2019 Q1 Form 10-Q Financial Statement

#000131539919000005 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $18.36M $13.51M
YoY Change 35.9% 21.73%
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 $98.00K $91.00K
YoY Change 7.69% 31.88%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $4.925M $2.484M
YoY Change 98.27% 34.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.491M $7.595M
YoY Change 24.96% 39.05%
Income Tax $2.316M $1.835M
% Of Pretax Income 24.4% 24.16%
Net Earnings $7.061M $5.760M
YoY Change 22.59% 66.52%
Net Earnings / Revenue 38.46% 42.64%
Basic Earnings Per Share $0.60 $0.63
Diluted Earnings Per Share $0.59 $0.53
COMMON SHARES
Basic Shares Outstanding 11.82M shares 8.822M shares
Diluted Shares Outstanding 12.00M shares 10.91M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.2M $83.68M
YoY Change 163.15% -1.86%
Cash & Equivalents $188.5M $46.71M
Short-Term Investments $31.69M $36.98M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.865M $7.008M
YoY Change -2.04% 35.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.400M $6.600M
YoY Change -3.03% -36.54%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.558B $1.167B
YoY Change 33.52% 14.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $700.0K
YoY Change 157.14% 16.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.800M $700.0K
YoY Change 157.14% 16.67%
LONG-TERM LIABILITIES
Long-Term Debt $13.40M $13.40M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $11.90M $7.100M
YoY Change 67.61% 18.33%
Total Long-Term Liabilities $25.30M $20.50M
YoY Change 23.41% 5.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.800M $700.0K
Total Long-Term Liabilities $25.30M $20.50M
Total Liabilities $1.397B $1.028B
YoY Change 35.89% 15.95%
SHAREHOLDERS EQUITY
Retained Earnings $47.62M $43.74M
YoY Change 8.87% -12.44%
Common Stock $1.104M $831.0K
YoY Change 32.85% 16.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.015M $3.015M
YoY Change 0.0% 0.0%
Treasury Stock Shares 284.5K shares 284.5K shares
Shareholders Equity $159.6M $138.9M
YoY Change
Total Liabilities & Shareholders Equity $1.558B $1.167B
YoY Change 33.52% 14.82%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $7.061M $5.760M
YoY Change 22.59% 66.52%
Depreciation, Depletion And Amortization $98.00K $91.00K
YoY Change 7.69% 31.88%
Cash From Operating Activities $10.63M $6.597M
YoY Change 61.19% 123.25%
INVESTING ACTIVITIES
Capital Expenditures $180.0K $74.00K
YoY Change 143.24% 54.17%
Acquisitions
YoY Change
Other Investing Activities -$56.36M -$26.60M
YoY Change 111.88% -15.42%
Cash From Investing Activities -$56.54M -$26.67M
YoY Change 112.0% -15.32%
FINANCING ACTIVITIES
Cash Dividend Paid $1.500M $1.201M
YoY Change 24.9%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $79.96M $24.67M
YoY Change 224.15% -1108.46%
NET CHANGE
Cash From Operating Activities $10.63M $6.597M
Cash From Investing Activities -$56.54M -$26.67M
Cash From Financing Activities $79.96M $24.67M
Net Change In Cash $34.05M $4.592M
YoY Change 641.44% -114.82%
FREE CASH FLOW
Cash From Operating Activities $10.63M $6.597M
Capital Expenditures $180.0K $74.00K
Free Cash Flow $10.45M $6.523M
YoY Change 60.26% 124.39%

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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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1999-01-28
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0 USD
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0 USD
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119000 USD
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480000 USD
CY2018Q1 us-gaap Other Interest And Dividend Income
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349000 USD
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315000 USD
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9086000 USD
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11903000 USD
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703000 USD
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837000 USD
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5124000 USD
CY2019Q1 us-gaap Other Real Estate And Foreclosed Assets
OtherRealEstateAndForeclosedAssets
5156000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
650000 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
-480000 USD
CY2018Q1 us-gaap Payments For Proceeds From Loans And Leases
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PaymentsForProceedsFromLoansAndLeases
57550000 USD
CY2018Q1 us-gaap Payments Of Dividends
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1201000 USD
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1514000 USD
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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10850 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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74000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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180000 USD
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1000 USD
CY2018Q4 us-gaap Preferred Stock Liquidation Preference
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1000
CY2019Q1 us-gaap Preferred Stock Liquidation Preference
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1000
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
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1000000 shares
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PreferredStockSharesOutstanding
1224 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
560 shares
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1224000 USD
CY2019Q1 us-gaap Preferred Stock Value
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560000 USD
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1205000 USD
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0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-12000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Debt
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CY2019Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
CY2018Q1 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
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450000 USD
CY2019Q1 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
CY2018Q1 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
ProceedsFromSaleAndCollectionOfLoansHeldforsale
2564000 USD
CY2019Q1 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
ProceedsFromSaleAndCollectionOfLoansHeldforsale
459000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1412000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1173000 USD
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ProceedsFromSaleOfOtherRealEstate
700000 USD
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ProceedsFromSaleOfOtherRealEstate
13000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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47000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Professional Fees
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374000 USD
CY2019Q1 us-gaap Professional Fees
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391000 USD
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5760000 USD
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ProfitLoss
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CY2018Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
400000 USD
CY2019Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
700000 USD
CY2018Q4 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
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CY2019Q1 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
5858000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
42079000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
47624000 USD
CY2018Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2043000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
52000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
-1000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
47000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
48000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
153557000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
159562000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
134780000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
138911000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
154996000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
155000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
161115000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
161100000 USD
CY2018Q4 us-gaap Subordinated Debt
SubordinatedDebt
13403000 USD
CY2019Q1 us-gaap Subordinated Debt
SubordinatedDebt
13403000 USD
CY2018Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
59500000 USD
CY2019Q1 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
71500000 USD
CY2018Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
290000 USD
CY2019Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
45000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
284522 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
284522 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3015000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3015000 USD
CY2018Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
105000 USD
CY2019Q1 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
96000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2085893 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
167268 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10908148 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10912164 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8822255 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10744896 shares
CY2019Q1 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, the valuation of deferred income taxes, and the carrying value of other real estate owned ("OREO").</font></div></div>

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