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Financial Statements

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update)
Cash & Equivalents 13.60 24.99
Short Term Investments 0.00 0.25
Cash and Short Term Investments 13.60 25.25
Accounts Receivable - Trade, Gross 27.46 26.80
Provision for Doubtful Accounts -0.57 -0.89
Accounts Receivable - Trade, Net 26.90 25.91
Total Receivables, Net 26.90 25.91
Prepaid Expenses 1.25 1.81
Restricted Cash - Current 0.00 0.00
Deferred Income Tax - Current Asset 0.00 0.00
Other Current Assets, Total 0.00 0.00
Total Current Assets 41.74 52.96
Buildings - Gross 1.61 1.54
Machinery/Equipment - Gross 17.62 16.84
Other Property/Plant/Equipment - Gross 1.74 1.70
Property/Plant/Equipment, Total - Gross 20.98 20.08
Accumulated Depreciation, Total -17.80 -15.77
Property/Plant/Equipment, Total - Net 3.18 4.31
Goodwill, Net 0.00 5.13
Intangibles - Gross 50.12 50.12
Accumulated Intangible Amortization -38.14 -21.00
Intangibles, Net 11.98 29.11
LT Investment - Affiliate Companies 0.00 0.69
LT Investments - Other 0.00 0.10
Long Term Investments 0.00 0.79
Deferred Income Tax - Long Term Asset 0.00 0.00
Other Long Term Assets 0.52 0.60
Other Long Term Assets, Total 0.52 0.60
Total Assets 57.42 92.91
Accounts Payable 11.33 7.52
Accrued Expenses 11.14 8.72
Notes Payable/Short Term Debt 0.00 0.00
Current Portion of Long Term Debt/Capital Leases 1.00 0.00
Customer Advances 0.00 0.00
Other Current Liabilities 0.43 0.51
Other Current liabilities, Total 0.43 0.51
Total Current Liabilities 23.90 16.75
Long Term Debt 0.00 9.00
Total Long Term Debt 0.00 9.00
Total Debt 1.00 9.00
Other Long Term Liabilities 0.00 0.00
Other Liabilities, Total 0.00 0.00
Total Liabilities 23.90 25.75
Preferred Stock - Non Redeemable 0.00 0.00
Preferred Stock - Non Redeemable, Net 0.00 0.00
Common Stock 0.01 0.01
Common Stock, Total 0.01 0.01
Additional Paid-In Capital 361.22 356.05
Retained Earnings (Accumulated Deficit) -327.72 -288.90
Total Equity 33.52 67.17
Total Liabilities & Shareholders' Equity 57.42 92.91
Shares Outstanding – Common Stock Primary Issue 12.96 13.06
Total Common Shares Outstanding 12.96 13.06
Treasury Shares – Common Primary Issue 0.00 0.00
Shares Outstanding - Preferred Issue 1 0.00 0.00
Total Preferred Shares Outstanding 0.00 0.00
Employees 199.00 228.00
Number of Common Shareholders 174.00 228.00
Accumulated Intangible Amortization 38.14 21.00
Deferred Revenue - Current 0.00 0.00
Total Current Assets less Inventory 41.74 52.96
Quick Ratio 1.75 3.16
Current Ratio 1.75 3.16
Net Debt -12.60 -16.25
Tangible Book Value 21.54 32.92
Tangible Book Value per Share 1.66 2.52
Total Long Term Debt, Supplemental 1.00 9.00
Long Term Debt Maturing within 1 Year 1.00 0.00
Long Term Debt Maturing in Year 2 0.00 0.50
Long Term Debt Maturing in Year 3 0.00 0.50
Long Term Debt Maturing in Year 4 0.00 4.00
Long Term Debt Maturing in Year 5 0.00 4.00
Long Term Debt Maturing in 2-3 Years 0.00 1.00
Long Term Debt Maturing in 4-5 Years 0.00 8.00
Long Term Debt Maturing in Year 6 & Beyond 0.00 0.00
Total Operating Leases 4.21 5.47
Operating Lease Payments Due in Year 1 1.50 1.53
Operating Lease Payments Due in Year 2 1.07 1.39
Operating Lease Payments Due in Year 3 0.51 0.96
Operating Lease Payments Due in Year 4 0.46 0.46
Operating Lease Payments Due in Year 5 0.47 0.46
Operating Lease Payments Due in 2-3 Years 1.58 2.35
Operating Lease Payments Due in 4-5 Years 0.93 0.92
Standardized Operating Lease Payments Due in Year 6 and Beyond 0.20 0.67
  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update)
Net Sales 125.59 142.13 156.68
Revenue 125.59 142.13 156.68
Total Revenue 125.59 142.13 156.68
Cost of Revenue 101.32 99.35 98.77
Cost of Revenue, Total 101.32 99.35 98.77
Gross Profit 24.27 42.77 57.91
Selling/General/Administrative Expense 24.90 22.98 29.02
Labor & Related Expense 3.60 3.44 3.76
Selling/General/Administrative Expenses, Total 28.50 26.43 32.78
Research & Development 13.84 12.57 13.99
Depreciation 4.90 4.78 5.07
Amortization of Intangibles, Operating -- -- --
Depreciation/Amortization 4.90 4.78 5.07
Litigation -- -0.11 -0.05
Impairment-Assets Held for Use 16.12 37.69 --
Other Unusual Expense (Income) -- -- --
Unusual Expense (Income) 16.12 37.58 -0.05
Total Operating Expense 164.66 180.70 150.56
Operating Income -39.07 -38.58 6.13
Interest Expense - Non-Operating -- -0.80 -0.90
Interest Expense, Net Non-Operating -- -0.80 -0.90
Interest Income, Non-Operating -- -- --
Investment Income, Non-Operating -- -- --
Interest/Investment Income, Non-Operating -- -- --
Interest Income (Expense), Net Non-Operating 0.25 -0.15 0.06
Interest Income (Expense), Net-Non-Operating, Total 0.25 -0.95 -0.84
Gain (Loss) on Sale of Assets -- -- 1.40
Net Income Before Taxes -38.82 -39.53 6.69
Income Tax – Total -0.01 13.75 2.82
Income After Tax -38.82 -53.27 3.87
Net Income Before Extraordinary Items -38.82 -53.27 3.87
Discontinued Operations -- -- --
Extraordinary Item 0.00 -11.69 --
Total Extraordinary Items 0.00 -11.69 --
Net Income -38.82 -64.96 3.87
Income Available to Common Excluding Extraordinary Items -38.82 -53.27 3.87
Income Available to Common Stocks Including Extraordinary Items -38.82 -64.96 3.87
Basic Weighted Average Shares 12.76 11.85 10.67
Basic EPS Excluding Extraordinary Items -3.04 -4.49 0.36
Basic EPS Including Extraordinary Items -3.04 -5.48 0.36
Dilution Adjustment -- -- --
Diluted Net Income -38.82 -64.96 3.87
Diluted Weighted Average Shares 12.76 11.85 13.30
Diluted EPS Excluding Extraordinary Items -3.04 -4.49 0.29
Diluted EPS Including Extraordinary Items -3.04 -5.48 0.29
DPS - Common Stock Primary Issue -- -- --
Gross Dividends - Common Stock 0.00 0.00 0.00
Total Special Items 16.12 37.58 -1.45
Normalized Income Before Taxes -22.71 -1.95 5.24
Effect of Special Items on Income Taxes 5.64 13.15 -0.61
Income Taxes Excluding Impact of Special Items 5.63 26.90 2.20
Normalized Income After Taxes -28.34 -28.84 3.03
Normalized Income Available to Common -28.34 -28.84 3.03
Basic Normalized EPS -2.22 -2.43 0.28
Diluted Normalized EPS -2.22 -2.43 0.23
Amortization of Intangibles, Supplemental -- -- --
Depreciation, Supplemental 8.54 7.65 7.30
Interest Expense, Supplemental -- 0.80 0.90
Rental Expense, Supplemental 1.70 2.00 2.00
Stock-Based Compensation, Supplemental 4.87 4.11 4.41
Advertising Expense, Supplemental -- -- --
Research & Development Expense, Supplemental 13.84 12.57 13.99
Audit-Related Fees, Supplemental -- 0.61 0.52
Audit-Related Fees -- 0.01 0.01
Tax Fees, Supplemental -- 0.00 0.01
All Other Fees Paid to Auditor, Supplemental -- -- --
Gross Margin 19.33 30.10 36.96
Operating Margin -31.11 -27.14 3.91
Pretax Margin -30.91 -27.81 4.27
Effective Tax Rate -- -- 42.10
Net Profit Margin -30.91 -37.48 2.47
Normalized EBIT -22.96 -1.00 6.08
Normalized EBITDA -14.41 6.65 13.38
Current Tax - Domestic 0.03 0.00 0.24
Current Tax - Foreign 0.00 0.14 0.07
Current Tax - Local -0.01 0.04 0.51
Current Tax - Total 0.03 0.18 0.82
Deferred Tax - Domestic -6.21 -2.92 1.73
Deferred Tax - Foreign 0.00 0.00 0.00
Deferred Tax - Local -1.19 -0.18 1.04
Deferred Tax - Total -7.40 -3.09 2.77
Other Tax 7.37 16.66 -0.77
Income Tax - Total -0.01 13.75 2.82
Defined Contribution Expense - Domestic 0.30 0.30 0.40
Total Pension Expense 0.30 0.30 0.40
  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update)
Net Income/Starting Line -38.82 -64.96 3.87
Depreciation – Supplemental 8.54 7.65 7.30
Depreciation/Depletion 8.54 7.65 7.30
Deferred Taxes 0.69 25.26 1.99
Unusual Items 16.09 38.28 -1.29
Other Non-Cash Items 5.32 4.70 5.35
Non-Cash Items 21.41 42.97 4.06
Accounts Receivable -1.45 7.13 -3.23
Prepaid Expenses 0.81 -0.90 -0.40
Other Assets -0.28 0.20 0.95
Accounts Payable 3.83 -2.68 2.12
Accrued Expenses 2.33 -3.18 1.58
Other Liabilities -- --
Changes in Working Capital 5.25 0.56 1.02
Cash from Operating Activities -2.92 11.49 18.24
Purchase of Fixed Assets -0.90 -1.80 -2.15
Purchase/Acquisition of Intangibles -- -8.60
Capital Expenditures -0.90 -10.40 -2.15
Acquisition of Business -- --
Sale of Business
Sale/Maturity of Investment 0.13
Investment, Net -- -- -0.38
Purchase of Investments -- -0.00 -0.25
Other Investing Cash Flow Items, Total 0.13 -0.00 -0.63
Cash from Investing Activities -0.77 -10.40 -2.77
Other Financing Cash Flow -- -- -0.06
Financing Cash Flow Items -- -- -0.06
Sale/Issuance of Common 0.20
Repurchase/Retirement of Common -- -1.90 --
Common Stock, Net 0.20 -1.90 --
Sale/Issuance of Preferred --
Preferred Stock, Net --
Options Exercised 0.10 1.36 3.05
Warrants Converted -- --
Issuance (Retirement) of Stock, Net 0.30 -0.54 3.05
Long Term Debt Issued -- --
Long Term Debt Reduction -8.00 -14.06 -3.94
Long Term Debt, Net -8.00 -14.06 -3.94
Issuance (Retirement) of Debt, Net -8.00 -14.06 -3.94
Cash from Financing Activities -7.70 -14.61 -0.95
Net Change in Cash -11.39 -13.52 14.52
Net Cash - Beginning Balance 24.99 38.51 23.99
Net Cash - Ending Balance 13.60 24.99 38.51
Cash Interest Paid 0.12 0.95 0.72
Cash Taxes Paid 0.00 0.65 0.76