GlenRose Instruments Inc.

CIK:0001340095|SEC Filings

Earnings per Share:

3 Months Ended

Mar. 25, 2012

Note 5 – Earnings per Share:

Basic and diluted earnings per share for the three month periods ended March 25, 2012 and March 27, 2011 was as follows:

	Three Months
	March 25,		March 27,
	2012		2011
Earnings per share
Earnings available to stockholders	$	188,937	$	406,535

Weighted average shares outstanding - basic		3,102,647		3,102,647
Net earnings per share - basic	$	0.06	$	0.13

Assumed exercise of dilutive stock options and warrants		-		-
Weighted average shares outstanding - diluted		3,102,647		3,102,647
Net earnings per share - diluted	$	0.06	$	0.13

Anti-dilutive restricted stock outstanding		10,000		10,000
Anti-dilutive shares underlying stock options outstanding		167,000		172,000
Anti-dilutive convertible debentures		-		614,286

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	Mar. 25, 2012	Mar. 27, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 188,937	$ 406,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143,298	122,441
Provision for deferred income taxes	25,452	(13,921)
Amortization of deferred financing costs	4,198	21,245
Stock-based compensation	5,046	11,154
Changes in operating assets and liabilities
Accounts receivable	(1,173,856)	182,155
Unbilled contract receivables	299,234	70,271
Supply inventory	(1,724)	1,500
Prepaid expenses	(71,809)	(64,192)
Other receivables	(16,685)	(2,307)
Assets held for sale	(7,635)	0
Restricted assets	25	0
Increase (decrease) in:
Accounts payable	(522,562)	(142,465)
Accrued interest, related party	0	(11,960)
Due to related party	30,910	(8,002)
Other long-term liabilities	(2,989)	5,539
Other accrued liabilities	(225,637)	13,424
Net cash (used in) provided by operating activities	(1,325,797)	591,417
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(10,508)	(155,747)
Net cash used in investing activities	(10,508)	(155,747)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of convertible debentures	0	(575,000)
Advances on line of credit	5,509,590	0
Payments on line of credit	(4,950,626)	0
Payments on term note payable	(35,715)	0
Payments on notes payable	(13,042)	(3,410)
Principal payments on capital lease obligations	(2,865)	(2,585)
Net cash provided by (used in) financing activities	507,342	(580,995)
Net decrease in cash and cash equivalents	(828,963)	(145,325)
Cash and cash equivalents, beginning of the period	831,516	1,669,868
Cash and cash equivalents, end of the period	$ 2,553	$ 1,524,543

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 25, 2012	Dec. 25, 2011
ASSETS
Cash and cash equivalents	$ 2,553	$ 831,516
Short-term investments	12,305	12,305
Accounts receivable (net of allowances of $24,320 for 2012 and 2011, respectively)	5,106,774	3,932,918
Unbilled contract receivables	810,959	1,110,193
Due from related party	42,858	42,858
Supply inventory	63,482	61,758
Prepaid expenses	235,368	163,559
Other receivables	23,246	6,561
Deferred tax asset, current portion	292,060	290,281
Assets held for sale	1,185,941	1,178,306
Total current assets	7,775,546	7,630,255
Property, plant and equipment, net	1,394,416	1,527,206
Other assets
Restricted assets	451,381	451,406
Deposits	53,065	53,065
Deferred tax asset, net of current portion	207,926	207,926
Deferred financing costs	79,253	83,451
Goodwill	2,740,913	2,740,913
Total other assets	3,532,538	3,536,761
TOTAL ASSETS	12,702,500	12,694,222
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,705,759	2,228,321
Deferred revenue	172,697	172,697
Accrued expenses	418,540	342,736
Accrued employee-related costs	1,785,375	2,000,903
Line of credit payable	558,964	0
Term note payable, current portion	142,857	142,857
Notes payable, current portion	49,064	52,116
Due to related party	52,988	22,078
Capital lease obligations, current portion	12,225	11,915
Income taxes payable	197,722	283,635
Total current liabilities	5,096,191	5,257,258
Long-term liabilities
Term note payable, net of current portion	785,714	821,429
Note payable, net of current portion	14,629	24,619
Capital lease obligations, net of current portion	23,438	26,613
Deferred tax liability	551,500	524,269
Other long-term liabilities	21,048	24,037
Total liabilities	6,492,520	6,678,225
Stockholders' equity
Common stock ($0.01 par value; 10,000,000 shares authorized; 3,112,647 shares issued and outstanding at March 25, 2012 and December 25, 2011, respectively)	31,126	31,126
Additional paid-in-capital	8,009,275	8,004,229
Accumulated deficit	(1,830,421)	(2,019,358)
Total stockholders' equity	6,209,980	6,015,997
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 12,702,500	$ 12,694,222