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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stran and Company Inc | NASDAQ:STRN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.34 | 1.30 | 1.36 | 0 | 01:00:00 |
Virginia | 0-12227 | 54-1006352 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation or organization) | File Number) | Identification No.) |
1. |
To elect five (5) directors for the next year:
|
For
|
Withheld
|
Broker
Non-Votes
|
||||||||
Raul S. McQuivey
|
2,774,613 | 33,545 | 2,275,976 | |||||||||
John F. DePodesta
|
2,643,130 | 165,028 | 2,275,976 | |||||||||
Larry C. Linton
|
2,643,130 | 165,028 | 2,275,976 | |||||||||
Leland R. Phipps
|
2,643,130 | 165,028 | 2,275,976 | |||||||||
Ashish H. Raval
|
2,774,208 | 33,950 | 2,275,976 | |||||||||
2. |
To ratify the appointment of Yount, Hyde & Barbour as the Company's independent
registered public accounting firm for fiscal year 2014
|
For
|
Against
|
Abstain
|
Broker
Non-Votes
|
|||||||
3,871,058 | 0 |
8,300
|
1,204,776 |
(d)
|
Exhibits
|
|
·
|
First Quarter 2014 Revenue of $4.5 million; down from $4.9 million Revenue First Quarter 2014
|
·
|
First Quarter Net Loss of $735 thousand; increased from $540 thousand Net Loss in First Quarter 2014
|
·
|
Backlog as of March 31, 2005 was $15.5 million, up 28% from Prior Year Quarter
|
(Unaudited)
March 31,
2015
|
(Audited)
December 31,
2014
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 5,545,940 | $ | 7,873,903 | ||||
Restricted cash and cash equivalents
|
767,493 | 809,509 | ||||||
Accounts receivable, net
|
4,865,253 | 4,693,260 | ||||||
Costs in excess of billings
|
1,446,800 | 1,500,603 | ||||||
Inventory, net
|
4,997,806 | 4,747,676 | ||||||
Prepaid items and other assets
|
634,708 | 293,568 | ||||||
Income taxes receivable
|
243,163 | 173,537 | ||||||
Deferred income taxes
|
1,450,643 | 1,046,593 | ||||||
Total Current Assets
|
19,951,806 | 21,138,649 | ||||||
Property and Equipment, Net
|
1,870,789 | 1,935,760 | ||||||
Other Assets
|
||||||||
Goodwill
|
4,452,152 | 4,452,152 | ||||||
Intangibles, net of amortization
|
676,209 | 722,466 | ||||||
Other Assets
|
85,444 | 102,514 | ||||||
Total Assets
|
$ | 27,036,400 | $ | 28,351,541 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$ | 721,791 | $ | 1,045,170 | ||||
Accrued payroll
|
1,042,594 | 886,367 | ||||||
Deferred revenue
|
929,792 | 1,286,121 | ||||||
Deferred rent
|
151,584 | 149,011 | ||||||
Other accrued expenses
|
688,665 | 744,346 | ||||||
Billings in excess of costs and estimated earnings
|
157,831 | 125,242 | ||||||
Total Current Liabilities
|
3,692,257 | 4,236,257 | ||||||
Long-Term Liabilities
|
||||||||
Deferred rent
|
571,178 | 608,568 | ||||||
Deferred income taxes
|
8,153 | 30,871 | ||||||
Total Liabilities
|
4,271,588 | 4,875,696 | ||||||
Stockholders’ Equity
|
||||||||
Common stock, 12,000,000 shares authorized;
5,084,134 issued and outstanding at March 31, 2015 and December 31, 2014
|
50,842 | 50,842 | ||||||
Additional paid-in capital
|
5,503,775 | 5,465,723 | ||||||
Retained earnings
|
17,619,088 | 18,354,164 | ||||||
Accumulated other comprehensive loss
|
(408,893 | ) | (394,884 | ) | ||||
Total Stockholders’ Equity
|
22,764,812 | 23,475,845 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 27,036,400 | $ | 28,351,541 |
Three Months Ended March 31,
|
||||||||
Restated
|
||||||||
2015
|
2014
|
|||||||
Revenue
|
$
|
4,502,578
|
$
|
4,899,345
|
||||
Cost of goods sold
|
3,173,231
|
3,263,304
|
||||||
Gross profit
|
1,329,347
|
1,636,041
|
||||||
Operating expenses:
|
||||||||
Selling, general and administrative expenses
|
1,675,479
|
1,659,849
|
||||||
Research and development expenses
|
825,771
|
868,949
|
||||||
Total operating expenses
|
2,501,250
|
2,528,798
|
||||||
Operating (loss) income
|
(1,171,903)
|
(892,757)
|
||||||
Financing income, net
|
14,675
|
2,873
|
||||||
(Loss) income before income taxes
|
(1,157,228)
|
(889,884)
|
||||||
Income tax (benefit) expense
|
(422,152)
|
(349,666)
|
||||||
Net (loss) income
|
$
|
(735,076)
|
$
|
(540,218)
|
||||
Net (loss) income per share:
|
||||||||
Basic (loss) income per share
|
$
|
(0.14)
|
$
|
(0.11)
|
||||
Diluted (loss) income per share
|
$
|
(0.14)
|
$
|
(0.11)
|
||||
Comprehensive income:
|
||||||||
Net (loss) income
|
$
|
(735,076)
|
$
|
(540,218)
|
||||
Foreign currency translation adjustments
|
(14,009)
|
(28,032)
|
||||||
Comprehensive (loss) income
|
$
|
(749,085)
|
$
|
(568,250)
|
Three Months Ended
March 31,
|
||||||||
Restated
|
||||||||
2015
|
2014
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net (loss) income
|
$
|
(735,076)
|
$
|
(540,218)
|
||||
Noncash items included in net income:
|
||||||||
Depreciation
|
135,630
|
113,562
|
||||||
Amortization of intangibles
|
46,257
|
46,257
|
||||||
Deferred income taxes
|
(426,768)
|
(373,877)
|
||||||
Stock based compensation
|
38,052
|
22,998
|
||||||
Change in current assets and liabilities, net of the impact of acquisitions:
|
||||||||
Accounts receivable
|
(171,993)
|
396,082
|
||||||
Costs in excess of billings
|
53,803
|
(195,569)
|
||||||
Inventory
|
(250,130)
|
(400,189)
|
)
|
|||||
Prepaid expenses and other assets
|
(341,140)
|
(239,007)
|
)
|
|||||
Income tax receivable
|
(69,626)
|
29,031
|
||||||
Accounts payable
|
(323,379)
|
192,051
|
||||||
Accrued expenses
|
100,546
|
1,124,649
|
)
|
|||||
Deferred revenues
|
(356,329)
|
103,544
|
||||||
Billings in excess of costs and estimated earnings
|
32,589
|
(134,917)
|
||||||
Deferred rent
|
(34,817)
|
(31,040)
|
)
|
|||||
Net Cash (Used) Provided by Operating Activities
|
(2,302,381)
|
113,357
|
)
|
|||||
Cash Flows from Investing Activities:
|
||||||||
Restricted cash and cash equivalents
|
42,016
|
(25,541)
|
||||||
Purchase of property and equipment
|
(70,659)
|
(47,537)
|
)
|
|||||
Other assets
|
17,070
|
1,458
|
||||||
Net Cash Used by Investing Activities
|
(11,573)
|
(71,620)
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(14,009)
|
(28,032)
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(2,327,963)
|
13,705
|
)
|
|||||
Cash and Cash Equivalents, beginning of period
|
7,873,903
|
8,283,092
|
||||||
Cash and Cash Equivalents, end of period
|
$
|
5,545,940
|
$
|
8,296,797
|
1 Year Stran Chart |
1 Month Stran Chart |
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