$NTIC
NORTHERN TECHNOLOGIES INTERNATIONAL CORP

2018 Q3 Form 10-K Financial Statement

#000117184318007912 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 2017 Q3
Revenue $14.74M $14.09M $10.90M
YoY Change 35.23% -64.38% 14.5%
Cost Of Revenue $9.670M $34.17M $7.060M
YoY Change 36.97% 29.83% 10.31%
Gross Profit $5.070M $17.26M $3.840M
YoY Change 32.03% 30.23% 23.08%
Gross Profit Margin 34.4% 122.46% 35.23%
Selling, General & Admin $5.350M $19.39M $4.380M
YoY Change 22.15% 13.43% 11.73%
% of Gross Profit 105.52% 112.32% 114.06%
Research & Development $940.0K $3.525M $790.0K
YoY Change 18.99% 21.03% -42.75%
% of Gross Profit 18.54% 20.42% 20.57%
Depreciation & Amortization $280.0K $853.6K $240.0K
YoY Change 16.67% 8.44% 14.29%
% of Gross Profit 5.52% 4.95% 6.25%
Operating Expenses $4.770M $22.91M $3.660M
YoY Change 30.33% 14.54% -10.51%
Operating Profit $300.0K $8.017M $180.0K
YoY Change 66.67% 74.26% -118.56%
Interest Expense $1.740M $17.96K $1.580M
YoY Change 10.13% -11.87% 38.6%
% of Operating Profit 580.0% 0.22% 877.78%
Other Income/Expense, Net
YoY Change
Pretax Income $2.050M $8.100M $1.760M
YoY Change 16.48% 75.32% -202.92%
Income Tax -$190.0K $876.1K $220.0K
% Of Pretax Income -9.27% 10.82% 12.5%
Net Earnings $2.140M $6.701M $1.390M
YoY Change 53.96% 95.82% -196.53%
Net Earnings / Revenue 14.52% 47.55% 12.75%
Basic Earnings Per Share $0.74
Diluted Earnings Per Share $225.3K $0.72 $151.3K
COMMON SHARES
Basic Shares Outstanding 9.078M
Diluted Shares Outstanding 9.370M

Balance Sheet

Concept 2018 Q3 2018 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.460M $7.460M $10.13M
YoY Change -26.36% -26.36% 79.61%
Cash & Equivalents $4.163M $4.160M $6.360M
Short-Term Investments $3.300M $3.300M $3.770M
Other Short-Term Assets $1.660M $1.660M $440.0K
YoY Change 277.27% 277.27% 4.76%
Inventory $9.131M $9.130M $7.457M
Prepaid Expenses $1.662M $439.3K
Receivables $10.68M $10.68M $6.600M
Other Receivables $1.630M $1.630M $1.440M
Total Short-Term Assets $30.57M $30.57M $26.07M
YoY Change 17.26% 17.26% 24.47%
LONG-TERM ASSETS
Property, Plant & Equipment $7.169M $7.170M $7.360M
YoY Change -2.59% -2.58% 1.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.95M $22.95M $20.04M
YoY Change 14.55% 14.52% 0.98%
Other Assets $153.8K $1.710M $71.69K
YoY Change 114.62% -6.56% -22.81%
Total Long-Term Assets $25.81M $32.98M $23.19M
YoY Change 11.33% 7.99% 1.46%
TOTAL ASSETS
Total Short-Term Assets $30.57M $30.57M $26.07M
Total Long-Term Assets $25.81M $32.98M $23.19M
Total Assets $63.55M $63.55M $56.61M
YoY Change 12.25% 12.26% 10.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.905M $3.910M $2.677M
YoY Change 45.89% 45.9% -2.81%
Accrued Expenses $3.750M $3.750M $2.220M
YoY Change 68.92% 68.92% 79.03%
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 $7.730M $7.730M $4.895M
YoY Change 57.93% 58.08% 22.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.730M $7.730M $4.895M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.47M $10.47M $7.750M
YoY Change 35.1% 35.1% 18.5%
SHAREHOLDERS EQUITY
Retained Earnings $41.96M $37.08M
YoY Change 13.18% 10.17%
Common Stock $14.71M $14.25M
YoY Change 3.2% 2.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.08M $53.08M $48.86M
YoY Change
Total Liabilities & Shareholders Equity $63.55M $63.55M $56.61M
YoY Change 12.25% 12.26% 10.85%

Cashflow Statement

Concept 2018 Q3 2018 2017 Q3
OPERATING ACTIVITIES
Net Income $2.140M $6.701M $1.390M
YoY Change 53.96% 95.82% -196.53%
Depreciation, Depletion And Amortization $280.0K $853.6K $240.0K
YoY Change 16.67% 8.44% 14.29%
Cash From Operating Activities $750.0K $608.7K $2.910M
YoY Change -74.23% -89.39% -393.94%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K $680.5K -$190.0K
YoY Change 10.53% -26.21% -5.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $470.0K -$10.00K
YoY Change 0.0% -130.92% 0.0%
Cash From Investing Activities -$220.0K -$300.1K -$210.0K
YoY Change 4.76% -88.49% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -850.0K -2.372M 80.00K
YoY Change -1162.5% 946.42% -300.0%
NET CHANGE
Cash From Operating Activities 750.0K 608.7K 2.910M
Cash From Investing Activities -220.0K -300.1K -210.0K
Cash From Financing Activities -850.0K -2.372M 80.00K
Net Change In Cash -320.0K -2.064M 2.780M
YoY Change -111.51% -171.13% -324.19%
FREE CASH FLOW
Cash From Operating Activities $750.0K $608.7K $2.910M
Capital Expenditures -$210.0K $680.5K -$190.0K
Free Cash Flow $960.0K -$71.82K $3.100M
YoY Change -69.03% -101.49% -492.41%

Facts In Submission

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CY2018 dei Document Fiscal Period Focus
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CY2018 dei Document Fiscal Year Focus
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CY2018 dei Document Period End Date
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CY2018 dei Document Type
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CY2018 dei Entity Emerging Growth Company
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CY2018 dei Entity Small Business
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CY2018 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: 0pt 0"><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;ACCOUNTING PRONOUNCEMENTS</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">New Accounting Pronouncements Adopted</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2015, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &#x201c;<div style="display: inline; font-style: italic;">Inventory</div>,&#x201d; which modifies the subsequent measurement of inventories recorded under a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The Company has adopted this new standard in the <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;">2018</div> on a prospective basis. The adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 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;">07,</div> &#x201c;<div style="display: inline; font-style: italic;">Investments - Equity Method and Joint Ventures (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">323</div>): Simplifying the Transition to the Equity Method of Accounting.</div>&#x201d; Among other things, the amendments in ASU <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;">07</div> eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor&#x2019;s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The Company adopted this new standard in the <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;">2018</div> on a prospective basis. The adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 69 --> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the FASB issued ASU <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;">09,</div> <div style="display: inline; font-style: italic;">Stock Compensation, (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>),</div> which is intended to simplify several aspects of the accounting for share-based payment award transactions. The Company adopted this new guidance in the <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;">2018.</div> The adoption of this guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company&#x2019;s consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Recently Issued Accounting Pronouncements</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 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: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">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 more than <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 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">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>. 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: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 70 --> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 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 </div>(Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div>) <div style="display: inline; font-style: italic;">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: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 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;">14</div> - Income Taxes).</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">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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CY2017 us-gaap Income Tax Expense Benefit
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CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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1903000
CY2017 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
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CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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10000
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212000
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3680000
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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146364
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2017 us-gaap Interest Expense
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CY2017 us-gaap Interest Paid Net
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200000
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0
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0
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680502
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q3 us-gaap Preferred Stock Shares Issued
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15433
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CY2018 us-gaap Revenue Recognition Deferred Revenue
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Net Sales </div>&#x2013;The Company includes net sales to its joint ventures and net sales to unaffiliated customers as separate line items on its consolidated statements of operations. There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> sales originating from the Company&#x2019;s joint ventures included in the amount, as the Company&#x2019;s investments in its joint ventures are accounted for using the equity method.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Revenue Recognition</div> &#x2013; The Company recognizes revenue from the sale of its products when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed and determinable and collection of the resulting receivable is reasonably assured. These criteria are met when risk of loss and title pass to the customer, distributor or joint venture entity. Sales and use taxes charged to customers are reported on a net basis.</div></div></div></div>
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14.57
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CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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6007547
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P6Y98D
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46536
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27951
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122999
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
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15433
CY2018 us-gaap Stock Option Plan Expense
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413010
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391664
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2640548
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196225
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48860628
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
55819054
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
51718076
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
47075948
CY2017 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.51
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
250000
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
238000
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
242000
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
16000
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">Use of Estimates</div> - The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div>
CY2018Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-700000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4685202
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4577359
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4538838
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4528611

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