2014 Q3 Form 10-Q Financial Statement

#000114420414046164 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q2
Revenue $20.05M $18.16M
YoY Change 10.37% 13.94%
Cost Of Revenue $6.381M $5.544M
YoY Change 26.43% 13.21%
Gross Profit $13.67M $12.62M
YoY Change 8.3% 14.26%
Gross Profit Margin 68.17% 69.48%
Selling, General & Admin $12.39M $9.582M
YoY Change 28.21% 6.48%
% of Gross Profit 90.69% 75.93%
Research & Development $2.498M $1.686M
YoY Change 48.34% 11.43%
% of Gross Profit 18.28% 13.36%
Depreciation & Amortization $630.0K $580.0K
YoY Change 6.78% 20.83%
% of Gross Profit 4.61% 4.6%
Operating Expenses $14.89M $11.27M
YoY Change 31.2% 7.19%
Operating Profit -$1.390M $694.0K
YoY Change -903.47% -523.17%
Interest Expense $34.00K $41.00K
YoY Change -10.53% -38.81%
% of Operating Profit 5.91%
Other Income/Expense, Net -$32.00K $183.0K
YoY Change -109.79%
Pretax Income -$1.422M $877.0K
YoY Change -384.4% -634.76%
Income Tax $367.0K $599.0K
% Of Pretax Income 68.3%
Net Earnings -$1.789M $278.0K
YoY Change -743.53% -156.62%
Net Earnings / Revenue -8.92% 1.53%
Basic Earnings Per Share -$0.05 $0.01
Diluted Earnings Per Share -$0.05 $0.01
COMMON SHARES
Basic Shares Outstanding 38.17M shares 36.50M shares
Diluted Shares Outstanding 38.17M shares 38.34M shares

Balance Sheet

Concept 2014 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.20M $19.70M
YoY Change -17.95% 12.57%
Cash & Equivalents $19.19M $19.73M
Short-Term Investments
Other Short-Term Assets $578.0K $579.0K
YoY Change 38.28% -72.43%
Inventory $14.93M $11.12M
Prepaid Expenses $1.990M
Receivables $12.70M $10.34M
Other Receivables $600.0K $500.0K
Total Short-Term Assets $50.74M $43.81M
YoY Change 5.97% 10.92%
LONG-TERM ASSETS
Property, Plant & Equipment $9.320M $6.147M
YoY Change 43.12% 30.79%
Goodwill $1.786M $1.786M
YoY Change 0.0%
Intangibles $1.206M $1.689M
YoY Change -23.04%
Long-Term Investments
YoY Change
Other Assets $672.0K $1.041M
YoY Change -36.36% -19.92%
Total Long-Term Assets $13.63M $10.85M
YoY Change 16.97% 5.36%
TOTAL ASSETS
Total Short-Term Assets $50.74M $43.81M
Total Long-Term Assets $13.63M $10.85M
Total Assets $64.37M $54.67M
YoY Change 8.12% 9.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.269M $3.809M
YoY Change 16.16% 22.87%
Accrued Expenses $4.000M $3.700M
YoY Change -13.04% 5.71%
Deferred Revenue
YoY Change
Short-Term Debt $4.900M $5.100M
YoY Change -3.92% 104.0%
Long-Term Debt Due $400.0K $500.0K
YoY Change 0.0% -44.44%
Total Short-Term Liabilities $17.19M $15.42M
YoY Change 4.34% 16.82%
LONG-TERM LIABILITIES
Long-Term Debt $600.0K $300.0K
YoY Change 200.0% -57.14%
Other Long-Term Liabilities $3.000M $3.300M
YoY Change -9.09% -8.33%
Total Long-Term Liabilities $3.600M $3.600M
YoY Change 2.86% -16.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.19M $15.42M
Total Long-Term Liabilities $3.600M $3.600M
Total Liabilities $22.54M $20.01M
YoY Change 3.8% 8.72%
SHAREHOLDERS EQUITY
Retained Earnings -$135.2M -$131.7M
YoY Change 3.07%
Common Stock $176.6M $165.7M
YoY Change 4.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.83M $34.66M
YoY Change
Total Liabilities & Shareholders Equity $64.37M $54.67M
YoY Change 8.12% 9.77%

Cashflow Statement

Concept 2014 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$1.789M $278.0K
YoY Change -743.53% -156.62%
Depreciation, Depletion And Amortization $630.0K $580.0K
YoY Change 6.78% 20.83%
Cash From Operating Activities -$1.470M $790.0K
YoY Change -147.88% -52.69%
INVESTING ACTIVITIES
Capital Expenditures -$860.0K -$800.0K
YoY Change -10.42% 48.15%
Acquisitions
YoY Change
Other Investing Activities $70.00K $0.00
YoY Change
Cash From Investing Activities -$790.0K -$800.0K
YoY Change -17.71% 48.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K 690.0K
YoY Change -84.81% -630.77%
NET CHANGE
Cash From Operating Activities -1.470M 790.0K
Cash From Investing Activities -790.0K -800.0K
Cash From Financing Activities 240.0K 690.0K
Net Change In Cash -2.020M 680.0K
YoY Change -154.74% -32.0%
FREE CASH FLOW
Cash From Operating Activities -$1.470M $790.0K
Capital Expenditures -$860.0K -$800.0K
Free Cash Flow -$610.0K $1.590M
YoY Change -115.14% -28.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Period Focus
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Q2
dei Entity Registrant Name
EntityRegistrantName
STAAR SURGICAL CO
dei Entity Central Index Key
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dei Entity Filer Category
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The Company markets and sells its products in over 60 countries and has two manufacturing sites in the United States. During the quarter ended July 4, 2014, the Company completed the consolidation of its Swiss manufacturing facility to the U.S. Other than the United States, Japan, Korea, China,Spain, France and Germany,the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales.
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P4Y1M13D
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0 pure
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0.0130 pure
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P4Y1M13D
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P4Y1M13D
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y1M13D
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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302000 USD
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291000 USD
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-894000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
106000 USD
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1000 USD
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OtherComprehensiveIncomeLossTax
103000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
5000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
164000 USD
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OtherComprehensiveIncomeLossNetOfTax
162000 USD
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ComprehensiveIncomeNetOfTax
-2984000 USD
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ComprehensiveIncomeNetOfTax
43000 USD
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ComprehensiveIncomeNetOfTax
-1627000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-161000 USD
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6300000 USD
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122000000 USD
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981000 USD
us-gaap Depreciation
Depreciation
840000 USD
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213000 USD
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225000 USD
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DeferredIncomeTaxExpenseBenefit
57000 USD
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DeferredIncomeTaxExpenseBenefit
129000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
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FairValueAdjustmentOfWarrants
-27000 USD
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-59000 USD
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83000 USD
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57000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3183000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2019000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
478000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-111000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1895000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2229000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2093000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-71000 USD
staa Increase Decrease In Prepaid Expenses Deposits And Other Assets Current
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20000 USD
staa Increase Decrease In Prepaid Expenses Deposits And Other Assets Current
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507000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-874000 USD
us-gaap Increase Decrease In Accounts Payable
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-1123000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-554000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-25000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4064000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
356000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2269000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2017000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2201000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2017000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
251000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2632000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
952000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2381000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
474000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
116000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-763000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3768000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1950000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21675000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19725000 USD
dei Amendment Flag
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false
dei Document Period End Date
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2014-07-04
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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537000 USD
CY2013Q2 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
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DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
537000 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
staa Impact Of Change In Discount Rate
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-558000 USD
CY2013Q2 staa Impact Of Change In Discount Rate
ImpactOfChangeInDiscountRate
0 USD
CY2014Q3 staa Impact Of Change In Discount Rate
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-558000 USD
staa Impact Of Change In Discount Rate
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0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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68000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
CY2014Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
1200000 USD
CY2014Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
700000 USD
CY2014Q3 us-gaap Defined Benefit Plan Benefit Obligation
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600000 USD
staa Restricted Stock Unit
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1152000 USD
CY2013Q2 staa Restricted Stock Unit
RestrictedStockUnit
0 USD
CY2014Q3 staa Restricted Stock Unit
RestrictedStockUnit
764000 USD
staa Restricted Stock Unit
RestrictedStockUnit
0 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1287000 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2937000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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dei Document Type
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10-Q
dei Document Fiscal Year Focus
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2014
CY2014Q3 us-gaap Allowance For Doubtful Accounts Receivable
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staa Sharebased Compensation Arrangement By Sharebased Payment Award Share Based Compensation To Non Employees
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34000 USD
CY2013Q2 staa Sharebased Compensation Arrangement By Sharebased Payment Award Share Based Compensation To Non Employees
SharebasedCompensationArrangementBySharebasedPaymentAwardShareBasedCompensationToNonEmployees
66000 USD
CY2014Q3 staa Sharebased Compensation Arrangement By Sharebased Payment Award Share Based Compensation To Non Employees
SharebasedCompensationArrangementBySharebasedPaymentAwardShareBasedCompensationToNonEmployees
12000 USD
staa Sharebased Compensation Arrangement By Sharebased Payment Award Share Based Compensation To Non Employees
SharebasedCompensationArrangementBySharebasedPaymentAwardShareBasedCompensationToNonEmployees
92000 USD

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