XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Changes Due To Topic 606 (Tables)
 9 Months Ended
Sep. 30, 2018
Significant Changes Due To Topic 606 [Abstract]  
Summary of the Effects of Adoption of ASC Topic 606 on the Company's unaudited Consolidated Financial Statements

Consolidated Statement of Operations:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Three Months Ended September 30, 2017, as adjusted

 

 

Nine Months Ended September 30, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Nine Months Ended September 30, 2017, as adjusted



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales, net

$

 24,034 

 

$

 1,027 

 

$

 25,061 

 

$

 66,083 

 

$

 2,717 

 

$

 68,800 

Cost of sales

 

 16,469 

 

 

 865 

 

 

 17,334 

 

 

 46,261 

 

 

 2,339 

 

 

 48,600 

Gross profit

 

 7,565 

 

 

 162 

 

 

 7,727 

 

 

 19,822 

 

 

 378 

 

 

 20,200 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 2,342 

 

 

 -

 

 

 2,342 

 

 

 6,857 

 

 

 -

 

 

 6,857 

General and administrative

 

 2,698 

 

 

 -

 

 

 2,698 

 

 

 7,961 

 

 

 -

 

 

 7,961 

Research and development

 

 1,047 

 

 

 -

 

 

 1,047 

 

 

 3,312 

 

 

 -

 

 

 3,312 

Total operating expenses 

 

 6,087 

 

 

 -

 

 

 6,087 

 

 

 18,130 

 

 

 -

 

 

 18,130 

Operating income

 

 1,478 

 

 

 162 

 

 

 1,640 

 

 

 1,692 

 

 

 378 

 

 

 2,070 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 (177)

 

 

 -

 

 

 (177)

 

 

 (548)

 

 

 -

 

 

 (548)

Other expense

 

 (337)

 

 

 -

 

 

 (337)

 

 

 (328)

 

 

 -

 

 

 (328)

Income from continuing operations before income taxes and discontinued operations

 

 964 

 

 

 162 

 

 

 1,126 

 

 

 816 

 

 

 378 

 

 

 1,194 

Income tax expense

 

 47 

 

 

 -

 

 

 47 

 

 

 165 

 

 

 -

 

 

 165 

Income from continuing operations before discontinued operations

 

 917 

 

 

 162 

 

 

 1,079 

 

 

 651 

 

 

 378 

 

 

 1,029 

Loss on sale of discontinued operations (Note 3)

 

 -

 

 

 -

 

 

 -

 

 

 (164)

 

 

 -

 

 

 (164)

Loss from discontinued operations (Note 3)

 

 -

 

 

 -

 

 

 -

 

 

 (128)

 

 

 -

 

 

 (128)

Net income

 

 917 

 

 

 162 

 

 

 1,079 

 

 

 359 

 

 

 378 

 

 

 737 

Less: Loss allocated to non-controlling interest

 

 (186)

 

 

 -

 

 

 (186)

 

 

 (925)

 

 

 -

 

 

 (925)

Net income attributable to IntriCon shareholders

$

 1,103 

 

$

 162 

 

$

 1,265 

 

$

 1,284 

 

$

 378 

 

$

 1,662 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to IntriCon shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

 0.16 

 

$

 0.02 

 

$

 0.18 

 

$

 0.23 

 

$

 0.06 

 

$

 0.29 

Discontinued operations

 

 -

 

 

 -

 

$

 -

 

 

 (0.04)

 

 

 -

 

 

 (0.04)

Net Income per share

$

 0.16 

 

$

 0.02 

 

$

 0.18 

 

$

 0.19 

 

$

 0.06 

 

$

 0.24 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share attributable to IntriCon shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

 0.15 

 

$

 0.02 

 

$

 0.17 

 

$

 0.22 

 

$

 0.05 

 

$

 0.27 

Discontinued operations

 

 -

 

 

 -

 

 

 -

 

 

 (0.04)

 

 

 -

 

 

 (0.04)

Net Income per share

$

 0.15 

 

$

 0.02 

 

$

 0.17 

 

$

 0.18 

 

$

 0.05 

 

$

 0.23 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 6,853 

 

 

 6,853 

 

 

 6,853 

 

 

 6,836 

 

 

 6,836 

 

 

 6,836 

Diluted

 

 7,251 

 

 

 7,251 

 

 

 7,251 

 

 

 7,179 

 

 

 7,179 

 

 

 7,179 





Consolidated Statement of Comprehensive Income:







 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Three Months Ended September 30, 2017, as adjusted



 

 

 

 

 

 

 

 

Net income

$

 917 

 

$

 162 

 

$

 1,079 



 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Nine Months Ended September 30, 2017, as adjusted



 

 

 

 

 

 

 

 

Net income

$

 359 

 

$

 378 

 

$

 737 



Consolidated Statement of Cash Flows:





 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

Nine Months Ended September 30, 2017, as adjusted



 

 

 

 

 

 

 

 

Net income

$

 359 

 

$

 378 

 

$

 737 

Inventories

 

 (2,615)

 

 

 957 

 

 

 (1,658)

Contract assets

 

 -

 

 

 (1,335)

 

 

 (1,335)



Prior Year Consolidated Balance Sheet:







 

 

 

 

 

 

 

 



 

December 31, 2017, as reported

 

 

Effect of Adoption of ASC 606

 

 

December 31, 2017, as adjusted



 

 

 

 

 

 

 

 

Inventories

$

 15,397 

 

$

 (1,689)

 

$

 13,708 

Contract assets

 

 -

 

 

 2,979 

 

 

 2,979 

Other accrued liabilities

 

 3,224 

 

 

 515 

 

 

 3,739 

Accumulated deficit

 

 (6,831)

 

 

 775 

 

 

 (6,056)



Summary of Information about Receivables, Contracts Assets, and Contract Liabilities from Contracts with Customers





 

 

 

 

 



 

September 30, 2018

 

 

December 31, 2017, as adjusted



 

 

 

 

 

Receivables, included in accounts receivable, less allowance for doubtful account

$

 13,591 

 

$

 9,052 

Contract assets

 

 6,324 

 

 

 2,979 

Contract liabilities, included in other current liabilities

 

 416 

 

 

 312 



Significant changes in contract assets and contract liabilities during the period are as follows:





 

 

 

 

 



 

For the nine months ended September 30, 2018



 

Contract assets increase (decrease)

 

 

Contract liabilities (increase) decrease



 

 

 

 

 

Reclassification of beginning contract liabilities to revenue, as a result of performance obligations satisfied

$

 -

 

$

 312 

Cash received in advance and not recognized as revenue

 

 -

 

 

 (416)

Reclassification of beginning contract assets to accounts receivable, as a result of right to consideration becoming unconditional

 

 -

 

 

 -

Contract assets recognized, net of reclassification to accounts receivable

 

 3,345 

 

 

 

Cumulative catch-up from a change in the timeframe for recognition of revenue arising from a contract liability

 

 -

 

 

 -

Increase as a result of cumulative catch-up adjustment arising from changes in the estimate of costs incurred relative to total amounts projected, excluding amounts transferred to receivables during the period.

 

 -

 

 

 

Net Change

$

 3,345 

 

$

 (104)