Price | 4.50 | EPS | 0 | |
Shares | 2 | P/E | 15 | |
MCap | 7 | P/FCF | 16 | |
Net Debt | -1 | EBIT | 1 | |
TEV | 6 | TEV/EBIT | 10 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-12-31 | Filed 2021-02-23 |
10-Q | 2020-09-30 | Filed 2020-11-23 |
10-K | 2020-06-30 | Filed 2020-10-09 |
10-Q | 2020-03-31 | Filed 2020-05-15 |
10-Q | 2019-12-31 | Filed 2020-02-13 |
10-Q | 2019-09-30 | Filed 2019-11-14 |
10-K | 2019-06-30 | Filed 2019-10-04 |
10-Q | 2019-03-31 | Filed 2019-05-14 |
10-Q | 2018-12-31 | Filed 2019-02-12 |
10-Q | 2018-09-30 | Filed 2018-11-13 |
10-K | 2018-06-30 | Filed 2018-09-28 |
10-Q | 2018-03-31 | Filed 2018-05-15 |
10-Q | 2017-12-31 | Filed 2018-02-14 |
10-Q | 2017-09-30 | Filed 2017-11-14 |
10-K | 2017-06-30 | Filed 2017-09-28 |
10-Q | 2017-03-31 | Filed 2017-05-12 |
10-Q | 2016-12-31 | Filed 2017-02-10 |
10-Q | 2016-09-30 | Filed 2016-11-14 |
10-K | 2016-06-30 | Filed 2016-10-11 |
10-Q | 2016-03-31 | Filed 2016-05-12 |
10-Q | 2015-12-31 | Filed 2016-02-12 |
10-Q | 2015-09-30 | Filed 2015-11-12 |
10-K | 2015-06-30 | Filed 2015-09-28 |
10-Q | 2015-03-31 | Filed 2015-05-14 |
10-Q | 2014-12-31 | Filed 2015-02-13 |
10-Q | 2014-09-30 | Filed 2014-11-13 |
10-K | 2014-06-30 | Filed 2014-09-26 |
10-Q | 2014-03-31 | Filed 2014-05-15 |
10-Q | 2013-12-31 | Filed 2014-02-13 |
10-Q | 2013-09-30 | Filed 2013-11-14 |
10-K | 2013-06-30 | Filed 2013-09-27 |
10-Q | 2013-03-31 | Filed 2013-05-14 |
10-Q | 2012-12-31 | Filed 2013-02-14 |
10-Q | 2012-09-30 | Filed 2012-11-14 |
10-K | 2012-06-30 | Filed 2012-09-27 |
10-Q | 2012-03-31 | Filed 2012-05-15 |
10-Q | 2011-12-31 | Filed 2012-02-14 |
10-Q | 2011-09-30 | Filed 2011-10-27 |
10-K | 2011-06-30 | Filed 2011-09-16 |
10-Q | 2011-03-31 | Filed 2011-05-13 |
10-Q | 2010-12-31 | Filed 2011-02-11 |
10-Q | 2010-09-30 | Filed 2010-11-12 |
10-K | 2010-06-30 | Filed 2010-09-27 |
10-Q | 2010-03-31 | Filed 2010-05-14 |
10-Q | 2009-12-31 | Filed 2010-02-12 |
8-K | 2020-08-10 | |
8-K | 2020-07-17 | |
8-K | 2020-06-22 | |
8-K | 2020-06-18 | |
8-K | 2020-04-14 | |
8-K | 2020-02-14 | |
8-K | 2020-01-29 | |
8-K | 2019-12-07 | |
8-K | 2019-03-06 | |
8-K | 2019-01-23 | |
8-K | 2018-09-27 | |
8-K | 2018-02-16 |
Part I – Financial Information |
Item 1. Financial Statements |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 4. Controls and Procedures |
Part II – Other Information |
Item 6. Exhibits and Reports on Form 8 - K |
EX-31 | exhibit31.htm |
EX-32 | exh32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-2217279 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
80 Orville Drive, Suite 102, Bohemia, New York | 11716 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☐(Do not check if a smaller reporting company) | Smaller reporting company ☒ |
| Emerging Growth ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) | Yes☐ No ☒ |
PART I - Financial Information | | |
| | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | | |
| | |
| Condensed Consolidated Balance Sheets | 2 |
| | |
| Condensed Consolidated Statements of Operations | 3 |
| | |
| Condensed Consolidated Statements of Changes in Shareholders’ Equity | 4 |
| | |
| Condensed Consolidated Statements of Cash Flows | 5 |
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 6 |
| | |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 15 | |
| | |
CONTROLS AND PROCEDURES | 17 | |
| | |
PART II - Other Information | ||
| | |
| | |
EXHIBITS AND REPORTS ON FORM 8-K | 17 | |
| | |
| 18 |
| December 31, 2020 | June 30, 2020 |
Current assets: | (Unaudited) | |
Cash and cash equivalents | $1,111,300 | $7,559,700 |
Investment securities | 5,784,800 | 331,800 |
Trade accounts receivable, less allowance for doubtful accounts of $11,600 at December 31, 2020 and June 30, 2020 | 1,554,500 | 1,064,000 |
Inventories | 2,639,200 | 2,541,000 |
Income tax receivable | 333,600 | 334,800 |
Prepaid expenses and other current assets | 316,000 | 112,400 |
Assets of discontinued operations | - | 793,000 |
Total current assets | 11,739,400 | 12,736,700 |
| | |
Property and equipment, net | 310,700 | 278,300 |
| | |
Intangible assets, net | 128,100 | 128,700 |
| | |
Goodwill | 257,300 | 257,300 |
| | |
Other assets | 57,900 | 56,000 |
| | |
Deferred taxes | 811,100 | 537,100 |
| | |
Operating lease right-of-use assets | 765,100 | 803,300 |
| | |
Total assets | $14,069,600 | $14,797,400 |
Current liabilities: | | |
Accounts payable | $584,000 | $334,600 |
Accrued expenses and taxes | 378,400 | 679,000 |
Contract liabilities | - | 20,000 |
Contingent consideration, current portion | 97,600 | 111,000 |
Bank overdraft | 225,000 | 43,100 |
Liabilities of discontinued operations | 151,500 | 240,900 |
Operating lease liabilities, current portion | 128,000 | 195,800 |
Payroll Protection Program loan | 563,800 | 563,800 |
Total current liabilities | 2,128,300 | 2,188,200 |
| | |
Contingent consideration payable, less current portion | 247,000 | 247,000 |
Operating lease liabilities, less current portion | 711,300 | 640,800 |
| | |
Total liabilities | 3,086,600 | 3,076,000 |
Shareholders’ equity: | | |
Common stock, $.05 par value; 7,000,000 shares authorized; 2,881,065 shares issued; 2,861,263 shares outstanding at December 31, 2020 and June 30, 2020 | 144,100 | 144,100 |
Additional paid-in capital | 8,745,700 | 8,608,300 |
Retained earnings | 2,145,600 | 3,021,400 |
| 11,035,400 | 11,773,800 |
Less common stock held in treasury at cost, 19,802 shares | 52,400 | 52,400 |
| | |
Total shareholders’ equity | 10,983,000 | 11,721,400 |
| | |
Total liabilities and shareholders’ equity | $14,069,600 | $14,797,400 |
| For the Three Month Period Ended December 31, | For the Three Month Period Ended December 31, | For the Six Month Period Ended December 31, | For the Six Month Period Ended December 31, |
| 2020 | 2019 | 2020 | 2019 |
| | | | |
Revenues | $2,717,400 | $2,232,800 | $4,736,500 | $4,098,300 |
| | | | |
Cost of revenues | 1,311,300 | 1,052,500 | 2,273,700 | 1,942,000 |
| | | | |
Gross profit | 1,406,100 | 1,180,300 | 2,462,800 | 2,156,300 |
| | | | |
Operating expenses: | | | | |
General and administrative | 536,900 | 478,400 | 1,056,100 | 948,400 |
Selling | 778,900 | 280,600 | 1,272,800 | 535,400 |
Research and development | 329,700 | 260,000 | 574,000 | 496,400 |
| | | | |
Total operating expenses | 1,645,500 | 1,019,000 | 2,902,900 | 1,980,200 |
| | | | |
Income (loss) from operations | (239,400) | 161,300 | (440,100) | 176,100 |
| | | | |
Other income: | | | | |
Other income, net | 18,200 | 2,900 | 16,200 | 2,200 |
Interest income | 35,300 | 9,200 | 48,900 | 9,700 |
Total other income, net | 53,500 | 12,100 | 65,100 | 11,900 |
| | | | |
Income (loss) before income tax expense (benefit) | (185,900) | 173,400 | (375,000) | 188,000 |
| | | | |
Income tax expense (benefit): | | | | |
Current | - | - | - | - |
Deferred | (47,600) | 34,100 | (94,100) | 52,000 |
| | | | |
Total income tax expense (benefit) from continuing operations | (47,600) | 34,100 | (94,100) | 52,000 |
| | | | |
Net income (loss) from continuing operations | (138,300) | 139,300 | (280,900) | 136,000 |
| | | | |
Discontinued operations (Note 9): | | | | |
| | | | |
Loss from discontinued operations (including loss on disposal of $405,400), in 2020 periods | (639,500) | (170,400) | (774,800) | (260,700) |
Income tax benefit, deferred | (165,300) | (34,700) | (179,900) | (72,100) |
| | | | |
Net loss from discontinued operations | (474,200) | (135,700) | (594,900) | (188,600) |
| | | | |
Net income (loss) | $(612,500) | $3,600 | $(875,800) | $(52,600) |
| | | | |
Basic and diluted (loss) per common share | | | | |
| | | | |
Continuing operations | $(.05) | $.09 | $(.10) | $.09 |
| | | | |
Discontinued operations | $(.17) | $(.09) | $(.21) | $(.13) |
| | | | |
Consolidated operations | $(.22) | $.00 | $(.31) | $(.04) |
| | | | |
| | | | |
| | Additional | | | Total | ||
| Common Stock | Paid-in | Retained | Treasury Stock | Shareholders’ | ||
Fiscal Year 2021: | Shares | Amount | Capital | Earnings | Shares | Amount | Equity |
| | | | | | | |
Balance, July 1, 2020 | 2,881,065 | $144,100 | $8,608,300 | $3,021,400 | 19,802 | $52,400 | $11,721,400 |
| | | | | | | |
Net loss | - | - | - | (263,300) | - | - | (263,300) |
| | | | | | | |
Stock-based compensation | - | - | 61,300 | - | - | - | 61,300 |
| | | | | | | |
Balance, September 30, 2020 | 2,881,065 | 144,100 | 8,669,600 | 2,758,100 | 19,802 | 52,400 | 11,519,400 |
| | | | | | | |
Net loss | - | - | - | (612,500) | - | - | (612,500) |
| | | | | | | |
Stock-based compensation | - | - | 76,100 | - | - | - | 76,100 |
| | | | | | | |
Balance, December 31, 2020 | 2,881,065 | $144,100 | $8,745,700 | $2,145,600 | 19,802 | $52,400 | $10,983,000 |
| | | | | | | |
| | Additional | | | Total | ||
| Common Stock | Paid-in | Retained | Treasury Stock | Shareholders’ | ||
Fiscal Year 2020: | Shares | Amount | Capital | Earnings | Shares | Amount | Equity |
| | | | | | | |
Balance, July 1, 2019 | 1,513,914 | $75,700 | $2,592,700 | $3,724,700 | 19,802 | $52,400 | $6,340,700 |
| | | | | | | |
Net loss | - | - | - | (56,200) | - | - | (56,200) |
| | | | | | | |
Stock options exercised | 2,000 | 100 | 6,900 | - | - | - | 7,000 |
| | | | | | | |
Stock-based compensation | - | - | 17,700 | - | - | - | 17,700 |
| | | | | | | |
Balance, September 30, 2019 | 1,515,914 | 75,800 | 2,617,300 | 3,668,500 | 19,802 | 52,400 | 6,309,200 |
| | | | | | | |
Net income | - | - | - | 3,600 | - | - | 3,600 |
| | | | | | | |
Stock options exercised | 6,661 | 300 | (300) | - | - | - | - |
| | | | | | | |
Stock-based compensation | - | - | 17,700 | - | - | - | 17,700 |
| | | | | | | |
Balance, December 31, 2019 | 1,522,575 | $76,100 | $2,634,700 | $3,672,100 | 19,802 | $52,400 | $6,330,500 |
| | | | | | | |
| For the Six Month Period Ended December 31, | For the Six Month Period Ended December 31, |
| 2020 | 2019 |
Operating activities: | | |
Net loss | $(875,800) | $(52,600) |
Adjustments to reconcile net loss used in operating activities: | | |
Gain (loss) on sale of investments | (33,300) | (3,100) |
Unrealized holding gain (loss) on investments | 25,700 | (1,200) |
Depreciation and amortization | 83,000 | 82,400 |
Deferred income taxes | (274,000) | (20,100) |
Loss on disposal of subsidiary | 405,400 | - |
Stock-based compensation | 137,400 | 35,400 |
Changes in operating assets and liabilities: | - | - |
Trade accounts receivable | (490,500) | 161,700 |
Inventories | (53,500) | (411,500) |
Right - of- use assets | 38,200 | (930,700) |
Income tax receivable | 1,200 | - |
Prepaid and other current assets | (205,600) | 27,400 |
Lease liabilities | (28,400) | 998,100 |
Accounts payable | 266,900 | (94,300) |
Contract liabilities | (20,000) | 104,000 |
Bank overdraft | 181,900 | - |
Accrued expenses and taxes | (376,400) | (409,600) |
| | |
Total adjustments | (342,000) | (461,500) |
| | |
Net used in operating activities | (1,217,800) | (514,100) |
| | |
Investing activities: | | |
Redemption of investment securities | 544,800 | 51,900 |
Purchase of investment securities | (5,990,200) | (61,800) |
Proceeds from sale of discontinued operations | 342,400 | - |
Capital expenditures | (82,900) | (34,100) |
Purchase of other intangible assets | (31,300) | (7,400) |
| | |
Net cash used in investing activities | (5,217,200) | (51,400) |
| | |
Financing activities: | | |
Payments of contingent consideration | (13,400) | - |
Proceeds from stock options exercised | - | 7,000 |
| | |
Net cash provided by (used in) financing activities | (13,400 | 7,000 |
| | |
Net decrease in cash and cash equivalents | (6,448,400) | (558,500) |
| | |
Cash and cash equivalents, beginning of year | 7,559,700 | 1,602,500 |
| | |
Cash and cash equivalents, end of period | $1,111,300 | $1,044,000 |
| | |
Supplemental disclosures: | | |
| | |
Cash paid during the period for: | | |
Income taxes | $2,500 | $37,900 |
| | |
Non-cash financing activities: | | |
Issuance of 6,661 shares of the Company's Common Stock in cashless stock option exercises during the three and six months ended December 31, 2019. | | |
General: | The accompanying unaudited interim condensed consolidated financial statements are prepared pursuant to the Securities and Exchange Commission’s rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States for complete financial statements are not included herein. The Company believes all adjustments necessary for a fair presentation of these interim statements have been included and that they are of a normal and recurring nature. These interim statements should be read in conjunction with the Company’s financial statements and notes thereto, included in its Annual Report on Form 10-K, for the fiscal year ended June 30, 2020. The results for the three and six months ended December 31, 2020, are not necessarily an indication of the results for the full fiscal year ending June 30, 2021. |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Consolidated |
Three Months Ended December 31, 2020: | | | |
| | | |
Revenues | $2,507,400 | $210,000 | $2,717,400 |
| | | |
Foreign Sales | 1,150,700 | 206,100 | 1,356,800 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Consolidated |
Three Months Ended December 31, 2019: | | | |
| | | |
Revenues | $1,943,400 | $289,400 | $2,232,800 |
| | | |
Foreign Sales | 855,800 | 289,400 | 1,145,200 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Consolidated |
Six Months Ended December 31, 2020: | | | |
| | | |
Revenues | $4,437,600 | $298,900 | $4,736,500 |
| | | |
Foreign Sales | 1,782,600 | 292,400 | 2,075,000 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Consolidated |
Six Months Ended December 31, 2019: | | | |
| | | |
Revenues | $3,519,600 | $578,700 | $4,098,300 |
| | | |
Foreign Sales | 1,253,400 | 578,700 | 1,832,100 |
| ● | Identification of the contract, or contracts, with a customer |
| ● | Identification of the performance obligations in the contract |
| ● | Determination of the transaction price |
| ● | Allocation of the transaction price to the performance obligations in the contract |
| ● | Recognition of revenue when, or as, a performance obligation is satisfied |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Corporate And Other | Consolidated |
Three Months Ended December 31, 2020: | | | | |
| | | | |
Revenues | $2,507,400 | $210,000 | $- | $2,717,400 |
| | | | |
Foreign Sales | 1,150,700 | 206,100 | - | 1,356,800 |
| | | | |
Income (Loss) From Continuing Operations | 568,500 | (741,800) | (66,100) | (239,400) |
| | | | |
Assets | 6,140,400 | 966,400 | 6,962,800 | 14,069,600 |
| | | | |
Long-Lived Asset Expenditures | 13,700 | 13,800 | - | 27,500 |
| | | | |
Depreciation and Amortization | 26,400 | 15,800 | 200 | 42,400 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Corporate And Other | Consolidated |
Three Months Ended December 31, 2019: | | | | |
| | | | |
Revenues | $1,943,400 | $289,400 | $- | $2,232,800 |
| | | | |
Foreign Sales | 855,800 | 289,400 | - | 1,145,200 |
| | | | |
Income (Loss) From Continuing Operations | 179,400 | (18,100) | - | 161,300 |
| | | | |
Assets | 5,551,100 | 1,350,000 | 1,962,700 | 8,863,800 |
| | | | |
Long-Lived Asset Expenditures | 14,100 | 2,900 | - | 17,000 |
| | | | |
Depreciation and Amortization | 30,800 | 10,400 | 200 | 41,400 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Corporate And Other | Consolidated |
Six Months Ended December 31, 2020: | | | | |
| | | | |
Revenues | $4,437,600 | $298,900 | $- | $4,736,500 |
| | | | |
Foreign Sales | 1,782,600 | 292,400 | - | 2,075,000 |
| | | | |
Income (Loss) From Continuing Operations | 952,400 | (1,274,100) | (118,300) | (440,100) |
| | | | |
Assets | 6,140,400 | 966,400 | 6,962,800 | 14,069,600 |
| | | | |
Long-Lived Asset Expenditures | 35,500 | 78,700 | - | 114,200 |
| | | | |
Depreciation and Amortization | 52,700 | 29,800 | 500 | 83,000 |
| Benchtop Laboratory Equipment | Bioprocessing Systems | Corporate And Other | Consolidated |
Six Months Ended December 31, 2019: | | | | |
| | | | |
Revenues | $3,519,600 | $578,700 | $- | $4,098,300 |
| | | | |
Foreign Sales | 1,253,400 | 578,700 | - | 1,832,100 |
| | | | |
Income (Loss) From Continuing Operations | 192,300 | (16,200) | - | 176,100 |
| | | | |
Assets | 5,551,100 | 1,350,000 | 1,962,700 | 8,863,800 |
| | | | |
Long-Lived Asset Expenditures | 21,900 | 19,600 | - | 41,500 |
| | | | |
Depreciation and Amortization | 61,300 | 20,500 | 600 | 82,400 |
| | Fair Value Measurements Using Inputs Considered as | ||
| Fair Value at December 31, 2020 | Level 1 | Level 2 | Level 3 |
Assets: | | | | |
Cash and cash equivalents | $1,111,300 | $1,111,300 | $- | $- |
Investment securities | 5,784,800 | 5,784,800 | - | - |
| | | | |
Total | $6,896,100 | $6,896,100 | $- | $- |
| | | | |
Liabilities: | | | | |
| | | | |
Contingent consideration | $344,600 | $- | $- | $344,600 |
| | Fair Value Measurements Using Inputs Considered as | ||
| Fair Value at June 30, 2020 | Level 1 | Level 2 | Level 3 |
Assets: | | | | |
Cash and cash equivalents | $7,559,700 | $7,559,700 | $- | $- |
Investment securities | 331,800 | 331,800 | - | - |
| | | | |
Total | $7,891,500 | $7,891,500 | $- | $- |
| | | | |
Liabilities: | | | | |
| | | | |
Contingent consideration | $358,000 | $- | $- | $358,000 |
| Cost | Fair Value | Unrealized Holding Gain (Loss) |
At December 31, 2020: | | | |
Equity securities | $102,300 | $134,100 | $31,800 |
Mutual and bond funds | 5,621,300 | 5,650,700 | 29,400 |
| | | |
| $5,723,600 | $5,784,800 | $61,200 |
| Cost | Fair Value | Unrealized Holding Gain (Loss) |
At June 30, 2020: | | | |
Equity securities | $77,600 | $101,900 | $24,300 |
Mutual and bond funds | 250,300 | 229,900 | (20,400) |
| | | |
| $327,900 | $331,800 | $3,900 |
| December 31, 2020 | June 30,2020 |
Raw materials | $1,791,500 | $1,726,400 |
Work-in-process | 116,000 | 35,700 |
Finished goods | 731,700 | 778,900 |
| | |
| $2,639,200 | $2,541,000 |
| Useful Lives | Cost | Accumulated Amortization | Net |
At December 31, 2020: | | | | |
Technology, trademarks | 5/10 yrs. | $364,700 | $362,100 | $2,600 |
Trade names | 6 yrs. | 140,000 | 140,000 | - |
Websites | 5 yrs. |