Sparton financials

Summary - Funding Rounds

Founding Date	1900

Sparton is a subsidiary of Ultra Electronics

Annual

USD	FY, 2014	FY, 2015	FY, 2016
Revenue	336.1 m	382.1 m	419.4 m
Revenue growth, %		14%	10%
Cost of goods sold		307.5 m	339.2 m
Gross profit		74.7 m	80.1 m
Gross profit Margin, %		20%	19%
General and administrative expense			55.2 m
Operating expense total			55.2 m
EBIT	19.9 m	17.3 m	(51.8 m)
EBIT margin, %	6%	5%	(12%)
Interest expense		2.5 m	3.8 m
Interest income		3 k
Pre tax profit		15 m	(55.5 m)
Income tax expense		4 m	(17.2 m)
Net Income	13 m	11 m	(38.3 m)

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q1, 2016	Q3, 2016	Q2, 2017	Q3, 2017	Q3, 2018
Revenue	74.2 m	84.6 m	83.9 m	77 m	85.6 m	93.1 m	106.7 m	103.5 m	100.4 m	102.2 m	97.4 m	95.4 m	274.5 m
Cost of goods sold	62 m	69.6 m	67.5 m	64.2 m	70.5 m	74.4 m	85.6 m	85 m	83.1 m	83.1 m	81.5 m	78.5 m	221.8 m
Gross profit	12.2 m	15 m	16.4 m	12.8 m	15.2 m	18.6 m	21.1 m	18.5 m	17.3 m	19.1 m	15.9 m	16.9 m	52.7 m
Gross profit Margin, %	16%	18%	20%	17%	18%	20%	20%	18%	17%	19%	16%	18%	19%
R&D expense				100 k
General and administrative expense	7.6 m	8.7 m	8.8 m	10.6 m	10.8 m	11.9 m	13.6 m	14.3 m	13.4 m	13.7 m	13 m	12.9 m	42.5 m
Operating expense total	7.6 m	8.7 m	8.8 m	10.7 m	10.8 m	11.9 m	16.6 m	18.1 m	16 m	16.4 m	15.7 m	15.4 m	49.7 m
Depreciation and amortization													5.6 m
EBIT	3.4 m	5.3 m	6.3 m	829 k	2.7 m	4.9 m	4.5 m	454 k	1.3 m	2.7 m	221 k	1.5 m	3 m
EBIT margin, %	5%	6%	8%	1%	3%	5%	4%	0%	1%	3%	0%	2%	1%
Interest expense	158 k	202 k	187 k	746 k	357 k	458 k	885 k	900 k	1.2 m	956 k	1.1 m	1.1 m	4.2 m
Interest income	2 k			2 k			2 k
Pre tax profit	3.4 m	5.2 m	6.3 m	231 k	2.3 m	4.5 m	3.7 m	(412 k)	167 k	1.7 m	(857 k)	475 k	(1.2 m)
Income tax expense	1.1 m	1.7 m	2 m	35 k	767 k	318 k	1.3 m	(680 k)	59 k	612 k	50 k	46 k	10 m
Net Income	2.3 m	3.5 m	4.2 m	196 k	1.6 m	4.1 m	2.4 m	268 k	108 k	1.1 m	(907 k)	429 k	(11.3 m)

Annual

USD	FY, 2014	FY, 2015	FY, 2016
Cash	8 m	14.9 m	132 k
Accounts Receivable			137.9 m
Inventories	2.7 m	5.5 m	5.8 m
Current Assets	116.6 m	175.6 m	130.6 m
PP&E	28.5 m	32.6 m	33.3 m
Goodwill	28.2 m	74.2 m	12.7 m
Total Assets	199 m	337.6 m	246 m
Accounts Payable	16.5 m	29.9 m	38.3 m
Short-term debt	900 k		217 k
Current Liabilities	41.1 m	58.6 m	62.4 m
Total Debt			217 k
Total Liabilities			167.4 m
Additional Paid-in Capital	19.5 m	16 m	16.4 m
Retained Earnings	78.9 m	89.9 m	51.7 m
Total Equity		116.9 m	78.6 m
Debt to Equity Ratio			0 x
Debt to Assets Ratio			0 x
Financial Leverage		2.9 x	3.1 x

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q1, 2016	Q3, 2016	Q2, 2017	Q3, 2017	Q3, 2018
Cash	2.7 m	1 m	7.5 m	6.5 m	3.2 m	5.6 m	2.2 m	4.8 m	718 k	834 k	589 k	1 m	792 k
Current Assets	114.6 m	105.1 m	112 m	112.5 m	109 m	125.5 m	160.7 m	150.2 m	122.6 m	154.7 m	113.5 m	119 m	135.6 m
PP&E	28.6 m	28.6 m	28.6 m	29.3 m	28.8 m	29.8 m	32.9 m	33.8 m	32.9 m	34 m	32.9 m	33.8 m	33.8 m
Goodwill	18.8 m	30.2 m	28.7 m	32 m	37.9 m	54.7 m	72.5 m	77.3 m	12.7 m	76.8 m	12.7 m	12.7 m	12.7 m
Total Assets	176.6 m	182.6 m	193.2 m	207.1 m	209.1 m	243.5 m	319.7 m	312.4 m	234.8 m	313.4 m	223.2 m	227.5 m	224.6 m
Accounts Payable	16.1 m	16.9 m	20.4 m	17.9 m	16.1 m	22.2 m	26.5 m	26.8 m	34.7 m	38.3 m	29.8 m	35.4 m	28.4 m
Short-term debt	139 k	141 k	1.7 m						267 k	165 k	267 k	268 k	218 k
Current Liabilities	46.3 m	51.6 m	49.3 m	47.7 m	35.6 m	44.4 m	53.9 m	51.2 m	52.5 m	61.8 m	51.1 m	53.6 m	51 m
Long-term debt							138.8 m	133.8 m		123.4 m
Total Debt	139 k	141 k	1.7 m				138.8 m	133.8 m	267 k	123.6 m	267 k	268 k	218 k
Total Liabilities	79 m	80.7 m	86.7 m	97.2 m	101.5 m	131.6 m	200 m	192.1 m	155.7 m	192.6 m	144 m	148.3 m	153.7 m
Additional Paid-in Capital	17.9 m	18.7 m	19.1 m	19.2 m	15.5 m	15.8 m	16.5 m	16.9 m	16.8 m	16.1 m	17.7 m	17.2 m	18.1 m
Retained Earnings	68.2 m	71.7 m	76 m	79.1 m	80.7 m	84.8 m	92.3 m	92.6 m	51.8 m	93.7 m	50.9 m	51.3 m	41.7 m
Total Equity							119.7 m	120.3 m	79.1 m	120.7 m	79.2 m	79.2 m	70.9 m
Financial Leverage							2.7 x	2.6 x	3 x	2.6 x	2.8 x	2.9 x	3.2 x

Annual

USD	FY, 2014	FY, 2015	FY, 2016
Net Income	13 m	11 m	(38.3 m)
Depreciation and Amortization	8.1 m	6.6 m	9.6 m
Accounts Receivable	4.9 m	(7 m)	23.8 m
Accounts Payable	(2.7 m)	(11.3 m)	8 m
Cash From Operating Activities	12.5 m	4.5 m	48.1 m
Purchases of PP&E	(3.5 m)	(5.8 m)	(6.1 m)
Cash From Investing Activities	(39 m)	(104.1 m)	(4.8 m)
Long-term Borrowings	(40.6 m)	(102.3 m)
Cash From Financing Activities	28.5 m	106.5 m	(58.1 m)
Interest Paid	631 k	1.7 m	3.5 m
Income Taxes Paid	7.1 m	7.2 m	766 k

Quarterly

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q1, 2016	Q3, 2016	Q2, 2017	Q3, 2017	Q3, 2018
Net Income	2.3 m	3.5 m	4.2 m	196 k	1.6 m	4.1 m	2.4 m	2.7 m	108 k	3.8 m	(799 k)	(370 k)	(11.3 m)
Depreciation and Amortization				1.3 m	1.5 m	1.5 m	3.7 m	8 m	3.7 m	11.8 m	7.4 m	11 m	10 m
Accounts Receivable							11 m	14.4 m	(1.4 m)	9.5 m	(637 k)	(1.3 m)	(20.4 m)
Accounts Payable				17.9 m	16.1 m	22.2 m	(2.2 m)	(6.5 m)	(10.2 m)	6.8 m	(11.6 m)	(9.3 m)	(1.8 m)
Cash From Operating Activities							4.4 m	13.1 m	3.2 m	21.3 m	14.7 m	15.5 m	(18.4 m)
Purchases of PP&E							(1.5 m)	(3.3 m)	(1.1 m)	(5.2 m)	(2.6 m)	(4.8 m)	(3.8 m)
Cash From Investing Activities							(1.5 m)	(2.5 m)		(4.3 m)
Long-term Borrowings								(67 m)		(128.3 m)
Cash From Financing Activities							(15.7 m)	(20.7 m)	(1.5 m)	(31.1 m)	(11.6 m)	(9.8 m)	21.9 m
Interest Paid							663 k	1.5 m	1.1 m	2.4 m	2 m	2.4 m	3.3 m
Income Taxes Paid							2 k	766 k		766 k	354 k	553 k	675 k

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