2015 Q2 Form 10-Q Financial Statement

#000143774915014563 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $23.21M $24.61M
YoY Change -5.69% -0.69%
Cost Of Revenue $9.888M $8.847M
YoY Change 11.77% -9.17%
Gross Profit $13.32M $15.76M
YoY Change -15.49% 4.81%
Gross Profit Margin 57.4% 64.05%
Selling, General & Admin $5.216M $4.661M
YoY Change 11.91% 5.93%
% of Gross Profit 39.15% 29.57%
Research & Development $4.437M $3.337M
YoY Change 32.96% 4.94%
% of Gross Profit 33.31% 21.17%
Depreciation & Amortization $630.0K $490.0K
YoY Change 28.57% 44.12%
% of Gross Profit 4.73% 3.11%
Operating Expenses $9.653M $8.010M
YoY Change 20.51% 5.26%
Operating Profit $3.669M $7.753M
YoY Change -52.68% 4.35%
Interest Expense $50.00K -$30.00K
YoY Change -266.67% -62.5%
% of Operating Profit 1.36% -0.39%
Other Income/Expense, Net $52.00K -$27.00K
YoY Change -292.59%
Pretax Income $3.721M $7.726M
YoY Change -51.84% 5.26%
Income Tax $1.572M $3.030M
% Of Pretax Income 42.25% 39.22%
Net Earnings $2.149M $4.696M
YoY Change -54.24% 3.21%
Net Earnings / Revenue 9.26% 19.08%
Basic Earnings Per Share $0.07 $0.15
Diluted Earnings Per Share $0.07 $0.15
COMMON SHARES
Basic Shares Outstanding 31.52M 30.59M
Diluted Shares Outstanding 32.40M 31.88M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.7M $106.9M
YoY Change 23.2% 39.19%
Cash & Equivalents $131.7M $106.9M
Short-Term Investments
Other Short-Term Assets $8.000M $9.500M
YoY Change -15.79% -8.65%
Inventory
Prepaid Expenses
Receivables $30.95M $30.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $170.6M $147.1M
YoY Change 16.0% 29.26%
LONG-TERM ASSETS
Property, Plant & Equipment $10.36M $8.500M
YoY Change 21.84% 46.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.460M $9.800M
YoY Change -64.69% -26.87%
Total Long-Term Assets $10.36M $18.30M
YoY Change -43.41% -5.18%
TOTAL ASSETS
Total Short-Term Assets $170.6M $147.1M
Total Long-Term Assets $10.36M $18.30M
Total Assets $191.8M $165.4M
YoY Change 15.97% 24.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.898M $900.0K
YoY Change 110.89% -10.0%
Accrued Expenses $2.073M $7.700M
YoY Change -73.08% -13.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.14M $12.20M
YoY Change 15.92% -8.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.900M $3.400M
YoY Change -14.71% 3.03%
Total Long-Term Liabilities $2.886M $3.400M
YoY Change -15.12% 3.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.14M $12.20M
Total Long-Term Liabilities $2.886M $3.400M
Total Liabilities $17.03M $15.60M
YoY Change 9.15% -6.02%
SHAREHOLDERS EQUITY
Retained Earnings -$44.07M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.67M
YoY Change
Treasury Stock Shares $5.525M
Shareholders Equity $174.8M $149.8M
YoY Change
Total Liabilities & Shareholders Equity $191.8M $165.4M
YoY Change 15.97% 24.27%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $2.149M $4.696M
YoY Change -54.24% 3.21%
Depreciation, Depletion And Amortization $630.0K $490.0K
YoY Change 28.57% 44.12%
Cash From Operating Activities $1.170M $6.260M
YoY Change -81.31% -55.13%
INVESTING ACTIVITIES
Capital Expenditures -$1.240M -$1.020M
YoY Change 21.57% -23.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 $140.0K
YoY Change -100.0%
Cash From Investing Activities -$1.240M -$880.0K
YoY Change 40.91% -33.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K 520.0K
YoY Change -121.15% -45.26%
NET CHANGE
Cash From Operating Activities 1.170M 6.260M
Cash From Investing Activities -1.240M -880.0K
Cash From Financing Activities -110.0K 520.0K
Net Change In Cash -180.0K 5.900M
YoY Change -103.05% -56.52%
FREE CASH FLOW
Cash From Operating Activities $1.170M $6.260M
Capital Expenditures -$1.240M -$1.020M
Free Cash Flow $2.410M $7.280M
YoY Change -66.9% -52.36%

Facts In Submission

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OperatingLeasesRentExpenseNet
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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PreferredStockParOrStatedValuePerShare
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CY2015Q2 us-gaap Preferred Stock Shares Authorized
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
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CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
135000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4764000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2398000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22672000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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ResearchAndDevelopmentExpense
4437000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3337000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
us-gaap Restructuring Charges
RestructuringCharges
us-gaap Restructuring Charges
RestructuringCharges
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CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q2 us-gaap Revenues
Revenues
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CY2014Q2 us-gaap Revenues
Revenues
24610000
us-gaap Revenues
Revenues
50027000
us-gaap Revenues
Revenues
51696000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5216000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4661000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9672000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8990000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
4034000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
-2000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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26000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2352000
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13036000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y47D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y178D
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1748000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.65
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.71
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
14614000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1736000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.67
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.76
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.70
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.85
CY2015Q2 us-gaap Share Price
SharePrice
16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y171D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
900000
CY2015Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0
CY2014Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
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us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
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us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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52000
us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
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25000000
CY2015Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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19400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Stock Repurchased During Period Value
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CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q2 us-gaap Treasury Stock Shares
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CY2014Q4 us-gaap Treasury Stock Value
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CY2015Q2 us-gaap Unbilled Receivables Current
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us-gaap Unrealized Gain Loss On Derivatives
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CY2015Q2 us-gaap Unrecognized Tax Benefits
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CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6200000
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6300000
us-gaap Use Of Estimates
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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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Use of Estimates</div> &nbsp;&#x2014;&nbsp;&nbsp;The preparation of financial statements in conformity with generally accepted accounting principles in the United States (&#x201c;U.S. GAAP&#x201d;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include revenue recognition for fixed-price solution implementation service contracts, stock-based compensation expense and accounting for income taxes. Actual results could differ from those estimates.</div></div></div></div></div></div>
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
878000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1292000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
916000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1390000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32400000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31882000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32345000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31923000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31522000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30590000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31429000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30533000

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