Financial Statements
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | |
|---|---|---|---|---|
| Net Sales | 18.24 | 16.01 | 16.85 | 11.31 |
| Revenue | 18.24 | 16.01 | 16.85 | 11.31 |
| Total Revenue | 18.24 | 16.01 | 16.85 | 11.31 |
| Cost of Revenue | 1.27 | 1.26 | 1.21 | 0.81 |
| Cost of Revenue, Total | 1.27 | 1.26 | 1.21 | 0.81 |
| Gross Profit | 16.97 | 14.75 | 15.64 | 10.50 |
| Selling/General/Administrative Expense | 13.29 | 11.98 | 11.20 | 10.20 |
| Labor & Related Expense | 1.22 | 1.42 | 1.28 | 0.63 |
| Selling/General/Administrative Expenses, Total | 14.50 | 13.40 | 12.48 | 10.83 |
| Research & Development | 9.12 | 9.23 | 9.26 | 9.09 |
| Loss (Gain) on Sale of Assets - Operating | 0.00 | -5.67 | -- | -- |
| Other Unusual Expense (Income) | 2.70 | -- | -- | -- |
| Unusual Expense (Income) | 2.70 | -5.67 | -- | -- |
| Other, Net | -0.81 | -- | -- | -- |
| Other Operating Expenses, Total | -0.81 | -- | -- | -- |
| Total Operating Expense | 26.78 | 18.23 | 22.95 | 20.73 |
| Operating Income | -8.54 | -2.22 | -6.10 | -9.42 |
| Interest Income, Non-Operating | 1.29 | 0.54 | 0.00 | 0.18 |
| Interest/Investment Income, Non-Operating | 1.29 | 0.54 | 0.00 | 0.18 |
| Interest Income (Expense), Net-Non-Operating, Total | 1.29 | 0.54 | 0.00 | 0.18 |
| Other Non-Operating Income (Expense) | -- | -- | -- | -- |
| Other, Net | -- | -- | -- | -- |
| Net Income Before Taxes | -7.26 | -1.68 | -6.09 | -9.25 |
| Income Tax – Total | 0.06 | 0.05 | -0.27 | -1.63 |
| Income After Tax | -7.31 | -1.73 | -5.82 | -7.61 |
| Net Income Before Extraordinary Items | -7.31 | -1.73 | -5.82 | -7.61 |
| Extraordinary Item | -- | -- | -- | -- |
| Total Extraordinary Items | -- | -- | -- | -- |
| Net Income | -7.31 | -1.73 | -5.82 | -7.61 |
| Income Available to Common Excluding Extraordinary Items | -7.31 | -1.73 | -5.82 | -7.61 |
| Income Available to Common Stocks Including Extraordinary Items | -7.31 | -1.73 | -5.82 | -7.61 |
| Basic Weighted Average Shares | 21.01 | 21.60 | 21.53 | 21.47 |
| Basic EPS Excluding Extraordinary Items | -0.35 | -0.08 | -0.27 | -0.35 |
| Basic EPS Including Extraordinary Items | -0.35 | -0.08 | -0.27 | -0.35 |
| Diluted Net Income | -7.31 | -1.73 | -5.82 | -7.61 |
| Diluted Weighted Average Shares | 21.01 | 21.60 | 21.53 | 21.47 |
| Diluted EPS Excluding Extraordinary Items | -0.35 | -0.08 | -0.27 | -0.35 |
| Diluted EPS Including Extraordinary Items | -0.35 | -0.08 | -0.27 | -0.35 |
| DPS - Common Stock Primary Issue | -- | -- | -- | -- |
| Gross Dividends - Common Stock | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Special Items | 2.70 | -5.67 | -- | -- |
| Normalized Income Before Taxes | -4.56 | -7.35 | -6.09 | -9.25 |
| Effect of Special Items on Income Taxes | 0.94 | -1.99 | -- | -- |
| Income Taxes Excluding Impact of Special Items | 1.00 | -1.94 | -0.27 | -1.63 |
| Normalized Income After Taxes | -5.56 | -5.41 | -5.82 | -7.61 |
| Normalized Income Available to Common | -5.56 | -5.41 | -5.82 | -7.61 |
| Basic Normalized EPS | -0.26 | -0.25 | -0.27 | -0.35 |
| Diluted Normalized EPS | -0.26 | -0.25 | -0.27 | -0.35 |
| Amortization of Intangibles, Supplemental | 0.40 | 0.42 | 0.18 | 0.02 |
| Depreciation, Supplemental | 0.20 | 0.35 | 0.51 | 0.56 |
| Rental Expense, Supplemental | 0.73 | 0.18 | -- | -- |
| Stock-Based Compensation, Supplemental | 1.53 | 1.71 | 1.57 | 0.84 |
| Research & Development Expense, Supplemental | 9.12 | 9.23 | 9.26 | 9.09 |
| Audit-Related Fees, Supplemental | 0.35 | 0.31 | 0.27 | 0.25 |
| Audit-Related Fees | -- | 0.00 | 0.00 | 0.00 |
| Tax Fees, Supplemental | -- | 0.00 | 0.00 | 0.00 |
| All Other Fees Paid to Auditor, Supplemental | 0.02 | 0.00 | 0.02 | 0.00 |
| Gross Margin | 93.02 | 92.13 | 92.82 | 92.84 |
| Operating Margin | -46.81 | -13.85 | -36.18 | -83.33 |
| Pretax Margin | -39.77 | -10.48 | -36.15 | -81.78 |
| Effective Tax Rate | -- | -- | -- | -- |
| Net Profit Margin | -40.09 | -10.78 | -34.56 | -67.33 |
| Normalized EBIT | -5.85 | -7.89 | -6.10 | -9.42 |
| Normalized EBITDA | -5.25 | -7.13 | -5.41 | -8.84 |
| Current Tax - Domestic | -0.01 | 0.03 | 0.00 | -1.40 |
| Current Tax - Local | 0.07 | 0.02 | 0.00 | -0.24 |
| Current Tax - Total | 0.06 | 0.05 | 0.00 | -1.63 |
| Deferred Tax - Domestic | -- | 0.00 | -0.15 | 0.00 |
| Deferred Tax - Local | -- | 0.00 | -0.12 | 0.00 |
| Deferred Tax - Total | -- | 0.00 | -0.27 | 0.00 |
| Income Tax - Total | 0.06 | 0.05 | -0.27 | -1.63 |
| Defined Contribution Expense - Domestic | 0.40 | 0.40 | 0.40 | 0.30 |
| Total Pension Expense | 0.40 | 0.40 | 0.40 | 0.30 |
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | |
|---|---|---|---|---|
| Cash & Equivalents | 10.00 | 11.75 | 29.96 | 38.57 |
| Short Term Investments | 20.91 | 17.23 | 0.00 | 0.00 |
| Cash and Short Term Investments | 30.92 | 28.98 | 29.96 | 38.57 |
| Accounts Receivable - Trade, Gross | 4.03 | 6.43 | 6.92 | 4.65 |
| Provision for Doubtful Accounts | -0.17 | -0.19 | -0.07 | -0.14 |
| Accounts Receivable - Trade, Net | 3.86 | 6.25 | 6.85 | 4.51 |
| Receivables - Other | 0.00 | 1.36 | 1.41 | 0.00 |
| Total Receivables, Net | 3.86 | 7.61 | 8.26 | 4.51 |
| 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 | 1.05 | 0.69 | 0.59 | 0.58 |
| Deferred Income Tax - Current Asset | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current Assets, Total | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Current Assets | 35.82 | 37.28 | 38.82 | 43.66 |
| Buildings - Gross | 0.16 | 0.15 | 9.17 | 9.17 |
| Land/Improvements - Gross | 0.00 | 0.00 | 1.06 | 1.06 |
| Machinery/Equipment - Gross | 0.94 | 0.94 | 1.47 | 1.34 |
| Other Property/Plant/Equipment - Gross | 4.83 | 5.11 | 0.78 | 0.88 |
| Property/Plant/Equipment, Total - Gross | 5.93 | 6.19 | 12.47 | 12.44 |
| Accumulated Depreciation, Total | -1.09 | -0.93 | -9.25 | -8.74 |
| Property/Plant/Equipment, Total - Net | 4.84 | 5.26 | 3.22 | 3.70 |
| Goodwill, Net | 3.12 | 3.12 | 3.12 | 1.65 |
| Intangibles - Gross | 3.42 | 3.42 | 0.00 | 0.00 |
| Accumulated Intangible Amortization | -1.03 | -0.61 | 0.00 | 0.00 |
| Intangibles, Net | 2.39 | 2.81 | 3.22 | 1.22 |
| LT Investments - Other | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Note Receivable - Long Term | 0.00 | 2.60 | 0.00 | 1.40 |
| Deferred Income Tax - Long Term Asset | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Long Term Assets | 0.12 | 0.12 | 0.00 | 0.00 |
| Other Long Term Assets, Total | 0.12 | 0.12 | 0.00 | 0.00 |
| Total Assets | 46.30 | 51.19 | 48.37 | 51.63 |
| Accounts Payable | 0.28 | 0.64 | 0.28 | 0.49 |
| Accrued Expenses | 2.34 | 1.75 | 1.91 | 1.53 |
| Notes Payable/Short Term Debt | 0.00 | 0.00 | 0.00 | 0.00 |
| Customer Advances | 4.93 | 3.41 | 3.55 | 3.84 |
| Income Taxes Payable | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current liabilities, Total | 4.93 | 3.41 | 3.55 | 3.84 |
| Total Current Liabilities | 7.55 | 5.80 | 5.74 | 5.87 |
| 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 | 4.45 | 5.18 | 1.11 | 0.09 |
| Other Liabilities, Total | 4.45 | 5.18 | 1.11 | 0.09 |
| Total Liabilities | 12.00 | 10.98 | 6.85 | 5.96 |
| 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 | 0.21 | 0.21 | 0.22 | 0.21 |
| Common Stock, Total | 0.21 | 0.21 | 0.22 | 0.21 |
| Additional Paid-In Capital | 99.41 | 98.31 | 97.78 | 96.10 |
| Retained Earnings (Accumulated Deficit) | -65.51 | -58.20 | -56.47 | -50.65 |
| Unrealized Gain (Loss) | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Comprehensive Income | 0.20 | -0.11 | 0.00 | 0.00 |
| Other Equity, Total | 0.20 | -0.11 | 0.00 | 0.00 |
| Total Equity | 34.30 | 40.21 | 41.52 | 45.67 |
| Total Liabilities & Shareholders' Equity | 46.30 | 51.19 | 48.37 | 51.63 |
| Shares Outstanding – Common Stock Primary Issue | 21.02 | 21.09 | 21.61 | 21.38 |
| Total Common Shares Outstanding | 21.02 | 21.09 | 21.61 | 21.38 |
| Treasury Shares – Common Primary Issue | 0.00 | 0.00 | 0.00 | 0.00 |
| Employees | 73.00 | 82.00 | 81.00 | 90.00 |
| Number of Common Shareholders | 64.00 | 75.00 | 74.00 | 78.00 |
| Accumulated Intangible Amortization | 1.03 | 0.61 | 0.00 | 0.00 |
| Deferred Revenue - Current | 4.93 | 3.41 | 3.55 | 3.84 |
| Deferred Revenue - Long Term | 0.61 | 0.32 | 0.19 | 0.09 |
| Total Current Assets less Inventory | 35.82 | 37.28 | 38.82 | 43.66 |
| Quick Ratio | 4.75 | 6.43 | 6.76 | 7.44 |
| Current Ratio | 4.75 | 6.43 | 6.76 | 7.44 |
| Net Debt | -30.92 | -28.98 | -29.96 | -38.57 |
| Tangible Book Value | 28.79 | 34.28 | 35.18 | 42.80 |
| Tangible Book Value per Share | 1.37 | 1.63 | 1.63 | 2.00 |
| Total Operating Leases | 4.48 | 4.52 | 0.00 | 0.00 |
| Operating Lease Payments Due in Year 1 | 0.67 | 0.50 | 0.00 | 0.00 |
| Operating Lease Payments Due in Year 2 | 0.69 | 0.67 | 0.00 | 0.00 |
| Operating Lease Payments Due in Year 3 | 0.71 | 0.69 | 0.00 | 0.00 |
| Operating Lease Payments Due in Year 4 | 0.73 | 0.71 | 0.00 | 0.00 |
| Operating Lease Payments Due in Year 5 | 0.75 | 0.73 | 0.00 | 0.00 |
| Operating Lease Payments Due in 2-3 Years | 1.40 | 1.35 | 0.00 | 0.00 |
| Operating Lease Payments Due in 4-5 Years | 1.48 | 1.44 | 0.00 | 0.00 |
| Standardized Operating Lease Payments Due in Year 6 and Beyond | 0.93 | 1.23 | 0.00 | 0.00 |
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | |
|---|---|---|---|---|
| Net Income/Starting Line | -7.31 | -1.73 | -5.82 | -7.61 |
| Depreciation – Supplemental | 0.58 | 0.76 | 0.69 | 0.56 |
| Depreciation/Depletion | 0.58 | 0.76 | 0.69 | 0.56 |
| Deferred Taxes | -- | -0.27 | ||
| Unusual Items | -- | -5.67 | ||
| Other Non-Cash Items | 3.54 | 1.97 | 1.50 | 0.96 |
| Non-Cash Items | 3.54 | -3.70 | 1.50 | 0.96 |
| Accounts Receivable | 3.77 | 0.31 | -2.26 | -0.23 |
| Inventories | ||||
| Prepaid Expenses | -0.61 | -0.41 | -0.01 | -0.17 |
| Other Assets | ||||
| Accounts Payable | -0.36 | 0.36 | -0.25 | 0.31 |
| Accrued Expenses | 0.42 | -0.63 | 0.38 | 0.44 |
| Taxes Payable | ||||
| Other Liabilities | 1.81 | -0.01 | -0.19 | 0.48 |
| Changes in Working Capital | 5.02 | -0.38 | -2.33 | 0.82 |
| Cash from Operating Activities | 1.82 | -5.04 | -6.23 | -5.27 |
| Purchase of Fixed Assets | -0.02 | -0.73 | -0.03 | -0.48 |
| Capital Expenditures | -0.02 | -0.73 | -0.03 | -0.48 |
| Acquisition of Business | -- | -2.45 | -2.43 | |
| Sale of Fixed Assets | -- | 8.55 | ||
| Sale/Maturity of Investment | 6.00 | 1.25 | ||
| Purchase of Investments | -9.13 | -21.06 | ||
| Other Investing Cash Flow Items, Total | -3.13 | -11.26 | -2.45 | -2.43 |
| Cash from Investing Activities | -3.14 | -11.99 | -2.48 | -2.91 |
| Other Financing Cash Flow | -0.02 | -0.03 | -0.05 | -0.09 |
| Financing Cash Flow Items | -0.02 | -0.03 | -0.05 | -0.09 |
| Cash Dividends Paid - Common | ||||
| Total Cash Dividends Paid | ||||
| Sale/Issuance of Common | 0.10 | 0.15 | 0.16 | 0.05 |
| Repurchase/Retirement of Common | -0.51 | -1.31 | -- | -0.95 |
| Common Stock, Net | -0.41 | -1.16 | 0.16 | -0.90 |
| Options Exercised | ||||
| Issuance (Retirement) of Stock, Net | -0.41 | -1.16 | 0.16 | -0.90 |
| Cash from Financing Activities | -0.43 | -1.18 | 0.11 | -0.99 |
| Net Change in Cash | -1.75 | -18.21 | -8.60 | -9.18 |
| Net Cash - Beginning Balance | 11.75 | 29.96 | 38.57 | 47.74 |
| Net Cash - Ending Balance | 10.00 | 11.75 | 29.96 | 38.57 |
| Cash Taxes Paid | -0.14 | -- | -- | -- |
Minimum 15 minutes delayed. Source: LSEG