0001010549-18-000248.txt : 20180710 0001010549-18-000248.hdr.sgml : 20180710 20180710131414 ACCESSION NUMBER: 0001010549-18-000248 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20180526 FILED AS OF DATE: 20180710 DATE AS OF CHANGE: 20180710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROPAC INDUSTRIES INC CENTRAL INDEX KEY: 0000065759 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 751225149 STATE OF INCORPORATION: DE FISCAL YEAR END: 0529 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05109 FILM NUMBER: 18946579 BUSINESS ADDRESS: STREET 1: 905 E WALNUT ST CITY: GARLAND STATE: TX ZIP: 75040 BUSINESS PHONE: 2142723571 MAIL ADDRESS: STREET 1: 905 E WALNUT CITY: GARLAND STATE: TX ZIP: 75040 FORMER COMPANY: FORMER CONFORMED NAME: FARSI INDUSTRIES INC DATE OF NAME CHANGE: 19700911 10-Q 1 micro10q052618_r.htm

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

     
☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 26, 2018

OR

     
☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-5109

 

MICROPAC INDUSTRIES, INC.

 

 

Delaware 75-1225149
(State of Incorporation) (IRS Employer Identification No.)
   
905 E. Walnut, Garland, Texas 75040
(Address of Principal Executive Office) (Zip Code)
   
Registrant’s Telephone Number, including Area Code (972) 272-3571

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☐ Accelerated filer  ☐
Non-accelerated filer    ☐ Smaller reporting company ☒

(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒ 

 

On July 9, 2018 there were 2,578,315 shares of Common Stock, $0.10 par value outstanding.

 1 

 

 

 

MICROPAC INDUSTRIES, INC.

 

FORM 10-Q

 

May 26, 2018

 

INDEX

 

 

PART I -FINANCIAL INFORMATION
   
   
ITEM 1 - FINANCIAL STATEMENTS
   
   
  Condensed Balance Sheets as of May 26, 2018 (unaudited) and November 30, 2017
  Condensed Statements of Operations for the three months ended May 26, 2018 and May 27, 2017 (unaudited)
  Condensed Statements of Cash Flows for the three months ended May 26, 2018 and Mat 27, 2017 (unaudited)
  Notes to Condensed Financial Statements (unaudited)
   
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
   
ITEM 4 - CONTROLS AND PROCEDURES
   
   
PART II-OTHER INFORMATION
   
ITEM 1 - LEGAL PROCEEDINGS
   
ITEM 1A -RISK FACTORS
   
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
   
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
   
ITEM 4 - MINE SAFETY DISCLOSURE
   
ITEM 5 - OTHER INFORMATION
   
ITEM 6 - EXHIBITS
   
SIGNATURES  

 

 

 

 2 

 

  

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

MICROPAC INDUSTRIES, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

ASSETS 

 

CURRENT ASSETS       05/26/18  11/30/17 
       (Unaudited)    
           
Cash and cash equivalents  $9,297   $9,388 
Short-term investments   2,046    2,031 
Receivables, net of allowance for doubtful accounts of
$0 at May 26, 2018 and November 30, 2017		   2,199    3,462 
Inventories:          
Raw materials and supplies   4,336    3,874 
Work-in process   2,413    1,991 
                             Total inventories   6,749    5,865 
Prepaid income tax   356    227 
Prepaid expenses and other assets   438    274 
                             Total current assets   21,085    21,247 
PROPERTY, PLANT AND EQUIPMENT, at cost:          
Land   1,518    1,518 
Buildings   498    498 
Facility improvements   1,109    1,109 
Furniture and fixtures   942    938 
Construction in process equipment   783    678 
Machinery and equipment   8,622    8,492 
                      Total property, plant, and equipment   13,472    13,233 
Less accumulated depreciation   (9,583)   (9,429)
                                     Net property, plant, and equipment   3,889    3,804 
Deferred income taxes, net   125    203 

 

Total assets

  $25,099   $25,254 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Accounts payable  $582   $372 
Accrued compensation   539    704 
Deferred revenue   71    392 
Property taxes   46    86 
Commission payable   44    113 
Other accrued liabilities   25    27 
                        Total current liabilities   1,307    1,694 
SHAREHOLDERS’ EQUITY          
Common stock, $.10 par value, authorized 10,000,000
shares, 3,078,315 issued and 2,578,315 outstanding at
May 26, 2018 and November 30, 2017		   308    308 
Additional paid-in capital   885    885 
       Treasury stock, 500,000 shares, at cost   (1,250)   (1,250)
Retained earnings   23,849    23,617 
                                Total shareholders’ equity   23,792    23,560 
                                        Total liabilities and shareholders’ equity  $25,099   $25,254 

 

See accompanying notes to financial statements.

 3 

 

  

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands except share data)

(Unaudited) 

 

  

 

Three months ended

 

 

Six months ended

   05/26/18  05/27/17  05/26/18  05/27/17
             
             
NET SALES  $4,989   $4,966   $8,841   $8,874 
                     
COST AND EXPENSES:                    
                     
    Cost of goods sold   (2,989)   (3,072)   (5,339)   (5,574)
                     
    Research and development   (353)   (452)   (650)   (892)
                     
    Selling, general & administrative expenses   (1,312)   (982)   (2,447)   (1,972)
                     
                                    Total cost and expenses   (4,654)   (4,506)   (8,436)   (8,438)
                     
OPERATING INCOME   335    460    405    436 
                     
                     
    Other income   4    —      4    4 
    Interest income, net   18    3    30    2 
                     
INCOME BEFORE TAXES  $357   $463   $439   $442 
                     
    Benefit (provision) for taxes   145    (148)   51    (141)
                     
NET INCOME  $502   $315   $490   $301 
NET INCOME PER SHARE, BASIC AND DILUTED  $0.19   $0.12   $0.19   $0.12 
                     
DIVIDENDS PER SHARE  $—     $—     $0.10   $0.10 
                     
WEIGHTED AVERAGE OF SHARES, basic and diluted   2,578,315    2,578,315    2,578,315    2,578,315 
                     
                     

 

 

 

 

See accompanying notes to financial statements.

 

 4 

 

 

MICROPAC INDUSTRIES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands) 

(Unaudited)

 

   Six months ended
   5/26/18  5/27/17
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income  $490   $301 
Adjustments to reconcile net income to          
net cash provided by operating activities:          
    Depreciation   154    143 
    Deferred tax   78    —   
    Changes in certain current assets and liabilities          
       Accounts receivable   1,263    (345)
       Inventories   (884)   546 
       Prepaid expense and other current assets   (164)   (93)
       Prepaid income taxes   (129)   126 
       Deferred revenue   (321)   (378)
       Accounts payable   136    (98)
       Accrued compensation   (165)   23 
       Other accrued liabilities   (111)   (41)
           
                                 Net cash provided by operating activities   347    184 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
           
        Sale of short term investments   2,033    2,014 
        Purchase of short term investments   (2,048)   (2,020)
        Additions to property, plant and equipment   (165)   (91)
           
                         Net cash used in investing activities   (180)   (97)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
         Cash dividend   (258)   (258)
           
                                  Net cash used in financing activities   (258)   (258)
           
Net change in cash and cash equivalents   (91)   (171)
           
Cash and cash equivalents at beginning of period   9,388    10,012 
           
Cash and cash equivalents at end of period  $9,297   $9,841 
           

Supplemental Cash Flow Disclosure:

               Cash paid for income taxes  $—     $16 

 

Supplemental Non-Cash Investing Activity:          
               Accrued additions to equipment  $74   $—   

 

 

See accompanying notes to financial statements.

 5 

 

 MICROPAC INDUSTRIES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Note 1 BASIS OF PRESENTATION

 

Business Description

 

Micropac Industries, Inc. (the “Company”), a Delaware corporation, designs, manufactures and distributes various types of microelectronic circuits, solid state relays, power controllers, and optoelectronic components and assemblies. The Company’s products are used as components and assemblies in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products.

 

The Company’s facilities are certified and qualified by the Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level) and MIL-PRF-19500 JANS (space level) and is certified to ISO 9001:2008 and AS 9100C. Micropac is a National Aeronautics and Space Administration (NASA) core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification. The Company has Underwriters Laboratories (UL) approval on our industrial power controllers.

 

The Company’s core technology is microelectronic and optoelectronic designs to include the packaging and interconnecting of multi-chip microelectronics modules. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors, and electronic integration used in the Company’s optoelectronic components and assemblies.

 

The business of the Company was started in 1963 as a sole proprietorship. On March 3, 1969, the Company was incorporated under the name of “Micropac Industries, Inc.” in the state of Delaware. The stock was publicly held by 449 shareholders on May 26, 2018.

 

In the opinion of management, the unaudited condensed financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of May 26, 2018, the results of operations for the three months and six months ended May 26, 2018 and May 27, 2017, and the cash flows for the six months ended May 26, 2018 and May 27, 2017. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission. The Company’s fiscal year ends on the last day of November. The quarterly results end on the last Saturday of the quarter.

 

It is suggested that these financial statements be read in conjunction with the November 30, 2017 Form 10-K filed with the SEC, including the audited financial statements and the accompanying notes thereto.

 

 

Note 2 SIGNIFICANT ACCOUNTING POLICIES

 

Revenue Recognition

 

Revenues are recorded as shipments are made based upon contract prices. Any losses anticipated on fixed price contracts are provided for currently. Sales are recorded net of sales returns, allowances and discounts.

 

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

 

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. On July 9, 2015, the FASB agreed to defer the effective date to annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The standard will be effective for the Company for fiscal year ending November 30, 2019 and the interim periods within the year.

 6 

 

Short-Term Investments

 

The Company has $2,046,000 in short-term investments at May 26, 2018. Short-term investments consist of certificates of deposits with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents. All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.

 

Inventories

 

Inventories are stated at lower of cost or net realizable value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company determines the need to write inventory down to the lower of cost or net realizable value via an analysis based on the usage of inventory over a three year period and projected usage based on current backlog.

 

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU eliminates from GAAP the requirement to measure inventory at the lower of cost or market. Market under the previous requirement could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Entities within scope of this update will now be required to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory using LIFO or the retail inventory method. The amendments in this update are effective for fiscal years beginning after December 15, 2016, with early adoption permitted, and should be applied prospectively. The Company adopted this guidance on December 1, 2017 and the adoption did not have a material impact on its consolidated financial statements.

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.

 

The Company records a liability for an unrecognized tax benefit for a tax position that is not “more-likely-than-not” to be sustained.  The Company did not record any liability for uncertain tax positions as of May 26, 2018 and November 30, 2017.

 

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into United States tax law, which among other provisions lowered the corporate tax rate to 21%.

 

Our effective tax rate (benefit) was (12)% for the six months ended May 26, 2018 compared to 32% for the six months ended May 27, 2017 due primarily to the enactment of the Tax Act on December 22, 2017 and research and development tax credit filed on amended 2014 and 2015 federal tax returns.

 

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 118 to provide guidance for companies that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts under ASC 740. In accordance with SAB 118, a company must reflect the income tax effect of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, the company must record a provisional estimate in the financial statements.

 

ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the six months ended May 26, 2018, we revalued all deferred tax assets and liabilities at the newly enacted Federal corporate US income tax rate.  This revaluation as of enactment resulted in a non-cash provisional estimate of $77,000 to income tax expense and a corresponding reduction in the net deferred tax asset.

 

 7 

 

Property, Plant, and Equipment

 

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

 

Buildings 15
Facility improvements 8-15
Machinery and equipment 5-10
Furniture and fixtures 5-8

 

The Company assesses long-lived assets for impairment in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

 

Repairs and maintenance are expensed as incurred. Improvements which extend the useful lives of property, plant, and equipment are capitalized.

 

Research and Development Costs

 

Costs for the design and development of new products are expensed as incurred. 

 

Note 3 NEW ACCOUNTING PRONOUNCEMENTS

 

In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Under the new standard, lessees will be required to recognize lease assets and liabilities for all leases, with certain exceptions, on their balance sheets. Public business entities are required to adopt the standard for reporting periods beginning after December 15, 2018. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

 

Note 4 FAIR VALUE MEASUREMENT

 

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of May 26, 2018 and November 30, 2017.  The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments.  There were no nonfinancial assets measured at fair value on a nonrecurring basis at May 26, 2018 and November 30, 2017.

 

Note 5 COMMITMENTS

 

On April 23, 2018, the Company renewed the Loan Agreement with a Texas banking institution. The Loan Agreement provides for revolving credit loans, in amounts not to exceed a total principal balance of $6,000,000. The Loan Agreement also contains financial covenants to maintain at all times including (i) minimum working capital of not less than $4,000,000, (ii) a ratio of senior funded debt, minus the Company’s balance sheet cash on hand to the extent in excess of $2,000,000 to EBITDA of not more than 3.0 to 1.0, and (iii) a ratio of free cash flow to debt service of not less than 1.2 to 1.0. The Company has not, to date, drawn any amounts under the revolving line of credit and is currently in compliance with the financial covenants.

 

Note 6 EARNINGS PER COMMON SHARE

 

Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share gives effect to all dilutive potential common shares. For the three months ended May 26, 2018 and February 25, 2017, the Company had no dilutive potential common stock.

 

Note 7 SHAREHOLDERS’ EQUITY

 

On December 13, 2016, the Board of Directors of Micropac Industries, Inc. approved the payment of a $0.10 per share special dividend to all shareholders of record as of January 10, 2017. The dividend was paid to shareholders on February 8, 2017.

 

On December 12, 2017, the Board of Directors of Micropac Industries, Inc. approved the payment of a $0.10 per share special dividend to all shareholders of record as of January, 10 2018. The dividend was paid to shareholders on February 8, 2018.

 8 

 

MICROPAC INDUSTRIES, INC.

(Unaudited)

 

 

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Business

 

Micropac Industries, Inc. (the “Company”), a Delaware corporation, designs, manufactures and distributes various types of microelectronic circuits, solid state relays, power controllers, and optoelectronic components and assemblies. The Company’s products are used as components and assemblies in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products.

 

The Company’s facilities are certified and qualified by the Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level) and MIL-PRF-19500 JANS (space level) and is certified to ISO 9001:2008 and AS 9100C. Micropac is a National Aeronautics and Space Administration (NASA) core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification. The Company has Underwriters Laboratories (UL) approval on our industrial power controllers.

 

The Company’s core technology is microelectronic and optoelectronic designs to include the packaging and interconnecting of multi-chip microelectronics modules. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors, and electronic integration used in the Company’s optoelectronic components and assemblies.

 

Results of Operations 

 

       Three months ended  Six months ended
   5/26/2018  5/27/2017  5/26/2018  5/27/2017
NET SALES   100.0%   100.0%   100.0%   100.0%
                     
COST AND EXPENSES:                    
    Cost of Goods Sold   59.9%   61.9%   60.4%   62.8%
    Research and development   7.1%   9.1%   7.3%   10.1%
    Selling, general & administrative expenses   26.3%   19.8%   27.7%   22.2%
                                    Total cost and expenses   93.3%   90.8%   95.4%   95.1%
                     
OPERATING INCOME BEFORE INTEREST   6.7%   9.2%   4.6%   4.9%
           AND INCOME TAXES                    
                     
    Interest and other income   0.4%   0.1%   0.4%   0.1%
                     
INCOME BEFORE TAXES   7.1%   9.3%   5.0%   5.0%
                     
    Benefit (provision) for taxes   3.0%   (3.0)%   0.5%   (1.6)%
                     
NET INCOME   10.1%   6.3%   5.5%   3.4%

 

Sales for the three and six month periods ended May 26, 2018 totaled $4,989,000 and $8,841,000, respectively. Sales for the second quarter increased $23,000 above sales for the same period of 2017, while sales for the first six months of 2018 decreased $33,000 below the first six months of 2017. Sales were 16% in the commercial market, 61% in the military market, and 23% in the space market for the six months ended May 26, 2018 compared to 10% in the commercial market, 68% in the military market, and 22% in the space market for the six months ended May 27, 2017.

 

Two customers accounted for 13% and one customer accounted for 10% of the Company’s sales for the three months ended May 26, 2018 and three customers accounted for 13%, 12% and 10% of the Company’s sales for the six months ended May 26, 2018, while three customers accounted for 19%, 14% and 13% of the Company’s sales for the three months ended May 27, 2017, and three customers accounted for 17%, 13% and 11% of the Company’s sales for the six months ended May 27, 2017.

 9 

 

Cost of goods sold for the second quarters of 2018 and 2017 totaled 59.9% and 61.9% of net sales, respectively, while cost of goods sold for the six months ended May 26, 2018 and May 27, 2017 totaled 60.4% and 62.8% of net sales, respectively. In actual dollars, cost of goods sold decreased $83,000 in the second quarter of 2018 compared to the same period of 2017. Year to date cost of goods sold decreased $235,000 for the first six months of 2018 as compared to the same periods in 2017. The majority of the decrease is associated with a reduction in space level relays offset by an increase in several custom sensor and display products. With the reduction in space level product, material cost decreased $120,000 and labor related cost decreased $110,000.

 

Research and development expense decreased $99,000 for the second quarter of 2018 versus 2017 and decreased $242,000 for the first six months of 2018 compared to the same period of 2017. The research and development expenditures were associated with continued development of several power management products, fiber optic transceivers and high voltage optocouplers. The overall decrease was a reduction in new development cost on power management products. The Company will continue to invest in research and development of these products and other new opportunities.

 

Selling, general and administrative expense for the second quarter and first six months of 2018 totaled 26.3% and 27.7% respectively of net sales compared to 19.8% and 22.2% for the same periods in 2017. In actual dollars, selling, general and administrative expense increased $330,000 for the second quarter and increased $475,000 for the first six months of 2018 compared to the same periods in 2017. The majority of the increase resulted from an increase in employee related cost with the addition of several employees, group insurance cost increase and cost associated with the implementation of a new enterprise resource planning system.

 

Provisions for taxes decreased $293,000 for the second quarter of 2018 and $192,000 for the first six months of 2018 compared to the same period in 2017. The estimated effective tax rate (benefit) was (12)% for 2018 and 32% for 2017. The decrease was associated with the enactment of the Tax Act on December 22, 2017. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the three months ended February 24, 2018, we revalued all deferred tax assets and liabilities at the newly enacted Federal corporate US income tax rate.  This revaluation as of enactment resulted in a non-cash provisional estimate of $77,000 to income tax expense and a corresponding reduction in the net deferred tax asset. In addition the Company filed amended 2014 and 2015 federal tax returns associated with research and development credits which resulted in a tax benefit for the three and six months ended May 26, 2018. The research and development credits on the amended returns was $233,000.

 

Net income increased $187,000 for the second quarter of 2018 versus 2017 and increased $189,000 for the first six months of 2018 compared to the same period of 2017. The increase was associated with the tax benefit related to 2014 and 2015 research and developments credits.

 

 

Liquidity and Capital Resources

 

Cash and cash equivalents totaled $9,297,000 as of May 26, 2018 compared to $9,388,000 on November 30, 2016, a decrease of $91,000. The decrease in cash and cash equivalents is primarily attributable to a payment of a cash dividend of $258,000, and the investment of $165,000 in equipment offset by cash flow provided by operations of $347,000.

 

The Company expects to continue to generate adequate amounts of cash to meet its liquidity needs from the sale of products and services and the collection thereof for at least the next twelve months.

 

The one year specific advance loan for acquisitions with an aggregate amount not to exceed $7,500,000 in a single advance or in multiple advances was not renewed on April 22, 2017. The revolving credit loan in amounts not to exceed a total principal balance of $6,000,000 was renewed on April 23, 2018 for a two year term.

 

Outlook

 

New orders for year-to-date 2018 totaled $9,085,000 compared to $5,575,000 for 2017. The increase resulted from overall higher orders on all products.

 10 

 

 

Backlog totaled $13,109,000 on May 26, 2018 compared to $13,985,000 as of May 27, 2017 and $12,864,000 on November 30, 2017. The backlog represents a good mix of the company’s products and technologies with 20% in the commercial market, 65% in the military market, and 15% in the space market compared to 15% in the commercial market, 42% in the military market, and 43% in the space market on May 27, 2017.

 

The Company cannot assure that the results of operations for the interim period presented are indicative of total results for the entire year due to fluctuations in customer delivery schedules, or other factors over which the Company has no control.

 

 

Cautionary Statement

 

This Form 10-Q contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and unknown factors including, but not limited to, customer cancellation or rescheduling of orders, problems affecting delivery of vendor-supplied raw materials and components, unanticipated manufacturing problems and availability of direct labor resources.

 

The Company produces silicon phototransistors and light emitting diode die for use in certain military, standard and custom products. Fabrication efforts sometimes may not result in successful results, limiting the availability of these components. Competitors offer commercial level alternatives and our customers may purchase our competitors’ products if the Company is not able to manufacture the products using these technologies to meet the customer demands. Approximately $1,900,000 of the Company’s backlog is dependent on these semiconductors.

 

The Company disclaims any responsibility to update the forward-looking statements contained herein, except as may be required by law.

 

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable

 

 

ITEM 4.CONTROLS AND PROCEDURES

 

(a)Evaluation of disclosure controls and procedures.

 

The Chief Executive Officer and Chief Financial Officer of the Company evaluated the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15) as of May 26, 2018 and, based on this evaluation, concluded that the Company’s disclosure controls and procedures are functioning in an effective manner to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

 

(b)Changes in internal controls.

 

There has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting during the three month period ended May 26, 2018. 

 

 11 

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

            

The Company is not involved in any material current or pending legal proceedings.

 

ITEM 1ARISK FACTORS

 

Information about risk factors for the three months ended May 26, 2018 does not differ materially from that set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended November 30, 2017.

 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4.MINE SAFETY DISCLOSURE

 

Not Applicable

 

ITEM 5.OTHER INFORMATION

 

None

 

ITEM 6.EXHIBITS

 

(a)        Exhibits

 

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.

32.2

Certification of Chief Accounting Officer pursuant to 18 U. S. C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.  

 

MICROPAC INDUSTRIES, INC. 

 

July 10, 2018

 

 /s/ Mark King

Date Mark King
  Chief Executive Officer
   
   
July 10, 2018

 

 /s/ Patrick Cefalu

Date

 

 

Patrick Cefalu

Chief Financial Officer

  

 12 

 

 EX-31 2 ex311.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Mark King, certify that:

 

  1. I have reviewed this quarterly report of Micropac Industries, Inc.;

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  1. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. 

 

Dated: July 10, 2018 /s/ Mark King
Mark King
Chief Executive Officer 
(Principal Executive Officer)

 

 EX-31 3 ex312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Patrick S. Cefalu, certify that:

 

  1. I have reviewed this quarterly report of Micropac Industries, Inc.;

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  1. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Dated: July 10, 2018 /s/ Patrick S. Cefalu
 Patrick S. Cefalu
  Executive Vice President
and Chief Financial Officer
 (Principal Accounting Officer)

 

 EX-32 4 ex321.htm

 

EXHIBIT 32.1

 

CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Micropac Industries, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

  1. The Quarterly Report on Form 10-Q for the period ended May 26, 2018 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  1. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Dated: July 10, 2018 /s/ Mark King
Mark King
Chief Executive Officer
(Principal Executive Officer)

 

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 EX-32 5 ex322.htm

 

EXHIBIT 32.2

 

CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Micropac Industries, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

  1. The Quarterly Report on Form 10-Q for the period ended May 26, 2018 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  1. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Dated: July 10, 2018 /s/ Patrick S. Cefalu
Patrick S. Cefalu
  Executive Vice President
and Chief Financial Officer
  (Principal Accounting Officer)

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] CURRENT ASSETS Cash and cash equivalents Short-term investments Receivables, net of allowance for doubtful accounts of $0 at May 26, 2018 and November 30, 2017 Inventories: Raw materials and supplies Work-in process Total inventories Prepaid income tax Prepaid expenses and other assets Total current assets PROPERTY, PLANT AND EQUIPMENT, at cost: Land Buildings Facility improvements Furniture and fixtures Construction in process equipment Machinery and equipment Total property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Deferred income taxes, net Total assets LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Accrued compensation Deferred revenue Property taxes Commission payable Other accrued liabilities Total current liabilities SHAREHOLDERS' EQUITY Common stock, $.10 par value, authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at May 26, 2018 and November 30, 2017 Additional paid-in capital Treasury stock, 500,000 shares, at cost Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Allowance for doubtful accounts Common Stock, par value Common Stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding Treasury stock, shares Income Statement [Abstract] NET SALES COST AND EXPENSES: Cost of goods sold Research and development Selling, general & administrative expenses Total cost and expenses OPERATING INCOME Other income Interest income, net INCOME BEFORE TAXES Benefit (provision) for taxes NET INCOME NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED DIVIDENDS PER SHARE WEIGHTED AVERAGE OF SHARES, basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Deferred tax Changes in certain current assets and liabilities Accounts receivable Inventories Prepaid expense and other current assets Prepaid income taxes Deferred revenue Accounts payable Accrued compensation Other accrued liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Sale of short term investments Purchase of short term investments Additions to property, plant and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Cash dividend Net cash used in financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental Cash Flow Disclosure: Cash paid for income taxes Supplemental Non-Cash Investing Activity: Accrued additions to equipment Accounting Policies [Abstract] BASIS OF PRESENTATION SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation of Financial Statements [Abstract] NEW ACCOUNTING PRONOUNCEMENTS Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENT Commitments and Contingencies Disclosure [Abstract] COMMITMENTS Earnings Per Share [Abstract] EARNINGS PER COMMON SHARE Equity [Abstract] SHAREHOLDERS' EQUITY Revenue Recognition Short-Term Investments Inventories Income Taxes Property, Plant, and Equipment Research and Development Costs Property and equipment schedule of useful lives Statement [Table] Statement [Line Items] Estimated useful lives Short term investments maturity date more than 90 days Effective income tax rate Decrease in estimated income taxes due to the Tax Act Nonfinancial assets fair value Credit line maximum Line of credit balance Antidilutive shares excluded from EPS calculation Date of declaration Dividend per share Record date Dividend paid date Property and equipment schedule of useful lives [Table Text Block] Inventory, Net Assets, Current Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Assets Liabilities, Current Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Cost of Goods Sold Research and Development Expense Selling, General and Administrative Expense Costs and Expenses Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent Income Tax Expense (Benefit) Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expenses, Other Increase (Decrease) in Prepaid Taxes Increase (Decrease) in Deferred Revenue Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Other Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Investments Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Payments of Dividends Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Stockholders' Equity Note Disclosure [Text Block] EX-101.PRE 11 mpac-20180526_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 6 Months Ended
May 26, 2018
Jul. 09, 2018
Document And Entity Information    
Entity Registrant Name Micropac Industries Inc  
Entity Central Index Key 0000065759  
Document Type 10-Q  
Document Period End Date May 26, 2018  
Amendment Flag false  
Current Fiscal Year End Date --11-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,578,315
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
May 26, 2018
Nov. 30, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 9,297 $ 9,388
Short-term investments 2,046 2,031
Receivables, net of allowance for doubtful accounts of $0 at May 26, 2018 and November 30, 2017 2,199 3,462
Inventories:    
Raw materials and supplies 4,336 3,874
Work-in process 2,413 1,991
Total inventories 6,749 5,865
Prepaid income tax 356 227
Prepaid expenses and other assets 438 274
Total current assets 21,085 21,247
PROPERTY, PLANT AND EQUIPMENT, at cost:    
Land 1,518 1,518
Buildings 498 498
Facility improvements 1,109 1,109
Furniture and fixtures 942 938
Construction in process equipment 783 678
Machinery and equipment 8,622 8,492
Total property, plant, and equipment 13,472 13,233
Less accumulated depreciation (9,583) (9,429)
Net property, plant, and equipment 3,889 3,804
Deferred income taxes, net 125 203
Total assets 25,099 25,254
CURRENT LIABILITIES:    
Accounts payable 582 372
Accrued compensation 539 704
Deferred revenue 71 392
Property taxes 46 86
Commission payable 44 113
Other accrued liabilities 25 27
Total current liabilities 1,307 1,694
SHAREHOLDERS' EQUITY    
Common stock, $.10 par value, authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at May 26, 2018 and November 30, 2017 308 308
Additional paid-in capital 885 885
Treasury stock, 500,000 shares, at cost (1,250) (1,250)
Retained earnings 23,849 23,617
Total shareholders' equity 23,792 23,560
Total liabilities and shareholders' equity $ 25,099 $ 25,254
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
May 26, 2018
Nov. 30, 2017
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 0 $ 0
Common Stock, par value $ 0.10 $ 0.10
Common Stock, shares authorized 10,000,000 10,000,000
Common Stock, shares issued 3,078,315 3,078,315
Common Stock, shares outstanding 2,578,315 2,578,315
Treasury stock, shares 500,000 500,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 26, 2018
May 27, 2017
May 26, 2018
May 27, 2017
Income Statement [Abstract]        
NET SALES $ 4,989 $ 4,966 $ 8,841 $ 8,874
COST AND EXPENSES:        
Cost of goods sold (2,989) (3,072) (5,339) (5,574)
Research and development (353) (452) (650) (892)
Selling, general & administrative expenses (1,312) (982) (2,447) (1,972)
Total cost and expenses (4,654) (4,506) (8,436) (8,438)
OPERATING INCOME 335 460 405 436
Other income 4 0 4 4
Interest income, net 18 3 30 2
INCOME BEFORE TAXES 357 463 439 442
Benefit (provision) for taxes 145 (148) 51 (141)
NET INCOME $ 502 $ 315 $ 490 $ 301
NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED $ 0.19 $ 0.12 $ 0.19 $ 0.12
DIVIDENDS PER SHARE $ 0.00 $ 0.00 $ 0.1 $ 0.1
WEIGHTED AVERAGE OF SHARES, basic and diluted 2,578,315 2,578,315 2,578,315 2,578,315
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
May 26, 2018
May 27, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 490 $ 301
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 154 143
Deferred tax 78 0
Changes in certain current assets and liabilities    
Accounts receivable 1,263 (345)
Inventories (884) 546
Prepaid expense and other current assets (164) (93)
Prepaid income taxes (129) 126
Deferred revenue (321) (378)
Accounts payable 136 (98)
Accrued compensation (165) 23
Other accrued liabilities (111) (41)
Net cash provided by operating activities 347 184
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale of short term investments 2,033 2,014
Purchase of short term investments (2,048) (2,020)
Additions to property, plant and equipment (165) (91)
Net cash used in investing activities (180) (97)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash dividend (258) (258)
Net cash used in financing activities (258) (258)
Net change in cash and cash equivalents (91) (171)
Cash and cash equivalents at beginning of period 9,388 10,012
Cash and cash equivalents at end of period 9,297 9,841
Supplemental Cash Flow Disclosure:    
Cash paid for income taxes 0 16
Supplemental Non-Cash Investing Activity:    
Accrued additions to equipment $ 74 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. BASIS OF PRESENTATION
 6 Months Ended
May 26, 2018
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

Note 1 BASIS OF PRESENTATION

 

Business Description

 

Micropac Industries, Inc. (the “Company”), a Delaware corporation, designs, manufactures and distributes various types of microelectronic circuits, solid state relays, power controllers, and optoelectronic components and assemblies. The Company’s products are used as components and assemblies in a broad range of military, space and industrial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200o C) products.

 

The Company’s facilities are certified and qualified by the Defense Logistics Agency (DLA) to MIL-PRF-38534 (class K-space level) and MIL-PRF-19500 JANS (space level) and is certified to ISO 9001:2008 and AS 9100C. Micropac is a National Aeronautics and Space Administration (NASA) core supplier, and is registered to AS9100-Aerospace Industry standard for supplier certification. The Company has Underwriters Laboratories (UL) approval on our industrial power controllers.

 

The Company’s core technology is microelectronic and optoelectronic designs to include the packaging and interconnecting of multi-chip microelectronics modules. Other technologies include light emitting and light sensitive materials and products, including light emitting diodes and silicon phototransistors, and electronic integration used in the Company’s optoelectronic components and assemblies.

 

The business of the Company was started in 1963 as a sole proprietorship. On March 3, 1969, the Company was incorporated under the name of “Micropac Industries, Inc.” in the state of Delaware. The stock was publicly held by 449 shareholders on May 26, 2018.

 

In the opinion of management, the unaudited condensed financial statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position as of May 26, 2018, the results of operations for the three months and six months ended May 26, 2018 and May 27, 2017, and the cash flows for the six months ended May 26, 2018 and May 27, 2017. Unaudited financial statements are prepared on a basis substantially consistent with those audited for the year ended November 30, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to the rules and regulations promulgated by the Securities and Exchange Commission. The Company’s fiscal year ends on the last day of November. The quarterly results end on the last Saturday of the quarter.

 

It is suggested that these financial statements be read in conjunction with the November 30, 2017 Form 10-K filed with the SEC, including the audited financial statements and the accompanying notes thereto.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
May 26, 2018
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

Note 2 SIGNIFICANT ACCOUNTING POLICIES

 

Revenue Recognition

 

Revenues are recorded as shipments are made based upon contract prices. Any losses anticipated on fixed price contracts are provided for currently. Sales are recorded net of sales returns, allowances and discounts.

 

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

 

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. On July 9, 2015, the FASB agreed to defer the effective date to annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The standard will be effective for the Company for fiscal year ending November 30, 2019 and the interim periods within the year.

 

Short-Term Investments

 

The Company has $2,046,000 in short-term investments at May 26, 2018. Short-term investments consist of certificates of deposits with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents. All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.

 

Inventories

 

Inventories are stated at lower of cost or net realizable value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company determines the need to write inventory down to the lower of cost or net realizable value via an analysis based on the usage of inventory over a three year period and projected usage based on current backlog.

 

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU eliminates from GAAP the requirement to measure inventory at the lower of cost or market. Market under the previous requirement could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Entities within scope of this update will now be required to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory using LIFO or the retail inventory method. The amendments in this update are effective for fiscal years beginning after December 15, 2016, with early adoption permitted, and should be applied prospectively. The Company adopted this guidance on December 1, 2017 and the adoption did not have a material impact on its consolidated financial statements.

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.

 

The Company records a liability for an unrecognized tax benefit for a tax position that is not “more-likely-than-not” to be sustained.  The Company did not record any liability for uncertain tax positions as of May 26, 2018 and November 30, 2017.

 

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into United States tax law, which among other provisions lowered the corporate tax rate to 21%.

 

Our effective tax rate (benefit) was (12)% for the six months ended May 26, 2018 compared to 32% for the six months ended May 27, 2017 due primarily to the enactment of the Tax Act on December 22, 2017 and research and development tax credit filed on amended 2014 and 2015 federal tax returns.

 

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 118 to provide guidance for companies that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts under ASC 740. In accordance with SAB 118, a company must reflect the income tax effect of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, the company must record a provisional estimate in the financial statements.

 

ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the six months ended May 26, 2018, we revalued all deferred tax assets and liabilities at the newly enacted Federal corporate US income tax rate.  This revaluation as of enactment resulted in a non-cash provisional estimate of $77,000 to income tax expense and a corresponding reduction in the net deferred tax asset.

 

Property, Plant, and Equipment

 

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

 

Buildings 15
Facility improvements 8-15
Machinery and equipment 5-10
Furniture and fixtures 5-8

 

The Company assesses long-lived assets for impairment in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

 

Repairs and maintenance are expensed as incurred. Improvements which extend the useful lives of property, plant, and equipment are capitalized.

 

Research and Development Costs

 

Costs for the design and development of new products are expensed as incurred. 
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
3. NEW ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
May 26, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS

Note 3 NEW ACCOUNTING PRONOUNCEMENTS

 

In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Under the new standard, lessees will be required to recognize lease assets and liabilities for all leases, with certain exceptions, on their balance sheets. Public business entities are required to adopt the standard for reporting periods beginning after December 15, 2018. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. FAIR VALUE MEASUREMENT
 6 Months Ended
May 26, 2018
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT

Note 4 FAIR VALUE MEASUREMENT

        

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of May 26, 2018 and November 30, 2017.  The fair value of financial instruments such as cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity of these instruments.  There were no nonfinancial assets measured at fair value on a nonrecurring basis at May 26, 2018 and November 30, 2017.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. COMMITMENTS
 6 Months Ended
May 26, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS

Note 5 COMMITMENTS

 

On April 23, 2018, the Company renewed the Loan Agreement with a Texas banking institution. The Loan Agreement provides for revolving credit loans, in amounts not to exceed a total principal balance of $6,000,000. The Loan Agreement also contains financial covenants to maintain at all times including (i) minimum working capital of not less than $4,000,000, (ii) a ratio of senior funded debt, minus the Company’s balance sheet cash on hand to the extent in excess of $2,000,000 to EBITDA of not more than 3.0 to 1.0, and (iii) a ratio of free cash flow to debt service of not less than 1.2 to 1.0. The Company has not, to date, drawn any amounts under the revolving line of credit and is currently in compliance with the financial covenants.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. EARNINGS PER COMMON SHARE
 6 Months Ended
May 26, 2018
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE

Note 6 EARNINGS PER COMMON SHARE

        

Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the respective periods. Diluted earnings per share gives effect to all dilutive potential common shares. For the three months ended May 26, 2018 and February 25, 2017, the Company had no dilutive potential common stock.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. SHAREHOLDERS' EQUITY
 6 Months Ended
May 26, 2018
Equity [Abstract]  
SHAREHOLDERS' EQUITY

Note 7 SHAREHOLDERS’ EQUITY

        

On December 13, 2016, the Board of Directors of Micropac Industries, Inc. approved the payment of a $0.10 per share special dividend to all shareholders of record as of January 10, 2017. The dividend was paid to shareholders on February 8, 2017.

 

On December 12, 2017, the Board of Directors of Micropac Industries, Inc. approved the payment of a $0.10 per share special dividend to all shareholders of record as of January, 10 2018. The dividend was paid to shareholders on February 8, 2018.
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2. SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
May 26, 2018
Accounting Policies [Abstract]  
Revenue Recognition

Revenue Recognition

 

Revenues are recorded as shipments are made based upon contract prices. Any losses anticipated on fixed price contracts are provided for currently. Sales are recorded net of sales returns, allowances and discounts.

 

Deferred revenue represents prepayments from customers and will be recognized as revenue when the products are shipped per the terms of the contract.

 

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. On July 9, 2015, the FASB agreed to defer the effective date to annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The standard will be effective for the Company for fiscal year ending November 30, 2019 and the interim periods within the year.
Short-Term Investments

Short-Term Investments

 

The Company has $2,046,000 in short-term investments at May 26, 2018. Short-term investments consist of certificates of deposits with maturities greater than 90 days. These investments are reported at historical cost, which approximates fair value. All highly liquid investments with maturities of 90 days or less are classified as cash equivalents. All short-term investments are securities which the Company has the ability and intent to hold to maturity and mature within one year.
Inventories

Inventories

 

Inventories are stated at lower of cost or net realizable value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company determines the need to write inventory down to the lower of cost or net realizable value via an analysis based on the usage of inventory over a three year period and projected usage based on current backlog.

 

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU eliminates from GAAP the requirement to measure inventory at the lower of cost or market. Market under the previous requirement could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Entities within scope of this update will now be required to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory using LIFO or the retail inventory method. The amendments in this update are effective for fiscal years beginning after December 15, 2016, with early adoption permitted, and should be applied prospectively. The Company adopted this guidance on December 1, 2017 and the adoption did not have a material impact on its consolidated financial statements.
Income Taxes

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date.

 

The Company records a liability for an unrecognized tax benefit for a tax position that is not “more-likely-than-not” to be sustained.  The Company did not record any liability for uncertain tax positions as of May 26, 2018 and November 30, 2017.

 

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into United States tax law, which among other provisions lowered the corporate tax rate to 21%.

 

Our effective tax rate (benefit) was (12)% for the six months ended May 26, 2018 compared to 32% for the six months ended May 27, 2017 due primarily to the enactment of the Tax Act on December 22, 2017 and research and development tax credit filed on amended 2014 and 2015 federal tax returns.

 

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 118 to provide guidance for companies that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts under ASC 740. In accordance with SAB 118, a company must reflect the income tax effect of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, the company must record a provisional estimate in the financial statements.

 

ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the six months ended May 26, 2018, we revalued all deferred tax assets and liabilities at the newly enacted Federal corporate US income tax rate.  This revaluation as of enactment resulted in a non-cash provisional estimate of $77,000 to income tax expense and a corresponding reduction in the net deferred tax asset.
Property, Plant, and Equipment

Property, Plant, and Equipment

 

Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets:

 

Buildings 15
Facility improvements 8-15
Machinery and equipment 5-10
Furniture and fixtures 5-8

 

The Company assesses long-lived assets for impairment in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement. When events or circumstances indicate that an asset may be impaired, an assessment is performed. The estimated future undiscounted cash flows associated with the asset are compared to the asset’s net book value to determine if a write down to market value less cost to sell is required.

 

Repairs and maintenance are expensed as incurred. Improvements which extend the useful lives of property, plant, and equipment are capitalized.
Research and Development Costs

Research and Development Costs

        

Costs for the design and development of new products are expensed as incurred. 
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
May 26, 2018
Accounting Policies [Abstract]  
Property and equipment schedule of useful lives
Buildings 15
Facility improvements 8-15
Machinery and equipment 5-10
Furniture and fixtures 5-8
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. SIGNIFICANT ACCOUNTING POLICIES (Details - Property lives)
 6 Months Ended
May 26, 2018
Buildings [Member]  
Estimated useful lives 15 years
Facility Improvements [Member]  
Estimated useful lives 8-15 years
Machinery and Equipment [Member]  
Estimated useful lives 5-10 years
Furniture and Fixtures [Member]  
Estimated useful lives 5-8 years
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
$ in Thousands
 6 Months Ended
May 26, 2018
May 27, 2017
Nov. 30, 2017
Accounting Policies [Abstract]      
Short term investments maturity date more than 90 days $ 2,046   $ 2,031
Effective income tax rate (12.00%) 32.00%  
Decrease in estimated income taxes due to the Tax Act $ (77)    
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. FAIR VALUE MEASUREMENT (Details Narrative) - USD ($)
$ in Thousands
May 26, 2018
Nov. 30, 2017
Fair Value Disclosures [Abstract]    
Nonfinancial assets fair value $ 0 $ 0
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. COMMITMENTS (Details Narrative)
$ in Thousands
May 26, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Credit line maximum $ 6,000
Line of credit balance $ 0
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. EARNINGS PER COMMON SHARE (Details Narrative) - shares
 6 Months Ended
May 26, 2018
May 27, 2017
Earnings Per Share [Abstract]    
Antidilutive shares excluded from EPS calculation 0 0
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. SHAREHOLDERS' EQUITY (Details Narrative) - $ / shares
 3 Months Ended 6 Months Ended
May 26, 2018
May 27, 2017
May 26, 2018
May 27, 2017
Dividend per share $ 0.00 $ 0.00 $ 0.1 $ 0.1
2017 Dividend [Member]        
Date of declaration     Dec. 12, 2017  
Dividend per share     $ .10  
Record date     Jan. 10, 2018  
Dividend paid date     Feb. 08, 2018  
2016 Dividend [Member]        
Date of declaration       Dec. 13, 2016
Dividend per share       $ 0.10
Record date       Jan. 10, 2017
Dividend paid date       Feb. 08, 2017
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