2019 Q2 Form 10-Q Financial Statement

#000114420419039544 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $4.334M $4.712M $4.099M
YoY Change 5.74% 0.92% -29.7%
Cost Of Revenue $3.225M $3.247M $3.046M
YoY Change 5.86% -24.32% -25.51%
Gross Profit $1.110M $1.466M $1.053M
YoY Change 5.41% 285.66% -39.53%
Gross Profit Margin 25.6% 31.1% 25.68%
Selling, General & Admin $741.4K $633.3K $730.5K
YoY Change 1.5% -17.76% -20.58%
% of Gross Profit 66.82% 43.21% 69.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0K $191.2K $185.6K
YoY Change 2.38% 6.22% 8.14%
% of Gross Profit 17.13% 13.05% 17.63%
Operating Expenses $741.4K $633.3K $730.5K
YoY Change 1.5% -17.76% -20.58%
Operating Profit $368.1K $832.3K $322.1K
YoY Change 14.29% -313.4% -60.76%
Interest Expense $76.52K -$80.88K $95.39K
YoY Change -19.77% -19.12% -12.32%
% of Operating Profit 20.79% -9.72% 29.62%
Other Income/Expense, Net -$57.09K $32.43K -$92.65K
YoY Change -38.37% -14.76%
Pretax Income $311.0K $783.8K $229.4K
YoY Change 35.56% -259.96% -67.79%
Income Tax $90.22K $246.3K $65.03K
% Of Pretax Income 29.01% 31.42% 28.35%
Net Earnings $220.8K $537.6K $164.4K
YoY Change 34.31% -245.28% -60.86%
Net Earnings / Revenue 5.09% 11.41% 4.01%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $17.51K $0.01
COMMON SHARES
Basic Shares Outstanding 29.25M 28.95M 28.82M
Diluted Shares Outstanding 30.71M 29.10M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.530M $2.037M $2.110M
YoY Change 67.32% -24.29% -36.64%
Cash & Equivalents $3.530M $2.037M $2.111M
Short-Term Investments
Other Short-Term Assets $419.8K $498.1K $415.7K
YoY Change 1.0% 10.55% -9.7%
Inventory $1.202M $1.240M $976.7K
Prepaid Expenses
Receivables $866.1K $1.010M $716.4K
Other Receivables $31.71K $0.00 $0.00
Total Short-Term Assets $8.892M $9.176M $8.444M
YoY Change 5.3% 30.66% -1.3%
LONG-TERM ASSETS
Property, Plant & Equipment $4.681M $4.861M $5.079M
YoY Change -7.84% -6.57% 2.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.333K $6.233K $44.14K
YoY Change -87.92% -9.14% 29.76%
Total Long-Term Assets $6.600M $6.871M $7.547M
YoY Change -12.54% -5.3% -6.91%
TOTAL ASSETS
Total Short-Term Assets $8.892M $9.176M $8.444M
Total Long-Term Assets $6.600M $6.871M $7.547M
Total Assets $15.49M $16.05M $15.99M
YoY Change -3.12% 12.39% -4.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $266.4K $609.1K $332.8K
YoY Change -19.94% 76.19% -41.07%
Accrued Expenses $872.9K $753.5K $752.7K
YoY Change 15.97% -4.39% -27.53%
Deferred Revenue $339.9K $740.9K $890.8K
YoY Change -61.85% 310.03%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $837.8K $822.1K $780.0K
YoY Change 7.42% 6.77% 6.85%
Total Short-Term Liabilities $2.317M $2.926M $3.323M
YoY Change -30.27% 40.6% 14.11%
LONG-TERM LIABILITIES
Long-Term Debt $3.205M $3.411M $4.000M
YoY Change -19.87% -18.6% -15.25%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.205M $3.411M $4.000M
YoY Change -19.87% -18.6% -15.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.317M $2.926M $3.323M
Total Long-Term Liabilities $3.205M $3.411M $4.000M
Total Liabilities $5.522M $6.336M $7.320M
YoY Change -24.56% 1.06% -10.4%
SHAREHOLDERS EQUITY
Retained Earnings $1.214M $993.3K $57.05K
YoY Change 2028.24% -272.27% -49.87%
Common Stock $2.925K $2.923K $2.882K
YoY Change 1.49% 1.42% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.970M $9.711M $8.669M
YoY Change
Total Liabilities & Shareholders Equity $15.49M $16.05M $15.99M
YoY Change -3.12% 12.39% -4.03%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income $220.8K $537.6K $164.4K
YoY Change 34.31% -245.28% -60.86%
Depreciation, Depletion And Amortization $190.0K $191.2K $185.6K
YoY Change 2.38% 6.22% 8.14%
Cash From Operating Activities $1.703M $410.4K -$289.9K
YoY Change -687.48% -4204.3% -150.53%
INVESTING ACTIVITIES
Capital Expenditures $10.20K -$43.77K $101.7K
YoY Change -89.97% -45.29% -52.24%
Acquisitions
YoY Change
Other Investing Activities $35.31K $0.00
YoY Change -100.0%
Cash From Investing Activities -$10.20K -$8.460K -$101.7K
YoY Change -89.97% -89.43% -23.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -199.5K -202.7K -186.9K
YoY Change 6.76% 6.71% 7.05%
NET CHANGE
Cash From Operating Activities 1.703M 410.4K -289.9K
Cash From Investing Activities -10.20K -8.460K -101.7K
Cash From Financing Activities -199.5K -202.7K -186.9K
Net Change In Cash 1.494M 199.2K -577.9K
YoY Change -358.49% -171.15% -317.04%
FREE CASH FLOW
Cash From Operating Activities $1.703M $410.4K -$289.9K
Capital Expenditures $10.20K -$43.77K $101.7K
Free Cash Flow $1.693M $454.2K -$391.6K
YoY Change -532.32% 548.86% -208.53%

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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2018Q4 tpcs Payment Of Loan Related To Execution Of Modification
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20073
CY2018Q2 us-gaap Defined Contribution Plan Cost Recognized
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20520
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3M
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9900
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13200
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11000
CY2018Q2 us-gaap Stockholders Equity
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8669180
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3347
CY2019Q2 tpcs Operating Lease Right Of Use Asset Amortization
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865
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59
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
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2719
CY2019Q2 us-gaap Finance Lease Interest Expense
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779
CY2019Q2 tpcs Payments From Operating Activities Relating To Leases
PaymentsFromOperatingActivitiesRelatingToLeases
924
CY2019Q2 tpcs Payments From Financing Activities Relating To Leases
PaymentsFromFinancingActivitiesRelatingToLeases
2658
CY2019Q2 tpcs Nonrefundable Commitment Feepercentage
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0.0025
CY2019Q2 us-gaap Nature Of Operations
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 1 - DESCRIPTION OF BUSINESS</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise.&#160;TechPrecision, WCMC and Ranor are collectively referred to as the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical, and precision industrial. We consider our business to consist of one segment - metal fabrication and precision machining. All of our operations and customers are located in the United States.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4334268
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4098823
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
200000
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1700000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.290
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.284
CY2019Q2 tpcs Refundable Amt Credits Current
RefundableAmtCreditsCurrent
60841
CY2019Q1 tpcs Refundable Amt Credits Current
RefundableAmtCreditsCurrent
60841
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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P6Y7M2D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3394668
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.417
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
698200
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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150000
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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241668
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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1.226
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2938000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.416
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2918000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.416
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2918000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2918000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2019Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2019Q3 dei Entity Common Stock Shares Outstanding
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CY2019Q2 dei Entity Interactive Data Current
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CY2019Q2 dei Trading Symbol
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CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.08
CY2019Q2 dei Entity Address State Or Province
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MA
CY2019Q2 dei Document Type
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CY2019Q2 dei Amendment Flag
AmendmentFlag
false
CY2019Q2 dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
CY2019Q2 dei Document Fiscal Year Focus
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2020
CY2019Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q2 dei Entity Registrant Name
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TECHPRECISION CORP
CY2019Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001328792
CY2019Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2019Q2 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2019Q2 dei Entity Shell Company
EntityShellCompany
false
CY2019Q2 dei Entity Filer Category
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CY2019Q2 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q2 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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164385
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CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2019Q2 tpcs Schedule Of Supplemental Balance Sheet Information Related To Leases
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<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The lease classified as an operating lease&#160;has a remaining term of three months and is reported in other current assets on our condensed consolidated balance sheet. 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margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: #cceeff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 2.5pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other current liabilities</div></div></td><td style="background: #cceeff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 2.5pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; 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background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; margin-top: 1pt; margin-bottom: 1pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt; border-bottom: 2.25pt double black;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: 12pt; margin-top: 1pt; margin-bottom: 1pt;"><div style="font-family: &quot;times new roman&quot;, serif; 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letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Accumulated depreciation</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.25pt double black; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.25pt double black; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: 12pt; margin-top: 0pt; margin-bottom: 1pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">27,188</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Net property, plant and equipment</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">27,188</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt 0pt 1.5pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: 12pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Current portion of long-term debt</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">11,168</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Long-term debt</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">19,585</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">Total finance lease liabilities</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left: none; border-right: none; border-top: none; padding: 0pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: right; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">30,753</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-style: none; border-color: initial; padding: 0pt 0pt 1.5pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px; white-space: nowrap;;display:inline;">&#160;</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-family: &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify; font-size: 10pt;"><div style="font-family:times new roman,times,serif;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates in the Preparation of Financial Statements -</div>&#160;In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. We continually evaluate our estimates, including those related to contract accounting, accounts receivable, inventories, the recovery of long-lived assets, income taxes and the valuation of equity transactions. We base our estimates on historical and current experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 dei Security12b Title
Security12bTitle
None
CY2019Q2 dei Security Exchange Name
SecurityExchangeName
NONE

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