2023 Q3 Form 10-Q Financial Statement
#000143774923019555 Filed on July 07, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
|---|---|---|---|
| Revenue | $12.48M | $15.55M | $12.78M |
| YoY Change | -10.05% | 21.65% | -5.97% |
| Cost Of Revenue | $8.402M | $10.72M | $8.691M |
| YoY Change | -14.17% | 23.32% | 7.01% |
| Gross Profit | $4.079M | $4.833M | $4.092M |
| YoY Change | -0.17% | 18.11% | -25.22% |
| Gross Profit Margin | 32.68% | 31.08% | 32.01% |
| Selling, General & Admin | $1.853M | $2.615M | $1.633M |
| YoY Change | 6.99% | 60.13% | -0.91% |
| % of Gross Profit | 45.43% | 54.11% | 39.91% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $339.0K | $305.0K | $260.0K |
| YoY Change | 29.89% | 17.31% | 20.37% |
| % of Gross Profit | 8.31% | 6.31% | 6.35% |
| Operating Expenses | $1.853M | $2.615M | $1.633M |
| YoY Change | 6.99% | 60.13% | -0.91% |
| Operating Profit | $2.226M | $2.218M | $2.459M |
| YoY Change | -5.44% | -9.8% | -35.46% |
| Interest Expense | $139.0K | $324.0K | $133.0K |
| YoY Change | -37.1% | 143.61% | 13.68% |
| % of Operating Profit | 6.24% | 14.61% | 5.41% |
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $2.365M | $2.542M | $2.592M |
| YoY Change | -8.16% | -1.93% | -34.0% |
| Income Tax | $619.0K | $688.0K | $682.0K |
| % Of Pretax Income | 26.17% | 27.07% | 26.31% |
| Net Earnings | $1.746M | $1.854M | $1.910M |
| YoY Change | -7.37% | -2.93% | -30.42% |
| Net Earnings / Revenue | 13.99% | 11.92% | 14.94% |
| Basic Earnings Per Share | $0.09 | $0.09 | $0.09 |
| Diluted Earnings Per Share | $0.09 | $0.09 | $0.09 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 20.25M | 20.47M | 20.46M |
| Diluted Shares Outstanding | 20.34M | 20.53M | 20.50M |
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $74.21M | $81.11M | $107.3M |
| YoY Change | -27.57% | -24.43% | -8.12% |
| Cash & Equivalents | $7.363M | $5.836M | $4.333M |
| Short-Term Investments | $66.85M | $75.27M | $103.0M |
| Other Short-Term Assets | $2.587M | $2.691M | $3.862M |
| YoY Change | -34.79% | -30.32% | 11.1% |
| Inventory | $8.457M | $7.911M | $6.649M |
| Prepaid Expenses | |||
| Receivables | $9.374M | $11.60M | $8.957M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $94.63M | $103.3M | $126.8M |
| YoY Change | -23.83% | -18.52% | -4.65% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $23.98M | $24.25M | $24.16M |
| YoY Change | -1.95% | 0.36% | 7.42% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $101.0K | $105.0K | $119.0K |
| YoY Change | -12.93% | -11.76% | -16.2% |
| Total Long-Term Assets | $33.99M | $34.14M | $34.26M |
| YoY Change | -1.6% | -0.36% | 5.32% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $94.63M | $103.3M | $126.8M |
| Total Long-Term Assets | $33.99M | $34.14M | $34.26M |
| Total Assets | $128.6M | $137.4M | $161.1M |
| YoY Change | -18.99% | -14.66% | -2.69% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.535M | $3.859M | $3.180M |
| YoY Change | -45.18% | 21.35% | -4.22% |
| Accrued Expenses | $1.167M | $2.037M | $1.333M |
| YoY Change | 8.86% | 52.81% | -16.06% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $6.788M | $9.798M | $7.313M |
| YoY Change | -4.96% | 33.98% | -31.45% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $1.812M | $11.16M | $4.531M |
| YoY Change | -59.25% | 146.19% | 1.93% |
| Total Long-Term Liabilities | $1.812M | $11.16M | $4.531M |
| YoY Change | -59.25% | 146.19% | 1.93% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $6.788M | $9.798M | $7.313M |
| Total Long-Term Liabilities | $1.812M | $11.16M | $4.531M |
| Total Liabilities | $15.91M | $22.95M | $26.41M |
| YoY Change | -35.65% | -13.09% | -8.11% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$44.18M | -$43.40M | -$24.90M |
| YoY Change | 76.28% | 74.27% | 2.25% |
| Common Stock | $2.096M | $2.096M | $2.096M |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $12.04M | $10.83M | $9.397M |
| YoY Change | 31.45% | 15.2% | -12.94% |
| Treasury Stock Shares | |||
| Shareholders Equity | $112.7M | $114.5M | $134.6M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $128.6M | $137.4M | $161.1M |
| YoY Change | -18.99% | -14.66% | -2.69% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $1.746M | $1.854M | $1.910M |
| YoY Change | -7.37% | -2.93% | -30.42% |
| Depreciation, Depletion And Amortization | $339.0K | $305.0K | $260.0K |
| YoY Change | 29.89% | 17.31% | 20.37% |
| Cash From Operating Activities | -$2.762M | $117.0K | $44.00K |
| YoY Change | 58.1% | 165.91% | -98.94% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $207.0K | $167.0K | $88.00K |
| YoY Change | -137.23% | 89.77% | -94.42% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $8.238M | $26.35M | -$6.388M |
| YoY Change | 121.87% | -512.46% | 127.01% |
| Cash From Investing Activities | $8.031M | $26.18M | -$6.476M |
| YoY Change | 154.39% | -504.28% | 47.48% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -3.742M | -24.70M | -$2.046M |
| YoY Change | 96.22% | 1107.18% | 0.39% |
| NET CHANGE | |||
| Cash From Operating Activities | -2.762M | 117.0K | $44.00K |
| Cash From Investing Activities | 8.031M | 26.18M | -$6.476M |
| Cash From Financing Activities | -3.742M | -24.70M | -$2.046M |
| Net Change In Cash | 1.527M | 1.599M | -$8.478M |
| YoY Change | -407.24% | -118.86% | 269.25% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$2.762M | $117.0K | $44.00K |
| Capital Expenditures | $207.0K | $167.0K | $88.00K |
| Free Cash Flow | -$2.969M | -$50.00K | -$44.00K |
| YoY Change | 149.29% | 13.64% | -101.72% |
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| CY2023Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
118000 | usd |
| CY2023Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
171000 | usd |
| CY2023Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P7Y9M18D | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
|
109000 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
670425 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
11.80 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
838000000 | usd |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
133300 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
13.08 | |
| CY2023Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
-0 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
900 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
11.81 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
802825 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
12.01 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
|
P6Y3M10D | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
835000000 | usd |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
482263 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
11.81 | |
| CY2023Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P4Y5M26D | |
| CY2023Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
598000000 | usd |
| CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1854000 | usd |
| CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1910000 | usd |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
20461000 | |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
20458000 | |
| CY2023Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
65000 | |
| CY2022Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
46000 | |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
20526000 | |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
20504000 | |
| CY2023Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.09 | |
| CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.09 | |
| CY2023Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.09 | |
| CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.09 | |
| CY2022Q2 | us-gaap |
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
|
1500000 | |
| CY2023Q2 | us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
129654 | |
| CY2022Q2 | us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
0 | |
| CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
688000 | usd |
| CY2023Q2 | pke |
Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
|
37000 | usd |
| CY2022Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
682000 | usd |
| CY2022Q2 | pke |
Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
|
28000 | usd |
| CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.271 | pure |
| CY2022Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.263 | pure |
| CY2023Q2 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
| CY2022Q2 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
| CY2023Q2 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
25000000 | usd |
| CY2023Q2 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
15551000 | usd |
| CY2022Q2 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
12783000 | usd |
| CY2023Q2 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 27pt;"> <p style="margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>11. </b></p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>CONTINGENCIES</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration: underline; ">Litigation</span></i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is subject to a small number of immaterial proceedings, lawsuits and other claims related to environmental, employment, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes in these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the liquidity, capital resources, business, consolidated results of operations or financial position of the Company.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration: underline; ">Environmental Contingencies</span></i><i> </i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the “EPA”) or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the “Superfund Act”) or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at three sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company’s subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its sub‐sidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The insurance carriers which provided general liability insurance coverage to the Company and its subsidiaries for the years dur‐ing which the Company’s subsidiaries’ waste was disposed at these three sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with <span style="-sec-ix-hidden:c689">two</span> of these sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company does <span style="-sec-ix-hidden:c690">not</span> record environmental liabilities and related legal expenses for which the Company believes that it and its subsidiaries have general liability insurance coverage for the years during which the Company’s subsidiaries’ waste was disposed at <span style="-sec-ix-hidden:c691">two</span> sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, <span style="-sec-ix-hidden:c692">three</span> insurance carriers reimburse the Company and its subsidiaries for 100% of the legal defense and remediation costs associated with the two sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental mat‐ters described above. The Company accrues estimated costs asso‐ciated with known environmental matters when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters will not have a material adverse effect on the Company’s results of operations, cash flows or financial position.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> | |
| CY2023Q2 | pke |
Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers
PercentageOfLegalDefenseAndRemediationCostsAssociatedWithSitesReimbursedByInsuranceCarriers
|
1 | pure |
