2012 Q4 Form 10-Q Financial Statement

#000110465912073746 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q4
Revenue $1.090M $91.00K $42.00K
YoY Change 2495.24% 727.27% -99.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.700M $4.075M $2.800M
YoY Change 210.71% 171.49% 64.71%
% of Gross Profit
Research & Development $5.200M $8.306M $7.500M
YoY Change -30.67% -1.41% -17.58%
% of Gross Profit
Depreciation & Amortization $200.0K $154.0K $200.0K
YoY Change 0.0% -7.78% -33.33%
% of Gross Profit
Operating Expenses $13.80M $12.38M $10.30M
YoY Change 33.98% 24.73% -4.63%
Operating Profit -$12.29M
YoY Change 23.95%
Interest Expense -$800.0K $880.0K -$500.0K
YoY Change 60.0% 76.35% -83.87%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.192M $100.0K
YoY Change -100.0% 405.08% -80.0%
Pretax Income -$13.50M -$13.50M -$10.70M
YoY Change 26.17% 32.35% 24.42%
Income Tax $0.00 $0.00 -$16.20M
% Of Pretax Income
Net Earnings -$13.51M -$13.48M $81.98M
YoY Change -116.48% 38.5% -1053.2%
Net Earnings / Revenue -1239.63% -14815.38% 195178.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$507.5K -$316.2K $3.431M
COMMON SHARES
Basic Shares Outstanding 24.53M shares 24.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.50M $60.70M $48.50M
YoY Change 82.47% 267.88% 48.32%
Cash & Equivalents $40.30M $23.41M $48.54M
Short-Term Investments $48.20M $37.30M $0.00
Other Short-Term Assets $1.100M $1.700M $900.0K
YoY Change 22.22% -62.22% -87.14%
Inventory $1.152M $26.00K
Prepaid Expenses
Receivables $11.00K $500.0K $128.0K
Other Receivables $700.0K $0.00 $0.00
Total Short-Term Assets $91.46M $62.89M $49.40M
YoY Change 85.15% 152.57% 24.12%
LONG-TERM ASSETS
Property, Plant & Equipment $1.421M $1.384M $1.310M
YoY Change 8.47% 6.46% 9.17%
Goodwill
YoY Change
Intangibles $683.0K $740.0K $912.0K
YoY Change -25.11%
Long-Term Investments $0.00
YoY Change
Other Assets $334.0K $55.00K $55.00K
YoY Change 507.27% -98.92% -98.85%
Total Long-Term Assets $2.527M $4.125M $4.331M
YoY Change -41.65% -44.26% -39.85%
TOTAL ASSETS
Total Short-Term Assets $91.46M $62.89M $49.40M
Total Long-Term Assets $2.527M $4.125M $4.331M
Total Assets $93.99M $67.01M $53.73M
YoY Change 74.93% 107.47% 14.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.000M $10.50M $10.10M
YoY Change -20.79% 15.38% -10.62%
Accrued Expenses $7.860M $2.000M $9.275M
YoY Change -15.26% -45.95% 562.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.80M $11.50M $6.800M
YoY Change 73.53% 228.57%
Total Short-Term Liabilities $22.98M $24.59M $18.77M
YoY Change 22.45% 49.03% 23.49%
LONG-TERM LIABILITIES
Long-Term Debt $11.10M $14.10M $22.70M
YoY Change -51.1% -83.6%
Other Long-Term Liabilities $1.788M $1.558M $1.399M
YoY Change 27.81% -32.26% -98.16%
Total Long-Term Liabilities $1.788M $1.558M $1.399M
YoY Change 27.81% -98.24% -98.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.98M $24.59M $18.77M
Total Long-Term Liabilities $1.788M $1.558M $1.399M
Total Liabilities $36.42M $42.38M $44.29M
YoY Change -17.77% -59.56% -51.49%
SHAREHOLDERS EQUITY
Retained Earnings -$86.26M -$72.74M -$39.97M
YoY Change 115.79%
Common Stock $31.00K $24.00K $2.000K
YoY Change 1450.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.57M $24.63M $9.443M
YoY Change
Total Liabilities & Shareholders Equity $93.99M $67.01M $53.73M
YoY Change 74.93% 107.47% 14.32%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income -$13.51M -$13.48M $81.98M
YoY Change -116.48% 38.5% -1053.2%
Depreciation, Depletion And Amortization $200.0K $154.0K $200.0K
YoY Change 0.0% -7.78% -33.33%
Cash From Operating Activities -$16.10M -$11.30M -$8.300M
YoY Change 93.98% 24.18% -29.06%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$400.0K -$200.0K
YoY Change 0.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$9.100M -$9.900M $25.60M
YoY Change -135.55% -194.29% 122.61%
Cash From Investing Activities -$9.400M -$10.30M $25.40M
YoY Change -137.01% -199.04% 120.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.40M -2.300M 14.90M
YoY Change 184.56% 76.92% -1246.15%
NET CHANGE
Cash From Operating Activities -16.10M -11.30M -8.300M
Cash From Investing Activities -9.400M -10.30M 25.40M
Cash From Financing Activities 42.40M -2.300M 14.90M
Net Change In Cash 16.90M -23.90M 32.00M
YoY Change -47.19% -1283121479679999000.0% -2233.33%
FREE CASH FLOW
Cash From Operating Activities -$16.10M -$11.30M -$8.300M
Capital Expenditures -$200.0K -$400.0K -$200.0K
Free Cash Flow -$15.90M -$10.90M -$8.100M
YoY Change 96.3% 21.11% -30.77%

Facts In Submission

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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Concentration of Credit Risk</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. The counterparties are various corporations and financial institutions of high credit standing.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Substantially all of the Company&#8217;s cash and cash equivalents are maintained with well known, U.S. and Non U.S. financial institutions and corporations. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. The Company has not experienced any other than temporary losses on its deposits of cash, cash equivalents, short-term investments and restricted investments.</font></p></td></tr></table>
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
CY2012Q3 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0 USD
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
150000 USD
CY2011Q3 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0 USD
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
750000 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5746000 USD
CY2012Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6298000 USD
CY2011Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4436000 USD
CY2012Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4914000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1384000 USD
CY2012Q3 us-gaap Depreciation
Depreciation
154000 USD
us-gaap Depreciation
Depreciation
478000 USD
CY2011Q3 us-gaap Depreciation
Depreciation
167000 USD
us-gaap Depreciation
Depreciation
479000 USD
CY2011Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2292000 USD
CY2011Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1380000 USD
CY2012Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2292000 USD
CY2012Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1552000 USD
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
57000 USD
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
57000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
172000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
172000 USD
CY2012Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
740000 USD
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
25000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
10000 USD
us-gaap Marketable Securities Unrealized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairments
-1000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
651000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
159000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
-44000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
137000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2471000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
138000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
439000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
553000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
2141000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27927000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
17890000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
26855000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
494000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
8471000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000 USD
CY2012Q3 us-gaap Inventory Net
InventoryNet
26000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
705000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
14296000 USD
us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
-2096000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12200000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7256000 USD
us-gaap Interest Paid
InterestPaid
990000 USD
us-gaap Interest Paid Discontinued Operations
InterestPaidDiscontinuedOperations
9044000 USD
CY2012Q3 us-gaap Interest Payable Current
InterestPayableCurrent
238000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
91000 USD
CY2012Q3 us-gaap Interest Expense
InterestExpense
880000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
55000 USD
CY2012Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
142000 USD
CY2012Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
10485000 USD
CY2012Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1801000 USD
CY2012Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
576000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11450000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-30068000 USD
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
39000 USD
CY2012Q3 us-gaap Defined Benefit Plan Current Assets
DefinedBenefitPlanCurrentAssets
275000 USD
CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1276000 USD
CY2012Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
37256000 USD
CY2011Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
128000 USD
CY2012Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
500000 USD
CY2012Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
144000 USD
CY2012Q3 us-gaap Secured Debt Current
SecuredDebtCurrent
11490000 USD
CY2012Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
381000 USD
CY2012Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
14116000 USD
CY2012Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1558000 USD
CY2012Q3 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
275000 USD
CY2012Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1463000 USD
CY2012Q3 us-gaap Common Stock Value
CommonStockValue
24000 USD
CY2012Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
97378000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-29000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-72742000 USD
CY2011Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-1000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
2000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
372000 USD
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8306000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18367000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4075000 USD
us-gaap Interest Expense
InterestExpense
2771000 USD
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-351000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-665000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
8471000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-39613000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1143000 USD
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-6.90
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-19.68
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.26
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.40
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.64
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-19.28
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-4019000 USD
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
15000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
26000 USD
supn Number Of Proprietary Products Addressing Large Market Opportunities In Epilepsy And Attention Deficit Hyperactivity Disorder
NumberOfProprietaryProductsAddressingLargeMarketOpportunitiesInEpilepsyAndAttentionDeficitHyperactivityDisorder
2 item

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