2013 Q3 Form 10-Q Financial Statement

#000119312513330908 Filed on August 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $5.613M $5.310M $6.310M
YoY Change -6.18% -15.86%
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 $280.0K $300.0K $320.0K
YoY Change -6.67% -6.25% -5.88%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.082M $1.277M $1.927M
YoY Change -38.17% -33.75%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.370M -$3.912M $345.3K
YoY Change -13248.12% -1232.94% -104.81%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.370M -$3.912M $345.3K
YoY Change -13248.12% -1232.94% -104.81%
Net Earnings / Revenue -42.22% -73.67% 5.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$617.2K -$1.008M $91.15K
COMMON SHARES
Basic Shares Outstanding 38.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.79M $73.91M
YoY Change
Cash & Equivalents $23.34M $25.09M $62.89M
Short-Term Investments $47.46M $48.82M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.086M $6.420M $4.700M
YoY Change 29.48% 36.6% 11.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $535.9M $568.8M $644.3M
YoY Change -12.91% -11.72% -0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.900M $4.800M $5.200M
YoY Change -22.0% -7.69% -27.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $7.000M
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.900M $4.800M $5.200M
YoY Change -22.0% -7.69% -27.78%
LONG-TERM LIABILITIES
Long-Term Debt $8.200M $8.200M $8.200M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.200M $8.200M $8.200M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.900M $4.800M $5.200M
Total Long-Term Liabilities $8.200M $8.200M $8.200M
Total Liabilities $495.3M $525.7M $592.5M
YoY Change -12.21% -11.28% -0.74%
SHAREHOLDERS EQUITY
Retained Earnings -$63.63M -$61.26M
YoY Change
Common Stock $105.8M $105.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $160.0K $160.0K
YoY Change
Treasury Stock Shares 11.71K shares 11.71K shares
Shareholders Equity $40.56M $43.14M $51.76M
YoY Change
Total Liabilities & Shareholders Equity $535.9M $568.8M $644.3M
YoY Change -12.91% -11.72% -0.6%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$2.370M -$3.912M $345.3K
YoY Change -13248.12% -1232.94% -104.81%
Depreciation, Depletion And Amortization $280.0K $300.0K $320.0K
YoY Change -6.67% -6.25% -5.88%
Cash From Operating Activities $9.620M -$7.220M -$120.0K
YoY Change -157.88% 5916.67% -103.56%
INVESTING ACTIVITIES
Capital Expenditures $60.00K -$2.550M -$180.0K
YoY Change -120.69% 1316.67% -21.74%
Acquisitions
YoY Change
Other Investing Activities $18.09M $9.130M -$13.29M
YoY Change -32.27% -168.7% -65.8%
Cash From Investing Activities $18.14M $6.590M -$13.47M
YoY Change -31.34% -148.92% -65.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.52M -36.04M -27.49M
YoY Change 4.87% 31.1% -51.58%
NET CHANGE
Cash From Operating Activities 9.620M -7.220M -120.0K
Cash From Investing Activities 18.14M 6.590M -13.47M
Cash From Financing Activities -29.52M -36.04M -27.49M
Net Change In Cash -1.760M -36.67M -41.08M
YoY Change -90.41% -10.74% -55.58%
FREE CASH FLOW
Cash From Operating Activities $9.620M -$7.220M -$120.0K
Capital Expenditures $60.00K -$2.550M -$180.0K
Free Cash Flow $9.560M -$4.670M $60.00K
YoY Change -158.54% -7883.33% -98.33%

Facts In Submission

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<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: normal; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="10%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>Note&#xA0;1:</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>Basis of Financial Statement Presentation</b></font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The Consolidated Balance Sheet at December&#xA0;31,&#xA0;2012 has been derived from the audited financial statements of Patriot National Bancorp, Inc. (&#x201C;Bancorp&#x201D; or &#x201C;the Company&#x201D;) at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The accompanying unaudited financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying consolidated financial statements and related notes should be read in conjunction with the audited financial statements of Bancorp and notes thereto for the year ended December&#xA0;31,&#xA0;2012.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The information furnished reflects, in the opinion of management, all normal recurring adjustments necessary for a fair presentation of the results for the interim periods presented. The results of operations for the six months ended June&#xA0;30,&#xA0;2013 are not necessarily indicative of the results of operations that may be expected for the remainder of 2013.</font></p> </div>
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