2019 Q4 Form 10-K Financial Statement

#000155837021003081 Filed on March 16, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $31.79M $31.27M $32.19M
YoY Change -3.48% -1.18% -0.13%
Cost Of Revenue $23.05M $23.60M $22.88M
YoY Change -2.99% 0.73% -1.12%
Gross Profit $8.740M $7.670M $9.310M
YoY Change -4.79% -6.69% 2.42%
Gross Profit Margin 27.49% 24.53% 28.92%
Selling, General & Admin $3.280M $2.790M $2.710M
YoY Change 4.13% -0.71% -4.91%
% of Gross Profit 37.53% 36.38% 29.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.310M $2.870M $2.700M
YoY Change 4.42% -1.03% -11.76%
Operating Profit $5.434M $4.801M $6.608M
YoY Change -9.57% -9.77% 9.53%
Interest Expense $163.0K $180.0K $184.0K
YoY Change -28.82% -25.93% -27.84%
% of Operating Profit 3.0% 3.75% 2.78%
Other Income/Expense, Net $5.000K $11.00K $0.00
YoY Change 150.0% -144.0%
Pretax Income $5.401M $4.794M $6.584M
YoY Change -9.53% -9.03% 10.36%
Income Tax $1.560M $1.460M $1.850M
% Of Pretax Income 28.88% 30.45% 28.1%
Net Earnings $3.840M $3.334M $4.734M
YoY Change -10.59% -9.77% 13.5%
Net Earnings / Revenue 12.08% 10.66% 14.71%
Basic Earnings Per Share $0.64 $0.56 $0.80
Diluted Earnings Per Share $0.64 $0.56 $0.80
COMMON SHARES
Basic Shares Outstanding 5.817M 5.834M 5.844M
Diluted Shares Outstanding 5.817M 5.834M 5.844M

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.00M $41.10M $38.50M
YoY Change -1.57% -15.78% -27.22%
Cash & Equivalents $44.03M $41.07M $38.51M
Short-Term Investments
Other Short-Term Assets $3.700M $4.300M $3.900M
YoY Change -5.13% 13.16% 5.41%
Inventory
Prepaid Expenses
Receivables $18.96M $18.00M $18.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $66.72M $63.40M $61.40M
YoY Change -2.73% -11.4% -18.26%
LONG-TERM ASSETS
Property, Plant & Equipment $58.71M $65.20M $65.10M
YoY Change -0.66% 16.11% 16.04%
Goodwill $18.96M
YoY Change 0.66%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.69M $6.000M $6.400M
YoY Change 89.67% -0.51% 4.35%
Total Long-Term Assets $185.7M $185.6M $185.8M
YoY Change 3.22% 8.54% 8.62%
TOTAL ASSETS
Total Short-Term Assets $66.72M $63.40M $61.40M
Total Long-Term Assets $185.7M $185.6M $185.8M
Total Assets $252.4M $249.0M $247.2M
YoY Change 1.58% 2.65% 0.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.117M $2.000M $1.800M
YoY Change -18.98% -9.75% -25.0%
Accrued Expenses $4.996M $11.90M $12.30M
YoY Change 62.63% 251.24% 239.59%
Deferred Revenue $1.152M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $17.50M $17.20M $17.60M
YoY Change -24.45% 25.25% 17.93%
LONG-TERM LIABILITIES
Long-Term Debt $10.00M $10.00M $10.00M
YoY Change -33.33% -50.0% -60.0%
Other Long-Term Liabilities $7.389M $6.600M $6.600M
YoY Change 367.36% 284.17% 296.16%
Total Long-Term Liabilities $17.39M $16.60M $16.60M
YoY Change 4.87% -23.57% -37.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.50M $17.20M $17.60M
Total Long-Term Liabilities $17.39M $16.60M $16.60M
Total Liabilities $60.04M $58.60M $58.60M
YoY Change -5.41% 0.34% -8.09%
SHAREHOLDERS EQUITY
Retained Earnings $162.8M
YoY Change 3.91%
Common Stock $77.00K
YoY Change 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.36M
YoY Change 2.18%
Treasury Stock Shares $1.735M
Shareholders Equity $192.4M $190.4M $188.6M
YoY Change
Total Liabilities & Shareholders Equity $252.4M $249.0M $247.2M
YoY Change 1.58% 2.65% 0.42%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $3.840M $3.334M $4.734M
YoY Change -10.59% -9.77% 13.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $6.370M $6.140M $6.520M
YoY Change -13.8% 23.29% -26.08%
INVESTING ACTIVITIES
Capital Expenditures -$1.060M -$1.510M -$1.950M
YoY Change -27.89% -1.95% 38.3%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$10.00K $10.00K
YoY Change -100.11% -150.0% -50.0%
Cash From Investing Activities -$1.060M -$1.520M -$1.930M
YoY Change -90.15% 0.0% 37.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.350M -2.060M -5.250M
YoY Change 235.71% -72.79% 127.27%
NET CHANGE
Cash From Operating Activities 6.370M 6.140M 6.520M
Cash From Investing Activities -1.060M -1.520M -1.930M
Cash From Financing Activities -2.350M -2.060M -5.250M
Net Change In Cash 2.960M 2.560M -660.0K
YoY Change -172.73% -162.29% -112.92%
FREE CASH FLOW
Cash From Operating Activities $6.370M $6.140M $6.520M
Capital Expenditures -$1.060M -$1.510M -$1.950M
Free Cash Flow $7.430M $7.650M $8.470M
YoY Change -16.14% 17.33% -17.2%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Our top five markets when combined represented 39%, 39% and 41% of our net operating revenue for the years ended December 31, 2020, 2019 and 2018, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses.</p>
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In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”) and February 26, 2019 (the “Second Amendment”). The First Amendment extended the term of the employment agreement to March 31, 2021. The First Amendment also states that on each anniversary of the effective date of the employment agreement, the Compensation Committee shall determine in its discretion the amount of any annual increases (which shall not be less than the greater of 4% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. The Second Amendment extends the term of the employment agreement from March 31, 2021 to March 31, 2025 and also makes certain clarifying modifications to the employment agreement.
CY2020 sga Deferred Compensation Details
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On December 14, 2018, Mr. Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020.
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IncomeTaxExpenseBenefit
-3805000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1850000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1130000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1460000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2680000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1560000
CY2020Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1680000
CY2019Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1370000
CY2020Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-4911000
CY2019Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4734000
CY2020Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-950000
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3334000
CY2020Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2268000
CY2019Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3841000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.82
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5866000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5841000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5868000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5844000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5869000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5834000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5880000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5817000
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.82
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5866000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5841000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5868000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5844000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5869000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5834000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5880000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5817000
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1700000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1400000
CY2020Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
25000
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
150000

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