2017 Q1 Form 10-Q Financial Statement

#000103877317000011 Filed on May 15, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue
YoY Change
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 $550.0K $530.0K
YoY Change 3.77% 32.5%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.129M $1.023M
YoY Change 10.36% 72.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.590M $2.113M
YoY Change 22.58% 171.79%
Income Tax $945.9K $763.8K
% Of Pretax Income 36.52% 36.15%
Net Earnings $1.644M $1.349M
YoY Change 21.87% 181.29%
Net Earnings / Revenue
Basic Earnings Per Share $0.19 $0.20
Diluted Earnings Per Share $0.19 $0.19
COMMON SHARES
Basic Shares Outstanding 7.525M shares 5.807M shares
Diluted Shares Outstanding 7.631M shares 6.108M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.7M $226.5M
YoY Change -14.93% 79.24%
Cash & Equivalents $55.55M $68.93M
Short-Term Investments $137.1M $157.6M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $30.80M $25.70M
YoY Change 19.85% 308.15%
Goodwill $4.166M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.051B $1.016B
YoY Change 3.43% 138.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $23.20M $20.70M
YoY Change 12.08% 6.15%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.20M $20.70M
YoY Change 12.08% 20600.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.600M $4.300M
YoY Change 30.23% 230.77%
Total Long-Term Liabilities $5.600M $4.300M
YoY Change 30.23% 230.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.20M $20.70M
Total Long-Term Liabilities $5.600M $4.300M
Total Liabilities $918.5M $914.2M
YoY Change 0.47% 137.41%
SHAREHOLDERS EQUITY
Retained Earnings $18.32M $13.23M
YoY Change 38.46% -549.15%
Common Stock $8.211M $5.817M
YoY Change 41.15% -12.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $132.6M $102.0M
YoY Change
Total Liabilities & Shareholders Equity $1.051B $1.016B
YoY Change 3.43% 138.54%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $1.644M $1.349M
YoY Change 21.87% 181.29%
Depreciation, Depletion And Amortization $550.0K $530.0K
YoY Change 3.77% 32.5%
Cash From Operating Activities $2.622M $3.860M
YoY Change -32.08% 943.24%
INVESTING ACTIVITIES
Capital Expenditures $654.0K $972.0K
YoY Change -32.71% 49.66%
Acquisitions
YoY Change
Other Investing Activities -$1.210M -$3.030M
YoY Change -60.07% -1542.86%
Cash From Investing Activities -$1.863M -$4.000M
YoY Change -53.41% 809.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $37.52M $77.71K
YoY Change 48179.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$13.96M -10.89M
YoY Change 28.18% 100.55%
NET CHANGE
Cash From Operating Activities $2.622M 3.860M
Cash From Investing Activities -$1.863M -4.000M
Cash From Financing Activities -$13.96M -10.89M
Net Change In Cash -$13.20M -11.03M
YoY Change 19.68% 100.55%
FREE CASH FLOW
Cash From Operating Activities $2.622M $3.860M
Capital Expenditures $654.0K $972.0K
Free Cash Flow $1.968M $2.888M
YoY Change -31.87% -1133.41%

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CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Basis of Presentation and Accounting Estimates:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All adjustments consisting of normal recurring accruals, that in the opinion of management, are necessary for a fair presentation of the financial position and the results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with those appearing the in the </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> Annual Report previously filed on Form 10-K.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed assets and deferred taxes, other-than-temporary impairments of securities, and the fair value of financial instruments.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Company has a diversified loan portfolio, a substantial portion of its debtors&#8217; ability to honor their contracts is dependent on local economic conditions.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the Company to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.</font></div></div>

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