CZNC FY 2019 Earnings Report — Citizens & Northern Corporation Revenue & Financial Results | Market Cap Arena

Citizens & Northern CorporationCZNC

FY 2019 Earnings

Reported February 20, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$83M	—	$70M	—	19.1%
Op. Income	$23M	—	$26M	—	-10.9%
Gross Margin	86.6%	—	92.5%	—	-5.9pp
Net Margin	23.5%	—	31.6%	—	-8.1pp
EPS (Diluted)	$1.46	—	$1.80	—	-18.9%
Free Cash Flow	$20M	—	$25M	—	-20.8%

Revenue Flow

Item	Amount
REVENUE	$83M
Cost of Revenue	$11M
GROSS PROFIT	$72M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$28M
SG&A Expenses	$28M
Other Expenses	$21M
Operating Expenses	$48M
Cost & Expenses	$60M
OPERATING INCOME	$23M
Interest Income	$65M
Interest Expense	$10M
Other Income/Expenses	$0
INCOME BEFORE TAX	$23M
Income Tax Expense	$4M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$19M
D&A	$2M
EBIT	$23M
EBITDA	$25M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$83M
Cost of Revenue	$11M
GROSS PROFIT	$72M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$28M
SG&A Expenses	$28M
Other Expenses	$21M
Operating Expenses	$48M
Cost & Expenses	$60M
OPERATING INCOME	$23M
Interest Income	$65M
Interest Expense	$10M
Other Income/Expenses	$0
INCOME BEFORE TAX	$23M
Income Tax Expense	$4M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$19M
D&A	$2M
EBIT	$23M
EBITDA	$25M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$20M
Depreciation & Amortization	$2M
Stock-Based Compensation	$798.0K
Deferred Income Tax	$172.0K
Other Non-Cash Items	$1M
Change in Working Capital	-$951.0K
OPERATING CASH FLOW	$22M
Capital Expenditure	-$3M
Acquisitions (Net)	-$2M
Purchases of Investments	-$58M
Sales/Maturities of Investments	$177M
Other Investing Activities	-$92M
NET CASH FROM INVESTING	$23M
Net Debt Issuance	-$28M
Common Stock Repurchased	-$189.0K
Common Dividends Paid	-$14M
Other Financing Activities	-$5M
NET CASH FROM FINANCING	-$47M
FREE CASH FLOW	$20M
Net Change in Cash	-$2M

Balance Sheet

Item	Amount
Cash & Equivalents	$35M
Short-Term Investments	$347M
Net Receivables	$5M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$387M
PP&E (Net)	$17M
Goodwill	$28M
Intangible Assets	$1M
Long-Term Investments	$1.2B
Tax Assets	$3M
Other Non-Current Assets	$44M
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$1.7B
Account Payables	$12M
Short-Term Debt	$86M
Deferred Revenue	$0
Other Current Liabilities	$1.3B
TOTAL CURRENT LIABILITIES	$1.4B
Long-Term Debt	$59M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$59M
TOTAL LIABILITIES	$1.4B
Common Stock	$14M
Additional Paid-In Capital	$105M
Retained Earnings	$126M
Treasury Stock	-$4M
Accum. Other Comp. Income	$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$244M
Minority Interest	$0
TOTAL EQUITY	$244M
TOTAL LIABILITIES & EQUITY	$1.7B
Total Debt	$145M
Net Debt	$110M