2022 Q4 Form 10-Q Financial Statement

#000093905722000351 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $13.20M $11.29M
YoY Change 36.98% 16.81%
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 $505.0K $751.7K
YoY Change 3.07% -3.77%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.231M $1.159M
YoY Change 141.45% 37.2%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.190M $4.080M
YoY Change 64.7% -31.65%
Income Tax $901.0K $855.0K
% Of Pretax Income 21.5% 20.96%
Net Earnings $3.289M $3.225M
YoY Change 62.18% 108.19%
Net Earnings / Revenue 24.92% 28.56%
Basic Earnings Per Share $1.01 $0.99
Diluted Earnings Per Share $1.01 $990.0K
COMMON SHARES
Basic Shares Outstanding 3.253M shares 3.253M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $28.50M $20.07M
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 $27.96M $29.40M
YoY Change 10.79% 12.23%
Goodwill $1.200M $1.200M
YoY Change 0.02% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.097M $1.097M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.381B $1.358B
YoY Change 6.16% 10.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.904M $2.014M
YoY Change -17.22% -16.08%
Deferred Revenue
YoY Change
Short-Term Debt $71.67M $39.81M
YoY Change 167.42% -5.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.904M $2.014M
YoY Change -17.22% -16.08%
LONG-TERM LIABILITIES
Long-Term Debt $31.66M $34.16M
YoY Change -10.07% -2.97%
Other Long-Term Liabilities $5.821M $6.590M
YoY Change 9.83% -7.18%
Total Long-Term Liabilities $37.48M $40.75M
YoY Change -7.47% -3.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.904M $2.014M
Total Long-Term Liabilities $37.48M $40.75M
Total Liabilities $1.221B $1.201B
YoY Change 2.99% 7.88%
SHAREHOLDERS EQUITY
Retained Earnings $104.1M $101.2M
YoY Change 8.05% 6.89%
Common Stock $34.54K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.331M $4.331M
YoY Change 0.01% 0.0%
Treasury Stock Shares 200.9K shares
Shareholders Equity $160.2M $156.6M
YoY Change
Total Liabilities & Shareholders Equity $1.381B $1.358B
YoY Change 6.16% 10.38%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $3.289M $3.225M
YoY Change 62.18% 108.19%
Depreciation, Depletion And Amortization $505.0K $751.7K
YoY Change 3.07% -3.77%
Cash From Operating Activities $5.594M $4.292M
YoY Change -181.19% -50.38%
INVESTING ACTIVITIES
Capital Expenditures $1.040M -$944.3K
YoY Change -198.13% 88.86%
Acquisitions
YoY Change
Other Investing Activities -$16.36M -$27.36M
YoY Change -68.44% -25.45%
Cash From Investing Activities -$17.40M -$28.31M
YoY Change -67.1% -23.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.24M -34.79M
YoY Change -72.59% -220.14%
NET CHANGE
Cash From Operating Activities 5.594M 4.292M
Cash From Investing Activities -17.40M -28.31M
Cash From Financing Activities 20.24M -34.79M
Net Change In Cash 8.434M -58.80M
YoY Change -40.06% -14442.59%
FREE CASH FLOW
Cash From Operating Activities $5.594M $4.292M
Capital Expenditures $1.040M -$944.3K
Free Cash Flow $4.554M $5.236M
YoY Change -178.11% -42.77%

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The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America ("GAAP"); therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows.  Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods.  Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation’s (the “Company”) 2021 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 10-K”) when reviewing interim financial statements.
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