$REFR
RESEARCH FRONTIERS INC

2014 Q3 Form 10-Q Financial Statement

#000120677414002333 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $452.9K $395.6K $521.8K
YoY Change -10.61% -24.19% 15.75%
Cost Of Revenue $780.0K $1.200M $970.0K
YoY Change -22.0% 23.71% 14.12%
Gross Profit -$330.0K -$800.0K -$450.0K
YoY Change -34.0% 77.78% 12.5%
Gross Profit Margin -72.86% -202.21% -86.23%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $324.3K $349.6K $394.3K
YoY Change -23.65% -11.33% 0.67%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
% of Gross Profit
Operating Expenses $1.102M $1.546M $1.312M
YoY Change -22.77% 17.8% 5.52%
Operating Profit -$649.4K -$1.150M -$826.9K
YoY Change -29.46% 39.12% 4.27%
Interest Expense $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$640.0K -$1.140M -$779.5K
YoY Change -25.58% 46.25% -1.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$639.8K -$1.142M -$815.8K
YoY Change -29.78% 39.97% 3.32%
Net Earnings / Revenue -141.26% -288.63% -156.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$26.76K -$48.41K -$35.82K
COMMON SHARES
Basic Shares Outstanding 23.92M shares 23.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.72M $12.57M $12.09M
YoY Change 4.92% 3.97% 318.34%
Cash & Equivalents $3.638M $7.493M $7.030M
Short-Term Investments $8.080M $5.080M $5.060M
Other Short-Term Assets $80.00K $50.00K $60.00K
YoY Change 14.29% -16.67% 20.0%
Inventory
Prepaid Expenses
Receivables $1.222M $1.042M $839.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.02M $13.67M $12.99M
YoY Change 6.64% 5.19% 273.37%
LONG-TERM ASSETS
Property, Plant & Equipment $151.4K $96.67K $72.92K
YoY Change 115.88% 32.57% 4.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.57K $33.57K $20.00K
YoY Change 67.83% 67.84% 0.0%
Total Long-Term Assets $184.9K $130.2K $95.52K
YoY Change 99.45% 36.34% 6.14%
TOTAL ASSETS
Total Short-Term Assets $13.02M $13.67M $12.99M
Total Long-Term Assets $184.9K $130.2K $95.52K
Total Assets $13.20M $13.80M $13.09M
YoY Change 7.34% 5.42% 266.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.41K $110.8K $111.3K
YoY Change 16.61% -0.42% -34.55%
Accrued Expenses $186.2K $194.4K $130.0K
YoY Change 43.22% 49.53% -7.14%
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 $273.9K $327.7K $367.3K
YoY Change 7.33% -10.79% -21.84%
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 $273.9K $327.7K $367.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $270.0K $330.0K $370.0K
YoY Change 3.85% -10.81% -21.28%
SHAREHOLDERS EQUITY
Retained Earnings -$96.67M -$95.48M -$89.84M
YoY Change 6.58% 6.28%
Common Stock $109.0M $102.6M
YoY Change 6.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.93M $13.47M $12.72M
YoY Change
Total Liabilities & Shareholders Equity $13.20M $13.80M $13.09M
YoY Change 7.34% 5.42% 266.63%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$639.8K -$1.142M -$815.8K
YoY Change -29.78% 39.97% 3.32%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
Cash From Operating Activities -$790.0K -$1.100M -$760.0K
YoY Change -13.19% 44.74% 280.0%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $0.00 -$30.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $0.00 -$10.00K
YoY Change -100.0% -104.76%
Cash From Investing Activities -$3.060M -$10.00K -$30.00K
YoY Change 30500.0% -66.67% -114.29%
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 0.000 3.500M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -790.0K -1.100M -760.0K
Cash From Investing Activities -3.060M -10.00K -30.00K
Cash From Financing Activities 0.000 3.500M 0.000
Net Change In Cash -3.850M 2.390M -790.0K
YoY Change 318.48% -402.53% -8000.0%
FREE CASH FLOW
Cash From Operating Activities -$790.0K -$1.100M -$760.0K
Capital Expenditures -$70.00K $0.00 -$30.00K
Free Cash Flow -$720.0K -$1.100M -$730.0K
YoY Change -20.88% 50.68% 265.0%

Facts In Submission

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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: justify"><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 and six months ended June 30, 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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<!--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: justify"><u style="font-family: Times New Roman; font-size: 80%">Business</u></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> Research Frontiers Incorporated ("Research Frontiers" or the "Company") operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as "light valves" or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&trade; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows; sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; frames, cases and partitions protecting light-sensitive artwork, documents and artifacts; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> The Company has historically utilized its cash and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&#39;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, and the development of new licensees and changes in the Company&#39;s relationships with its existing licensees. The degree of dependence of the Company&#39;s working capital requirements on each of the forgoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending on the nature of such changes. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that&#39;s its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the commercialization of products using the Company&#39;s technology by the Company&#39;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations.&nbsp;</p> <!--EndFragment--></div> </div>
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Files In Submission

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