2015 Q2 Form 10-K Financial Statement

#000143774915017193 Filed on September 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 2014 Q2
Revenue $4.100M $24.60M $8.500M
YoY Change -51.76% -64.19% -8.6%
Cost Of Revenue $24.10M $3.600M $19.00M
YoY Change 26.84% -92.95% 171.43%
Gross Profit -$20.00M $21.00M -$10.50M
YoY Change 90.48% 19.32% -556.52%
Gross Profit Margin -487.8% 85.37% -123.53%
Selling, General & Admin $1.200M $9.400M $2.200M
YoY Change -45.45% -7.84% -48.84%
% of Gross Profit 44.76%
Research & Development $24.20M $19.80M $6.200M
YoY Change 290.32% 13.14% -1.59%
% of Gross Profit 94.29%
Depreciation & Amortization $0.00 $1.100M $1.000M
YoY Change -100.0% -54.17% 66.67%
% of Gross Profit 5.24%
Operating Expenses $24.10M $19.80M $8.400M
YoY Change 186.9% 13.14% -20.0%
Operating Profit -$44.10M -$19.50M -$18.90M
YoY Change 133.33% 69.57% 130.49%
Interest Expense $0.00 $6.800M -$700.0K
YoY Change -100.0% -666.67% -135.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $300.0K $0.00
YoY Change 50.0% -100.0%
Pretax Income -$20.00M -$19.20M -$10.40M
YoY Change 92.31% 69.91% 65.08%
Income Tax -$100.0K -$100.0K -$200.0K
% Of Pretax Income
Net Earnings -$19.90M -$19.10M -$10.20M
YoY Change 95.1% 73.64% 56.92%
Net Earnings / Revenue -485.37% -77.64% -120.0%
Basic Earnings Per Share -$0.55 -$0.54 -$0.29
Diluted Earnings Per Share -$0.55 -$0.54 -$0.29
COMMON SHARES
Basic Shares Outstanding 35.36M
Diluted Shares Outstanding 35.36M

Balance Sheet

Concept 2015 Q2 2015 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.60M $57.60M $81.70M
YoY Change -29.5% -29.5% 22.31%
Cash & Equivalents $44.70M $44.70M $81.70M
Short-Term Investments $12.90M $12.90M
Other Short-Term Assets $600.0K $600.0K $700.0K
YoY Change -14.29% -14.29% -68.18%
Inventory
Prepaid Expenses
Receivables $12.60M $12.60M $18.70M
Other Receivables $12.60M $0.00 $900.0K
Total Short-Term Assets $70.80M $70.80M $101.1M
YoY Change -29.97% -29.97% 26.38%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $200.0K $2.000M
YoY Change -90.0% -90.0% -53.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.900M $7.900M $10.00M
YoY Change -21.0% -21.0%
Other Assets $500.0K $500.0K $900.0K
YoY Change -44.44% -44.44% -40.0%
Total Long-Term Assets $8.600M $8.600M $12.90M
YoY Change -33.33% -33.33% 122.41%
TOTAL ASSETS
Total Short-Term Assets $70.80M $70.80M $101.1M
Total Long-Term Assets $8.600M $8.600M $12.90M
Total Assets $79.40M $79.40M $114.0M
YoY Change -30.35% -30.35% 32.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $1.900M $2.800M
YoY Change -32.14% -32.14% 16.67%
Accrued Expenses $5.400M $3.700M $3.400M
YoY Change 58.82% -2.63% -50.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0%
Total Short-Term Liabilities $9.000M $9.000M $26.90M
YoY Change -66.54% -66.54% 52.84%
LONG-TERM LIABILITIES
Long-Term Debt $800.0K $800.0K $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 0.0%
Total Long-Term Liabilities $100.0K $900.0K $200.0K
YoY Change -50.0% 350.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.000M $9.000M $26.90M
Total Long-Term Liabilities $100.0K $900.0K $200.0K
Total Liabilities $9.900M $9.900M $27.10M
YoY Change -63.47% -63.47% 52.25%
SHAREHOLDERS EQUITY
Retained Earnings -$108.9M -$89.80M
YoY Change 21.27%
Common Stock $159.5M $149.9M
YoY Change 6.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.50M $69.50M $86.90M
YoY Change
Total Liabilities & Shareholders Equity $79.40M $79.40M $114.0M
YoY Change -30.35% -30.35% 32.87%

Cashflow Statement

Concept 2015 Q2 2015 2014 Q2
OPERATING ACTIVITIES
Net Income -$19.90M -$19.10M -$10.20M
YoY Change 95.1% 73.64% 56.92%
Depreciation, Depletion And Amortization $0.00 $1.100M $1.000M
YoY Change -100.0% -54.17% 66.67%
Cash From Operating Activities $200.0K -$9.600M $10.60M
YoY Change -98.11% 190.91% 324.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $100.0K $100.0K
YoY Change -100.0% 0.0% -120.0%
Acquisitions $8.900M
YoY Change
Other Investing Activities -$16.70M -$19.30M -$10.00M
YoY Change 67.0% 93.0%
Cash From Investing Activities -$16.70M -$19.40M -$9.900M
YoY Change 68.69% 92.08% 1880.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -100.0K 0.000
YoY Change -100.37%
NET CHANGE
Cash From Operating Activities 200.0K -9.600M 10.60M
Cash From Investing Activities -16.70M -19.40M -9.900M
Cash From Financing Activities -100.0K -100.0K 0.000
Net Change In Cash -16.60M -29.10M 700.0K
YoY Change -2471.43% -317.16% -65.0%
FREE CASH FLOW
Cash From Operating Activities $200.0K -$9.600M $10.60M
Capital Expenditures $0.00 $100.0K $100.0K
Free Cash Flow $200.0K -$9.700M $10.50M
YoY Change -98.1% 185.29% 250.0%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Concentration of Credit Risk and Other Risks and Uncertainties</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash, cash equivalents and short- and long-term investments consist of financial instruments that potentially subject the Company to concentrations of credit risk to the extent recorded on the balance sheets. The Company believes that it has established guidelines for investment of its excess cash that maintain principal and liquidity through its policies on concentration, diversification, investment maturity, and investment grade.</div></div></div></div></div></div></div>
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400000
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200000
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300000
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100000
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6900000
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8400000
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CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1700000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
2600000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.0082
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.0079
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.0079
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
531252
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.37
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1432000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.65
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.47
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.39
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2463369
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3364117
CY2015 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1229088
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
3364117
CY2015 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y328D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y328D
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y328D
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
10.16
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
5.58
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
12900000
CY2014Q2 us-gaap Short Term Investments
ShortTermInvestments
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26800000
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7500000
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
200000
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
59300000
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
68000000
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
86900000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
69500000
CY2013 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
CY2015 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-100000
CY2014 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
CY2013 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals and obligations, tangible and intangible assets and deferred income taxes. Actual results could differ from those estimates.</div></div></div></div></div></div></div>
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35367117
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31347888
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28217515
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35360841
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31347888
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28217515
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35367117

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