2016 Q3 Form 10-Q Financial Statement

#000162828016020860 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $134.7M $117.0M
YoY Change 15.14% -13.38%
Cost Of Revenue $79.02M $70.91M
YoY Change 11.43% -3.1%
Gross Profit $55.73M $46.11M
YoY Change 20.84% -25.54%
Gross Profit Margin 41.36% 39.41%
Selling, General & Admin $38.72M $42.18M
YoY Change -8.21% -0.29%
% of Gross Profit 69.48% 91.47%
Research & Development $11.40M $13.37M
YoY Change -14.73% -11.79%
% of Gross Profit 20.46% 28.99%
Depreciation & Amortization $1.300M $1.800M
YoY Change -27.78% -45.45%
% of Gross Profit 2.33% 3.9%
Operating Expenses $50.13M $55.94M
YoY Change -10.37% -3.7%
Operating Profit $5.592M -$9.822M
YoY Change -156.93% -355.45%
Interest Expense $1.485M $1.975M
YoY Change -24.81% -19.58%
% of Operating Profit 26.56%
Other Income/Expense, Net $10.00K $714.0K
YoY Change -98.6% 232.09%
Pretax Income $4.117M -$11.08M
YoY Change -137.15% -790.96%
Income Tax $45.00K $347.0K
% Of Pretax Income 1.09%
Net Earnings $4.072M -$11.43M
YoY Change -135.63% -1015.87%
Net Earnings / Revenue 3.02% -9.77%
Basic Earnings Per Share
Diluted Earnings Per Share $120.6K -$352.1K
COMMON SHARES
Basic Shares Outstanding 33.80M shares 263.1M shares
Diluted Shares Outstanding 34.05M shares 263.1M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.50M $46.20M
YoY Change -36.15% -56.0%
Cash & Equivalents $29.53M $46.23M
Short-Term Investments
Other Short-Term Assets $6.967M $12.09M
YoY Change -42.38% 16.46%
Inventory $56.70M $61.30M
Prepaid Expenses
Receivables $107.9M $92.26M
Other Receivables $0.00 $0.00
Total Short-Term Assets $203.9M $230.9M
YoY Change -11.7% -15.06%
LONG-TERM ASSETS
Property, Plant & Equipment $12.35M $14.70M
YoY Change -15.95% -9.62%
Goodwill $55.61M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.320M $3.645M
YoY Change 18.52% -61.43%
Total Long-Term Assets $17.03M $74.50M
YoY Change -77.14% -9.56%
TOTAL ASSETS
Total Short-Term Assets $203.9M $230.9M
Total Long-Term Assets $17.03M $74.50M
Total Assets $220.9M $305.4M
YoY Change -27.67% -13.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.86M $56.71M
YoY Change -10.31% 34.51%
Accrued Expenses $40.50M $44.10M
YoY Change -8.16% -19.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $17.50M
YoY Change -100.0%
Total Short-Term Liabilities $173.8M $203.7M
YoY Change -14.7% 10.24%
LONG-TERM LIABILITIES
Long-Term Debt $129.7M $135.1M
YoY Change -4.0% -33.68%
Other Long-Term Liabilities $7.340M $10.35M
YoY Change -29.1% 2.46%
Total Long-Term Liabilities $170.6M $180.1M
YoY Change -5.32% -29.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.8M $203.7M
Total Long-Term Liabilities $170.6M $180.1M
Total Liabilities $344.3M $383.8M
YoY Change -10.3% -12.84%
SHAREHOLDERS EQUITY
Retained Earnings -$598.0M -$545.3M
YoY Change 9.66% 0.4%
Common Stock $470.8M $462.7M
YoY Change 1.75% 2.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$123.4M -$78.46M
YoY Change
Total Liabilities & Shareholders Equity $220.9M $305.4M
YoY Change -27.67% -13.78%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $4.072M -$11.43M
YoY Change -135.63% -1015.87%
Depreciation, Depletion And Amortization $1.300M $1.800M
YoY Change -27.78% -45.45%
Cash From Operating Activities -$2.800M $11.30M
YoY Change -124.78% 391.3%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$800.0K
YoY Change -12.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$800.0K -$800.0K
YoY Change 0.0% -20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.500M -17.80M
YoY Change -91.57% 2442.86%
NET CHANGE
Cash From Operating Activities -2.800M 11.30M
Cash From Investing Activities -800.0K -800.0K
Cash From Financing Activities -1.500M -17.80M
Net Change In Cash -5.100M -7.300M
YoY Change -30.14% -1316.67%
FREE CASH FLOW
Cash From Operating Activities -$2.800M $11.30M
Capital Expenditures -$700.0K -$800.0K
Free Cash Flow -$2.100M $12.10M
YoY Change -117.36% 332.14%

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
206000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-133000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-133000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
222000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
149000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-148000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8324000 USD
CY2016Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
48000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7340000 USD
CY2015Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
714000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
428000 USD
CY2016Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
10000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
166000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
2328000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3101000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
673000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1611000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1249000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1740000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
658000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
6300000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12939000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12353000 USD
CY2016Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
42200000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
11959000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13370000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26693000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11401000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22459000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2788000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2801000 USD
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
387000 USD
us-gaap Restructuring Charges
RestructuringCharges
645000 USD
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
15000 USD
us-gaap Restructuring Charges
RestructuringCharges
2067000 USD
us-gaap Restructuring Costs
RestructuringCosts
1969000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
2737000 USD
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
2518000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
98000 USD
CY2016Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1621000 USD
CY2016Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1784000 USD
CY2016Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1116000 USD
CY2016Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
734000 USD
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
42000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-597994000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-597963000 USD
CY2015Q3 us-gaap Revenues
Revenues
117025000 USD
us-gaap Revenues
Revenues
227881000 USD
CY2016Q3 us-gaap Revenues
Revenues
134742000 USD
us-gaap Revenues
Revenues
251026000 USD
CY2015Q3 us-gaap Royalty Revenue
RoyaltyRevenue
8721000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
18919000 USD
CY2016Q3 us-gaap Royalty Revenue
RoyaltyRevenue
9547000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
18187000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
71057000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
133776000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
88575000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
160401000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37247000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
75186000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
36620000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
72438000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
28043000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
55648000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
26146000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
52513000 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2447000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5100000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1650000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3648000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2355000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
301000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2107000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4131000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1475000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.52
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.49
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1475000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2107000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1475000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.49
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.99
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.02
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2107000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y5M5D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y5M5D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y5M5D
CY2015Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
4219000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
3600000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
3473000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
3430000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
3444000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
3371000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1948000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3807000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1942000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4066000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-746000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-59000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
298000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-69000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
243000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
401000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1523000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3130000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1626000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3606000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
-126939000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-123423000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263058000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
260766000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
272382000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269593000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
263058000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
260766000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270432000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
268396000 shares

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