expenses $246.0K $228.0K
Receivables $2.777M $3.366M $3.670M
Other Receivables $560.0K $920.0K $1.090M
Total Short-Term Assets $5.374M $6.892M $7.240M
YoY Change -25.77% -33.56% -40.56%
LONG-TERM ASSETS
Property, Plant & Equipment $17.33M $18.63M $20.02M
YoY Change -13.44% -8.68% -2.44%
Goodwill $1.383M $1.383M
YoY Change 0.0%
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $49.00K $54.00K $110.0K
YoY Change -55.45% -12.9% -35.29%
Total Long-Term Assets $18.80M $20.08M $21.54M
YoY Change -12.72% -8.6% -2.67%
TOTAL ASSETS
Total Short-Term Assets $5.374M $6.892M $7.240M
Total Long-Term Assets $18.80M $20.08M $21.54M
Total Assets $24.18M $26.98M $28.78M
YoY Change -16.0% -16.6% -16.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.851M $3.934M $2.520M
YoY Change 52.82% 123.02% 48.24%
Accrued Expenses $1.245M $2.067M $2.040M
YoY Change -38.97% 17.31% 16.57%
Deferred Revenue
YoY Change
Short-Term Debt $330.0K $1.440M $1.260M
YoY Change -73.81% 6.67% -16.0%
Long-Term Debt Due $5.403M $583.0K $6.500M
YoY Change -16.88% -20.68% 377.94%
Total Short-Term Liabilities $14.42M $12.60M $15.97M
YoY Change -9.68% 27.96% 48.42%
LONG-TERM LIABILITIES
Long-Term Debt $5.259M $1.060M
YoY Change -9.98% -85.48%
Other Long-Term Liabilities $5.998M
YoY Change
Total Long-Term Liabilities $0.00 $11.26M $1.060M
YoY Change -100.0% 92.69% -85.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.42M $12.60M $15.97M
Total Long-Term Liabilities $0.00 $11.26M $1.060M
Total Liabilities $14.42M $18.60M $17.03M
YoY Change -15.3% 18.54% -5.7%
SHAREHOLDERS EQUITY
Retained Earnings -$13.97M -$14.49M
YoY Change 88.07%
Common Stock $1.883M $1.871M
YoY Change 10.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.211M $8.377M $11.75M
YoY Change
Total Liabilities & Shareholders Equity $24.18M $26.98M $28.78M
YoY Change -16.0% -16.6% -16.12%

Cashflow Statement

Concept 2013 Q2 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $576.0K -$2.240M -$246.0K
YoY Change -334.15% 234.33% -158.57%
Depreciation, Depletion And Amortization $400.0K $560.0K $570.0K
YoY Change -29.82% 0.0% 9.62%
Cash From Operating Activities $840.0K $240.0K -$80.00K
YoY Change -1150.0% -139.34% -11.11%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$110.0K -$160.0K
YoY Change -93.75% -79.25% -44.83%
Acquisitions
YoY Change
Other Investing Activities $0.00 $230.0K $0.00
YoY Change
Cash From Investing Activities $0.00 $120.0K -$160.0K
YoY Change -100.0% -122.64% -44.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -680.0K -20.00K -200.0K
YoY Change 240.0% -95.92% -105.08%
NET CHANGE
Cash From Operating Activities 840.0K 240.0K -80.00K
Cash From Investing Activities 0.000 120.0K -160.0K
Cash From Financing Activities -680.0K -20.00K -200.0K
Net Change In Cash 160.0K 340.0K -440.0K
YoY Change -136.36% -120.86% -112.36%
FREE CASH FLOW
Cash From Operating Activities $840.0K $240.0K -$80.00K
Capital Expenditures -$10.00K -$110.0K -$160.0K
Free Cash Flow $850.0K $350.0K $80.00K
YoY Change 962.5% -537.5% -60.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NetIncomeLossAvailableToCommonStockholdersDiluted
521000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3621000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
576000 USD
CY2013Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1000 USD
CY2012Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
8000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
15000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
980000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-246000 USD
us-gaap Operating Expenses
OperatingExpenses
4414000 USD
us-gaap Operating Expenses
OperatingExpenses
7544000 USD
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
1594000 USD
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
1976000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
732000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-3547000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
438000 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-540000 USD
CY2012Q4 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
200000 USD
CY2013Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
49000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
54000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
66000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
11000 USD
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17000 USD
us-gaap Other Income
OtherIncome
6000 USD
us-gaap Other Income
OtherIncome
8000 USD
CY2013Q2 us-gaap Other Income
OtherIncome
1000 USD
CY2012Q2 us-gaap Other Income
OtherIncome
8000 USD
CY2012Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
11387000 USD
CY2012Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5998000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
6000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
8000 USD
CY2013Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
246000 USD
CY2012Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
228000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15658000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
21155000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
20000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
439000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17329000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18628000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
46000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
16770000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
21238000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
265000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
487000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
569000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
332000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
453000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
124000 USD
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
113000 USD
CY2012 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
74 employees
us-gaap Restructuring Charges
RestructuringCharges
USD
us-gaap Restructuring Charges
RestructuringCharges
687000 USD
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
USD
CY2012Q2 us-gaap Restructuring Charges
RestructuringCharges
623000 USD
CY2013Q2 us-gaap Restructuring Reserve
RestructuringReserve
993000 USD
CY2012Q3 us-gaap Restructuring Reserve
RestructuringReserve
1405000 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
134000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13972000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14493000 USD
us-gaap Revenues
Revenues
16560000 USD
us-gaap Revenues
Revenues
21668000 USD
CY2013Q2 us-gaap Revenues
Revenues
5600000 USD
CY2012Q2 us-gaap Revenues
Revenues
7186000 USD
CY2013Q2 us-gaap Sale Leaseback Transaction Net Book Value
SaleLeasebackTransactionNetBookValue
9333000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4067000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5578000 USD
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1444000 USD
CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1986000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
16560000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
21668000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5600000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7186000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
12493000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
16090000 USD
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4156000 USD
CY2012Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5200000 USD
us-gaap Selling Expense
SellingExpense
2735000 USD
CY2013Q2 us-gaap Selling Expense
SellingExpense
317000 USD
us-gaap Selling Expense
SellingExpense
979000 USD
CY2012Q2 us-gaap Selling Expense
SellingExpense
741000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
187000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
119000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
52000 USD
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
46000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
35000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
179000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.20
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
491000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
354000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.76
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.35
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.71
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.46
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
9211000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
8377000 USD
us-gaap Stock Issued1
StockIssued1
60000 USD
us-gaap Stock Issued1
StockIssued1
86000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7000 shares
CY2013Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
40000 USD
CY2012Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
18000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
8200000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
31000 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8353000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7079000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8400000 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7259000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7656000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7079000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7673000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7259000 shares

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