$REFR
RESEARCH FRONTIERS INC

2014 Q2 Form 10-Q Financial Statement

#000120677414001522 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $395.6K $308.3K $707.2K
YoY Change -24.19% -56.4% 46.55%
Cost Of Revenue $1.200M $1.040M $1.670M
YoY Change 23.71% -37.72% 15.97%
Gross Profit -$800.0K -$730.0K -$960.0K
YoY Change 77.78% -23.96% 0.0%
Gross Profit Margin -202.21% -236.75% -135.74%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $349.6K $449.8K $636.4K
YoY Change -11.33% -29.32% 32.59%
% of Gross Profit
Depreciation & Amortization $0.00 $6.075K $10.32K
YoY Change -100.0% -41.14% 3.21%
% of Gross Profit
Operating Expenses $1.546M $1.487M $2.304M
YoY Change 17.8% -35.47% 380.06%
Operating Profit -$1.150M -$1.179M -$1.615M
YoY Change 39.12% -27.04% 12.61%
Interest Expense $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% -50.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.140M -$1.170M -$1.590M
YoY Change 46.25% -26.42% 11.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.142M -$1.170M -$1.608M
YoY Change 39.97% -27.22% 100.11%
Net Earnings / Revenue -288.63% -379.44% -227.3%
Basic Earnings Per Share
Diluted Earnings Per Share -$48.41K -$50.61K -$69.37K
COMMON SHARES
Basic Shares Outstanding 23.12M shares 23.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.57M $10.18M $12.87M
YoY Change 3.97% -20.9% 316.5%
Cash & Equivalents $7.493M $5.098M $7.815M
Short-Term Investments $5.080M $5.080M $5.050M
Other Short-Term Assets $50.00K $80.00K $90.00K
YoY Change -16.67% -11.11% -86.96%
Inventory
Prepaid Expenses
Receivables $1.042M $860.4K $800.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.67M $11.12M $13.75M
YoY Change 5.19% -19.15% 225.83%
LONG-TERM ASSETS
Property, Plant & Equipment $96.67K $101.5K $60.00K
YoY Change 32.57% 69.23% -25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.57K $33.57K $20.00K
YoY Change 67.84% 67.84% 0.0%
Total Long-Term Assets $130.2K $135.1K $90.00K
YoY Change 36.34% 50.11% -10.0%
TOTAL ASSETS
Total Short-Term Assets $13.67M $11.12M $13.75M
Total Long-Term Assets $130.2K $135.1K $90.00K
Total Assets $13.80M $11.25M $13.84M
YoY Change 5.42% -18.7% 220.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.8K $138.4K $170.0K
YoY Change -0.42% -18.6% 30.77%
Accrued Expenses $194.4K $201.5K $180.0K
YoY Change 49.53% 11.93% -25.0%
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 $327.7K $396.1K $540.0K
YoY Change -10.79% -26.65% -3.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $327.7K $396.1K $540.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $330.0K $400.0K $540.0K
YoY Change -10.81% -25.93% -3.57%
SHAREHOLDERS EQUITY
Retained Earnings -$95.48M -$94.47M
YoY Change 6.28%
Common Stock $109.0M $105.3M
YoY Change 6.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.47M $10.86M $13.30M
YoY Change
Total Liabilities & Shareholders Equity $13.80M $11.25M $13.84M
YoY Change 5.42% -18.7% 220.37%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.142M -$1.170M -$1.608M
YoY Change 39.97% -27.22% 100.11%
Depreciation, Depletion And Amortization $0.00 $6.075K $10.32K
YoY Change -100.0% -41.14% 3.21%
Cash From Operating Activities -$1.100M -$810.0K -$560.0K
YoY Change 44.74% 44.64% -29.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $43.25K $11.13K
YoY Change -100.0% 288.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$10.00K -$40.00K -$10.00K
YoY Change -66.67% 300.0% -104.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.278M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M 80.00K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.100M -810.0K -560.0K
Cash From Investing Activities -10.00K -40.00K -10.00K
Cash From Financing Activities 3.500M 80.00K 0.000
Net Change In Cash 2.390M -770.0K -570.0K
YoY Change -402.53% 35.09% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$1.100M -$810.0K -$560.0K
Capital Expenditures $0.00 $43.25K $11.13K
Free Cash Flow -$1.100M -$853.2K -$571.1K
YoY Change 50.68% 49.4% -27.71%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: left"><u style="font-family: Times New Roman; font-size: 80%">Basis of Presentation</u></p> <p style="font-family: Times New Roman; font-size: 80%; TEXT-ALIGN: justify"> The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K relating to Research Frontiers Incorporated (the "Company") for the fiscal year ended December 31, 2013.</p> <!--EndFragment--></div> </div>
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