$PRSI
PORTSMOUTH SQUARE INC

2018 Q3 Form 10-K Financial Statement

#000114420418047600 Filed on August 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2018
Revenue $15.81M $15.13M $57.10M
YoY Change 9.51% 12.91% 5.09%
Cost Of Revenue $10.81M $8.200M $40.10M
YoY Change 2.09% -22.05% -2.26%
Gross Profit $5.000M $6.930M $17.00M
YoY Change 29.94% 140.63% 27.76%
Gross Profit Margin 31.63% 45.8% 29.77%
Selling, General & Admin $160.0K $200.0K $913.0K
YoY Change -20.0% 0.0% 43.78%
% of Gross Profit 3.2% 2.89% 5.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $558.0K $330.0K $2.274M
YoY Change -17.58% -62.07% -22.76%
% of Gross Profit 11.16% 4.76% 13.38%
Operating Expenses $760.0K $810.0K $3.422M
YoY Change -92.95% -17.35% -91.79%
Operating Profit $4.243M $6.120M $19.35M
YoY Change 41.39% 222.11% 97.28%
Interest Expense -$2.080M -$1.720M -$8.628M
YoY Change -8.77% -19.25% -3.99%
% of Operating Profit -49.02% -28.1% -44.59%
Other Income/Expense, Net -$2.131M -$50.00K -$8.903M
YoY Change -8.62% 0.0% -3.41%
Pretax Income $2.112M $10.14M $10.45M
YoY Change 215.7% -3480.0% 1667.51%
Income Tax $630.0K $200.0K $5.986M
% Of Pretax Income 29.83% 1.97% 57.3%
Net Earnings $1.321M $6.530M $3.645M
YoY Change 295.51% -4181.25% 1387.76%
Net Earnings / Revenue 8.36% 43.16% 6.38%
Basic Earnings Per Share
Diluted Earnings Per Share $1.808M $8.945M $4.965M
COMMON SHARES
Basic Shares Outstanding 734.2K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.250M $7.620M $7.623M
YoY Change 504.58% 271.71% 272.04%
Cash & Equivalents $9.251M $7.623M $7.623M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $59.00K
Prepaid Expenses
Receivables $1.130M $1.810M $1.809M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.38M $9.430M $9.432M
YoY Change 150.12% 170.2% 170.65%
LONG-TERM ASSETS
Property, Plant & Equipment $33.97M $34.28M $34.28M
YoY Change -1.85% -2.64% -2.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.720M $3.750M $3.747M
YoY Change -20.0% -28.16% -28.26%
Other Assets $12.61M $12.22M $12.22M
YoY Change -22.16% -23.82% -23.81%
Total Long-Term Assets $50.89M $50.98M $50.98M
YoY Change -9.36% -11.09% -11.1%
TOTAL ASSETS
Total Short-Term Assets $10.38M $9.430M $9.432M
Total Long-Term Assets $50.89M $50.98M $50.98M
Total Assets $61.27M $60.41M $60.41M
YoY Change 1.62% -0.69% -0.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.61M $12.12M $12.12M
YoY Change -21.39% -19.68% -19.66%
Accrued Expenses
YoY Change
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 $11.61M $12.12M $12.12M
YoY Change -21.39% -19.68% -19.66%
LONG-TERM LIABILITIES
Long-Term Debt $124.1M $124.4M $124.4M
YoY Change -1.11% -1.15% -1.16%
Other Long-Term Liabilities $1.190M $1.000M $1.002M
YoY Change -0.83% -31.51% -31.32%
Total Long-Term Liabilities $125.3M $125.4M $125.4M
YoY Change -1.11% -1.5% -1.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.61M $12.12M $12.12M
Total Long-Term Liabilities $125.3M $125.4M $125.4M
Total Liabilities $136.9M $137.5M $131.8M
YoY Change 1.4% -3.43% -2.99%
SHAREHOLDERS EQUITY
Retained Earnings -$72.15M -$73.48M
YoY Change -4.73%
Common Stock $2.092M $2.092M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$70.06M -$71.38M -$71.38M
YoY Change
Total Liabilities & Shareholders Equity $61.27M $60.41M $60.41M
YoY Change 1.62% -0.69% -0.69%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2018
OPERATING ACTIVITIES
Net Income $1.321M $6.530M $3.645M
YoY Change 295.51% -4181.25% 1387.76%
Depreciation, Depletion And Amortization $558.0K $330.0K $2.274M
YoY Change -17.58% -62.07% -22.76%
Cash From Operating Activities $3.174M $7.310M $10.28M
YoY Change 828.07% 1182.46% 106.86%
INVESTING ACTIVITIES
Capital Expenditures $282.0K -$20.00K $210.0K
YoY Change 555.81% -83.33% -36.17%
Acquisitions
YoY Change
Other Investing Activities $30.00K $20.00K $39.00K
YoY Change -143.33%
Cash From Investing Activities -$253.0K $0.00 -$171.0K
YoY Change 488.37% -100.0% -59.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$268.0K -2.150M -$4.534M
YoY Change -31.98% -45.71% -22.88%
NET CHANGE
Cash From Operating Activities $3.174M 7.310M $10.28M
Cash From Investing Activities -$253.0K 0.000 -$171.0K
Cash From Financing Activities -$268.0K -2.150M -$4.534M
Net Change In Cash $2.653M 5.160M $5.574M
YoY Change -2892.63% -247.01% -519.41%
FREE CASH FLOW
Cash From Operating Activities $3.174M $7.310M $10.28M
Capital Expenditures $282.0K -$20.00K $210.0K
Free Cash Flow $2.892M $7.330M $10.07M
YoY Change 867.22% 962.32% 117.0%

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CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-wrap; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to the recording of allowance for doubtful accounts and allowance for impairment losses which are based on management&#8217;s assessment of the collectability of accounts receivable and the fair market value of nonmarketable securities, respectively, as of the end of the fiscal year. Actual results may differ from those estimates.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
15085000 USD
CY2018Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
12119000 USD
CY2018 prsi Impairment Loss On Other Investments
ImpairmentLossOnOtherInvestments
72000 USD
CY2017 prsi Impairment Loss On Other Investments
ImpairmentLossOnOtherInvestments
60000 USD
CY2018 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
32000 USD
CY2017 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
44000 USD
CY2017Q2 prsi Due To Securities Broker
DueToSecuritiesBroker
592000 USD
CY2018Q2 prsi Due To Securities Broker
DueToSecuritiesBroker
490000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27000 USD
CY2018 us-gaap Impairment Of Investments
ImpairmentOfInvestments
72000 USD
CY2017 us-gaap Impairment Of Investments
ImpairmentOfInvestments
60000 USD
CY2018 prsi Increase Decrease In Obligations For Securities Sold
IncreaseDecreaseInObligationsForSecuritiesSold
-355000 USD
CY2017 prsi Increase Decrease In Obligations For Securities Sold
IncreaseDecreaseInObligationsForSecuritiesSold
838000 USD
CY2018 dei Trading Symbol
TradingSymbol
PRSI
CY2017Q2 prsi Obligations For Securities Sold
ObligationsForSecuritiesSold
867000 USD
CY2018Q2 prsi Obligations For Securities Sold
ObligationsForSecuritiesSold
512000 USD
CY2018 prsi Trading And Margin Interest Expense
TradingAndMarginInterestExpense
192000 USD
CY2017 prsi Trading And Margin Interest Expense
TradingAndMarginInterestExpense
170000 USD
CY2018 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8903000 USD
CY2017 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9217000 USD
CY2017Q2 us-gaap Other Notes Payable
OtherNotesPayable
10209000 USD
CY2018Q2 us-gaap Other Notes Payable
OtherNotesPayable
8641000 USD
CY2018Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
734183 shares
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10279000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4969000 USD
CY2017Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
0 USD
CY2018Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1355000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10446000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
591000 USD
CY2017Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2018Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
210000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
329000 USD
CY2018 prsi Payments For Proceeds From Other Investments
PaymentsForProceedsFromOtherInvestments
-39000 USD
CY2017 prsi Payments For Proceeds From Other Investments
PaymentsForProceedsFromOtherInvestments
90000 USD
CY2018 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
815000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
150000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
3645000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
245000 USD
CY2017Q2 us-gaap Common Stock Value
CommonStockValue
2092000 USD
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
2092000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-171000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-419000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-77120000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73475000 USD
CY2018 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
4.96
CY2017 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
734183 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
734183 shares
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
-75028000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-71383000 USD
CY2017Q2 us-gaap Minority Interest
MinorityInterest
-6514000 USD
CY2018Q2 us-gaap Minority Interest
MinorityInterest
-5699000 USD
CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5574000 USD
CY2018 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2585000 USD
CY2017 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1666000 USD
CY2018 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-1949000 USD
CY2017 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-4213000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
60826000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
60407000 USD
CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1329000 USD
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3378000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2018 us-gaap Interest Paid
InterestPaid
7876000 USD
CY2017 us-gaap Interest Paid
InterestPaid
7799000 USD
CY2018 prsi Allowance For Impairment Losses
AllowanceForImpairmentLosses
2220000 USD
CY2017 prsi Allowance For Impairment Losses
AllowanceForImpairmentLosses
2159000 USD
CY2018 us-gaap Advertising Expense
AdvertisingExpense
302000 USD
CY2017 us-gaap Advertising Expense
AdvertisingExpense
294000 USD
CY2018 prsi Reduction In Legal Expenses
ReductionInLegalExpenses
2725000 USD
CY2017 prsi Reduction In Legal Expenses
ReductionInLegalExpenses
900000 USD
CY2018Q2 us-gaap Long Term Debt Maturity Date
LongTermDebtMaturityDate
2018-12-31
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.623 pure
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.444 pure
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2723000 USD
CY2018 us-gaap Costs And Expenses
CostsAndExpenses
37750000 USD
CY2017 us-gaap Costs And Expenses
CostsAndExpenses
44526000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
358000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
384000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
384000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
376000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
26000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
1528000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
-173000 USD
CY2018Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
1355000 USD
CY2017Q1 prsi Related Party Transaction Agreement Term
RelatedPartyTransactionAgreementTerm
P10Y
CY2018 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
-854000 USD
CY2017 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
-1295000 USD
CY2018 prsi Related Party Transaction Agreement Term
RelatedPartyTransactionAgreementTerm
P10Y
CY2018Q2 us-gaap Gain Contingency Unrecorded Amount
GainContingencyUnrecordedAmount
8300000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2274000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2944000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4534000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5879000 USD
CY2017Q2 us-gaap Liabilities
Liabilities
142368000 USD
CY2018Q2 us-gaap Liabilities
Liabilities
137489000 USD
CY2018 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
36000 USD

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