2023 Q1 Form 10-K Financial Statement

#000114036123011882 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $101.0M $103.4M $415.0M
YoY Change 0.06% -1.8% -6.84%
Cost Of Revenue $52.34M $53.83M $209.5M
YoY Change 6.6% -2.04% -7.98%
Gross Profit $48.62M $49.56M $205.5M
YoY Change -6.13% -1.53% -5.64%
Gross Profit Margin 48.16% 47.94% 49.53%
Selling, General & Admin $30.78M $31.25M $130.0M
YoY Change -5.5% 38.32% 1.97%
% of Gross Profit 63.3% 63.04% 63.26%
Research & Development $600.0K
YoY Change -45.45%
% of Gross Profit 0.29%
Depreciation & Amortization $1.547M $1.315M $5.299M
YoY Change 15.97% 3.71% 5.73%
% of Gross Profit 3.18% 2.65% 2.58%
Operating Expenses $30.78M $31.24M $130.6M
YoY Change -5.5% 38.32% 1.56%
Operating Profit $17.84M $18.32M $75.51M
YoY Change -7.21% -33.97% -16.39%
Interest Expense -$4.010M -$11.61M -$19.52M
YoY Change -22.83% -3.72% -4.76%
% of Operating Profit -22.48% -63.39% -25.85%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $9.810M -$19.97M $16.01M
YoY Change -30.48% -241.22% -75.49%
Income Tax $2.468M -$3.857M $4.849M
% Of Pretax Income 25.16% 30.29%
Net Earnings $7.597M -$16.32M $11.64M
YoY Change -30.92% -242.46% -77.64%
Net Earnings / Revenue 7.53% -15.78% 2.8%
Basic Earnings Per Share $0.43 -$0.93 $0.65
Diluted Earnings Per Share $0.41 -$0.93 $0.64
COMMON SHARES
Basic Shares Outstanding 17.56M 17.56M 17.90M
Diluted Shares Outstanding 20.67M 18.06M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.8M $106.4M $106.4M
YoY Change -16.85% -17.08% -17.08%
Cash & Equivalents $104.8M $106.4M
Short-Term Investments
Other Short-Term Assets $19.96M $22.96M $21.80M
YoY Change -22.22% -14.16% -18.49%
Inventory $113.7M $119.9M $119.9M
Prepaid Expenses
Receivables $8.584M $8.377M $8.377M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $247.1M $257.7M $256.5M
YoY Change -7.46% 3.41% 2.94%
LONG-TERM ASSETS
Property, Plant & Equipment $24.36M $22.79M $35.25M
YoY Change -30.33% 22.19% 4.6%
Goodwill $136.3M $136.3M
YoY Change -16.07%
Intangibles $82.82M $83.59M
YoY Change -4.45%
Long-Term Investments $8.479M $13.38M $21.20M
YoY Change -66.9% -47.85% -37.01%
Other Assets $20.65M $22.65M $60.51M
YoY Change -41.04% -36.02% 71.81%
Total Long-Term Assets $312.8M $314.5M $315.6M
YoY Change -11.05% -10.77% -10.44%
TOTAL ASSETS
Total Short-Term Assets $247.1M $257.7M $256.5M
Total Long-Term Assets $312.8M $314.5M $315.6M
Total Assets $559.9M $572.1M $572.1M
YoY Change -9.5% -4.9% -4.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.39M $8.355M $8.355M
YoY Change -64.74% 13.5% 13.5%
Accrued Expenses $25.93M $33.00M $33.00M
YoY Change -13.33% 0.19% 6.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $890.0K $1.095M $0.00
YoY Change
Total Short-Term Liabilities $36.34M $41.38M $41.38M
YoY Change -38.84% 2.58% 2.58%
LONG-TERM LIABILITIES
Long-Term Debt $393.6M $406.8M $406.8M
YoY Change -5.11% -1.79% -1.79%
Other Long-Term Liabilities $10.07M $10.59M $10.59M
YoY Change -20.22% -20.57%
Total Long-Term Liabilities $393.6M $406.8M $417.4M
YoY Change -5.11% -1.79% -2.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.34M $41.38M $41.38M
Total Long-Term Liabilities $393.6M $406.8M $417.4M
Total Liabilities $440.0M $458.7M $460.5M
YoY Change -10.01% -1.95% -2.06%
SHAREHOLDERS EQUITY
Retained Earnings $85.13M $78.69M
YoY Change 10.12%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $2.316M
Shareholders Equity $118.5M $111.6M $111.6M
YoY Change
Total Liabilities & Shareholders Equity $559.9M $572.1M $572.1M
YoY Change -9.5% -4.9% -4.9%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $7.597M -$16.32M $11.64M
YoY Change -30.92% -242.46% -77.64%
Depreciation, Depletion And Amortization $1.547M $1.315M $5.299M
YoY Change 15.97% 3.71% 5.73%
Cash From Operating Activities $15.38M $13.88M $30.27M
YoY Change 17.98% -25.56% -55.62%
INVESTING ACTIVITIES
Capital Expenditures $2.435M $1.023M $7.685M
YoY Change -12.63% -157.96% 24.84%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $3.000K -$2.000K -$11.11M
YoY Change -100.04% -99.96% -78.92%
Cash From Investing Activities -$2.432M -$1.025M -$18.79M
YoY Change -78.39% -84.46% -68.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.22M
YoY Change -24.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.55M -12.13M -43.30M
YoY Change 16.05% -36.93% -175.88%
NET CHANGE
Cash From Operating Activities 15.38M 13.88M 30.27M
Cash From Investing Activities -2.432M -1.025M -18.79M
Cash From Financing Activities -14.55M -12.13M -43.30M
Net Change In Cash -1.601M 726.0K -31.82M
YoY Change -85.11% -110.11% -147.89%
FREE CASH FLOW
Cash From Operating Activities $15.38M $13.88M $30.27M
Capital Expenditures $2.435M $1.023M $7.685M
Free Cash Flow $12.95M $12.86M $22.59M
YoY Change 26.29% -37.01% -63.6%

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CY2022Q4 us-gaap Other Assets Noncurrent
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CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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8573000
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561000
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265000
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2483000
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1322000
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3544000
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4150000
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021Q4 tpb Deferred Tax Assets Financing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Financing Arrangements
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2963000
CY2021Q4 us-gaap Deferred Tax Assets Other
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2305000
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23358000
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CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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P6Y6M
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2084000
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2035000
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Finance Lease Liability Payments Due
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P1Y9M7D
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CY2020 us-gaap Net Income Loss
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