Financial Statements

  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Update)
Net Sales 16.28 21.57 19.62 23.72
Revenue 16.28 21.57 19.62 23.72
Total Revenue 16.28 21.57 19.62 23.72
Cost of Revenue 0.88 2.10 2.51 5.84
Cost of Revenue, Total 0.88 2.10 2.51 5.84
Gross Profit 15.41 19.47 17.11 17.88
Selling/General/Administrative Expense 6.88 6.97 6.87 7.39
Labor & Related Expense 0.54 0.46 0.57 0.02
Selling/General/Administrative Expenses, Total 7.41 7.43 7.44 7.41
Research & Development 7.77 6.94 5.80 5.51
Loss (Gain) on Sale of Assets - Operating
Unusual Expense (Income)
Other, Net -1.58 -0.81 -0.04 -2.13
Other Operating Expenses, Total -1.58 -0.81 -0.04 -2.13
Total Operating Expense 14.47 15.66 15.71 16.63
Operating Income 1.81 5.91 3.92 7.09
Interest Income, Non-Operating 0.40 0.28 0.15 0.23
Interest/Investment Income, Non-Operating 0.40 0.28 0.15 0.23
Interest Income (Expense), Net-Non-Operating, Total 0.40 0.28 0.15 0.23
Gain (Loss) on Sale of Assets
Other Non-Operating Income (Expense) 0.04 -- 0.01 -0.06
Other, Net 0.04 -- 0.01 -0.06
Net Income Before Taxes 2.25 6.19 4.08 7.26
Income Tax – Total 0.57 2.09 -0.54 2.67
Income After Tax 1.68 4.10 4.61 4.58
Net Income Before Extraordinary Items 1.68 4.10 4.61 4.58
Discontinued Operations
Extraordinary Item -0.40
Total Extraordinary Items -0.40
Net Income 1.28 4.10 4.61 4.58
Income Available to Common Excluding Extraordinary Items 1.68 4.10 4.61 4.58
Income Available to Common Stocks Including Extraordinary Items 1.28 4.10 4.61 4.58
Basic Weighted Average Shares 21.81 22.83 22.90 22.70
Basic EPS Excluding Extraordinary Items 0.08 0.18 0.20 0.20
Basic EPS Including Extraordinary Items 0.06 0.18 0.20 0.20
Dilution Adjustment
Diluted Net Income 1.28 4.10 4.61 4.58
Diluted Weighted Average Shares 21.88 22.90 22.97 22.79
Diluted EPS Excluding Extraordinary Items 0.08 0.18 0.20 0.20
Diluted EPS Including Extraordinary Items 0.06 0.18 0.20 0.20
DPS - Common Stock Primary Issue --
Gross Dividends - Common Stock -- -- -- 39.91
Total Special Items
Normalized Income Before Taxes 2.25 6.19 4.08 7.26
Effect of Special Items on Income Taxes
Income Taxes Excluding Impact of Special Items 0.57 2.09 -0.54 2.67
Normalized Income After Taxes 1.68 4.10 4.61 4.58
Normalized Income Available to Common 1.68 4.10 4.61 4.58
Basic Normalized EPS 0.08 0.18 0.20 0.20
Diluted Normalized EPS 0.08 0.18 0.20 0.20
Depreciation, Supplemental 0.52 0.62 0.64 0.54
Rental Expense, Supplemental
Stock-Based Compensation, Supplemental 0.66 0.56 0.69 0.92
Research & Development Expense, Supplemental 7.77 6.94 5.80 5.51
Audit-Related Fees, Supplemental 0.21 0.22 0.20
Audit-Related Fees -- -- --
Tax Fees, Supplemental -- 0.00 0.01
All Other Fees Paid to Auditor, Supplemental -- -- --
Gross Margin 94.63 90.26 87.22 75.36
Operating Margin 11.12 27.39 19.95 29.89
Pretax Margin 13.80 28.69 20.78 30.59
Effective Tax Rate 25.14 33.69 -13.14 36.83
Net Profit Margin 10.33 19.03 23.52 19.32
Normalized EBIT 1.81 5.91 3.92 7.09
Normalized EBITDA 2.33 6.53 4.56 7.63
Current Tax - Domestic 0.47 1.81 -0.81 1.98
Current Tax - Local 0.07 0.41 0.28 0.59
Current Tax - Total 0.54 2.22 -0.53 2.57
Deferred Tax - Domestic 0.04 -0.12 -0.02 0.09
Deferred Tax - Local -0.01 -0.01 0.01 0.01
Deferred Tax - Total 0.03 -0.13 -0.01 0.11
Income Tax - Total 0.57 2.09 -0.54 2.67
Defined Contribution Expense - Domestic 0.22 0.23 0.22 0.20
Total Pension Expense 0.22 0.23 0.22 0.20
  Year Ending Dec 2017 (Restated) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Reclassified) Year Ending Dec 2014 (Update)
Cash & Equivalents 51.61 51.91 51.23 43.99
Short Term Investments 0.00 0.00 0.00 0.00
Cash and Short Term Investments 51.61 51.91 51.23 43.99
Accounts Receivable - Trade, Gross 0.00 3.04 4.76 3.64
Provision for Doubtful Accounts 0.00 -0.02 -0.02 -0.02
Accounts Receivable - Trade, Net 3.82 3.02 4.74 3.62
Receivables - Other 0.00 0.00 0.00 0.00
Total Receivables, Net 3.82 3.02 4.74 3.62
Inventories - Finished Goods 0.00 0.00 0.00 0.00
Inventories - Raw Materials 0.00 0.00 0.00 0.00
Total Inventory 0.00 0.00 0.00 0.00
Prepaid Expenses 0.22 0.27 0.48 0.40
Deferred Income Tax - Current Asset 0.00 0.00 0.00 0.17
Other Current Assets, Total 0.00 0.00 0.00 0.17
Total Current Assets 55.64 55.20 56.46 48.18
Buildings - Gross 0.00 9.06 9.06 9.06
Land/Improvements - Gross 0.00 1.06 1.06 1.06
Machinery/Equipment - Gross 0.00 1.66 1.65 1.66
Property/Plant/Equipment, Total - Gross 0.00 11.77 11.77 11.78
Accumulated Depreciation, Total 0.00 -7.14 -6.79 -6.49
Property/Plant/Equipment, Total - Net 4.30 4.63 4.98 5.29
LT Investments - Other 0.00 0.95 0.87 1.43
Long Term Investments 0.00 0.95 0.87 1.43
Deferred Income Tax - Long Term Asset 5.07 1.08 1.00 0.80
Other Long Term Assets 0.02 0.12 0.32 0.20
Other Long Term Assets, Total 5.09 1.20 1.32 1.00
Total Assets 65.04 61.98 63.62 55.89
Accounts Payable 0.17 0.14 0.23 0.26
Accrued Expenses 1.40 1.08 0.95 0.82
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00
Customer Advances 2.81 2.72 5.89 2.35
Income Taxes Payable 0.00 0.00 0.24 0.00
Other Current liabilities, Total 2.81 2.72 6.12 2.35
Total Current Liabilities 4.37 3.93 7.31 3.43
Total Long Term Debt 0.00 0.00 0.00 0.00
Total Debt 0.00 0.00 0.00 0.00
Other Long Term Liabilities 0.13 0.21 0.13 0.07
Other Liabilities, Total 0.13 0.21 0.13 0.07
Total Liabilities 4.50 4.14 7.44 3.50
Convertible Preferred Stock – Non-Redeemable 0.00 0.00 0.00 0.00
Preferred Stock - Non Redeemable, Net 0.00 0.00 0.00 0.00
Common Stock 0.22 0.22 0.23 0.23
Common Stock, Total 0.22 0.22 0.23 0.23
Additional Paid-In Capital 96.25 100.49 102.97 103.76
Retained Earnings (Accumulated Deficit) -35.93 -42.85 -46.95 -51.57
Unrealized Gain (Loss) 0.00 -0.02 -0.06 0.00
Other Comprehensive Income 0.00 0.00 0.00 -0.03
Other Equity, Total 0.00 0.00 0.00 -0.03
Total Equity 60.53 57.84 56.18 52.39
Total Liabilities & Shareholders' Equity 65.04 61.98 63.62 55.89
Shares Outstanding – Common Stock Primary Issue 21.49 22.37 22.94 22.81
Total Common Shares Outstanding 21.49 22.37 22.94 22.81
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00
Employees 68.00 68.00 69.00 70.00
Number of Common Shareholders 91.00 90.00 100.00 106.00
Deferred Revenue - Current 2.81 2.72 5.89 2.35
Deferred Revenue - Long Term 0.13 0.21 0.13 0.07
Total Current Assets less Inventory 55.64 55.20 56.46 48.17
Quick Ratio 12.72 14.04 7.73 14.04
Current Ratio 12.72 14.04 7.73 14.05
Net Debt -51.61 -51.91 -51.23 -43.99
Tangible Book Value 60.53 57.84 56.18 52.39
Tangible Book Value per Share 2.82 2.59 2.45 2.30
Total Operating Leases 0.00 0.00 0.00 0.00
Operating Lease Payments Due in Year 1 0.00 0.00 0.00 0.00
Operating Lease Payments Due in Year 2 0.00 0.00 0.00 0.00
Operating Lease Payments Due in Year 3 0.00 0.00 0.00 0.00
Operating Lease Payments Due in 2-3 Years 0.00 0.00 0.00 0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond 0.00 0.00 0.00 0.00
  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Update)
Net Income/Starting Line 1.28 4.10 4.61 4.58
Depreciation – Supplemental 0.52 0.62 0.64 0.54
Depreciation/Depletion 0.52 0.62 0.64 0.54
Deferred Taxes 0.43 -0.10 -0.01 0.11
Unusual Items -0.04 -- -0.06 -2.07
Other Non-Cash Items 0.66 0.55 -1.24 0.91
Non-Cash Items 0.62 0.55 -1.29 -1.16
Accounts Receivable 0.62 1.73 -1.12 0.96
Inventories -- 0.00 1.60
Prepaid Expenses 0.07 0.22 -0.08 0.29
Accounts Payable 0.03 -0.10 -0.02 -1.26
Accrued Expenses 0.11 0.12 0.13 0.02
Taxes Payable 0.00 -0.24 0.24
Other Liabilities -0.00 -3.08 3.59 0.56
Changes in Working Capital 0.82 -1.35 2.73 2.18
Cash from Operating Activities 3.67 3.81 6.68 6.26
Purchase of Fixed Assets -0.08 -0.09 -0.45 -0.14
Capital Expenditures -0.08 -0.09 -0.45 -0.14
Sale of Fixed Assets -- -- 0.04 2.13
Sale/Maturity of Investment 1.02 -- 0.53 1.43
Purchase of Investments -- --
Other Investing Cash Flow
Other Investing Cash Flow Items, Total 1.02 -- 0.57 3.56
Cash from Investing Activities 0.94 -0.09 0.13 3.42
Other Financing Cash Flow -0.19 0.57 0.40 1.04
Financing Cash Flow Items -0.19 0.57 0.40 1.04
Cash Dividends Paid - Common -- -- -39.91
Total Cash Dividends Paid -- -- -39.91
Sale/Issuance of Common 0.06 0.04 0.04 0.51
Repurchase/Retirement of Common -4.80 -3.66
Common Stock, Net -4.74 -3.61 0.04 0.51
Options Exercised 0.01
Issuance (Retirement) of Stock, Net -4.73 -3.61 0.04 0.51
Cash from Financing Activities -4.91 -3.05 0.44 -38.36
Net Change in Cash -0.31 0.68 7.25 -28.68
Net Cash - Beginning Balance 51.91 51.23 43.99 72.66
Net Cash - Ending Balance 51.61 51.91 51.23 43.99
Cash Taxes Paid 0.49 1.55 0.57 1.02

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