2014 Q3 Form 10-Q Financial Statement

#000114420414050019 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $6.420M $6.032M $5.600M
YoY Change 16.52% 7.71% -22.07%
Cost Of Revenue $4.600M $4.048M $3.568M
YoY Change 27.78% 13.45% -30.41%
Gross Profit $1.820M $1.984M $2.032M
YoY Change -4.71% -2.36% -1.31%
Gross Profit Margin 28.35% 32.89% 36.29%
Selling, General & Admin $1.760M $1.561M $1.470M
YoY Change 4.14% 6.19% -21.1%
% of Gross Profit 96.7% 78.68% 72.34%
Research & Development $180.0K $167.0K $124.0K
YoY Change 50.0% 34.68% 9.73%
% of Gross Profit 9.89% 8.42% 6.1%
Depreciation & Amortization $400.0K $400.0K $400.0K
YoY Change -2.44% 0.0% -29.82%
% of Gross Profit 21.98% 20.16% 19.69%
Operating Expenses $1.940M $1.728M $1.594M
YoY Change 7.18% 8.41% -19.33%
Operating Profit -$120.0K $256.0K $438.0K
YoY Change -220.0% -41.55% -181.11%
Interest Expense $100.0K $123.0K $163.0K
YoY Change -33.33% -24.54% -5.23%
% of Operating Profit 48.05% 37.21%
Other Income/Expense, Net $0.00 $1.000K $1.000K
YoY Change 0.0% -90.0%
Pretax Income -$390.0K $200.0K $594.0K
YoY Change -256.0% -66.33% -341.46%
Income Tax $20.00K -$15.00K $18.00K
% Of Pretax Income -7.5% 3.03%
Net Earnings -$400.0K $215.0K $576.0K
YoY Change -260.0% -62.67% -334.15%
Net Earnings / Revenue -6.23% 3.56% 10.29%
Basic Earnings Per Share $0.03 $0.08
Diluted Earnings Per Share -$49.57K $0.02 $0.07
COMMON SHARES
Basic Shares Outstanding 8.073M shares 8.068M shares 7.673M shares
Diluted Shares Outstanding 9.015M shares 8.400M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $980.0K $740.0K $310.0K
YoY Change -24.62% 138.71% -24.39%
Cash & Equivalents $981.0K $736.0K $313.0K
Short-Term Investments
Other Short-Term Assets $680.0K $890.0K $250.0K
YoY Change 183.33% 256.0% -24.24%
Inventory $1.564M $1.535M $1.479M
Prepaid Expenses $675.0K $892.0K $246.0K
Receivables $2.557M $2.646M $2.777M
Other Receivables $880.0K $1.310M $560.0K
Total Short-Term Assets $6.655M $7.123M $5.374M
YoY Change -7.99% 32.55% -25.77%
LONG-TERM ASSETS
Property, Plant & Equipment $15.95M $16.18M $17.33M
YoY Change -5.7% -6.63% -13.44%
Goodwill $1.009M $1.383M $1.383M
YoY Change -27.04% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.00K $41.00K $49.00K
YoY Change -17.02% -16.33% -55.45%
Total Long-Term Assets $17.12M $17.73M $18.80M
YoY Change -6.78% -5.68% -12.72%
TOTAL ASSETS
Total Short-Term Assets $6.655M $7.123M $5.374M
Total Long-Term Assets $17.12M $17.73M $18.80M
Total Assets $23.77M $24.86M $24.18M
YoY Change -7.12% 2.82% -16.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.672M $3.369M $3.851M
YoY Change -25.45% -12.52% 52.82%
Accrued Expenses $1.842M $1.332M $1.245M
YoY Change 9.06% 6.99% -38.97%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $0.00 $330.0K
YoY Change -85.92% -100.0% -73.81%
Long-Term Debt Due $786.0K $786.0K $5.403M
YoY Change 28.22% -85.45% -16.88%
Total Short-Term Liabilities $9.467M $9.965M $14.42M
YoY Change -14.14% -30.91% -9.68%
LONG-TERM LIABILITIES
Long-Term Debt $4.452M $4.649M
YoY Change -4.07%
Other Long-Term Liabilities $20.00K $40.00K
YoY Change
Total Long-Term Liabilities $4.452M $4.649M $0.00
YoY Change -4.07% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.467M $9.965M $14.42M
Total Long-Term Liabilities $4.452M $4.649M $0.00
Total Liabilities $14.24M $15.02M $14.42M
YoY Change -11.77% 4.12% -15.3%
SHAREHOLDERS EQUITY
Retained Earnings -$14.79M -$14.39M -$13.97M
YoY Change 7.8% 2.96%
Common Stock $1.980M $1.980M $1.883M
YoY Change 4.93% 5.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.536M $9.838M $9.211M
YoY Change
Total Liabilities & Shareholders Equity $23.77M $24.86M $24.18M
YoY Change -7.12% 2.82% -16.0%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$400.0K $215.0K $576.0K
YoY Change -260.0% -62.67% -334.15%
Depreciation, Depletion And Amortization $400.0K $400.0K $400.0K
YoY Change -2.44% 0.0% -29.82%
Cash From Operating Activities $460.0K $210.0K $840.0K
YoY Change 155.56% -75.0% -1150.0%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$190.0K -$10.00K
YoY Change -1600.0% 1800.0% -93.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$150.0K -$190.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -140.0K 380.0K -680.0K
YoY Change -116.09% -155.88% 240.0%
NET CHANGE
Cash From Operating Activities 460.0K 210.0K 840.0K
Cash From Investing Activities -150.0K -190.0K 0.000
Cash From Financing Activities -140.0K 380.0K -680.0K
Net Change In Cash 170.0K 400.0K 160.0K
YoY Change -83.81% 150.0% -136.36%
FREE CASH FLOW
Cash From Operating Activities $460.0K $210.0K $840.0K
Capital Expenditures -$150.0K -$190.0K -$10.00K
Free Cash Flow $610.0K $400.0K $850.0K
YoY Change 258.82% -52.94% 962.5%

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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-343000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
5000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1215000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1418000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
215000 USD
us-gaap Net Income Loss
NetIncomeLoss
-666000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
576000 USD
us-gaap Net Income Loss
NetIncomeLoss
521000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
215000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-666000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
576000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
521000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
149000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-666000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
576000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
521000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segments
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
1728000 USD
us-gaap Operating Expenses
OperatingExpenses
5318000 USD
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
1594000 USD
us-gaap Operating Expenses
OperatingExpenses
4414000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
256000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
823000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
438000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
732000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
41000 USD
CY2013Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
47000 USD
CY2014Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-41000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-41000 USD
CY2013Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-31000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-65000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
11000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
66000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
343000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1278000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3968000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
15000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
121000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
75000 USD
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
1185000 USD
CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
1335000 USD
CY2014Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
892000 USD
CY2013Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
238000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
8128000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15658000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1400000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
20000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
183000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16180000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16913000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
9543000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
16770000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
203000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
265000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5319000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
439000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
167000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
480000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
124000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
332000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
USD
CY2012 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
74 employees
CY2014Q2 us-gaap Restructuring Reserve
RestructuringReserve
1058000 USD
CY2013Q3 us-gaap Restructuring Reserve
RestructuringReserve
978000 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
80000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14386000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13720000 USD
CY2014Q2 us-gaap Revenues
Revenues
6032000 USD
us-gaap Revenues
Revenues
18164000 USD
CY2013Q2 us-gaap Revenues
Revenues
5600000 USD
us-gaap Revenues
Revenues
16560000 USD
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1444000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4067000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6032000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
18164000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5600000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
16560000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4754000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
14196000 USD
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4156000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
12493000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7922000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7673000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7656000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8353000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8068000 shares
CY2014Q2 us-gaap Selling Expense
SellingExpense
399000 USD
us-gaap Selling Expense
SellingExpense
1315000 USD
CY2013Q2 us-gaap Selling Expense
SellingExpense
317000 USD
us-gaap Selling Expense
SellingExpense
979000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
65000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
187000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
9838000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
9459000 USD
us-gaap Stock Issued1
StockIssued1
44000 USD
us-gaap Stock Issued1
StockIssued1
60000 USD
CY2014Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
129000 USD
CY2013Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
21000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9625000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7922000 shares

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