2014 Q1 Form 10-Q Financial Statement

#000070738814000022 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $13.00M $11.55M
YoY Change 12.57% -10.97%
Cost Of Revenue $9.555M $8.729M
YoY Change 9.46% -6.11%
Gross Profit $3.442M $2.817M
YoY Change 22.19% -23.28%
Gross Profit Margin 26.48% 24.4%
Selling, General & Admin $3.090M $3.338M
YoY Change -7.43% -16.13%
% of Gross Profit 89.77% 118.49%
Research & Development $0.00 $818.0K
YoY Change -100.0% -8.81%
% of Gross Profit 0.0% 29.04%
Depreciation & Amortization $453.0K $493.0K
YoY Change -8.11% -14.85%
% of Gross Profit 13.16% 17.5%
Operating Expenses $3.597M $5.226M
YoY Change -31.17% 5.49%
Operating Profit -$155.0K -$2.409M
YoY Change -93.57% 87.91%
Interest Expense $8.000K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $9.000K $22.00K
YoY Change -59.09% 57.14%
Pretax Income -$146.0K -$2.387M
YoY Change -93.88% 87.95%
Income Tax $2.000K $32.00K
% Of Pretax Income
Net Earnings -$148.0K -$2.419M
YoY Change -93.88% 90.77%
Net Earnings / Revenue -1.14% -20.95%
Basic Earnings Per Share -$0.01 -$0.13
Diluted Earnings Per Share -$0.01 -$0.13
COMMON SHARES
Basic Shares Outstanding 18.52M shares 19.32M shares
Diluted Shares Outstanding 18.52M shares 19.32M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.40M $25.80M
YoY Change -24.81% -11.34%
Cash & Equivalents $9.549M $15.54M
Short-Term Investments $9.900M $10.20M
Other Short-Term Assets $697.0K $792.0K
YoY Change -11.99% -17.15%
Inventory $3.755M $4.868M
Prepaid Expenses
Receivables $7.308M $5.818M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.66M $37.49M
YoY Change -15.55% -13.82%
LONG-TERM ASSETS
Property, Plant & Equipment $4.514M $4.557M
YoY Change -0.94% -10.91%
Goodwill $1.459M $184.0K
YoY Change 692.93% 0.0%
Intangibles $2.867M $518.0K
YoY Change 453.47% 29.82%
Long-Term Investments
YoY Change
Other Assets $62.00K
YoY Change
Total Long-Term Assets $8.902M $5.259M
YoY Change 69.27% -7.7%
TOTAL ASSETS
Total Short-Term Assets $31.66M $37.49M
Total Long-Term Assets $8.902M $5.259M
Total Assets $40.56M $42.74M
YoY Change -5.11% -13.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.293M $1.898M
YoY Change -31.88% 6.39%
Accrued Expenses $2.800M $2.900M
YoY Change -3.45% -42.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.547M $8.368M
YoY Change -9.81% -4.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $667.0K $257.0K
YoY Change 159.53% 157.0%
Total Long-Term Liabilities $667.0K $257.0K
YoY Change 159.53% 157.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.547M $8.368M
Total Long-Term Liabilities $667.0K $257.0K
Total Liabilities $8.214M $8.625M
YoY Change -4.77% -2.75%
SHAREHOLDERS EQUITY
Retained Earnings -$118.0M -$120.5M
YoY Change -2.1% 5.31%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.728M $2.106M
YoY Change 171.98% 78.78%
Treasury Stock Shares 2.558M shares
Shareholders Equity $32.35M $34.12M
YoY Change
Total Liabilities & Shareholders Equity $40.56M $42.74M
YoY Change -5.11% -13.11%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$148.0K -$2.419M
YoY Change -93.88% 90.77%
Depreciation, Depletion And Amortization $453.0K $493.0K
YoY Change -8.11% -14.85%
Cash From Operating Activities -$1.789M -$1.169M
YoY Change 53.04% 9.77%
INVESTING ACTIVITIES
Capital Expenditures $571.0K $189.0K
YoY Change 202.12% 1.07%
Acquisitions $3.470M $0.00
YoY Change
Other Investing Activities -$5.740M -$2.630M
YoY Change 118.25% -343.52%
Cash From Investing Activities -$6.308M -$2.818M
YoY Change 123.85% -414.51%
FINANCING ACTIVITIES
Cash Dividend Paid $925.0K
YoY Change
Common Stock Issuance & Retirement, Net $0.00 -$9.000K
YoY Change -100.0% -110.71%
Debt Paid & Issued, Net $131.0K
YoY Change
Cash From Financing Activities -$1.098M $9.000K
YoY Change -12300.0% -110.71%
NET CHANGE
Cash From Operating Activities -$1.789M -$1.169M
Cash From Investing Activities -$6.308M -$2.818M
Cash From Financing Activities -$1.098M $9.000K
Net Change In Cash -$9.195M -$3.978M
YoY Change 131.15% 1472.33%
FREE CASH FLOW
Cash From Operating Activities -$1.789M -$1.169M
Capital Expenditures $571.0K $189.0K
Free Cash Flow -$2.360M -$1.358M
YoY Change 73.78% 8.47%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The Company</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Digirad Corporation (&#8220;Digirad&#8221;), a Delaware corporation, is one of the largest national providers of in-office nuclear cardiology imaging and ultrasound imaging services, and also provides cardiac event monitoring services. These services are provided to physician practices, hospitals and imaging centers through our Diagnostic Services reportable segment. Digirad also sells medical diagnostic imaging systems, including solid-state gamma cameras, for nuclear cardiology and general nuclear medicine applications, as well as provides service on the products sold, through our Diagnostic Imaging reportable segment. These </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> reportable segments, Diagnostic Services and Diagnostic Imaging, are collectively referred to herein as the &#8220;Company.&#8221; </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying condensed consolidated financial statements include the operations of both segments. Intercompany accounts and transactions are accounted for at cost and have been eliminated in consolidation. All our long-lived assets are located in the United States and substantially all of our revenues arise from sales activity in the United States. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed consolidated financial statements are unaudited and do not contain all the information required by U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) to be included in a full set of financial statements. The unaudited condensed consolidated balance sheet at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited consolidated financial statements for our fiscal year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">, filed with the SEC on Form 10-K on March 20, 2014 include a summary of our significant accounting policies and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations, cash flows and balance sheets for such periods have been included in this Form 10-Q. All such adjustments are of a normal recurring nature. In addition certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from management&#8217;s estimates.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The financial results for the three months ended March 31, 2014 include the financial results of Telerhythmics, LLC for the period since the acquisition date of March 13, 2014. See Note 3 for more information related to the acquisition of Telerhythmics, LLC.</font></div></div>
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CY2014Q1 dei Document Period End Date
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CY2014Q1 dei Document Type
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10-Q
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CY2014Q2 dei Entity Common Stock Shares Outstanding
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18504279 shares
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CY2014Q1 dei Entity Registrant Name
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DIGIRAD CORP

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