2017 Q1 Form 10-Q Financial Statement

#000131539917000004 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $11.10M $10.34M
YoY Change 7.3% 10.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $69.00K $78.00K
YoY Change -11.54% -1.27%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.841M $1.589M
YoY Change 15.86% 18.23%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.462M $4.534M
YoY Change 20.47% 9.86%
Income Tax $2.004M $1.546M
% Of Pretax Income 36.69% 34.1%
Net Earnings $3.459M $2.608M
YoY Change 32.63% 4.32%
Net Earnings / Revenue 31.17% 25.22%
Basic Earnings Per Share $0.42 $0.34
Diluted Earnings Per Share $0.35 $0.29
COMMON SHARES
Basic Shares Outstanding 7.565M shares 6.843M shares
Diluted Shares Outstanding 9.902M shares 8.938M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.27M $70.92M
YoY Change 20.23%
Cash & Equivalents $39.73M $26.94M
Short-Term Investments $45.54M $43.98M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.176M $4.639M
YoY Change 11.58% 5.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.40M $10.70M
YoY Change -2.8% 1.9%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.016B $926.7M
YoY Change 9.67% 8.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $500.0K
YoY Change 20.0% 25.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $600.0K $500.0K
YoY Change 20.0% 25.0%
LONG-TERM LIABILITIES
Long-Term Debt $13.40M $13.40M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $6.000M $5.500M
YoY Change 9.09% -15.38%
Total Long-Term Liabilities $19.40M $18.90M
YoY Change 2.65% -5.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $600.0K $500.0K
Total Long-Term Liabilities $19.40M $18.90M
Total Liabilities $886.7M $812.0M
YoY Change 9.2% 8.39%
SHAREHOLDERS EQUITY
Retained Earnings $49.96M $42.39M
YoY Change 17.85%
Common Stock $716.0K $650.0K
YoY Change 10.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.015M $3.015M
YoY Change 0.0%
Treasury Stock Shares 284.5K shares 280.6K shares
Shareholders Equity $129.7M $114.2M
YoY Change
Total Liabilities & Shareholders Equity $1.016B $926.7M
YoY Change 9.67% 8.57%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $3.459M $2.608M
YoY Change 32.63% 4.32%
Depreciation, Depletion And Amortization $69.00K $78.00K
YoY Change -11.54% -1.27%
Cash From Operating Activities $2.955M $992.0K
YoY Change 197.88% -45.49%
INVESTING ACTIVITIES
Capital Expenditures $48.00K $126.0K
YoY Change -61.9% 563.16%
Acquisitions
YoY Change
Other Investing Activities -$31.45M -$43.37M
YoY Change -27.48% 48.53%
Cash From Investing Activities -$31.50M -$43.50M
YoY Change -27.59% 48.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $4.000K
YoY Change -100.0% -98.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.446M $42.02M
YoY Change -105.82% 35.82%
NET CHANGE
Cash From Operating Activities $2.955M $992.0K
Cash From Investing Activities -$31.50M -$43.50M
Cash From Financing Activities -$2.446M $42.02M
Net Change In Cash -$30.99M -$486.0K
YoY Change 6276.54% -113.73%
FREE CASH FLOW
Cash From Operating Activities $2.955M $992.0K
Capital Expenditures $48.00K $126.0K
Free Cash Flow $2.907M $866.0K
YoY Change 235.68% -51.92%

Facts In Submission

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3160000 USD
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1999-01-28
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375000 USD
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46000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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31000 USD
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623000 USD
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67000 USD
CY2016Q1 us-gaap Other Interest And Dividend Income
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356000 USD
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CY2016Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
0 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
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CY2016Q1 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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33800000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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4000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
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738000 USD
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987000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
126000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48000 USD
CY2016Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
300000 USD
CY2017Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
299000 USD
CY2016Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
1000
CY2017Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
1000
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CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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PreferredStockValue
20000000 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
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1597000 USD
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5000000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
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ProceedsFromRepurchaseOfRedeemablePreferredStock
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CY2017Q1 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
CY2016Q1 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
ProceedsFromSaleAndCollectionOfLoansHeldforsale
13409000 USD
CY2017Q1 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
ProceedsFromSaleAndCollectionOfLoansHeldforsale
0 USD
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CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
171000 USD
CY2016Q1 us-gaap Professional Fees
ProfessionalFees
457000 USD
CY2017Q1 us-gaap Professional Fees
ProfessionalFees
365000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
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CY2017Q1 us-gaap Profit Loss
ProfitLoss
3458000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5197000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5176000 USD
CY2016Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
700000 USD
CY2017Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
500000 USD
CY2016Q4 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
4658000 USD
CY2017Q1 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
4658000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
47483000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
49955000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
18000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
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CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
163000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
127090000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
129699000 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2095177 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6843076 shares
CY2016Q4 us-gaap Subordinated Debt
SubordinatedDebt
13403000 USD
CY2017Q1 us-gaap Subordinated Debt
SubordinatedDebt
13403000 USD
CY2016Q1 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
511000 USD
CY2017Q1 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
59000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
284522 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
284522 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3015000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3015000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2134311 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8938253 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9011226 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6876915 shares
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates:</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the allowance for loan losses, other than temporary impairment losses on investment securities, the valuation of deferred income taxes, servicing assets and carrying value of OREO.</font></div></div>

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