We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.32% | 3.14 | 3.06 | 3.34 | 3.25 | 3.15 | 3.18 | 2,818 | 01:00:00 |
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 October 31, 2017
|
Class A common stock, $0.001 par value
|
4,808,235
|
Class B common stock, $0.001 par value
|
762,612
|
TAITRON COMPONENTS INCORPORATED
|
||
FORM 10-Q
|
||
September 30, 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
|
||
September 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
Assets
|
(Unaudited)
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
3,692,000
|
$
|
4,018,000
|
||||
Accounts receivable, less allowances of $46,000 and $49,000, respectively
|
581,000
|
233,000
|
||||||
Inventories, less reserves for obsolescence of $8,676,000, and $8,537,000, respectively (Note 3)
|
5,513,000
|
5,055,000
|
||||||
Prepaid expenses and other current assets
|
339,000
|
227,000
|
||||||
Total current assets
|
10,125,000
|
9,533,000
|
||||||
Property and equipment, net
|
3,910,000
|
4,032,000
|
||||||
Other assets (Note 4)
|
459,000
|
471,000
|
||||||
Total assets
|
$
|
14,494,000
|
$
|
14,036,000
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
968,000
|
$
|
857,000
|
||||
Accrued liabilities
|
569,000
|
492,000
|
||||||
Current portion, long-term debt (Note 5)
|
500,000
|
-
|
||||||
Total current liabilities
|
2,037,000
|
1,349,000
|
||||||
Long-term debt from related party (Note 5)
|
500,000
|
1,000,000
|
||||||
Total Liabilities
|
2,537,000
|
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;
4,808,235 and 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
|
10,744,000
|
10,701,000
|
||||||
Accumulated other comprehensive income
|
142,000
|
156,000
|
||||||
Retained earnings
|
965,000
|
720,000
|
||||||
Total Shareholders’ Equity - Taitron Components Inc
|
11,857,000
|
11,583,000
|
||||||
Noncontrolling interest in subsidiary
|
100,000
|
104,000
|
||||||
Total Shareholders’ Equity
|
11,957,000
|
11,687,000
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
14,494,000
|
$
|
14,036,000
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Net sales
|
$
|
1,679,000
|
$
|
1,621,000
|
$
|
5,778,000
|
$
|
5,223,000
|
||||||||
Cost of goods sold
|
911,000
|
1,036,000
|
3,450,000
|
3,382,000
|
||||||||||||
Gross profit
|
768,000
|
585,000
|
2,328,000
|
1,841,000
|
||||||||||||
Selling, general and administrative expenses
|
534,000
|
511,000
|
1,618,000
|
1,596,000
|
||||||||||||
Operating income
|
234,000
|
74,000
|
710,000
|
245,000
|
||||||||||||
Interest expense, net
|
(9,000
|
)
|
(17,000
|
)
|
(29,000
|
)
|
(39,000
|
)
|
||||||||
Loss on investments
|
(34,000
|
)
|
(62,000
|
)
|
(107,000
|
)
|
(196,000
|
)
|
||||||||
Other income, net
|
25,000
|
22,000
|
85,000
|
49,000
|
||||||||||||
Income before income taxes
|
216,000
|
17,000
|
659,000
|
59,000
|
||||||||||||
Income tax provision
|
(2,000
|
)
|
(4,000
|
)
|
(3,000
|
)
|
(10,000
|
)
|
||||||||
Net income
|
214,000
|
13,000
|
656,000
|
49,000
|
||||||||||||
Net loss attributable to noncontrolling interest in subsidiary
|
(1,000
|
)
|
(2,000
|
)
|
(4,000
|
)
|
(6,000
|
)
|
||||||||
Net income attributable to Taitron Components Inc.
|
$
|
215,000
|
$
|
15,000
|
$
|
660,000
|
$
|
55,000
|
||||||||
Net income per share: Basic
|
$
|
0.04
|
$
|
0.01
|
$
|
0.12
|
$
|
0.01
|
||||||||
Net income per share: Diluted
|
$
|
0.04
|
$
|
0.01
|
$
|
0.11
|
$
|
0.01
|
||||||||
Cash dividends declared per common share
|
$
|
0.025
|
$
|
0.025
|
$
|
0.075
|
$
|
0.050
|
||||||||
Weighted average common shares outstanding: Basic
|
5,540,847
|
5,530,847
|
5,550,847
|
5,530,847
|
||||||||||||
Weighted average common shares outstanding: Diluted
|
5,845,747
|
5,902,847
|
5,907,847
|
5,940,847
|
||||||||||||
Net income
|
$
|
214,000
|
$
|
13,000
|
$
|
656,000
|
$
|
49,000
|
||||||||
Other comprehensive income :
|
||||||||||||||||
Foreign currency translation adjustment
|
11,000
|
23,000
|
(14,000
|
)
|
(5,000
|
)
|
||||||||||
Comprehensive income
|
225,000
|
36,000
|
642,000
|
44,000
|
||||||||||||
Comprehensive loss attributable to noncontrolling interests
|
(5,000
|
)
|
(1,000
|
)
|
(4,000
|
)
|
-
|
|||||||||
Comprehensive income attributable to Taitron Components Inc.
|
$
|
230,000
|
$
|
37,000
|
$
|
646,000
|
$
|
44,000
|
Nine Months Ended September 30,
|
||||||||
2017
|
2016
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Operating activities:
|
||||||||
Net income
|
$
|
656,000
|
$
|
49,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
157,000
|
138,000
|
||||||
Provision for sales returns and doubtful accounts
|
154,000
|
74,000
|
||||||
Stock based compensation
|
3,000
|
(1,000
|
)
|
|||||
Loss on investments
|
107,000
|
196,000
|
||||||
Changes in assets and liabilities:
|
||||||||
Trade accounts receivable
|
(502,000
|
)
|
(451,000
|
)
|
||||
Inventories
|
(458,000
|
)
|
891,000
|
|||||
Prepaid expenses and other current assets
|
(112,000
|
)
|
(49,000
|
)
|
||||
Trade accounts payable
|
111,000
|
(241,000
|
)
|
|||||
Accrued liabilities
|
77,000
|
147,000
|
||||||
Other assets and liabilities
|
(3,000
|
)
|
6,000
|
|||||
Total adjustments
|
(466,000
|
)
|
710,000
|
|||||
Net cash provided by operating activities
|
190,000
|
759,000
|
||||||
Investing activities:
|
||||||||
Acquisition of property & equipment
|
(35,000
|
)
|
(6,000
|
)
|
||||
Investment in securities
|
(93,000
|
)
|
-
|
|||||
Net cash used for investing activities
|
(128,000
|
)
|
(6,000
|
)
|
||||
Financing activities:
|
||||||||
Repayment on notes payable
|
-
|
(500,000
|
)
|
|||||
Dividend payments
|
(414,000
|
)
|
(276,000
|
)
|
||||
Proceeds from stock options exercised
|
40,000
|
-
|
||||||
Net cash used for financing activities
|
(374,000
|
)
|
(776,000
|
)
|
||||
Impact of exchange rates on cash
|
(14,000
|
)
|
(5,000
|
)
|
||||
Net decrease in cash and cash equivalents
|
(326,000
|
)
|
(28,000
|
)
|
||||
Cash and cash equivalents, beginning of period
|
4,018,000
|
3,692,000
|
||||||
Cash and cash equivalents, end of period
|
$
|
3,692,000
|
$
|
3,664,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
32,000
|
$
|
42,000
|
||||
Cash paid for income taxes, net
|
$
|
3,000
|
$
|
1,000
|
September 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
||||||||
Investment in securities - Zowie Technology
|
$
|
193,000
|
$
|
100,000
|
||||
Investment in joint venture - Grand Shine Mgmt
|
240,000
|
347,000
|
||||||
Other
|
26,000
|
24,000
|
||||||
Other Assets
|
$
|
459,000
|
$
|
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
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised
|
(40,000
|
)
|
||||||||||||||
Forfeited
|
(5,000
|
)
|
-
|
-
|
-
|
|||||||||||
Outstanding at September 30, 2017
|
331,000
|
1.08
|
3.8
|
$
|
170,000
|
|||||||||||
Exercisable at September 30, 2017
|
304,666
|
$
|
1.08
|
3.7
|
$
|
136,000
|
|
TAITRON COMPONENTS INCORPORATED
|
Date: November 14, 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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions