2019 Q1 Form 10-Q Financial Statement

#000156459019016596 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $11.35M $8.199M
YoY Change 38.48% 4.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $341.0K $248.0K
YoY Change 37.5% 14.29%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.924M $713.0K
YoY Change 169.85% 21.88%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.373M $2.886M
YoY Change 16.87% -12.6%
Income Tax $719.0K $627.0K
% Of Pretax Income 21.32% 21.73%
Net Earnings $2.654M $2.259M
YoY Change 17.49% 1.35%
Net Earnings / Revenue 23.38% 27.55%
Basic Earnings Per Share $0.47 $0.44
Diluted Earnings Per Share $0.46 $0.43
COMMON SHARES
Basic Shares Outstanding 5.699M 5.112M
Diluted Shares Outstanding 5.792M 5.203M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $29.10M $21.66M
YoY Change 34.36%
Goodwill $10.05M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $3.000M
YoY Change -73.33%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.090B $821.0M
YoY Change 32.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.500M $3.400M
YoY Change 120.59%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $10.20M $13.10M
YoY Change -22.14%
Long-Term Debt Due $3.300M $1.100M
YoY Change 200.0%
Total Short-Term Liabilities $21.00M $17.60M
YoY Change 19.32%
LONG-TERM LIABILITIES
Long-Term Debt $22.90M $4.000M
YoY Change 472.5%
Other Long-Term Liabilities $1.300M $1.000M
YoY Change 30.0%
Total Long-Term Liabilities $24.20M $5.000M
YoY Change 384.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.00M $17.60M
Total Long-Term Liabilities $24.20M $5.000M
Total Liabilities $977.3M $731.7M
YoY Change 33.56% 0.96%
SHAREHOLDERS EQUITY
Retained Earnings $23.21M
YoY Change 45.18%
Common Stock $70.35M
YoY Change 0.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.0K
YoY Change 283.51%
Treasury Stock Shares $4.209K $15.88K
Shareholders Equity $113.1M $88.36M
YoY Change
Total Liabilities & Shareholders Equity $1.090B $821.0M
YoY Change 32.81% 1.51%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $2.654M $2.259M
YoY Change 17.49% 1.35%
Depreciation, Depletion And Amortization $341.0K $248.0K
YoY Change 37.5% 14.29%
Cash From Operating Activities $616.0K $2.779M
YoY Change -77.83%
INVESTING ACTIVITIES
Capital Expenditures $2.658M $98.00K
YoY Change 2612.24% -83.07%
Acquisitions
YoY Change
Other Investing Activities -$13.17M $13.84M
YoY Change -195.16%
Cash From Investing Activities -$15.83M $13.74M
YoY Change -215.2%
FINANCING ACTIVITIES
Cash Dividend Paid $1.882M $1.434M
YoY Change 31.24% 12.74%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.05M -3.096M
YoY Change -521.64%
NET CHANGE
Cash From Operating Activities 616.0K 2.779M
Cash From Investing Activities -15.83M 13.74M
Cash From Financing Activities 13.05M -3.096M
Net Change In Cash -2.159M 13.42M
YoY Change -116.08%
FREE CASH FLOW
Cash From Operating Activities $616.0K $2.779M
Capital Expenditures $2.658M $98.00K
Free Cash Flow -$2.042M $2.681M
YoY Change -176.17%

Facts In Submission

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AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
110830000
CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3155000
CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
114564000
CY2018Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
146178000
CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
3186000
CY2018Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
4843000
CY2019Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2019Q1 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
94
CY2018Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
1843000
CY2018Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
725000
CY2019Q1 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Federal Home Loan Bank
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForFederalHomeLoanBank
63800000
CY2019Q1 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Repurchase Agreements
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForRepurchaseAgreements
16000000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
15225000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
55564000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
20351000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
27985000
CY2019Q1 ck0001641601 Available For Sale Debt Securities Amortized Cost Basis Before Residential Mortgage Backed Securities
AvailableForSaleDebtSecuritiesAmortizedCostBasisBeforeResidentialMortgageBackedSecurities
119125000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
15240000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
56109000
CY2019Q1 ck0001641601 Available For Sale Securities Before Residential Mortgage Backed Securities
AvailableForSaleSecuritiesBeforeResidentialMortgageBackedSecurities
120323000
CY2019Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
734041000
CY2018Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
714177000
CY2019Q1 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscounts
2432000
CY2018Q4 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscounts
2915000
CY2019Q1 ck0001641601 Percentage Of Loans And Leases Receivable Gross Carrying Amount
PercentageOfLoansAndLeasesReceivableGrossCarryingAmount
1.013
CY2018Q4 ck0001641601 Percentage Of Loans And Leases Receivable Gross Carrying Amount
PercentageOfLoansAndLeasesReceivableGrossCarryingAmount
1.013
CY2019Q1 ck0001641601 Loans And Leases Receivable Allowance Percentage
LoansAndLeasesReceivableAllowancePercentage
0.010
CY2018Q4 ck0001641601 Loans And Leases Receivable Allowance Percentage
LoansAndLeasesReceivableAllowancePercentage
0.009
CY2019Q1 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts Percentage
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscountsPercentage
0.003
CY2018Q4 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts Percentage
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscountsPercentage
0.004
CY2019Q1 ck0001641601 Percentage Of Loans And Leases Receivable Net Reported Amount
PercentageOfLoansAndLeasesReceivableNetReportedAmount
1.000
CY2018Q4 ck0001641601 Percentage Of Loans And Leases Receivable Net Reported Amount
PercentageOfLoansAndLeasesReceivableNetReportedAmount
1.000
CY2019Q1 ck0001641601 Number Of Primary Loan Portfolio Segments
NumberOfPrimaryLoanPortfolioSegments
3
CY2019Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
118000
CY2019Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
129000
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
879000
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
6249000
CY2019Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
5423000
CY2019Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
728053000
CY2018Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
96000
CY2018Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
5387000
CY2018Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
895000
CY2018Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
4492000
CY2018Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
5154000
CY2018Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
577593000
CY2018Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
582747000
CY2019Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
5486000
CY2019Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
5423000
CY2019Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2485000
CY2019Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2938000
CY2018Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
4851000
CY2018Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2664000
CY2019Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
5102000
CY2019Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
47000
CY2018Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
5181000
CY2018Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
5154000
CY2018Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
40000
CY2019Q1 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
724723000
CY2019Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
3168000
CY2018Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
709324000
CY2018Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
2740000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2109000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsMember
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2177000
CY2019Q1 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M17D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0600
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
388000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
380000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
355000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
355000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
355000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
911000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2744000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
567000

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