2019 Q1 Form 10-Q Financial Statement

#000103877319000019 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $169.0K
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
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $5.946M $2.567M
YoY Change 131.66% 127.35%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $6.319M $4.355M
YoY Change 45.09% 68.17%
Income Tax $1.588M $940.5K
% Of Pretax Income 25.13% 21.59%
Net Earnings $4.731M $3.415M
YoY Change 38.55% 107.73%
Net Earnings / Revenue 2799.41%
Basic Earnings Per Share $0.34 $0.30
Diluted Earnings Per Share $0.34 $0.30
COMMON SHARES
Basic Shares Outstanding 13.94M shares 11.21M shares
Diluted Shares Outstanding 14.02M shares 11.32M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $133.0M $96.71M
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 $56.58M $44.20M
YoY Change 28.01% 43.5%
Goodwill
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 $2.354B $1.760B
YoY Change 33.72% 67.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $7.100M $16.00M
YoY Change -55.63% -31.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.100M $16.00M
YoY Change -55.63% -31.03%
LONG-TERM LIABILITIES
Long-Term Debt $39.20M $0.00
YoY Change
Other Long-Term Liabilities $14.30M $5.800M
YoY Change 146.55% 3.57%
Total Long-Term Liabilities $53.50M $5.800M
YoY Change 822.41% 3.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.100M $16.00M
Total Long-Term Liabilities $53.50M $5.800M
Total Liabilities $2.063B $1.551B
YoY Change 33.0% 68.91%
SHAREHOLDERS EQUITY
Retained Earnings $44.72M $25.30M
YoY Change 76.74% 38.12%
Common Stock $13.95M $11.23M
YoY Change 24.19% 36.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $290.5M $208.9M
YoY Change
Total Liabilities & Shareholders Equity $2.354B $1.760B
YoY Change 33.72% 67.49%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $4.731M $3.415M
YoY Change 38.55% 107.73%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $7.695M $2.643M
YoY Change 191.16% 0.81%
INVESTING ACTIVITIES
Capital Expenditures $1.296M $1.830M
YoY Change -29.19% 179.84%
Acquisitions
YoY Change
Other Investing Activities -$54.33M -$57.35M
YoY Change -5.27% 4639.67%
Cash From Investing Activities -$55.63M -$59.18M
YoY Change -6.0% 3075.79%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net -$264.0K $950.5K
YoY Change -127.77% -97.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $65.11M $40.22M
YoY Change 61.88% -388.12%
NET CHANGE
Cash From Operating Activities $7.695M $2.643M
Cash From Investing Activities -$55.63M -$59.18M
Cash From Financing Activities $65.11M $40.22M
Net Change In Cash $17.17M -$16.32M
YoY Change -205.24% 23.61%
FREE CASH FLOW
Cash From Operating Activities $7.695M $2.643M
Capital Expenditures $1.296M $1.830M
Free Cash Flow $6.399M $812.6K
YoY Change 687.46% -58.7%

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CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
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<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;">Reclassifications:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain captions and amounts in the 2018 consolidated financial statements were reclassified to conform to the 2019 presentation and these reclassifications had no impact on net income or shareholders' equity as previously reported.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
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<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 in the most recent 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 U.S, 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, the fair value of financial instruments, goodwill, and business combination elements (Day 1 and Day 2 Valuation).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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