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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Taitron Components Inc | NASDAQ:TAIT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0399 | -1.25% | 3.1501 | 3.14 | 3.29 | 3.17 | 3.13 | 3.16 | 2,413 | 21:16:22 |
California
|
95-4249240
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
28040 West Harrison Parkway, Valencia, California
|
91355-4162
|
(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 company
☐
|
Class
|
Outstanding on April 30, 2017
|
Class A common stock, $0.001 par value
|
4,768,235
|
Class B common stock, $0.001 par value
|
762,612
|
TAITRON COMPONENTS INCORPORATED
|
||
FORM 10-Q
|
||
March 31, 2017
|
||
Page
|
||
PART I - FINANCIAL INFORMATION
|
||
Item 1.
|
||
1
|
||
2
|
||
3
|
||
4
|
||
Item 2.
|
6
|
|
Item 3.
|
8
|
|
Item 4.
|
8
|
|
|
||
PART II - OTHER INFORMATION
|
||
Item 1.
|
9
|
|
Item 2.
|
9
|
|
Item 3.
|
9
|
|
Item 4.
|
9
|
|
Item 5.
|
9
|
|
Item 6.
|
9
|
|
10
|
||
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
Assets
|
(Unaudited)
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
3,473,000
|
$
|
4,018,000
|
||||
Accounts receivable, less allowances of $45,000 and $49,000, respectively
|
1,152,000
|
233,000
|
||||||
Inventories, less reserves for obsolescence of $8,583,000, and $8,537,000, respectively (Note 3)
|
5,028,000
|
5,055,000
|
||||||
Prepaid expenses and other current assets
|
311,000
|
227,000
|
||||||
Total current assets
|
9,964,000
|
9,533,000
|
||||||
Property and equipment, net
|
3,988,000
|
4,032,000
|
||||||
Other assets (Note 4)
|
419,000
|
471,000
|
||||||
Total assets
|
$
|
14,371,000
|
$
|
14,036,000
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
1,090,000
|
$
|
857,000
|
||||
Accrued liabilities
|
448,000
|
492,000
|
||||||
Total current liabilities
|
1,538,000
|
1,349,000
|
||||||
Long-term debt from related party (Note 5)
|
1,000,000
|
1,000,000
|
||||||
Total Liabilities
|
2,538,000
|
2,349,000
|
||||||
Commitments and contingencies (Notes 6 and 8)
|
||||||||
Shareholders’ Equity:
|
||||||||
Preferred stock, $0.001 par value. Authorized 5,000,000 shares;
None issued or outstanding
|
-
|
-
|
||||||
Class A common stock, $0.001 par value. Authorized 20,000,000 shares; 4,768,235 shares issued and outstanding, respectively
|
5,000
|
5,000
|
||||||
Class B common stock, $0.001 par value. Authorized, issued and outstanding 762,612 shares
|
1,000
|
1,000
|
||||||
Additional paid-in capital
|
10,702,000
|
10,701,000
|
||||||
Accumulated other comprehensive income
|
138,000
|
156,000
|
||||||
Retained earnings
|
883,000
|
720,000
|
||||||
Total Shareholders’ Equity - Taitron Components Inc
|
11,729,000
|
11,583,000
|
||||||
Noncontrolling interest in subsidiary
|
104,000
|
104,000
|
||||||
Total Shareholders’ Equity
|
11,833,000
|
11,687,000
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
14,371,000
|
$
|
14,036,000
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Net sales
|
$
|
2,167,000
|
$
|
1,670,000
|
||||
Cost of goods sold
|
1,294,000
|
1,101,000
|
||||||
Gross profit
|
873,000
|
569,000
|
||||||
Selling, general and administrative expenses
|
540,000
|
541,000
|
||||||
Operating income
|
333,000
|
28,000
|
||||||
Interest expense, net
|
(9,000
|
)
|
(15,000
|
)
|
||||
Loss on investments
|
(54,000
|
)
|
(74,000
|
)
|
||||
Other income, net
|
29,000
|
15,000
|
||||||
Income(loss) before income taxes
|
299,000
|
(46,000
|
)
|
|||||
Income tax provision
|
-
|
-
|
||||||
Net income(loss)
|
299,000
|
(46,000
|
)
|
|||||
Net loss attributable to noncontrolling interest in subsidiary
|
(1,000
|
)
|
(3,000
|
)
|
||||
Net income(loss) attributable to Taitron Components Inc.
|
$
|
300,000
|
$
|
(43,000
|
)
|
|||
Net income(loss) per share: Basic & Diluted
|
$
|
0.05
|
$
|
(0.01
|
)
|
|||
Cash dividends declared per common share
|
$
|
0.025
|
$
|
-
|
||||
Weighted average common shares outstanding: Basic
|
5,530,847
|
5,530,847
|
||||||
Weighted average common shares outstanding: Diluted
|
5,884,847
|
5,530,847
|
||||||
Net income(loss)
|
$
|
299,000
|
$
|
(46,000
|
)
|
|||
Other comprehensive income (loss) :
|
||||||||
Foreign currency translation adjustment
|
(18,000
|
)
|
(24,000
|
)
|
||||
Comprehensive income(loss)
|
281,000
|
(70,000
|
)
|
|||||
Comprehensive income(loss) attributable to noncontrolling interests
|
-
|
2,000
|
||||||
Comprehensive income(loss) attributable to Taitron Components Inc.
|
$
|
281,000
|
$
|
(72,000
|
)
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Operating activities:
|
||||||||
Net income(loss)
|
$
|
299,000
|
$
|
(46,000
|
)
|
|||
Adjustments to reconcile net income(loss) to net cash
used for operating activities:
|
||||||||
Depreciation and amortization
|
67,000
|
51,000
|
||||||
Provision for sales returns and doubtful accounts
|
111,000
|
68,000
|
||||||
Stock based compensation
|
1,000
|
(5,000
|
)
|
|||||
Loss on investments
|
54,000
|
74,000
|
||||||
Changes in assets and liabilities:
|
||||||||
Trade accounts receivable
|
(1,030,000
|
)
|
(485,000
|
)
|
||||
Inventory
|
27,000
|
674,000
|
||||||
Prepaid expenses and other current assets
|
(84,000
|
)
|
(84,000
|
)
|
||||
Trade accounts payable
|
233,000
|
(523,000
|
)
|
|||||
Accrued liabilities
|
(44,000
|
)
|
(17,000
|
)
|
||||
Other assets and liabilities
|
-
|
8,000
|
||||||
Total adjustments
|
(665,000
|
)
|
(239,000
|
)
|
||||
Net cash used for operating activities
|
(366,000
|
)
|
(285,000
|
)
|
||||
Investing activities:
|
||||||||
Acquisition of property & equipment
|
(23,000
|
)
|
(7,000
|
)
|
||||
Net cash used for investing activities
|
(23,000
|
)
|
(7,000
|
)
|
||||
Financing activities:
|
||||||||
Dividend payments
|
(138,000
|
)
|
-
|
|||||
Net cash used for financing activities
|
(138,000
|
)
|
-
|
|||||
Impact of exchange rates on cash
|
(18,000
|
)
|
(24,000
|
)
|
||||
Net decrease in cash and cash equivalents
|
(545,000
|
)
|
(316,000
|
)
|
||||
Cash and cash equivalents, beginning of period
|
4,018,000
|
3,692,000
|
||||||
Cash and cash equivalents, end of period
|
$
|
3,473,000
|
$
|
3,376,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
10,000
|
$
|
14,000
|
||||
Cash paid for income taxes, net
|
$
|
-
|
$
|
1,000
|
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
||||||||
Investment in securities - Zowie Technology
|
$
|
100,000
|
$
|
100,000
|
||||
Investment in joint venture - Grand Shine Mgmt
|
293,000
|
347,000
|
||||||
Other
|
26,000
|
24,000
|
||||||
Other Assets
|
$
|
419,000
|
$
|
471,000
|
Number of Shares
|
Weighted Average Exercise Price
|
Weighted Average Years Remaining Contractual Term
|
Aggregate Intrinsic Value
|
|||||||||||||
Outstanding at December 31, 2016
|
376,000
|
$
|
1.07
|
4.1
|
$
|
72,000
|
||||||||||
Grants
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at March 31, 2017
|
376,000
|
1.07
|
3.8
|
$
|
69,000
|
|||||||||||
Exercisable at March 31, 2017
|
298,333
|
$
|
1.08
|
3.4
|
$
|
42,000
|
TAITRON COMPONENTS INCORPORATED | ||
Date: May 15, 2017
|
/s/ Stewart Wang | |
Stewart Wang, | ||
Chief Executive Officer and President
(Principal Executive Officer)
|
||
/s/ David Vanderhorst | ||
David Vanderhorst | ||
Chief Financial Officer and Secretary
(Principal Financial Officer)
|
1 Year Taitron Components Chart |
1 Month Taitron Components Chart |
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