2016 Q4 Form 10-Q Financial Statement

#000074621016000146 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $4.270M $4.344M $5.690M
YoY Change -24.96% -29.48% -26.58%
Cost Of Revenue $2.500M $2.610M $3.470M
YoY Change -27.95% -29.84% -17.97%
Gross Profit $1.770M $1.740M $2.220M
YoY Change -20.27% -28.69% -36.93%
Gross Profit Margin 41.45% 40.06% 39.02%
Selling, General & Admin $1.290M $1.734M $1.640M
YoY Change -21.34% -8.59% -6.82%
% of Gross Profit 72.88% 99.66% 73.87%
Research & Development $300.0K $229.0K $380.0K
YoY Change -21.05% -31.85% 31.03%
% of Gross Profit 16.95% 13.16% 17.12%
Depreciation & Amortization $450.0K $460.0K $590.0K
YoY Change -23.73% -13.21% -22.37%
% of Gross Profit 25.42% 26.44% 26.58%
Operating Expenses $2.030M $1.963M $2.600M
YoY Change -21.92% -12.09% -7.14%
Operating Profit -$260.0K -$1.288M -$380.0K
YoY Change -31.58% 282.2% -152.78%
Interest Expense -$370.0K $362.0K -$380.0K
YoY Change -2.63% 2.26% 5.56%
% of Operating Profit
Other Income/Expense, Net -$20.00K -$380.0K
YoY Change 0.8%
Pretax Income -$700.0K -$1.668M -$760.0K
YoY Change -7.89% 133.61% -61.62%
Income Tax -$190.0K $37.00K $170.0K
% Of Pretax Income
Net Earnings -$510.0K -$1.705M -$930.0K
YoY Change -45.16% 138.8% -56.13%
Net Earnings / Revenue -11.94% -39.25% -16.34%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$141.7K -$0.05 -$262.7K
COMMON SHARES
Basic Shares Outstanding 36.46M shares 35.49M shares 35.71M shares
Diluted Shares Outstanding 35.49M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M $1.300M $1.800M
YoY Change -38.89% -23.53% -5.26%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.000M $900.0K $600.0K
YoY Change 66.67% 28.57% -33.33%
Inventory
Prepaid Expenses
Receivables $1.635M $1.739M $2.698M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.753M $3.977M $5.015M
YoY Change -25.16% -26.27% -19.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.203M $2.372M $2.986M
YoY Change -26.22% -26.84% -8.01%
Goodwill $9.225M $9.225M $9.825M
YoY Change -6.11% -6.11% 0.0%
Intangibles $1.309M $1.526M $2.178M
YoY Change -39.9% -36.28% -28.52%
Long-Term Investments
YoY Change
Other Assets $10.00K $11.00K $30.00K
YoY Change -66.67% -94.86% -88.55%
Total Long-Term Assets $12.75M $13.13M $15.02M
YoY Change -15.13% -16.22% -8.31%
TOTAL ASSETS
Total Short-Term Assets $3.753M $3.977M $5.015M
Total Long-Term Assets $12.75M $13.13M $15.02M
Total Assets $16.50M $17.11M $20.03M
YoY Change -17.64% -18.79% -11.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.00K $114.0K $385.0K
YoY Change -80.52% -86.6% -68.44%
Accrued Expenses $1.212M $1.415M $1.492M
YoY Change -18.77% -12.6% -5.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.64M $400.0K
YoY Change -100.0% 50576.19% 0.0%
Long-Term Debt Due $10.66M $10.64M $400.0K
YoY Change 2565.0% 50576.19% 0.0%
Total Short-Term Liabilities $12.34M $12.62M $2.754M
YoY Change 348.15% 310.44% -25.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $10.59M
YoY Change -100.0% -100.0% -1.83%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $230.0K $420.0K $10.90M
YoY Change -97.89% -96.16% -0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.34M $12.62M $2.754M
Total Long-Term Liabilities $230.0K $420.0K $10.90M
Total Liabilities $12.57M $13.04M $13.65M
YoY Change -7.9% -6.86% -6.81%
SHAREHOLDERS EQUITY
Retained Earnings -$176.3M -$175.8M -$172.8M
YoY Change 2.05% 2.3% 1.26%
Common Stock $180.4M $180.0M $179.2M
YoY Change 0.66% 0.54% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $219.0K $219.0K $206.0K
YoY Change 6.31% 6.83% 212.12%
Treasury Stock Shares 204.0K shares 204.0K shares 179.0K shares
Shareholders Equity $3.928M $4.070M $6.383M
YoY Change
Total Liabilities & Shareholders Equity $16.50M $17.11M $20.03M
YoY Change -17.64% -18.79% -11.42%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$510.0K -$1.705M -$930.0K
YoY Change -45.16% 138.8% -56.13%
Depreciation, Depletion And Amortization $450.0K $460.0K $590.0K
YoY Change -23.73% -13.21% -22.37%
Cash From Operating Activities -$90.00K -$40.00K -$140.0K
YoY Change -35.71% -109.76% -160.87%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$90.00K -$190.0K
YoY Change -42.11% -60.87% -67.8%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$110.0K -$90.00K -$190.0K
YoY Change -42.11% -60.87% -67.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 0.000 370.0K
YoY Change -105.41% -100.0% 164.29%
NET CHANGE
Cash From Operating Activities -90.00K -40.00K -140.0K
Cash From Investing Activities -110.0K -90.00K -190.0K
Cash From Financing Activities -20.00K 0.000 370.0K
Net Change In Cash -220.0K -130.0K 40.00K
YoY Change -650.0% -244.44% -119.05%
FREE CASH FLOW
Cash From Operating Activities -$90.00K -$40.00K -$140.0K
Capital Expenditures -$110.0K -$90.00K -$190.0K
Free Cash Flow $20.00K $50.00K $50.00K
YoY Change -60.0% -92.19% -93.9%

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OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
74000 USD
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
69000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
195000 USD
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
72000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
218000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
227000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
254000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
138000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
630000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
139000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1057000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
273000 USD
CY2015Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
15000 USD
CY2016Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3000 USD
CY2015Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
237000 USD
CY2016Q3 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
237000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7500 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7500 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
32 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
32 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
32 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
32 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
100000 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
100000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
553000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
895000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
18000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2986000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2372000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
27000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
38000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
379000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
969000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
229000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
817000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
83000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
51000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-172757000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-175778000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6160000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
19851000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4344000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
14950000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
519000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1658000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
70000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
576000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
569000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
748000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
960000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1137000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.99
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
15000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1269000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1222000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
400000 USD
CY2016Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
10642000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
6383000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
4070000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
441000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
405000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
179000 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
204000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
206000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
219000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
13000 USD
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
197000 USD
CY2016Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
143000 USD
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35393000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35441000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35492000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
35480000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform with the current year presentation.</font></div></div>
us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Taxes Billed to Customers and Remitted to Taxing Authorities</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize taxes billed to customers in revenue and taxes remitted to taxing authorities in our cost of revenue.</font></div></div>

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