2014 Q2 Form 10-Q Financial Statement

#000120677414002410 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $128.1M $147.8M
YoY Change -13.34% 4.97%
Cost Of Revenue $72.60M $78.01M
YoY Change -6.94% -8.28%
Gross Profit $55.53M $69.84M
YoY Change -20.49% 25.17%
Gross Profit Margin 43.34% 47.23%
Selling, General & Admin $42.08M $44.85M
YoY Change -6.18% -12.38%
% of Gross Profit 75.78% 64.22%
Research & Development $14.55M $16.69M
YoY Change -12.82% -10.0%
% of Gross Profit 26.21% 23.9%
Depreciation & Amortization $2.198M $2.872M
YoY Change -23.47% -4.93%
% of Gross Profit 3.96% 4.11%
Operating Expenses $57.50M $64.10M
YoY Change -10.3% -8.08%
Operating Profit -$1.507M $5.735M
YoY Change -126.28% -141.14%
Interest Expense $2.444M $2.439M
YoY Change 0.21% 31.91%
% of Operating Profit 42.53%
Other Income/Expense, Net -$125.0K $375.0K
YoY Change -133.33% -210.95%
Pretax Income -$4.076M $3.671M
YoY Change -211.03% -122.76%
Income Tax $248.0K $390.0K
% Of Pretax Income 10.62%
Net Earnings -$4.324M $3.281M
YoY Change -231.79% -119.73%
Net Earnings / Revenue -3.37% 2.22%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 250.7M shares 243.3M shares
Diluted Shares Outstanding 250.7M shares 245.8M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.5M $76.70M
YoY Change 36.25% 65.66%
Cash & Equivalents $104.5M $76.73M
Short-Term Investments
Other Short-Term Assets $10.88M $12.76M
YoY Change -14.74% -38.95%
Inventory $57.90M $83.20M
Prepaid Expenses
Receivables $90.47M $86.97M
Other Receivables $0.00 $0.00
Total Short-Term Assets $266.5M $262.7M
YoY Change 1.43% 2.63%
LONG-TERM ASSETS
Property, Plant & Equipment $17.26M $20.22M
YoY Change -14.61% -20.09%
Goodwill $55.61M $55.61M
YoY Change 0.0%
Intangibles $10.59M
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.19M $9.264M
YoY Change 10.02% 44.75%
Total Long-Term Assets $84.74M $95.68M
YoY Change -11.43% -11.81%
TOTAL ASSETS
Total Short-Term Assets $266.5M $262.7M
Total Long-Term Assets $84.74M $95.68M
Total Assets $351.2M $358.4M
YoY Change -2.01% -1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.78M $35.27M
YoY Change 9.94% -25.58%
Accrued Expenses $51.10M $58.60M
YoY Change -12.8% -0.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $183.3M $182.2M
YoY Change 0.64% -5.71%
LONG-TERM LIABILITIES
Long-Term Debt $203.7M $205.0M
YoY Change -0.63% 11.11%
Other Long-Term Liabilities $10.41M $9.540M
YoY Change 9.09% -77.71%
Total Long-Term Liabilities $256.5M $253.6M
YoY Change 1.15% 11.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.3M $182.2M
Total Long-Term Liabilities $256.5M $253.6M
Total Liabilities $439.8M $435.7M
YoY Change 0.94% 2.5%
SHAREHOLDERS EQUITY
Retained Earnings -$544.4M -$516.6M
YoY Change 5.38%
Common Stock $449.1M $433.3M
YoY Change 3.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$88.59M -$77.31M
YoY Change
Total Liabilities & Shareholders Equity $351.2M $358.4M
YoY Change -2.01% -1.67%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$4.324M $3.281M
YoY Change -231.79% -119.73%
Depreciation, Depletion And Amortization $2.198M $2.872M
YoY Change -23.47% -4.93%
Cash From Operating Activities $6.274M $9.173M
YoY Change -31.6% -927.14%
INVESTING ACTIVITIES
Capital Expenditures $1.371M $1.230M
YoY Change 11.46% -69.13%
Acquisitions
YoY Change
Other Investing Activities $400.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$929.0K -$1.267M
YoY Change -26.68% -65.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.0K $60.00K
YoY Change 90.0% -65.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.000K -$143.0K
YoY Change -96.5% -1.38%
NET CHANGE
Cash From Operating Activities $6.274M $9.173M
Cash From Investing Activities -$929.0K -$1.267M
Cash From Financing Activities -$5.000K -$143.0K
Net Change In Cash $5.340M $7.763M
YoY Change -31.21% -257.75%
FREE CASH FLOW
Cash From Operating Activities $6.274M $9.173M
Capital Expenditures $1.371M $1.230M
Free Cash Flow $4.903M $7.943M
YoY Change -38.27% -255.96%

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CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16694000 USD
CY2014Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2755000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2760000 USD
CY2014Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
2698000 USD
CY2013Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
2738000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
865000 USD
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
2559000 USD
CY2014Q2 us-gaap Restructuring Costs
RestructuringCosts
1006000 USD
CY2014Q2 us-gaap Restructuring Reserve
RestructuringReserve
7466000 USD
CY2014Q1 us-gaap Restructuring Reserve
RestructuringReserve
8368000 USD
CY2014Q2 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
141000 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3419000 USD
CY2014Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
4345000 USD
CY2014Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
4047000 USD
CY2014Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
4023000 USD
CY2014Q2 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
-927000 USD
CY2013Q2 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
1026000 USD
CY2014Q2 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
259000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-544395000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-540071000 USD
CY2014Q2 us-gaap Revenues
Revenues
128128000 USD
CY2013Q2 us-gaap Revenues
Revenues
147849000 USD
CY2014Q2 us-gaap Royalty Revenue
RoyaltyRevenue
9434000 USD
CY2013Q2 us-gaap Royalty Revenue
RoyaltyRevenue
25508000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
80194000 USD
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
85849000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
38500000 USD
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
36492000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27705000 USD
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30158000 USD
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
125000 USD
CY2013Q2 us-gaap Severance Costs1
SeveranceCosts1
2483000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3068000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3356000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
128000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
1.80
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
299000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.21
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.32
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
11914000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
12108000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.78
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.80
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
365000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
1.87
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.54
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y29D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1223000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
58000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
949000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6582000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7997000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.58
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.78
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y1M21D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
949000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
6311000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
949000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6572000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.58
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y1M21D
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.85
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.95
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.39
CY2014Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
5898000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
6116000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
7015000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
7520000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2329000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2587000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-218000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-505000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
383000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-60000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1728000 USD
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
245844000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250666000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
243309000 shares
CY2013Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2142000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
-88594000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
-87400000 USD
CY2014Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
134000 shares
CY2014Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
157000 USD
CY2013Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
232000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
250666000 shares

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