2017 Q1 Form 10-Q Financial Statement

#000008042017000009 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $104.7M $152.3M
YoY Change -31.27% -10.52%
Cost Of Revenue $88.86M $122.2M
YoY Change -27.27% -16.26%
Gross Profit $15.82M $30.09M
YoY Change -47.42% 23.84%
Gross Profit Margin 15.11% 19.76%
Selling, General & Admin $15.99M $19.02M
YoY Change -15.93% -2.44%
% of Gross Profit 101.09% 63.22%
Research & Development $1.623M $1.959M
YoY Change -17.15% 22.44%
% of Gross Profit 10.26% 6.51%
Depreciation & Amortization $3.100M $3.400M
YoY Change -8.82% 0.0%
% of Gross Profit 19.59% 11.3%
Operating Expenses $17.62M $20.98M
YoY Change -16.04% -1.02%
Operating Profit -$2.723M $5.766M
YoY Change -147.23% 85.94%
Interest Expense $47.00K $50.00K
YoY Change -6.0% -50.0%
% of Operating Profit 0.87%
Other Income/Expense, Net $507.0K $507.0K
YoY Change 0.0% -43.67%
Pretax Income -$2.174M $6.294M
YoY Change -134.54% 133.11%
Income Tax -$1.345M $727.0K
% Of Pretax Income 11.55%
Net Earnings -$829.0K $5.567M
YoY Change -114.89% -251.15%
Net Earnings / Revenue -0.79% 3.66%
Basic Earnings Per Share -$0.07 $0.49
Diluted Earnings Per Share -$0.07 $0.49
COMMON SHARES
Basic Shares Outstanding 11.45M shares 11.37M shares
Diluted Shares Outstanding 11.45M shares 11.42M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.3M $57.40M
YoY Change 88.68% 3.05%
Cash & Equivalents $93.47M $57.36M
Short-Term Investments $14.90M
Other Short-Term Assets $2.834M $9.700M
YoY Change -70.78% -24.81%
Inventory $20.36M $30.23M
Prepaid Expenses $2.723M
Receivables $66.75M $103.4M
Other Receivables $4.100M $2.600M
Total Short-Term Assets $266.0M $293.2M
YoY Change -9.28% -10.03%
LONG-TERM ASSETS
Property, Plant & Equipment $139.4M $150.7M
YoY Change -7.49% -6.86%
Goodwill $1.003M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.65M $10.63M
YoY Change 19.07% -22.99%
Total Long-Term Assets $154.0M $167.6M
YoY Change -8.12% -7.17%
TOTAL ASSETS
Total Short-Term Assets $266.0M $293.2M
Total Long-Term Assets $154.0M $167.6M
Total Assets $420.0M $460.8M
YoY Change -8.85% -9.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.67M $42.84M
YoY Change -35.4% -19.63%
Accrued Expenses $16.40M $25.70M
YoY Change -36.19% 7.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $83.91M $117.7M
YoY Change -28.71% -21.17%
LONG-TERM LIABILITIES
Long-Term Debt $1.600M $2.000M
YoY Change -20.0% -16.67%
Other Long-Term Liabilities $1.510M $780.0K
YoY Change 93.59% -91.96%
Total Long-Term Liabilities $3.110M $2.780M
YoY Change 11.87% -77.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.91M $117.7M
Total Long-Term Liabilities $3.110M $2.780M
Total Liabilities $92.01M $127.7M
YoY Change -27.95% -20.83%
SHAREHOLDERS EQUITY
Retained Earnings $324.9M $327.5M
YoY Change -0.79%
Common Stock $53.43M $50.82M
YoY Change 5.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change 0.0%
Treasury Stock Shares 806.0K shares $806.0K
Shareholders Equity $328.0M $333.0M
YoY Change
Total Liabilities & Shareholders Equity $420.0M $460.8M
YoY Change -8.86% -9.0%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$829.0K $5.567M
YoY Change -114.89% -251.15%
Depreciation, Depletion And Amortization $3.100M $3.400M
YoY Change -8.82% 0.0%
Cash From Operating Activities $16.30M $1.100M
YoY Change 1381.82% -94.09%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$500.0K
YoY Change 60.0% -94.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$800.0K -$500.0K
YoY Change 60.0% -94.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.900M -3.000M
YoY Change -3.33% -66.67%
NET CHANGE
Cash From Operating Activities 16.30M 1.100M
Cash From Investing Activities -800.0K -500.0K
Cash From Financing Activities -2.900M -3.000M
Net Change In Cash 12.60M -2.400M
YoY Change -625.0% 2300.0%
FREE CASH FLOW
Cash From Operating Activities $16.30M $1.100M
Capital Expenditures -$800.0K -$500.0K
Free Cash Flow $17.10M $1.600M
YoY Change 968.75% -94.35%

Facts In Submission

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CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2723000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4979000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8212000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4425000 USD
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
2000000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2000000 USD
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1600000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
400000 USD
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
400000 USD
CY2016Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
400000 USD
CY2017Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
400000 USD
CY2016Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2000000 USD
CY2017Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1600000 USD
CY2017Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1600000 USD
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
2700000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-10869000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6732000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1087000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16576000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
25208000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
19670000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
5567000 USD
us-gaap Net Income Loss
NetIncomeLoss
5108000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-829000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12654000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4552000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2014000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
886000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1725000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1466000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1510000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
507000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1015000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
507000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1015000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3740000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5921000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5934000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
808000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
398000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
14874000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1126000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1702000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4569000 USD
CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2723000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
39000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4930000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
5105000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4787000 USD
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4639000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4230000 USD
CY2017Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3649000 USD
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1175000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2275000 USD
CY2017Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
944000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1669000 USD
CY2016Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
832000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2158000 USD
CY2017Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
349000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
719000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
144977000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139417000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
92000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
339000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-97000 USD
CY2016Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1439046000 USD
CY2017Q1 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1016511000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1959000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3813000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1623000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3092000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
3300000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
3259000 USD
us-gaap Restructuring Charges
RestructuringCharges
7056000 USD
us-gaap Restructuring Charges
RestructuringCharges
7100000 USD
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
840000 USD
us-gaap Restructuring Charges
RestructuringCharges
840000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
331959000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
324897000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19024000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
38425000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15994000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31692000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3118000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1820000 USD
CY2017Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
34.24
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
14874000 USD
CY2016Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-25000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
26000 USD
CY2017Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-14000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
40000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
17000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
335317000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
327952000 USD
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
806018 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
806018 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
24999000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
24999000 USD
CY2016Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
22132000 USD
CY2017Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
24079000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
800000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
300000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11422000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11415000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11445000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11441000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11369000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11382000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11445000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11441000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, provision for excess and obsolete inventory, self-insurance, warranty accruals, liquidated damages and income taxes. The amounts recorded for insurance claims, warranties, legal, liquidated damages, income taxes and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability. Estimates may change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our estimates.</font></div></div>

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