2018 Q2 Form 10-Q Financial Statement

#000157582818000014 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $132.1M $115.6M $110.7M
YoY Change 12.26% 4.37% -27.86%
Cost Of Revenue $85.30M $63.21M $51.68M
YoY Change 54.2% 22.3% 233.63%
Gross Profit $13.77M $2.262M $8.827M
YoY Change 16.55% -74.37% -78.96%
Gross Profit Margin 10.42% 1.96% 7.97%
Selling, General & Admin $40.40M $38.70M $42.70M
YoY Change -4.72% -9.37% -27.63%
% of Gross Profit 293.48% 1710.88% 483.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.86M $28.30M $31.10M
YoY Change -6.75% -9.0% 5.6%
% of Gross Profit 209.66% 1251.11% 352.32%
Operating Expenses $69.30M $67.00M $73.80M
YoY Change -5.59% -9.21% -16.61%
Operating Profit -$23.78M -$34.91M -$36.61M
YoY Change -29.98% -4.65% 1170.3%
Interest Expense $609.0K $944.0K $398.0K
YoY Change -19.12% 137.19% 93.2%
% of Operating Profit
Other Income/Expense, Net -$2.796M -$791.0K $829.0K
YoY Change -244.12% -195.42% -349.7%
Pretax Income -$26.58M -$35.70M -$35.78M
YoY Change -17.01% -0.23% 1013.29%
Income Tax -$815.0K $6.375M -$9.118M
% Of Pretax Income
Net Earnings -$25.76M -$42.07M -$26.66M
YoY Change -0.72% 57.8% 3353.76%
Net Earnings / Revenue -19.5% -36.41% -24.08%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.69 -$1.13 -$0.12
COMMON SHARES
Basic Shares Outstanding 224.0M shares 223.4M shares 222.6M shares
Diluted Shares Outstanding 222.6M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $245.2M $264.9M $283.9M
YoY Change -10.84% -6.69% -53.37%
Cash & Equivalents $178.8M $188.8M $283.9M
Short-Term Investments $66.40M $76.10M
Other Short-Term Assets $8.566M $10.35M $12.91M
YoY Change -21.38% -19.83% -6.2%
Inventory $69.42M $72.86M $136.4M
Prepaid Expenses
Receivables $92.72M $88.99M $103.4M
Other Receivables $15.90M $17.80M $42.80M
Total Short-Term Assets $478.2M $483.0M $616.6M
YoY Change -19.46% -21.67% -37.92%
LONG-TERM ASSETS
Property, Plant & Equipment $422.0M $449.2M $548.6M
YoY Change -19.74% -18.12% -9.46%
Goodwill $211.0M $211.0M
YoY Change
Intangibles $29.49M $32.13M
YoY Change
Long-Term Investments $30.70M $30.50M $37.20M
YoY Change 5.5% -18.01%
Other Assets $34.17M $33.99M $42.16M
YoY Change 3.58% -19.38% -21.84%
Total Long-Term Assets $696.7M $726.3M $925.0M
YoY Change -22.56% -21.48% 35.12%
TOTAL ASSETS
Total Short-Term Assets $478.2M $483.0M $616.6M
Total Long-Term Assets $696.7M $726.3M $925.0M
Total Assets $1.175B $1.209B $1.542B
YoY Change -21.32% -21.55% -8.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.50M $31.90M $17.33M
YoY Change 15.15% 84.03% 72.55%
Accrued Expenses $60.10M $56.00M $71.50M
YoY Change -15.47% -21.68% -30.31%
Deferred Revenue $47.00K $473.0K
YoY Change
Short-Term Debt $1.800M $3.266M $0.00
YoY Change
Long-Term Debt Due $1.800M $3.300M $202.0K
YoY Change 1387.6% 1533.66% -95.61%
Total Short-Term Liabilities $93.90M $104.3M $103.4M
YoY Change -7.14% 0.92% -39.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $28.27M $28.43M $154.2M
YoY Change -81.53% -81.56% 260.21%
Total Long-Term Liabilities $28.27M $28.43M $154.2M
YoY Change -81.53% -81.56% 260.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.90M $104.3M $103.4M
Total Long-Term Liabilities $28.27M $28.43M $154.2M
Total Liabilities $122.4M $133.0M $269.0M
YoY Change -52.73% -50.56% 7.79%
SHAREHOLDERS EQUITY
Retained Earnings $39.76M $107.6M $273.9M
YoY Change -82.81% -60.72% -46.03%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.95M $14.77M $14.30M
YoY Change 13.82% 3.3% 44.71%
Treasury Stock Shares 1.136M shares 1.106M shares 907.1K shares
Shareholders Equity $1.053B $1.076B $1.273B
YoY Change
Total Liabilities & Shareholders Equity $1.175B $1.209B $1.542B
YoY Change -21.32% -21.55% -8.12%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$25.76M -$42.07M -$26.66M
YoY Change -0.72% 57.8% 3353.76%
Depreciation, Depletion And Amortization $28.86M $28.30M $31.10M
YoY Change -6.75% -9.0% 5.6%
Cash From Operating Activities -$17.00M -$20.91M -$9.435M
YoY Change -994.74% 121.61% -120.44%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $6.300M $11.72M
YoY Change 42.86% -46.25% 41.75%
Acquisitions
YoY Change
Other Investing Activities $10.20M $6.200M $4.500M
YoY Change 13.33% 37.78% 1025.0%
Cash From Investing Activities $5.300M -$143.0K -$7.244M
YoY Change -3.64% -98.03% -7.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.802M
YoY Change 208.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.700M -$1.929M -$18.05M
YoY Change -89.76% -89.31% -42.15%
NET CHANGE
Cash From Operating Activities -17.00M -$20.91M -$9.435M
Cash From Investing Activities 5.300M -$143.0K -$7.244M
Cash From Financing Activities -1.700M -$1.929M -$18.05M
Net Change In Cash -13.40M -$24.24M -$34.73M
YoY Change 45.65% -30.21% -585.95%
FREE CASH FLOW
Cash From Operating Activities -$17.00M -$20.91M -$9.435M
Capital Expenditures $5.000M $6.300M $11.72M
Free Cash Flow -$22.00M -$27.21M -$21.16M
YoY Change 1275.0% 28.62% -155.83%

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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;font-style:italic;font-weight:bold;">Reclassifications</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%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior-period amounts have been reclassified to conform to the current period's presentation. These reclassifications had no impact on our net income (loss), working capital, cash flows or total equity previously reported.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our financial statements for the three months ended March 31, 2017 have been revised to decrease "cost of revenues, services" and increase "cost of revenues, products" by the following immaterial amounts in order to correct a misclassification associated with Blackhawk product costs. While the revisions do impact two financial statement line items, the revisions had no impact on our net income (loss), working capital, cash flows or total equity previously reported (in thousands)</font></div></div>

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