$NTIC
NORTHERN TECHNOLOGIES INTERNATIONAL CORP

2018 Q2 Form 10-Q Financial Statement

#000117184318005179 Filed on July 16, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $12.92M $10.22M
YoY Change 26.42% 17.69%
Cost Of Revenue $8.592M $6.774M
YoY Change 26.84% 17.25%
Gross Profit $4.331M $3.449M
YoY Change 25.59% 18.55%
Gross Profit Margin 33.52% 33.74%
Selling, General & Admin $4.772M $4.113M
YoY Change 16.02% 18.71%
% of Gross Profit 110.18% 119.27%
Research & Development $860.3K $733.7K
YoY Change 17.27% -40.45%
% of Gross Profit 19.86% 21.27%
Depreciation & Amortization $270.0K $220.0K
YoY Change 22.73% 15.79%
% of Gross Profit 6.23% 6.38%
Operating Expenses $5.633M $4.847M
YoY Change 16.21% 3.2%
Operating Profit $2.453M $1.730M
YoY Change 41.81% 40.8%
Interest Expense $3.139K $7.409K
YoY Change -57.63% -52.09%
% of Operating Profit 0.13% 0.43%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $2.490M $1.730M
YoY Change 43.93% 38.4%
Income Tax $181.7K $237.8K
% Of Pretax Income 7.3% 13.75%
Net Earnings $2.143M $1.352M
YoY Change 58.44% 47.42%
Net Earnings / Revenue 16.58% 13.23%
Basic Earnings Per Share $0.24 $0.30
Diluted Earnings Per Share $0.23 $0.30
COMMON SHARES
Basic Shares Outstanding 9.079M 4.527M
Diluted Shares Outstanding 9.414M 4.592M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.890M $7.260M
YoY Change 8.68% 5.68%
Cash & Equivalents $4.610M $3.500M
Short-Term Investments $3.280M $3.760M
Other Short-Term Assets $1.080M $420.0K
YoY Change 157.14% -53.85%
Inventory $9.175M $7.880M
Prepaid Expenses $1.081M $421.7K
Receivables $9.290M $7.490M
Other Receivables $1.720M $1.600M
Total Short-Term Assets $29.16M $24.64M
YoY Change 18.33% 10.29%
LONG-TERM ASSETS
Property, Plant & Equipment $7.233M $7.452M
YoY Change -2.93% 2.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.41M $18.90M
YoY Change 18.56% 1.6%
Other Assets $153.8K $71.69K
YoY Change 114.61% -64.02%
Total Long-Term Assets $24.82M $21.90M
YoY Change 13.31% -5.29%
TOTAL ASSETS
Total Short-Term Assets $29.16M $24.64M
Total Long-Term Assets $24.82M $21.90M
Total Assets $61.21M $54.00M
YoY Change 13.36% 2.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.316M $3.558M
YoY Change -6.8% 28.49%
Accrued Expenses $2.920M $1.230M
YoY Change 137.4% 4.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.349M $4.791M
YoY Change 32.53% 21.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.349M $4.791M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $9.390M $7.490M
YoY Change 25.37% 5.79%
SHAREHOLDERS EQUITY
Retained Earnings $40.28M $35.69M
YoY Change 12.84% 1.69%
Common Stock $14.61M $14.07M
YoY Change 3.79% 1.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.82M $46.51M
YoY Change
Total Liabilities & Shareholders Equity $61.21M $54.00M
YoY Change 13.36% 2.33%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $2.143M $1.352M
YoY Change 58.44% 47.42%
Depreciation, Depletion And Amortization $270.0K $220.0K
YoY Change 22.73% 15.79%
Cash From Operating Activities $380.0K $3.650M
YoY Change -89.59% 102.78%
INVESTING ACTIVITIES
Capital Expenditures -$310.0K -$200.0K
YoY Change 55.0% -4.76%
Acquisitions
YoY Change
Other Investing Activities -$20.00K -$3.010M
YoY Change -99.34% -702.0%
Cash From Investing Activities -$330.0K -$3.210M
YoY Change -89.72% -1206.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -440.0K 10.00K
YoY Change -4500.0% 0.0%
NET CHANGE
Cash From Operating Activities 380.0K 3.650M
Cash From Investing Activities -330.0K -3.210M
Cash From Financing Activities -440.0K 10.00K
Net Change In Cash -390.0K 450.0K
YoY Change -186.67% -78.57%
FREE CASH FLOW
Cash From Operating Activities $380.0K $3.650M
Capital Expenditures -$310.0K -$200.0K
Free Cash Flow $690.0K $3.850M
YoY Change -82.08% 91.54%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
ntic Allocated Share Based Compensation Expense Estimate Fiscal Year Two
AllocatedShareBasedCompensationExpenseEstimateFiscalYearTwo
65234
ntic Allocated Share Based Compensation Expense Estimate Next Fiscal Year
AllocatedShareBasedCompensationExpenseEstimateNextFiscalYear
153901
ntic Allocated Share Based Compensation Expense Estimate Remainder Of Fiscal Year
AllocatedShareBasedCompensationExpenseEstimateRemainderOfFiscalYear
103267
ntic Common Stock Additional Shares Authorized
CommonStockAdditionalSharesAuthorized
5000000
CY2018Q2 ntic Cost Of Goods Sold As Percentage Of Product Sales
CostOfGoodsSoldAsPercentageOfProductSales
CY2017Q2 ntic Cost Of Goods Sold As Percentage Of Product Sales
CostOfGoodsSoldAsPercentageOfProductSales
ntic Cost Of Goods Sold As Percentage Of Product Sales
CostOfGoodsSoldAsPercentageOfProductSales
ntic Cost Of Goods Sold As Percentage Of Product Sales
CostOfGoodsSoldAsPercentageOfProductSales
CY2018Q2 ntic Entity Wide Fees For Services Provided To Joint Ventures Geographic Percentage
EntityWideFeesForServicesProvidedToJointVenturesGeographicPercentage
1
CY2017Q2 ntic Entity Wide Fees For Services Provided To Joint Ventures Geographic Percentage
EntityWideFeesForServicesProvidedToJointVenturesGeographicPercentage
1
ntic Entity Wide Fees For Services Provided To Joint Ventures Geographic Percentage
EntityWideFeesForServicesProvidedToJointVenturesGeographicPercentage
1
ntic Entity Wide Fees For Services Provided To Joint Ventures Geographic Percentage
EntityWideFeesForServicesProvidedToJointVenturesGeographicPercentage
1
CY2018Q2 ntic Entity Wide Trade Joint Venture Receivables Three Joint Ventures Percentage
EntityWideTradeJointVentureReceivablesThreeJointVenturesPercentage
0.518
CY2017Q3 ntic Entity Wide Trade Joint Venture Receivables Three Joint Ventures Percentage
EntityWideTradeJointVentureReceivablesThreeJointVenturesPercentage
0.607
CY2018Q2 ntic Fees For Services Provided To Joint Ventures
FeesForServicesProvidedToJointVentures
1508500
CY2017Q2 ntic Fees For Services Provided To Joint Ventures
FeesForServicesProvidedToJointVentures
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ntic Fees For Services Provided To Joint Ventures
FeesForServicesProvidedToJointVentures
4624532
ntic Fees For Services Provided To Joint Ventures
FeesForServicesProvidedToJointVentures
3941667
CY2018Q2 ntic Fees Receivable For Services Provided To Joint Ventures Current
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CY2017Q3 ntic Fees Receivable For Services Provided To Joint Ventures Current
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1302944
ntic Increase Decrease In Fees Receivable For Services Provided To Joint Ventures
IncreaseDecreaseInFeesReceivableForServicesProvidedToJointVentures
49305
ntic Increase Decrease In Fees Receivable For Services Provided To Joint Ventures
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-181610
ntic Increase Decrease In Trade Receivables Excluding Joint Ventures
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2827606
ntic Increase Decrease In Trade Receivables Excluding Joint Ventures
IncreaseDecreaseInTradeReceivablesExcludingJointVentures
1442714
ntic Increase Decrease In Trade Receivables Joint Ventures
IncreaseDecreaseInTradeReceivablesJointVentures
-93947
ntic Increase Decrease In Trade Receivables Joint Ventures
IncreaseDecreaseInTradeReceivablesJointVentures
503863
CY2018Q2 ntic Net Sales Excluding Joint Ventures
NetSalesExcludingJointVentures
12044513
CY2017Q2 ntic Net Sales Excluding Joint Ventures
NetSalesExcludingJointVentures
9360883
ntic Net Sales Excluding Joint Ventures
NetSalesExcludingJointVentures
34479773
ntic Net Sales Excluding Joint Ventures
NetSalesExcludingJointVentures
26552434
CY2018Q2 ntic Net Sales To Joint Ventures
NetSalesToJointVentures
879324
CY2017Q2 ntic Net Sales To Joint Ventures
NetSalesToJointVentures
862136
ntic Net Sales To Joint Ventures
NetSalesToJointVentures
2201077
ntic Net Sales To Joint Ventures
NetSalesToJointVentures
2115511
ntic Number Of Stock Based Compensation Plans
NumberOfStockBasedCompensationPlans
2
ntic Provisional Adjustments Related To Transition Of Tax On Deemed Repatriation Of Accumulated Foreign Income
ProvisionalAdjustmentsRelatedToTransitionOfTaxOnDeemedRepatriationOfAccumulatedForeignIncome
489000
CY2018Q2 ntic Total Fees For Services Provided To Joint Ventures Geographic Location
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1508500
CY2017Q2 ntic Total Fees For Services Provided To Joint Ventures Geographic Location
TotalFeesForServicesProvidedToJointVenturesGeographicLocation
1442048
ntic Total Fees For Services Provided To Joint Ventures Geographic Location
TotalFeesForServicesProvidedToJointVenturesGeographicLocation
4624532
ntic Total Fees For Services Provided To Joint Ventures Geographic Location
TotalFeesForServicesProvidedToJointVenturesGeographicLocation
3941667
CY2018Q2 ntic Trade Receivables Excluding Joint Ventures Net Current
TradeReceivablesExcludingJointVenturesNetCurrent
8692708
CY2017Q3 ntic Trade Receivables Excluding Joint Ventures Net Current
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5912631
CY2018Q2 ntic Trade Receivables Joint Ventures Current
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CY2018Q2 us-gaap Accounts Payable Current
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CY2017Q3 us-gaap Accounts Payable Current
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CY2018Q2 us-gaap Accrued Bonuses Current And Noncurrent
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CY2017Q2 us-gaap Accrued Bonuses Current And Noncurrent
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CY2018Q2 us-gaap Accrued Income Taxes Current
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CY2017Q3 us-gaap Accrued Income Taxes Current
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CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2017Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q2 us-gaap Additional Paid In Capital Common Stock
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us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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89274
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
3395274
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2018Q2 us-gaap Commitments And Contingencies
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CY2017Q3 us-gaap Commitments And Contingencies
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CY2017Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2018Q2 us-gaap Common Stock Shares Authorized
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CY2018Q2 us-gaap Common Stock Value
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CY2017Q3 us-gaap Common Stock Value
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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4355080
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q2 us-gaap Cost Of Goods And Services Sold
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CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
6774001
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
24493672
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
19256953
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us-gaap Depreciation
Depreciation
631399
us-gaap Depreciation
Depreciation
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0 0 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<div style="display: inline; text-transform: uppercase">Accounting PronouncementS</div></div></div> <div style=" font-size: 10pt; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements</div></div> <div style=" font-size: 10pt; margin: 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (ASC) Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div>, which establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company has performed a review of the requirements of the new guidance and has identified which of its revenue streams will be within the scope of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div> The Company has applied the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model of the new standard to a selection of contracts within each of its revenue streams and has compared the results to its current accounting practices. The Company is expecting to utilize the modified retrospective transition method of adoption. The Company is continuing to work through the remaining steps of the adoption plan to facilitate adoption effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 1, 2018. </div>As part of this, the Company is assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. The Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> which include disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and assets recognized from the costs to obtain or fulfill a contract. Based on its assessment to date, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the adoption of this standard to have a material impact on the way it recognizes revenue.</div> <div style=" font-size: 10pt; margin: 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div>. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The guidance will be effective for the Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div> The Company is currently assessing the effect that ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt">&nbsp;</div><div style=" font-size: 10pt; margin: 0pt"></div> <div style=" font-size: 10pt; margin: 0 0 10pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic;">Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments.</div>&nbsp;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017. </div>Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Income Statement &#x2013; Reporting Comprehensive Income (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div>) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform Act) that are stranded in accumulated other comprehensive income. This standard also requires certain disclosures about stranded tax effects. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> however, does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> will be effective for the Company&#x2019;s fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> with the option for early adoption at any time prior to the effective date. It must be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Reform Act is recognized. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> (as further clarified by FASB ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">05,</div> <div style="display: inline; font-style: italic;">Income Taxes</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div>): &#x201c;Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118&#x201d;</div>) to provide guidance for companies that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have completed their accounting for the income tax effects of the Tax Reform Act in the period of enactment, which is the period that includes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017. </div>SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides for a provisional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year measurement period for entities to finalize their accounting for certain income tax effects related to the Tax Reform Act. SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides guidance where: (i) the accounting for the income tax effect of the Tax Reform Act is complete and reported in the Tax Reform Act&#x2019;s enactment period, (ii) the accounting for the income tax effect of the Tax Reform Act is incomplete and reported as provisional amounts based on reasonable estimates (to the extent determinable) subject to adjustments during a limited measurement period until complete, and (iii) accounting for the income tax effect of the Tax Reform Act is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reasonably estimable (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> related provisional amounts are reported in the enactment period) and entities would continue to apply accounting based on tax law provisions in effect prior to the Tax Reform Act enactment until provisional amounts are reasonably estimable. SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> requires disclosure of the reasons for incomplete accounting additional information or analysis needed, among other relevant information (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> - Income Taxes).</div> <div style=" font-size: 10pt; margin: 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt">Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe any of these accounting pronouncements has had or will have a material impact on the Company&#x2019;s consolidated financial position or operating results.</div></div>
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PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
196164
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1361382
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
200000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
200000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
1018596
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
3013572
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
62594
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
124780
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1502665
CY2018Q2 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0
CY2017Q2 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
500924
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
760847
CY2018Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2017Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
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PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1081190
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
439298
us-gaap Proceeds From Dividends Received
ProceedsFromDividendsReceived
2941807
us-gaap Proceeds From Dividends Received
ProceedsFromDividendsReceived
5179786
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1500756
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15433
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
27951
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
46475
CY2018Q2 us-gaap Profit Loss
ProfitLoss
2304019
CY2017Q2 us-gaap Profit Loss
ProfitLoss
1495724
us-gaap Profit Loss
ProfitLoss
4924231
us-gaap Profit Loss
ProfitLoss
2387391
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11768288
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11328929
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7233307
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7359662
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
860347
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
733651
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2581824
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2118210
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4610325
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6360201
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
40275326
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37077483
CY2018Q2 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
RetainedEarningsUndistributedEarningsFromEquityMethodInvestees
20383580
CY2017Q3 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
RetainedEarningsUndistributedEarningsFromEquityMethodInvestees
17960860
CY2018Q2 us-gaap Revenues
Revenues
12923837
CY2017Q2 us-gaap Revenues
Revenues
10223019
us-gaap Revenues
Revenues
36680850
us-gaap Revenues
Revenues
28667945
CY2018Q2 us-gaap Selling Expense
SellingExpense
2784694
CY2017Q2 us-gaap Selling Expense
SellingExpense
2430824
us-gaap Selling Expense
SellingExpense
8028279
us-gaap Selling Expense
SellingExpense
6716390
us-gaap Share Based Compensation
ShareBasedCompensation
309743
us-gaap Share Based Compensation
ShareBasedCompensation
293748
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0218
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.459
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.464
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0187
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0163
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.69
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
11.59
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y189D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y266D
CY2017Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
891
CY2016Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
3029
CY2018Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
985
CY2017Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1098
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4410
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
309473
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
293748
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
14525
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
51823990
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
48860628
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
54864902
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
51718076
us-gaap Treasury Stock Acquired Average Cost Per Share
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13.51
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4707032
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4591527
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4663847
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4571395
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4539353
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4526771
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4538838
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4528523

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