$TAIT
TAITRON COMPONENTS INC

2023 Q4 Form 10-K Financial Statement

#000118518524000345 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $969.0K $6.108M $8.423M
YoY Change -45.59% -27.48% -2.55%
Cost Of Revenue $438.0K $2.660M $4.030M
YoY Change -51.76% -34.0% -10.88%
Gross Profit $531.0K $3.448M $4.393M
YoY Change -39.18% -21.51% 6.6%
Gross Profit Margin 54.8% 56.45% 52.15%
Selling, General & Admin $545.0K $2.248M $2.158M
YoY Change 2.06% 4.17% 6.36%
% of Gross Profit 102.64% 65.2% 49.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.00K $167.0K $135.0K
YoY Change 5.56% 23.7% -25.0%
% of Gross Profit 10.73% 4.84% 3.07%
Operating Expenses $545.0K $2.248M $2.158M
YoY Change 2.06% 4.17% 6.36%
Operating Profit -$14.00K $1.200M $2.235M
YoY Change -104.13% -46.31% 6.84%
Interest Expense $82.00K $221.0K $40.00K
YoY Change 355.56% 452.5% 110.53%
% of Operating Profit 18.42% 1.79%
Other Income/Expense, Net $342.0K $836.0K -$449.0K
YoY Change 755.0% -286.19% -256.45%
Pretax Income $410.0K $2.257M $1.826M
YoY Change 3.27% 23.6% -23.85%
Income Tax $269.0K $412.0K -$1.382M
% Of Pretax Income 65.61% 18.25% -75.68%
Net Earnings $141.0K $1.845M $3.208M
YoY Change 104.35% -42.49% 59.6%
Net Earnings / Revenue 14.55% 30.21% 38.09%
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.31 $0.53
COMMON SHARES
Basic Shares Outstanding 6.005M shares 5.996M shares
Diluted Shares Outstanding 6.030M shares 6.035M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.835M $9.835M $7.251M
YoY Change 35.64% 35.64% -3.83%
Cash & Equivalents $6.205M $6.205M $5.217M
Short-Term Investments $3.630M $3.630M $2.034M
Other Short-Term Assets $283.0K $283.0K $148.0K
YoY Change 91.22% 91.22% -14.45%
Inventory $2.597M $2.597M $3.900M
Prepaid Expenses
Receivables $92.00K $92.00K $683.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.81M $12.81M $11.98M
YoY Change 6.89% 6.89% -13.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.970M $2.970M $2.922M
YoY Change 1.64% 1.64% -4.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $186.0K $186.0K $186.0K
YoY Change 0.0% 0.0% 0.0%
Other Assets $2.043M $2.043M $2.047M
YoY Change -0.2% -0.2% 29142.86%
Total Long-Term Assets $5.199M $5.199M $5.155M
YoY Change 0.85% 0.85% 58.71%
TOTAL ASSETS
Total Short-Term Assets $12.81M $12.81M $11.98M
Total Long-Term Assets $5.199M $5.199M $5.155M
Total Assets $18.01M $18.01M $17.14M
YoY Change 5.07% 5.07% 0.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $194.0K $194.0K $211.0K
YoY Change -8.06% -8.06% -88.36%
Accrued Expenses $969.0K $969.0K $790.0K
YoY Change 22.66% 22.66% -14.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.163M $1.163M $1.001M
YoY Change 16.18% 16.18% -63.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.163M $1.163M $1.001M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.163M $1.163M $1.001M
YoY Change 16.18% 16.18% -63.43%
SHAREHOLDERS EQUITY
Retained Earnings $5.424M
YoY Change 13.45%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.84M $16.84M $16.14M
YoY Change
Total Liabilities & Shareholders Equity $18.01M $18.01M $17.14M
YoY Change 5.07% 5.07% 0.09%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $141.0K $1.845M $3.208M
YoY Change 104.35% -42.49% 59.6%
Depreciation, Depletion And Amortization $57.00K $167.0K $135.0K
YoY Change 5.56% 23.7% -25.0%
Cash From Operating Activities $1.130M $3.150M $1.691M
YoY Change -15.92% 86.28% -6.16%
INVESTING ACTIVITIES
Capital Expenditures $15.00K $215.0K $2.000K
YoY Change 650.0% 10650.0% -111.11%
Acquisitions
YoY Change
Other Investing Activities $204.0K -$796.0K -$966.0K
YoY Change 500.0% -17.6% -38.31%
Cash From Investing Activities $189.0K -$1.011M -$968.0K
YoY Change 490.62% 4.44% -38.89%
FINANCING ACTIVITIES
Cash Dividend Paid $1.202M $1.703M
YoY Change -29.42% 76.48%
Common Stock Issuance & Retirement, Net -$6.000K $54.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -298.0K -1.148M -$1.495M
YoY Change -0.33% -23.21% 68.17%
NET CHANGE
Cash From Operating Activities 1.130M 3.150M $1.691M
Cash From Investing Activities 189.0K -1.011M -$968.0K
Cash From Financing Activities -298.0K -1.148M -$1.495M
Net Change In Cash 1.021M 991.0K -$757.0K
YoY Change -5.2% -230.91% 12.82%
FREE CASH FLOW
Cash From Operating Activities $1.130M $3.150M $1.691M
Capital Expenditures $15.00K $215.0K $2.000K
Free Cash Flow $1.115M $2.935M $1.689M
YoY Change -16.92% 73.77% -7.2%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Reclassifications</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current period consolidated financial statements. These reclassifications had no effect on the previously reported net income. Prior period results reflect reclassifications, for comparative purposes, related to the change in the purchase of marketable securities, sales of marketable securities, and changes in values of marketable securities.</p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Concentration of Risk</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">A significant number of the products we distribute are manufactured in Taiwan, Hong Kong, China, South Korea and the Philippines. The purchase of goods manufactured in foreign countries is subject to a number of risks, including economic disruptions, transportation delays and interruptions, foreign exchange rate fluctuations, imposition of tariffs and import and export controls and changes in governmental policies, any of which could have a material adverse effect on our business and results of operations.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The ability to remain competitive with respect to the pricing of imported components could be adversely affected by increases in tariffs or duties, changes in trade treaties, strikes in air or sea transportation, and possible future U.S. legislation with respect to pricing and import quotas on products from foreign countries. For example, it is possible that political or economic developments in China, or with respect to the relationship of the United States with China, could have an adverse effect on our business. Our ability to remain competitive could also be affected by other government actions related to, among other things, anti-dumping legislation and international currency fluctuations. While we do not believe that any of these factors adversely impact our business at present, we cannot provide assurance that these factors will not materially adversely affect us in the future. Any significant disruption in the delivery of merchandise from our suppliers, substantially all of whom are foreign, could also have a material adverse impact on our business and results of operations. Management estimates that over 90% of our products purchased were produced in Asia.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Grand Shine Electronics and Zowie Technology (see also Note 5 – Other Assets) together accounted for approximately 61.2% and 49.1% of our net purchases for each of the fiscal years 2023 and 2022, respectively. However, we do not regard any one supplier as essential to our operations, since equivalent replacements for most of our products are either available from one or more of our other suppliers or are available from various other sources at competitive prices. We believe that, even if we lose our direct relationship with a supplier, there exist alternative sources for a supplier’s products.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We had customers accounting for more than 10% of our net sales. In 2023, we had three customers each for approximately 52%, 14% and 12%, and in 2022, we had two customers each for approximately 46% and 24%.</p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">We had customers accounting for more than 10% of our trade accounts receivable, net of allowances. As of December 31, 2023, we had one customer of approximately 40% and as of December 31, 2022 we had one customer of approximately 78%.</p>
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CY2022 us-gaap Revenues
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CY2023 tait Reversal Of Inventory Reserves
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2000 usd
CY2022 tait Reversal Of Inventory Reserves
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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7545000 usd
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4790000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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4623000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
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2970000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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2922000 usd
CY2023 us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These estimates have a significant impact on our valuation and reserve accounts relating to income taxes, the allowance for sales returns and allowances, doubtful accounts and inventory reserves. Actual results could differ from these estimates.</p>
CY2023 us-gaap Gain Loss On Investments
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2023 us-gaap Provision For Other Losses
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74000 usd
CY2022 us-gaap Provision For Other Losses
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180000 usd
CY2023 tait Reversal Of Inventory Reserves
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2000 usd
CY2022 tait Reversal Of Inventory Reserves
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3000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
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7760000 usd
CY2023 us-gaap Depreciation
Depreciation
167000 usd
CY2022 us-gaap Depreciation
Depreciation
135000 usd
CY2021Q4 us-gaap Equity Method Investments
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193000 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
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CY2023Q4 us-gaap Equity Method Investments
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186000 usd
CY2023 us-gaap Increase Decrease In Other Operating Assets
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CY2023Q4 us-gaap Equity Method Investments
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186000 usd
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11000 usd
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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412000 usd
CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Inventory
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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26000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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23000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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539000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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CY2023Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 us-gaap Operating Loss Carryforwards
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CY2022 us-gaap Undistributed Earnings
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CY2023 us-gaap Undistributed Earnings Diluted
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644000 usd
CY2022 us-gaap Undistributed Earnings Diluted
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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1845000 usd
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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3208000 usd
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41000 usd
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