$OCC
OPTICAL CABLE CORP

2016 Q3 Form 10-Q Financial Statement

#000143774916038609 Filed on September 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $16.92M $20.78M
YoY Change -18.6% -1.06%
Cost Of Revenue $11.45M $15.07M
YoY Change -24.01% 10.29%
Gross Profit $5.462M $5.709M
YoY Change -4.33% -22.21%
Gross Profit Margin 32.29% 27.47%
Selling, General & Admin $5.075M $6.085M
YoY Change -16.59% -9.94%
% of Gross Profit 92.92% 106.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $510.0K
YoY Change -3.92% 8.51%
% of Gross Profit 8.97% 8.93%
Operating Expenses $5.075M $6.085M
YoY Change -16.59% -9.94%
Operating Profit $343.7K -$405.3K
YoY Change -184.8% -175.15%
Interest Expense $166.2K $114.2K
YoY Change 45.43% 33.74%
% of Operating Profit 48.34%
Other Income/Expense, Net -$162.7K -$110.9K
YoY Change 46.72% 4.28%
Pretax Income $181.0K -$516.2K
YoY Change -135.06% -219.23%
Income Tax -$7.160K $46.11K
% Of Pretax Income -3.96%
Net Earnings $188.2K -$572.6K
YoY Change -132.86% -295.76%
Net Earnings / Revenue 1.11% -2.76%
Basic Earnings Per Share
Diluted Earnings Per Share $26.69K -$91.79K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.770M $560.0K
YoY Change 216.07% 19.15%
Cash & Equivalents $1.773M $556.1K
Short-Term Investments
Other Short-Term Assets $450.0K $2.560M
YoY Change -82.42% 16.36%
Inventory $14.94M $18.62M
Prepaid Expenses
Receivables $9.046M $10.81M
Other Receivables $70.00K $490.0K
Total Short-Term Assets $26.29M $33.04M
YoY Change -20.44% -0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $13.85M $13.98M
YoY Change -0.95% 5.26%
Goodwill
YoY Change
Intangibles $589.7K $517.4K
YoY Change 13.97%
Long-Term Investments
YoY Change
Other Assets $392.6K $1.286M
YoY Change -69.47% 221.46%
Total Long-Term Assets $14.83M $15.99M
YoY Change -7.3% 13.44%
TOTAL ASSETS
Total Short-Term Assets $26.29M $33.04M
Total Long-Term Assets $14.83M $15.99M
Total Assets $41.11M $49.03M
YoY Change -16.15% 3.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.910M $5.890M
YoY Change -50.59% 32.36%
Accrued Expenses $1.250M $1.410M
YoY Change -11.35% -32.54%
Deferred Revenue
YoY Change
Short-Term Debt $400.0K $0.00
YoY Change
Long-Term Debt Due $291.0K $278.0K
YoY Change 4.7% 2.95%
Total Short-Term Liabilities $4.853M $7.603M
YoY Change -36.17% 11.8%
LONG-TERM LIABILITIES
Long-Term Debt $6.726M $7.017M
YoY Change -4.15% -31.81%
Other Long-Term Liabilities $121.2K $546.6K
YoY Change -77.83% -17.19%
Total Long-Term Liabilities $6.847M $7.564M
YoY Change -9.47% -30.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.853M $7.603M
Total Long-Term Liabilities $6.847M $7.564M
Total Liabilities $17.20M $20.23M
YoY Change -14.97% 17.47%
SHAREHOLDERS EQUITY
Retained Earnings $12.96M $19.37M
YoY Change -33.09%
Common Stock $10.95M $10.16M
YoY Change 7.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.91M $29.54M
YoY Change
Total Liabilities & Shareholders Equity $41.11M $49.03M
YoY Change -16.15% 3.64%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $188.2K -$572.6K
YoY Change -132.86% -295.76%
Depreciation, Depletion And Amortization $490.0K $510.0K
YoY Change -3.92% 8.51%
Cash From Operating Activities $1.390M $670.0K
YoY Change 107.46% -54.11%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$960.0K
YoY Change -91.67% -2.04%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00
YoY Change
Cash From Investing Activities -$80.00K -$950.0K
YoY Change -91.58% -3.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 180.0K
YoY Change -211.11% -160.0%
NET CHANGE
Cash From Operating Activities 1.390M 670.0K
Cash From Investing Activities -80.00K -950.0K
Cash From Financing Activities -200.0K 180.0K
Net Change In Cash 1.110M -100.0K
YoY Change -1210.0% -155.56%
FREE CASH FLOW
Cash From Operating Activities $1.390M $670.0K
Capital Expenditures -$80.00K -$960.0K
Free Cash Flow $1.470M $1.630M
YoY Change -9.82% -33.2%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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occ Royalty Revenue Expense
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Cost Of Goods Sold
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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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"><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) 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; In May 2016, the FASB issued Accounting Standards Update 2016-12, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic 606) &#x2013; Narrow-Scope Improvements and Practical Expedients</div> (&#x201c;ASU 2016-12&#x201d;). The amendments in ASU 2016-12 address the areas of collectability, presentation of sales tax and other similar taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. The update also amends the disclosure requirements within ASU 2014-09 for entities that retrospectively apply the guidance. The amendments in ASU 2016-08, ASU 2016-10 and ASU 2016-12 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; 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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us-gaap Increase Decrease In Inventories
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