2019 Q1 Form 10-Q Financial Statement

#000080770719000002 Filed on January 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 Q4
Revenue $107.5M $129.6M $156.6M
YoY Change -12.09% -17.2% -0.54%
Cost Of Revenue $83.70M $90.71M $115.0M
YoY Change -7.0% -21.15% 1.13%
Gross Profit $23.75M $38.92M $41.52M
YoY Change -26.26% -6.25% -4.88%
Gross Profit Margin 22.11% 30.02% 26.52%
Selling, General & Admin $28.40M $26.85M $29.62M
YoY Change -8.68% -9.35% -5.02%
% of Gross Profit 119.56% 68.97% 71.33%
Research & Development $6.000M $2.309M $2.340M
YoY Change -1.64% -1.32% -16.01%
% of Gross Profit 25.26% 5.93% 5.64%
Depreciation & Amortization $3.500M $2.887M $2.993M
YoY Change 16.67% -3.54% -1.8%
% of Gross Profit 14.73% 7.42% 7.21%
Operating Expenses $34.40M $33.21M $35.88M
YoY Change -7.53% -7.42% -6.61%
Operating Profit -$10.65M $5.710M $5.643M
YoY Change 113.48% 1.19% 7.86%
Interest Expense $800.0K $312.0K $51.00K
YoY Change -900.0% 511.76% 131.82%
% of Operating Profit 5.46% 0.9%
Other Income/Expense, Net -$17.20M $260.0K $477.0K
YoY Change -3540.0% -45.49% 294.21%
Pretax Income -$47.60M $6.491M $6.909M
YoY Change 957.78% -6.05% 28.35%
Income Tax -$9.300M -$4.078M -$568.0K
% Of Pretax Income -62.83% -8.22%
Net Earnings -$36.56M $12.21M $8.644M
YoY Change -390.5% 41.27% 49.03%
Net Earnings / Revenue -34.02% 9.42% 5.52%
Basic Earnings Per Share -$1.50 $0.50 $0.36
Diluted Earnings Per Share -$1.50 $0.50 $0.35
COMMON SHARES
Basic Shares Outstanding 24.20M shares 24.36M 24.24M shares
Diluted Shares Outstanding 24.63M 24.50M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.09M $51.44M $41.56M
YoY Change 10.36% 23.77% 629.07%
Cash & Equivalents $58.24M $48.72M $37.51M
Short-Term Investments $2.858M $2.718M $4.043M
Other Short-Term Assets $10.50M $28.60M $16.40M
YoY Change -25.0% 74.39% -16.33%
Inventory $102.4M $118.8M $125.4M
Prepaid Expenses
Receivables $73.39M $84.64M $93.11M
Other Receivables $1.900M $1.000M $2.000M
Total Short-Term Assets $246.4M $281.7M $274.4M
YoY Change -7.32% 2.66% -8.12%
LONG-TERM ASSETS
Property, Plant & Equipment $60.49M $61.20M $65.96M
YoY Change -7.3% -7.22% -17.2%
Goodwill $54.79M $54.79M $54.64M
YoY Change 0.0% 0.27% -47.09%
Intangibles $119.4M $135.0M $151.7M
YoY Change -20.54% -10.98% -14.92%
Long-Term Investments $21.89M $22.11M $22.42M
YoY Change 0.13% -1.37% 0.33%
Other Assets $2.877M $2.590M $8.483M
YoY Change -78.49% -69.47% 366.61%
Total Long-Term Assets $262.4M $279.0M $312.3M
YoY Change -15.29% -10.66% -21.11%
TOTAL ASSETS
Total Short-Term Assets $246.4M $281.7M $274.4M
Total Long-Term Assets $262.4M $279.0M $312.3M
Total Assets $508.8M $560.7M $586.7M
YoY Change -11.61% -4.43% -15.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.14M $37.10M $36.20M
YoY Change -10.25% 2.47% -49.56%
Accrued Expenses $52.70M $50.40M $55.20M
YoY Change 5.19% -8.7% -10.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.02M $10.40M $7.700M
YoY Change 29.64% 35.06% -34.75%
Total Short-Term Liabilities $95.22M $99.27M $101.8M
YoY Change -0.18% -2.45% -30.14%
LONG-TERM LIABILITIES
Long-Term Debt $7.613M $7.797M $11.45M
YoY Change -31.63% -31.89% -89.49%
Other Long-Term Liabilities $2.981M $3.014M $3.185M
YoY Change -6.46% -5.37% -68.11%
Total Long-Term Liabilities $10.59M $10.81M $14.63M
YoY Change -26.03% -26.11% -87.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.22M $99.27M $101.8M
Total Long-Term Liabilities $10.59M $10.81M $14.63M
Total Liabilities $113.7M $127.4M $148.6M
YoY Change -9.41% -14.23% -50.65%
SHAREHOLDERS EQUITY
Retained Earnings $148.6M $185.1M $182.1M
YoY Change -23.68% 1.68% 14.19%
Common Stock $296.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.18M $21.18M $21.18M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $2.168M 2.168M shares 2.168M shares
Shareholders Equity $407.7M $444.1M $442.1M
YoY Change
Total Liabilities & Shareholders Equity $508.8M $560.7M $586.7M
YoY Change -11.61% -4.43% -15.52%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$36.56M $12.21M $8.644M
YoY Change -390.5% 41.27% 49.03%
Depreciation, Depletion And Amortization $3.500M $2.887M $2.993M
YoY Change 16.67% -3.54% -1.8%
Cash From Operating Activities $12.50M $9.900M -$6.700M
YoY Change -6.72% -247.76% -17.28%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$3.400M -$1.100M
YoY Change 133.33% 209.09% -68.57%
Acquisitions
YoY Change
Other Investing Activities -$1.400M -$1.800M -$900.0K
YoY Change 366.67% 100.0%
Cash From Investing Activities -$2.000M -$5.200M -$2.100M
YoY Change 300.0% 147.62% -40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -700.0K 0.000 600.0K
YoY Change 40.0% -100.0% -95.24%
NET CHANGE
Cash From Operating Activities 12.50M 9.900M -6.700M
Cash From Investing Activities -2.000M -5.200M -2.100M
Cash From Financing Activities -700.0K 0.000 600.0K
Net Change In Cash 9.800M 4.700M -8.200M
YoY Change -20.97% -157.32% -920.0%
FREE CASH FLOW
Cash From Operating Activities $12.50M $9.900M -$6.700M
Capital Expenditures -$700.0K -$3.400M -$1.100M
Free Cash Flow $13.20M $13.30M -$5.600M
YoY Change -3.65% -337.5% 21.74%

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EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
7095000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
6072000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
72434000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
76753000 USD
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
21857000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
22108000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
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91824000 USD
CY2017Q4 us-gaap Earnings Per Share Basic
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0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
us-gaap Earnings Per Share Diluted
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-1619000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-3968000 USD
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.082
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.628
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
5245000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
4899000 USD
CY2018Q1 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
42318000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
46733000 USD
CY2018Q1 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
5699000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
8590000 USD
CY2018Q1 us-gaap Equity Method Investment Summarized Financial Information Equity
EquityMethodInvestmentSummarizedFinancialInformationEquity
43714000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Equity
EquityMethodInvestmentSummarizedFinancialInformationEquity
44214000 USD
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
24397000 USD
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
24753000 USD
us-gaap Equity Method Investment Summarized Financial Information Income Loss From Continuing Operations Before Extraordinary Items
EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems
11359000 USD
us-gaap Equity Method Investment Summarized Financial Information Income Loss From Continuing Operations Before Extraordinary Items
EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems
10148000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
11467000 USD
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
39396000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
43699000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6293000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5455000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5756000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5962000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6130000 USD
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88325000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
87826000 USD
CY2018Q4 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
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20000 USD
us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
45000 USD
us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-132000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-36118000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
10000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-15000 USD
CY2018Q4 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
990000 USD
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
3066000 USD
CY2017Q4 us-gaap General And Administrative Expense
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18258000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
59095000 USD
CY2018Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16482000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
49632000 USD
CY2018Q1 us-gaap Goodwill
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54785000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
54785000 USD
CY2017Q4 us-gaap Gross Profit
GrossProfit
41519000 USD
us-gaap Gross Profit
GrossProfit
100084000 USD
CY2018Q4 us-gaap Gross Profit
GrossProfit
38923000 USD
us-gaap Gross Profit
GrossProfit
97663000 USD
CY2017Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2018Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
9814000 USD
CY2018Q4 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
CY2017Q4 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2018Q4 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3473000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6909000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-19586000 USD
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6491000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11338000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
7477000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-15055000 USD
CY2018Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
10569000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-14485000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.37
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.40
CY2018Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.50
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.39
CY2017Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.37
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.40
CY2018Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.50
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.39
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-368000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
32342000 USD
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
88977000 USD
CY2018Q1 us-gaap Inventory Net
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117992000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.34
CY2018Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.34
CY2018Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2017Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2004000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5734000 USD
CY2018Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1695000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5146000 USD
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4531000 USD
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4078000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3147000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2359000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2290000 USD
CY2018Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
511000 USD
CY2018Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
499000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-14975000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4159000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10862000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5709000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-1660000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1833000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
831000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2648000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
12275000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4549000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-396000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-24000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-52000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-903000 USD
CY2018Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
150320000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2017Q4 us-gaap Interest And Debt Expense
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1215000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
4850000 USD
CY2018Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1174000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
3391000 USD
CY2017Q4 us-gaap Interest Income Expense Nonoperating Net
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51000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
82000 USD
CY2018Q4 us-gaap Interest Income Expense Nonoperating Net
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312000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
788000 USD
us-gaap Interest Paid Net
InterestPaidNet
2675000 USD
us-gaap Interest Paid Net
InterestPaidNet
1322000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
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CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
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28071000 USD
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
26835000 USD
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2485000 USD
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3004000 USD
CY2018Q1 us-gaap Investments
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4167000 USD
CY2018Q1 us-gaap Investments Fair Value Disclosure
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4167000 USD
CY2018Q4 us-gaap Investments Fair Value Disclosure
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3243000 USD
CY2018Q1 us-gaap Liabilities
Liabilities
125526000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
127422000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
575644000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
560724000 USD
CY2018Q1 us-gaap Liabilities Current
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95387000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
99267000 USD
CY2018Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
2191000 USD
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1377000 USD
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
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CY2017Q4 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
123000 USD
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
241000 USD
CY2018Q4 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
124000 USD
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
396000 USD
CY2018Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
101773000 USD
us-gaap Litigation Settlement Amount Awarded From Other Party
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2681000 USD
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
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CY2018Q4 us-gaap Long Term Debt
LongTermDebt
5754000 USD
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11135000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7797000 USD
CY2018Q1 us-gaap Long Term Investments
LongTermInvestments
4167000 USD
CY2018Q4 us-gaap Long Term Investments
LongTermInvestments
3243000 USD
CY2015Q3 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9995000 USD
CY2018Q1 us-gaap Marketable Securities
MarketableSecurities
3620000 USD
CY2018Q4 us-gaap Marketable Securities
MarketableSecurities
2718000 USD
CY2018Q1 us-gaap Minority Interest
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CY2018Q4 us-gaap Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-191000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
161944000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8968000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-38948000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10105000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
8644000 USD
us-gaap Net Income Loss
NetIncomeLoss
22720000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
12211000 USD
us-gaap Net Income Loss
NetIncomeLoss
-9531000 USD
CY2017Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5433000 USD
CY2018Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1642000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4954000 USD
CY2018Q1 us-gaap Nontrade Receivables
NontradeReceivables
493000 USD
CY2018Q4 us-gaap Nontrade Receivables
NontradeReceivables
463000 USD
CY2018Q4 us-gaap Notes And Loans Receivable Gross Current
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12453000 USD
us-gaap Number Of Reportable Segments
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3
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
35876000 USD
us-gaap Operating Expenses
OperatingExpenses
114198000 USD
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
33213000 USD
us-gaap Operating Expenses
OperatingExpenses
108456000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
5643000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-14114000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
5710000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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2713000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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1097000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
192000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
293000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
398000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
545000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
188000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13373000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2590000 USD
CY2017Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-170000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
27669000 USD
CY2018Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1263000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3333000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-3333000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
0 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-3000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
74000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
24000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-2826000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
226000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-960000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
50000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
542000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3333000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
51000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28471000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1193000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">New Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02,&#160;"Leases (Topic 842)." ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This amendment will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued ASU No. 2018-10 &#8220;Codification Improvements to Topic 842, Leases&#8221; and ASU No. 2018-11 &#8220;Leases (Topic 842) Targeted Improvements" in July 2018, and ASU No. 2018-20 "Leases (Topic 842) - Narrow Scope Improvements for Lessors" in December 2018. ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will adopt this guidance beginning with its first quarter ended May 31, 2019.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has established a task force, comprised of multiple functional groups inside the Company, and continues to evaluate critical components of ASC Topic 842 and the potential impact of the guidance on the Company's financial position, results of operations and cash flows. Based on the preliminary work completed, the Company is considering the potential implications of the new standard in determining the discount rate to be used in valuing new and existing leases, procedural and operational changes that may be necessary to comply with the provisions of the guidance, and all applicable financial statement disclosures required by the guidance, all of which are areas that may be impacted by adoption of the ASC. The Company is also in the process of determining which practical expedients will be applied by the Company for implementation of the ASC. At this time, the Company has not completed its full evaluation; however, it believes the adoption of ASC Topic 842, at a minimum, will increase the total assets and total liabilities reported on the Company's Consolidated Balance Sheet.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, &#8220;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,&#8221; and subsequent amendment to the guidance, ASU 2018-19 in November 2018. The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren&#8217;t measured at fair value through net income. The standard will replace today&#8217;s &#8220;incurred loss&#8221; approach with an &#8220;expected loss&#8221; model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The amendment will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2018-19 clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." Under the new guidance, if a reporting unit's carrying value amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates today's requirement to calculate goodwill impairment using Step 2, which calculates an impairment charge by comparing the implied fair value of goodwill with its carrying amount. The standard does not change the guidance on completing Step 1 of the goodwill impairment test. The amendments in this ASU are effective for annual or any interim goodwill impairments tests in fiscal years beginning after December&#160;15, 2019 and should be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities," which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company is currently in the process of evaluating the impact of this new pronouncement on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income due to the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income due to the enactment of the Tax Cuts and Jobs Act ("TCJA") on December 22, 2017, which changed the Company's income tax rate from 35% to 21%. The amendments to the ASU changed US GAAP whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The amendments of the ASU may be adopted in total or in part using a full retrospective or modified retrospective method. The amendments of the ASU are effective for periods beginning after December 15, 2018. Early adoption is permitted. The Company is assessing the effect of ASU 2018-02 on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The effects of changes in tax laws are required to be recognized in the period in which the legislation is enacted. However, due to the complexity and significance of the TCJA&#8217;s provisions, the FASB issued ASU 2018-06,&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&quot;</font><font style="font-family:inherit;font-size:10pt;">Income Taxes (Topic 740),"</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">pursuant to</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">the SEC staff issued Staff Accounting Bulletin No.&#160;118 (SAB 118), which allows companies to record the tax effects of the TCJA on a provisional basis based on a reasonable estimate, and then, if necessary, subsequently adjust such amounts during a limited measurement period as more information becomes available. The measurement period ends when a company has obtained, prepared, and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year from enactment. The Company&#8217;s accounting for certain elements of the TCJA was incomplete as of the fiscal year ended February 28, 2018, some of which remains incomplete at </font><font style="font-family:inherit;font-size:10pt;">November&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (see Note 13).</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement ('Topic 820'): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the effect, if any, that ASU 2018-13 will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans."&#160; ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The amendments in ASU 2018-14 must be applied on a retrospective basis.&#160; The Company is currently assessing the effect, if any, that ASU 2018-14 will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2018, the FASB issued ASU No. 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU requires entities to consider indirect interests held through related parties under common control on a proportional basis, rather than as the equivalent of a direct interest in its entirety when determining whether a decision-making fee is a variable interest. The ASU is effective for fiscal years beginning after December 15, 2019 and for interim periods therein, with early adoption permitted. The Company is currently evaluating the effect, if any, that ASU 2018-18 will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2018, the FASB issued ASU No. 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606." The ASU clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the effect, if any, that ASU 2018-18 will have on its consolidated financial statements.</font></div></div>

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