Howard Bancorp Financials

$183 M

Mkt cap, 20-Apr-2018
Net income (FY, 2017)7.2 M
EBIT (FY, 2017)37.9 M
Cash, 31-Dec-201729 M
EV302.9 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

17.7 m23.4 m33.3 m53.5 m

Revenue growth, %

32%43%60%

Cost of goods sold

1.9 m2.4 m3.1 m4.6 m5.2 m

Gross profit

15.8 m21 m30.3 m49 m

Gross profit Margin, %

89%90%91%91%

Sales and marketing expense

23.6 m

General and administrative expense

4.2 m

Operating expense total

45.2 m

EBIT

15.8 m21 m30.3 m34.2 m37.9 m

EBIT margin, %

89%90%91%64%

Interest income

15.8 m21 m30.3 m34.2 m

Pre tax profit

2.9 m17.3 m2.1 m8.2 m10.4 m

Income tax expense

984 k6.9 m973 k2.9 m3.2 m

Net Income

2 m10.4 m1.1 m5.3 m7.2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

5 m5.6 m7.5 m8 m9.8 m10.9 m11.7 m12.5 m14.1 m14.2 m14.3 m16 m

Cost of goods sold

497 k515 k568 k648 k659 k685 k808 k969 k1.2 m1.2 m1.1 m1.2 m

Gross profit

4.5 m5.1 m6.9 m7.3 m9.1 m10.2 m10.9 m11.5 m12.9 m13 m13.2 m14.8 m

Gross profit Margin, %

90%91%92%92%93%94%93%92%92%92%92%92%

Sales and marketing expense

1.9 m2.8 m2.9 m2.8 m3.9 m3.9 m4.7 m4.6 m4.9 m4.9 m5.6 m6.1 m

General and administrative expense

406 k470 k586 k489 k975 k904 k931 k1.6 m949 k1.1 m1.1 m1 m

Operating expense total

3.7 m4.5 m5.3 m5 m7.8 m8.4 m11.6 m9.7 m9.9 m9.9 m10.5 m11.2 m

EBIT

4.2 m4.4 m4.8 m5.2 m6.8 m6.8 m7.7 m8.6 m8.4 m8.6 m8.8 m9.5 m

EBIT margin, %

84%80%65%65%69%62%65%69%59%61%61%59%

Pre tax profit

630 k382 k1.2 m311 k1 m1.3 m(892 k)1.4 m2.6 m2.8 m2.5 m3.2 m

Income tax expense

223 k116 k477 k75 k382 k471 k(106 k)474 k928 k1 m944 k1.2 m

Net Income

407 k266 k737 k236 k649 k791 k(786 k)960 k1.6 m1.7 m1.6 m2 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

35.7 m24.5 m38.3 m39.4 m29 m

Accounts Receivable

Inventories

Goodwill

603 k603 k603 k

Total Assets

499.9 m691.4 m946.8 m1 b1.1 b

Accounts Payable

808.7 m863.9 m

Short-term debt

45.7 m48.6 m69.1 m107.1 m130.4 m

Long-term debt

16 m19 m29.7 m20.5 m18.5 m

Total Debt

61.7 m67.6 m98.8 m127.6 m148.9 m

Total Liabilities

941.2 m1 b

Additional Paid-in Capital

37.6 m38.4 m70.6 m71 m110.4 m

Retained Earnings

(1.6 m)9.7 m14.8 m22.1 m

Total Equity

92.9 m85.8 m132.3 m

Debt to Equity Ratio

1.1 x1.5 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x0.1 x

Financial Leverage

10.2 x12 x8.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

19.4 m25 m26.6 m17.7 m28.5 m29 m18.3 m55 m32.8 m43.9 m48.5 m41.8 m

Goodwill

1.1 m603 k603 k603 k603 k603 k

Total Assets

466.9 m508 m533.5 m574.4 m710.5 m746.9 m924.5 m990.4 m988.8 m1 b1 b1.1 b

Accounts Payable

359.9 m401.3 m422.3 m451.9 m580.7 m575.7 m742.8 m803.2 m798.1 m803.8 m852 m854.7 m

Short-term debt

39.9 m35.6 m36.6 m52 m41 m52 m52.7 m50.1 m62.1 m93.3 m55.3 m109.8 m

Long-term debt

18 m21.5 m23.5 m19 m19.5 m27.5 m27.9 m36.2 m39.2 m26.6 m9 m6.5 m

Total Debt

57.9 m57.1 m60.1 m71 m60.5 m79.5 m80.6 m86.3 m101.4 m119.9 m64.3 m116.3 m

Total Liabilities

418.9 m459.1 m483.9 m524 m650.1 m662.3 m832.4 m896.5 m905.8 m929.9 m922.7 m975.9 m

Additional Paid-in Capital

37.5 m37.6 m37.7 m38.2 m38.5 m61.9 m70.2 m70.7 m70.8 m70.9 m109.6 m110 m

Retained Earnings

(2.1 m)(1.4 m)(652 k)(445 k)9.3 m10.1 m9.3 m10.6 m12.1 m13.9 m16.4 m18.5 m

Total Equity

48.9 m84.6 m92.1 m93.9 m83.1 m84.9 m126 m128.4 m

Financial Leverage

10.4 x8.8 x10 x10.5 x11.9 x12 x8.3 x8.6 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

2 m10.4 m1.1 m5.3 m7.2 m

Depreciation and Amortization

599 k734 k1 m1.2 m1.3 m

Accounts Receivable

Inventories

Accounts Payable

Cash From Operating Activities

740 k(31.1 m)(7.4 m)2.8 m16.9 m

Cash From Investing Activities

(62.6 m)11.4 m(33.8 m)(79.2 m)(142.5 m)

Long-term Borrowings

(8 m)(9 m)(9 m)(12 m)(17 m)

Cash From Financing Activities

61.3 m8.5 m55 m77.4 m115.2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

1.4 m266 k1 m1.2 m649 k1.4 m655 k960 k2.6 m4.3 m1.6 m3.6 m

Depreciation and Amortization

441 k174 k351 k537 k213 k446 k712 k305 k613 k927 k317 k665 k

Cash From Operating Activities

2.8 m(12.3 m)(23.1 m)(30.9 m)(8.3 m)(24.5 m)(21.9 m)10.7 m1.7 m7.9 m21.2 m2.2 m

Cash From Investing Activities

(48.2 m)(6.4 m)(18 m)(41.1 m)(7.2 m)(27.9 m)(16 m)(37.2 m)(47.8 m)(67.1 m)(30.6 m)(73.1 m)

Long-term Borrowings

(8 m)(2 m)(2 m)(2 m)(9 m)(2.5 m)(12 m)(12 m)(11.5 m)(14 m)

Cash From Financing Activities

28.5 m7.9 m31.9 m54 m19.5 m56.8 m31.7 m43.2 m40.5 m64.7 m18.5 m73.3 m

Ratios

USDY, 2017

EV/EBIT

8 x

EV/CFO

17.9 x

Financial Leverage

8.7 x
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