$OCC
OPTICAL CABLE CORP

2016 Q2 Form 10-Q Financial Statement

#000143774916033398 Filed on June 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $16.34M $18.68M
YoY Change -12.51% -7.5%
Cost Of Revenue $11.79M $13.01M
YoY Change -9.36% -3.87%
Gross Profit $4.551M $5.669M
YoY Change -19.72% -14.87%
Gross Profit Margin 27.85% 30.36%
Selling, General & Admin $5.352M $6.474M
YoY Change -17.34% -5.29%
% of Gross Profit 117.58% 114.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $510.0K
YoY Change -1.96% 2.0%
% of Gross Profit 10.99% 9.0%
Operating Expenses $5.352M $6.474M
YoY Change -17.34% -5.29%
Operating Profit -$855.7K -$841.8K
YoY Change 1.65% 315.12%
Interest Expense $135.7K $103.4K
YoY Change 31.27% -6.88%
% of Operating Profit
Other Income/Expense, Net -$137.0K -$96.77K
YoY Change 41.54% -11.87%
Pretax Income -$992.7K -$938.5K
YoY Change 5.76% 200.25%
Income Tax -$9.531K -$430.7K
% Of Pretax Income
Net Earnings -$983.1K -$490.1K
YoY Change 100.58% 242.1%
Net Earnings / Revenue -6.02% -2.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$154.1K -$79.42K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $660.0K $670.0K
YoY Change -1.49% 131.03%
Cash & Equivalents $660.7K $668.5K
Short-Term Investments
Other Short-Term Assets $490.0K $3.430M
YoY Change -85.71% 52.44%
Inventory $16.54M $18.68M
Prepaid Expenses
Receivables $8.867M $10.09M
Other Receivables $410.0K $240.0K
Total Short-Term Assets $26.97M $33.10M
YoY Change -18.5% -1.99%
LONG-TERM ASSETS
Property, Plant & Equipment $14.25M $12.82M
YoY Change 11.13% 1.46%
Goodwill
YoY Change
Intangibles $570.5K $504.2K
YoY Change 13.15%
Long-Term Investments
YoY Change
Other Assets $398.3K $1.890M
YoY Change -78.93% 162.48%
Total Long-Term Assets $15.22M $15.22M
YoY Change 0.01% 10.6%
TOTAL ASSETS
Total Short-Term Assets $26.97M $33.10M
Total Long-Term Assets $15.22M $15.22M
Total Assets $42.19M $48.32M
YoY Change -12.67% 1.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.220M $4.960M
YoY Change -14.92% 6.67%
Accrued Expenses $1.150M $1.290M
YoY Change -10.85% -34.52%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $0.00
YoY Change
Long-Term Debt Due $287.9K $275.0K
YoY Change 4.7% 5.77%
Total Short-Term Liabilities $6.188M $6.531M
YoY Change -5.26% -7.1%
LONG-TERM LIABILITIES
Long-Term Debt $6.800M $7.088M
YoY Change -4.06% -31.58%
Other Long-Term Liabilities $119.5K $539.4K
YoY Change -77.85% -39.39%
Total Long-Term Liabilities $6.920M $7.627M
YoY Change -9.28% -32.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.188M $6.531M
Total Long-Term Liabilities $6.920M $7.627M
Total Liabilities $18.61M $18.92M
YoY Change -1.64% 6.7%
SHAREHOLDERS EQUITY
Retained Earnings $12.78M $20.09M
YoY Change -36.42%
Common Stock $10.81M $10.05M
YoY Change 7.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.59M $30.14M
YoY Change
Total Liabilities & Shareholders Equity $42.19M $48.32M
YoY Change -12.67% 1.65%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$983.1K -$490.1K
YoY Change 100.58% 242.1%
Depreciation, Depletion And Amortization $500.0K $510.0K
YoY Change -1.96% 2.0%
Cash From Operating Activities $580.0K -$390.0K
YoY Change -248.72% -23.53%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K -$910.0K
YoY Change -73.63% 28.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$250.0K -$910.0K
YoY Change -72.53% 28.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -210.0K 1.270M
YoY Change -116.54% 62.82%
NET CHANGE
Cash From Operating Activities 580.0K -390.0K
Cash From Investing Activities -250.0K -910.0K
Cash From Financing Activities -210.0K 1.270M
Net Change In Cash 120.0K -30.00K
YoY Change -500.0% -93.18%
FREE CASH FLOW
Cash From Operating Activities $580.0K -$390.0K
Capital Expenditures -$240.0K -$910.0K
Free Cash Flow $820.0K $520.0K
YoY Change 57.69% 160.0%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 27pt; VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">(12)</div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">New Accounting Standards Not Yet Adopted</div></div></div></td> </tr> </table> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the FASB issued Accounting Standards Update 2014-09, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers </div>(&#x201c;ASU 2014-09&#x201d;). ASU 2014-09 is a comprehensive new revenue recognition model that expands disclosure requirements and requires an entity to recognize revenue when promised goods or services are transferred to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update 2015-14, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date </div>(&#x201c;ASU 2015-14&#x201d;) which defers the effective date of the new revenue recognition standard by one year. Under ASU 2015-14, the new revenue recognition standard is effective for the Company beginning in fiscal year 2019. In March 2016, the FASB issued Accounting Standards Update 2016-08, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div> <div style="display: inline; font-style: italic;">(Topic 606)</div><div style="display: inline; font-style: italic;"> Principle versus Agent Considerations</div>, (&#x201c;ASU 2016-08&#x201d;). ASU 2016-08 clarifies the implementation guidance on principal-versus-agent considerations. In April 2016, the FASB issued Accounting Standards Update 2016-10, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(&#x201c;ASU 2016-10&#x201d;). ASU 2016-10 clarifies two aspects of Topic 606: identifying performance obligation and the licensing implementation guidance, while retaining the related principles for those areas.&nbsp; The amendments in ASU 2016-08 and ASU 2016-10 are effective in conjunction with ASU 2015-14. The Company is currently evaluating the impact of the adoption of this guidance on the Company's results of operations, financial position and liquidity and its related financial statement disclosures. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In April 2015, the FASB issued Accounting Standards Update 2015-03, <div style="display: inline; font-style: italic;">Simplifying the Presentation of Debt Issuance Costs</div> (&#x201c;ASU 2015-03&#x201d;). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. In August 2015, the FASB issued Accounting Standards Update 2015-15, <div style="display: inline; font-style: italic;">Interest - Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements</div> (&#x201c;ASU 2015-15&#x201d;) which clarifies that entities may continue to defer and present debt issuance costs associated with a line-of-credit as an asset and subsequently amortize the deferred costs ratably over the term of the arrangement. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. The new guidance must be applied retrospectively to all prior reporting periods presented.&nbsp; The adoption of ASUs 2015-03 and 2015-15 are not expected to have a material impact on the Company&#x2019;s results of operations, financial position or liquidity or its related financial statement disclosures.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In July 2015, the FASB issued Accounting Standards Update 2015-11, <div style="display: inline; font-style: italic;">Simplifying the Measurement of Inventory</div> (&#x201c;ASU 2015-11&#x201d;). ASU 2015-11 changes the inventory valuation method from lower of cost or market to lower of cost and net realizable value for inventory valued using first-in, first-out or average cost. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and should be applied prospectively with early adoption permitted. The adoption of ASU 2015-11 is not expected to have any impact on the Company&#x2019;s results of operations, financial position or liquidity or its related financial statement disclosures.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In November 2015, the FASB issued Accounting Standards Update 2015-17, <div style="display: inline; font-style: italic;">Income Taxes</div> (&#x201c;ASU 2015-17&#x201d;). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial position and related financial statement disclosures. </div></div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In February 2016, the FASB issued Accounting Standards Update 2016-02, <div style="display: inline; font-style: italic;">Leases</div> (&#x201c;ASU 2016-02&#x201d;). ASU 2016-02 requires the recognition of a separate lease liability representing the required lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Additionally, this ASU provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures to the notes of the financial statements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its results of operations, financial position and liquidity and its related financial statement disclosures. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In March 2016, the FASB issued Accounting Standards Update 2016-09, <div style="display: inline; font-style: italic;">Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</div> (&#x201c;ASU 2016-09&#x201d;). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its results of operations, financial position and liquidity and its related financial statement disclosures.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">There are no other new accounting standards issued, but not yet adopted by the Company, which are expected to materially impact the Company&#x2019;s financial position, operating results or financial statement disclosures. </div></div></div>
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6346871
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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6212340

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