2018 Q2 Form 10-Q Financial Statement

#000159552718000008 Filed on May 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $15.20M $15.23M $14.58M
YoY Change 4.48% 4.43% 71.44%
Cost Of Revenue $8.310M $8.340M
YoY Change
Gross Profit $6.890M $6.890M
YoY Change
Gross Profit Margin 45.34% 45.24%
Selling, General & Admin $2.540M $3.000M
YoY Change
% of Gross Profit 36.87% 43.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.560M $7.730M
YoY Change
% of Gross Profit 109.72% 112.19%
Operating Expenses $18.41M $19.07M $16.71M
YoY Change 7.22% 14.13% 54.38%
Operating Profit -$3.213M -$3.845M -$2.170M
YoY Change 22.4% 77.19% -6.47%
Interest Expense $3.380M $2.803M $2.665M
YoY Change 19.27% 5.18% 119.16%
% of Operating Profit
Other Income/Expense, Net -$3.316M -$2.739M -$2.616M
YoY Change 21.15% 4.7% 141.11%
Pretax Income -$6.530M -$6.580M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$6.529M -$6.584M -$4.786M
YoY Change 21.76% 37.57% 40.56%
Net Earnings / Revenue -42.97% -43.23% -32.82%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$512.2K -$0.21
COMMON SHARES
Basic Shares Outstanding 31.34M shares 31.43M shares 30.74M shares
Diluted Shares Outstanding 31.43M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.50M $26.90M
YoY Change
Cash & Equivalents $70.51M $26.94M $49.55M
Short-Term Investments
Other Short-Term Assets $19.10M $18.60M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $89.60M $45.50M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $676.7M $681.5M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.80M $14.60M
YoY Change
Total Long-Term Assets $690.5M $696.2M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $89.60M $45.50M
Total Long-Term Assets $690.5M $696.2M
Total Assets $780.1M $741.7M $799.4M
YoY Change -0.79% -7.22% 11.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.30M $12.10M
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $10.30M $12.10M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $281.5M $233.6M
YoY Change
Other Long-Term Liabilities $27.90M $29.20M
YoY Change
Total Long-Term Liabilities $309.4M $262.8M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.30M $12.10M
Total Long-Term Liabilities $309.4M $262.8M
Total Liabilities $319.8M $274.8M $276.3M
YoY Change 16.08% -0.51% 111.73%
SHAREHOLDERS EQUITY
Retained Earnings -$231.4M -$224.9M -$156.8M
YoY Change 33.07% 43.36% 75.55%
Common Stock $313.0K $313.0K $308.0K
YoY Change 0.97% 1.62% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $460.4M $466.9M $523.2M
YoY Change
Total Liabilities & Shareholders Equity $780.1M $741.7M $799.4M
YoY Change -0.79% -7.22% 11.46%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.529M -$6.584M -$4.786M
YoY Change 21.76% 37.57% 40.56%
Depreciation, Depletion And Amortization $7.560M $7.730M
YoY Change
Cash From Operating Activities -$600.0K -$2.260M $1.515M
YoY Change -249.17% 15.83%
INVESTING ACTIVITIES
Capital Expenditures -$2.180M -$80.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.180M -$76.00K -$2.035M
YoY Change -96.27% -91.3%
FINANCING ACTIVITIES
Cash Dividend Paid $7.473M $6.661M
YoY Change 12.19% 13.22%
Common Stock Issuance & Retirement, Net $2.400M -$773.8M $5.576M
YoY Change -13977.04% 253.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.38M -$9.789M $28.83M
YoY Change -133.95% -485.09%
NET CHANGE
Cash From Operating Activities -600.0K -$2.260M $1.515M
Cash From Investing Activities -2.180M -$76.00K -$2.035M
Cash From Financing Activities 45.38M -$9.789M $28.83M
Net Change In Cash 42.60M -$12.13M $28.31M
YoY Change -142.83% -195.78%
FREE CASH FLOW
Cash From Operating Activities -$600.0K -$2.260M $1.515M
Capital Expenditures -$2.180M -$80.00K
Free Cash Flow $1.580M -$2.180M
YoY Change

Facts In Submission

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CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5576000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2216000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6661000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
7473000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2931000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
100000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
17721000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
18635000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2400000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
776000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
68800000 USD
CY2017Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
140000000 USD
CY2018Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
0 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
64926000 USD
CY2018Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
71382000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
753793000 USD
CY2018Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
752909000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
688867000 USD
CY2018Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
681527000 USD
CY2017Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-529000 USD
CY2018Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-158000 USD
CY2017Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
3353000 USD
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2683000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96000000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7618000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8156000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-210605000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-224861000 USD
CY2017Q1 us-gaap Revenues
Revenues
14543000 USD
CY2018Q1 us-gaap Revenues
Revenues
15229000 USD
CY2018Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
17.03
CY2018Q1 us-gaap Secured Debt
SecuredDebt
239000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
17000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
140000 shares
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
139993 shares
CY2017Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
4795000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
4231000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
99131 shares
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
10183 shares
CY2017Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
276624 shares
CY2017Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
578 shares
CY2017Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
82256 shares
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
109314 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2000000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000 USD
CY2017Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5600000 USD
CY2017Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
13700 USD
CY2017Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1700000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4600000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
481484000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
466876000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
1500000 USD
CY2018Q1 us-gaap Tenant Reimbursements
TenantReimbursements
1196000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30814927 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31431555 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The presentation of prior year restricted cash on the Company's consolidated statements of cash flows, related to the adoption of a new accounting standard in 2017 has been changed to conform to the current year presentation. </font></div></div>

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