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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended May 27, 2023
OR
|
|
|
o |
|
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
Securities Registered Pursuant to Section 12(g)
of the Act: common stock, par value $0.10.
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 x No o
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes
x No o
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See definitions of large accelerated filer,” accelerated filer,” smaller reporting company,” and emerging growth company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
o |
Emerging growth company |
o |
Accelerated filer
|
o |
Smaller reporting company
|
x |
Non-accelerated filer |
o |
|
|
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes o No x
On July 11, 2023, there were 2,578,315 shares of Common Stock, $0.10
par value, outstanding.
MICROPAC INDUSTRIES, INC.
FORM 10-Q
May 27, 2023
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS |
3 |
|
|
Condensed Balance Sheets as of May 27, 2023 (unaudited) and November 30, 2022 |
3 |
Condensed Statements of Operations for the three and six months ended May 27, 2023 and May 28, 2022 (unaudited) |
4 |
Condensed Statements of Cash Flows for the six months ended May 27, 2023 and May 28, 2022 (unaudited) |
5 |
Statements of Shareholders’ Equity for the three and six months ended May 27, 2023 and May 28, 2022 (unaudited) |
6 |
Notes to Condensed Financial Statements (unaudited) |
7 |
|
|
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
13 |
|
|
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
16 |
|
|
ITEM 4 - CONTROLS AND PROCEDURES |
16 |
|
|
|
|
|
|
PART II - OTHER INFORMATION |
|
|
|
ITEM 1 - LEGAL PROCEEDINGS |
16 |
ITEM 1A -RISK FACTORS |
16 |
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
16 |
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES |
16 |
ITEM 4 - MINE SAFETY DISCLOSURE |
16 |
ITEM 5 - OTHER INFORMATION |
17 |
ITEM 6 - EXHIBITS |
17 |
|
|
SIGNATURES |
17 |
PART I - FINANCIAL INFORMATION
| ITEM 1. | FINANCIAL STATEMENTS |
MICROPAC INDUSTRIES, INC.
CONDENSED BALANCE SHEETS
(Dollars in thousands)
| |
| | |
| |
CURRENT ASSETS | |
May 27, 2023 | | |
November 30, 2022 | |
| |
(Unaudited) | | |
| |
| |
| | |
| |
Cash and cash equivalents | |
$ | 11,661 | | |
$ | 15,375 | |
Receivables, net of allowance for doubtful accounts of $0 at May 27, 2023 and November 30, 2022 | |
| 3,252 | | |
| 3,644 | |
Other receivable | |
| 920 | | |
| 920 | |
| |
| | | |
| | |
Contract assets | |
| 868 | | |
| 408 | |
Inventories: | |
| | | |
| | |
Raw materials and supplies | |
| 8,310 | | |
| 6,715 | |
Work in process | |
| 3,636 | | |
| 3,573 | |
Total inventories | |
| 11,946 | | |
| 10,288 | |
Prepaid expenses and other assets | |
| 367 | | |
| 564 | |
| |
| | | |
| | |
Total current assets | |
| 29,014 | | |
| 31,199 | |
| |
| | | |
| | |
PROPERTY, PLANT AND EQUIPMENT, at cost: | |
| | | |
| | |
Land | |
| 1,518 | | |
| 1,518 | |
Buildings | |
| 21,057 | | |
| 498 | |
Facility improvements | |
| 1,126 | | |
| 1,126 | |
Furniture and fixtures | |
| 2,050 | | |
| 1,036 | |
Construction in process | |
| 106 | | |
| 19,415 | |
Machinery and equipment | |
| 10,053 | | |
| 9,952 | |
Total property, plant, and equipment | |
| 35,910 | | |
| 33,545 | |
Less accumulated depreciation | |
| (11,433 | ) | |
| (11,082 | ) |
Net property, plant, and equipment | |
| 24,477 | | |
| 22,463 | |
Operating lease right of use asset | |
| - | | |
| 14 | |
Deferred income taxes, net | |
| 86 | | |
| 86 | |
Total assets | |
$ | 53,577 | | |
$ | 53,762 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 838 | | |
$ | 1,173 | |
Accrued compensation | |
| 870 | | |
| 1,086 | |
Deferred revenue | |
| 730 | | |
| 1,192 | |
Property taxes | |
| 326 | | |
| 560 | |
Income tax | |
| 39 | | |
| 149 | |
Short term debt | |
| 282 | | |
| 224 | |
Other accrued liabilities | |
| 25 | | |
| 47 | |
Total current liabilities | |
| 3,110 | | |
| 4,431 | |
| |
| | | |
| | |
Long Term Debt, net of debt issuance costs | |
| 15,732 | | |
| 14,535 | |
Total liabilities | |
| 18,842 | | |
| 18,966 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Common stock, $.10 par value, authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at May 27, 2023 November 30 2022 | |
| 308 | | |
| 308 | |
Additional paid-in-capital | |
| 924 | | |
| 885 | |
Treasury stock, 500,000 shares, at cost | |
| (1,250 | ) | |
| (1,250 | ) |
Retained earnings | |
| 34,753 | | |
| 34,853 | |
Total shareholders’ equity | |
| 34,735 | | |
| 34,796 | |
Total liabilities and shareholders’ equity | |
$ | 53,577 | | |
$ | 53,762 | |
See accompanying notes to financial statements.
MICROPAC INDUSTRIES, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands except share data)
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three
months ended | | |
Six Months Ended | |
| |
May 27, 2023 | | |
May 28, 2022 | | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
NET SALES | |
$ | 7,443 | | |
$ | 7,188 | | |
$ | 13,632 | | |
$ | 13,254 | |
| |
| | | |
| | | |
| | | |
| | |
COST AND EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| (4,583 | ) | |
| (4,245 | ) | |
| (8,521 | ) | |
| (7,521 | ) |
| |
| | | |
| | | |
| | | |
| | |
Research and development | |
| (625 | ) | |
| (502 | ) | |
| (1,277 | ) | |
| (966 | ) |
| |
| | | |
| | | |
| | | |
| | |
Selling, general & administrative expenses | |
| (2,010 | ) | |
| (1,850 | ) | |
| (3,817 | ) | |
| (3,618 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total cost and expenses | |
| (7,218 | ) | |
| (6,597 | ) | |
| (13,615 | ) | |
| (12,105 | ) |
| |
| | | |
| | | |
| | | |
| | |
OPERATING INCOME | |
| 225 | | |
| 591 | | |
| 17 | | |
| 1,149 | |
| |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 33 | | |
| 1 | | |
| 173 | | |
| 2 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for taxes | |
| 44 | | |
| 101 | | |
| 32 | | |
| 196 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME | |
$ | 214 | | |
$ | 491 | | |
$ | 158 | | |
$ | 955 | |
NET INCOME PER SHARE, BASIC | |
$ | 0.08 | | |
$ | 0.19 | | |
$ | 0.06 | | |
$ | 0.37 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME PER SHARE, DILUTED | |
$ | 0.08 | | |
$ | 0.19 | | |
$ | 0.06 | | |
$ | 0.37 | |
| |
| | | |
| | | |
| | | |
| | |
DIVIDENDS PER SHARE | |
$ | - | | |
$ | - | | |
$ | 0.10 | | |
$ | 0.10 | |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE OF SHARES, basic | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE OF SHARES, diluted | |
| 2,613,965 | | |
| 2,578,315 | | |
| 2,613,965 | | |
| 2,578,315 | |
See accompanying notes to financial statements.
MICROPAC INDUSTRIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| |
| | | |
| | |
| |
Six months ended | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| |
Net income | |
$ | 158 | | |
$ | 955 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation | |
| 376 | | |
| 197 | |
Stock-based compensation | |
| 39 | | |
| - | |
Amortization of right-of-use asset | |
| 14 | | |
| 26 | |
Changes in certain current assets and liabilities: | |
| | | |
| | |
Decrease in accounts receivable | |
| 391 | | |
| 1,219 | |
Increase in contract assets | |
| (458 | ) | |
| (122 | ) |
Decrease (increase) in inventories | |
| (1,658 | ) | |
| 43 | |
Increase (decrease) in prepaid expenses | |
| 196 | | |
| (80 | ) |
Decrease in deferred revenue | |
| (463 | ) | |
| (84 | ) |
Decrease in accounts payable | |
| (346 | ) | |
| (18 | ) |
Decrease in accrued compensation | |
| (215 | ) | |
| (270 | ) |
Decrease in income taxes payable | |
| (111 | ) | |
| (85 | ) |
Decrease in lease liability | |
| (14 | ) | |
| (26 | ) |
Decrease in all other accrued liabilities | |
| (239 | ) | |
| (129 | ) |
| |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| (2,330 | ) | |
| 1,626 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Additions to property, plant and equipment | |
| (2,381 | ) | |
| (8,845 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (2,381 | ) | |
| (8,845 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Cash dividend | |
| (258 | ) | |
| (258 | ) |
Proceeds from long term debt | |
| 1,255 | | |
| 8,244 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 997 | | |
| 7,986 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (3,714 | ) | |
| 767 | |
| |
| | | |
| | |
Cash and cash equivalents at beginning of period | |
| 15,375 | | |
| 15,252 | |
| |
| | | |
| | |
Cash and cash equivalents at end of period | |
$ | 11,661 | | |
$ | 16,019 | |
| |
| | | |
| | |
Supplemental Cash Flow Disclosure: | |
| | | |
| | |
Cash paid for income taxes | |
$ | 143 | | |
$ | 257 | |
Supplemental Non-Cash Flow Disclosure: | |
| | | |
| | |
Changes in accrued property, plant, and equipment | |
$ | 10 | | |
$ | 879 | |
See accompanying notes to financial statements.
MICROPAC INDUSTRIES, INC.
STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED MAY 27,
2023 AND MAY 28, 2022
(Dollars in thousands)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common | | |
Additional | | |
Treasury | | |
Retained | | |
| |
| |
Stock | | |
paid-in-capital | | |
Stock | | |
Earnings | | |
Total | |
BALANCE, November 30, 2021 | |
$ | 308 | | |
$ | 885 | | |
$ | (1,250 | ) | |
$ | 32,324 | | |
$ | 32,267 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Dividend | |
| - | | |
| - | | |
| - | | |
| (258 | ) | |
| (258 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 464 | | |
| 464 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE, February 26, 2022 | |
$ | 308 | | |
$ | 885 | | |
$ | (1,250 | ) | |
$ | 32,530 | | |
$ | 32,473 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| - | | |
| - | | |
| - | | |
| 491 | | |
| 491 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE, May 28, 2022 | |
$ | 308 | | |
$ | 885 | | |
$ | (1,250 | ) | |
$ | 33,021 | | |
$ | 32,964 | |
| |
Common | | |
Additional | | |
Treasury | | |
Retained | | |
| | |
| |
Stock | | |
paid-in-capital | | |
Stock | | |
Earnings | | |
Total | |
BALANCE, November 30, 2022 | |
$ | 308 | | |
$ | 885 | | |
$ | (1,250 | ) | |
$ | 34,853 | | |
$ | 34,796 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Dividend | |
| - | | |
| - | | |
| - | | |
| (258 | ) | |
| (258 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| (56 | ) | |
| (56 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE, February 26, 2023 | |
$ | 308 | | |
$ | 885 | | |
$ | (1,250 | ) | |
$ | 34,539 | | |
$ | 34,482 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| 39 | | |
| - | | |
| - | | |
| 39 | |
Net income | |
| - | | |
| - | | |
| - | | |
| 214 | | |
| 214 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE, May 27, 2023 | |
$ | 308 | | |
$ | 924 | | |
$ | (1,250 | ) | |
$ | 34,753 | | |
$ | 34,735 | |
See accompanying notes to financial statements.
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 including solid state relays and
power controllers, optoelectronic components, and sensor and display components and assemblies. The Company’s products are used
as components and assemblies in a broad range of military, space, medical and commercial 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 are certified
to ISO 9001:2015 and AS 9100D. 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 are 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 434 shareholders on May 27, 2023.
In the opinion of management, the unaudited financial
statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position
as of May 27, 2023, the results of operations for the three and six months May 27, 2023 and May 28, 2022 and the cash flows for the six
months ended May 27, 2023 and May 28, 2022. Unaudited financial statements are prepared on a basis substantially consistent with those
audited for the year ended November 30, 2022. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to the
rules and regulations promulgated by the Securities and Exchange Commission (“SEC”). 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, 2022 Form 10-K filed with the SEC, including the audited financial statements and the accompanying
notes thereto.
Note 2 SIGNIFICANT ACCOUNTING POLICIES
Revenue Recognition
The core principle of revenue recognition under
accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services.
The Company's revenue on the majority of its customer
contracts are recognized at a point in time, generally upon shipment of products.
To achieve that core principle, the Company applies
the following steps:
1. Identify the contract(s) with a customer.
The Company designs, manufactures and distributes
various types of microelectronic circuits, optoelectronics, and sensors and displays. The Company’s products are used as components
and assemblies in a broad range of military, space, medical 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 revenues are from purchase
orders and/or contracts with customers associated with manufacture of products. We account for a contract when it has approval and commitment
from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability
of consideration is probable.
2. Identify the performance obligations in the contract.
The majority of the Company’s purchase orders
or contracts with customers contain a single performance obligation, the shipment of products.
3. Determine the transaction price.
The transaction price reflects the Company’s
expectations about the consideration it will be entitled to receive from the customer at a fixed price per unit shipped based on the terms
of the contract or purchase order with the customer. To the extent our actual costs vary from the fixed price that was negotiated, we
will generate more or less profit or could incur a loss.
4. Allocate the transaction price to the performance obligations in the contract.
The Company’s transaction price is the fixed
price per unit per each delivery upon shipment.
5. Recognize revenue when (or as) the Company satisfies a performance obligation.
This performance obligation is satisfied when
control of the product is transferred to the customer, which occurs upon shipment or delivery. The Company receives purchase orders for
products to be delivered over multiple dates that may extend across reporting periods. The Company accounting policy treats shipping and
handling activities as a fulfillment cost. The Company invoices for each delivery upon shipment and recognizes revenues at the fixed price
for each distinct product delivered when transfer of control has occurred, which is generally upon shipment.
For certain contracts under which the Company
produces products with no alternative use and for which the Company has an enforceable right to payment during the production cycle, the
Company recognizes revenue for the cost incurred of work in process plus a margin at the end of each period and records a contract asset
(unbilled receivable). The majority of these products are shipped weekly and monthly to the customers and the contracts require us to
manage and limit the level of work in process to meet the scheduled delivery dates.
In addition, the Company may have a contract or
purchase order to provide a non-recurring engineering service to a customer. These contracts are reviewed, and performance obligations
are determined and we recognize revenue at the point in time in which each performance obligation is fully satisfied.
Disaggregation of Revenue
The following table summarizes the Company’s net sales by product
line.
Schedule of net sales by product line | |
| | | |
| | |
| |
May 27, 2023 | | |
May 28, 2022 | |
Microcircuits | |
$ | 2,650 | | |
$ | 3,400 | |
Optoeletronics | |
| 4,008 | | |
| 4,235 | |
Sensors and Displays | |
| 6,974 | | |
| 5,619 | |
| |
$ | 13,632 | | |
$ | 13,254 | |
| |
| | | |
| | |
Timing of revenue recognition | |
| | | |
| | |
Transferred at a point in time | |
$ | 11,221 | | |
$ | 11,429 | |
Transferred over time | |
| 2,411 | | |
| 1,825 | |
Total Revenue | |
$ | 13,632 | | |
$ | 13,254 | |
The following table summarizes
the Company’s net sales by major market.
2023 Second Quarter Sales by Major Market
Schedule of net sales by major market | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,006 | | |
$ | 827 | | |
$ | 826 | | |
$ | 609 | | |
$ | 5,268 | |
Domestic Distribution | |
| 1,143 | | |
| 239 | | |
| 4 | | |
| 268 | | |
| 1,654 | |
International | |
| 71 | | |
| 162 | | |
| - | | |
| 288 | | |
| 521 | |
| |
$ | 4,220 | | |
$ | 1,228 | | |
$ | 830 | | |
$ | 1,165 | | |
$ | 7,443 | |
2022 Second Quarter Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,134 | | |
$ | 196 | | |
$ | 830 | | |
$ | 344 | | |
$ | 4,504 | |
Domestic Distribution | |
| 1,591 | | |
| 572 | | |
| - | | |
| 334 | | |
| 2,497 | |
International | |
| - | | |
| 127 | | |
| - | | |
| 60 | | |
| 187 | |
| |
$ | 4,725 | | |
$ | 895 | | |
$ | 830 | | |
$ | 738 | | |
$ | 7,188 | |
2023 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 4,315 | | |
$ | 727 | | |
$ | 1,780 | | |
$ | 1,915 | | |
$ | 8,737 | |
Domestic Distribution | |
| 2,879 | | |
| 800 | | |
| - | | |
| 419 | | |
| 4,098 | |
International | |
| 99 | | |
| 164 | | |
| - | | |
| 534 | | |
| 797 | |
| |
$ | 7,293 | | |
$ | 1,691 | | |
$ | 1,780 | | |
$ | 2,868 | | |
$ | 13,632 | |
2022 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 5,638 | | |
$ | 799 | | |
$ | 1,384 | | |
$ | 534 | | |
$ | 8,355 | |
Domestic Distribution | |
| 3,384 | | |
| 718 | | |
| - | | |
| 473 | | |
| 4,575 | |
International | |
| 71 | | |
| 150 | | |
| - | | |
| 103 | | |
| 324 | |
| |
$ | 9,093 | | |
$ | 1,667 | | |
$ | 1,384 | | |
$ | 1,110 | | |
$ | 13,254 | |
Receivables, net, Contract
Assets and Contract Liabilities
The timing of revenue recognition, billings and cash collections results
in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (deferred revenue) on the
Condensed Balance Sheet.
Receivables, net, contract assets
and contract liabilities were as follows:
Receivables, net, Contract Assets and Contract
Liabilities
(Dollars in thousands)
Schedule of receivables, net, contract assets and contract liabilities | |
| | | |
| | | |
| | |
| |
May 27, 2023 | | |
November 30, 2022 | | |
December 1, 2021 | |
Receivables, net | |
$ | 3,252 | | |
$ | 3,644 | | |
$ | 4,974 | |
Contract assets | |
$ | 868 | | |
$ | 408 | | |
$ | 603 | |
Deferred revenue | |
$ | 730 | | |
$ | 1,192 | | |
$ | 1,258 | |
There was $605,230 of revenue recognized in fiscal year 2023 that
was included in the deferred revenue liability balance at the beginning of the fiscal year.
Contract costs
The Company does not have material incremental costs to obtain a contract in
the form of sales commissions or bonuses. The Company incurs other immaterial costs to obtain and fulfill a contract; however, the Company
has elected the practical expedient under ASC 340-40-24-4 to recognize all incremental costs to obtain a contract as an expense when incurred
if the amortization period is one year or less.
Leases
In the first quarter of 2020, the Company entered into a three (3)
year lease extension on the property that has been leased on a year to year basis. As a result, we recognized $ 165,000 for an operating
lease liability and right-of-use asset in accordance with ASC 842. The Company had an operating lease expense of $14,000 for the first
six months of 2023 and $26,000 for the first six months of 2022. The Company used an estimated incremental borrowing rate of 3.25% representative
of the rate of interest that the company would have to pay to borrow on the Company’s line of credit. The lease expired in March
2023 and was not renewed.
Short-Term Investments
The Company had no short-term investments at May
27, 2023 or November 30, 2022. 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.
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.
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 27, 2023 or November 30,
2022.
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:
Schedule of property,plant and equipment useful lives |
|
Buildings |
15-39 |
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.
Construction in progress relates to multiple capital
projects ongoing during the years ended November 30, 2022 and the six months ended May 27, 2023, including the construction of the new
manufacturing facility, which was put into service during the second quarter of 2023. Construction in progress also includes interest
and fees on debt that are directly related to the financing of the Company’s capital projects.
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.
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share are computed
based upon the weighted average number of shares outstanding during the respective periods.
The following is a reconciliation of the number
of shares used in the calculation of the basic and diluted earnings per share for the three and six months ended May 27, 2023 and May
28, 2022:
Schedule of the basic and diluted earnings per share | |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six Months Ended | |
| |
May 27, 2023 | | |
May 28, 2022 | | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| | |
| | |
| |
Weighted average of shares, basic | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | |
Restricted stock units | |
| 35,650 | | |
| - | | |
| 35,650 | | |
| - | |
Weighted average of shares, diluted | |
| 2,613,965 | | |
| 2,578,315 | | |
| 2,613,965 | | |
| 2,578,315 | |
Use of Estimates
The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
Note 3 NEW ACCOUNTING PRONOUNCEMENTS
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment
model for most financial assets. The ASU requires the use of an “expected loss” model for instruments measured at amortized
cost, in which companies will be required to estimate the lifetime expected credit loss and record an allowance to offset the amortized
cost basis, resulting in a net presentation of the amount expected to be collected on the financial asset. The new guidance is effective
for fiscal years beginning after December 15, 2022 for Smaller Reporting Companies, including interim periods within those fiscal years
and requires a modified-retrospective approach to adoption. The Company believes that adopting ASU 2016-13 will have no material impact
on the financial statements and related disclosures.
Note 4 FAIR VALUE MEASUREMENT
The Company had no financial assets or liabilities
measured at fair value on a recurring basis as of May 27, 2023 or November 30, 2022. The fair value of financial instruments such
as cash and cash equivalents, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity
of these instruments.
The Company measures its long-term debt at fair
value, which approximates book value as the long-term debt bears market rates of interest
There were no nonfinancial assets measured at
fair value on a nonrecurring basis May 27, 2023 or November 30, 2022.
Note 5 COMMITMENTS
The Company obtained
a commercial real estate construction loan for the construction of a new 76,000 square foot manufacturing center on the 9.2 acres of land
in Garland, Texas that the Company has purchased. On March 26, 2021, the Company (acting as borrower) entered into a Construction Loan
Agreement (the “loan agreement”) with Frost Bank (“Frost”) (acting as lender). The Construction Loan Agreement
provides for a construction loan, in amounts not to exceed a total principal balance of $16,160,000 with an interest rate of (3.40%) per
annum.
On March 26, 2021, the
Company renewed the Revolving Loan Agreement with Frost through the “Seventh Amendment to Loan Agreement.”. The Revolving
Loan Agreement provides for revolving credit loans, in amounts not to exceed a total principal balance of $6,000,000 with a rate equal
to prime rate with a floor of 3.50%. The Revolving Loan Agreement was originally entered into on January 23, 2013, between the Company
as borrower and Frost as lender.
Construction Loans. Subject
to the terms of the Loan Agreement, Frost will lend to the Company an aggregate amount not to exceed $16,160,000.
Principal and interest
shall be due and payable monthly in an amounts determined by Lender required to fully amortize the outstanding principal balance of this
Note over a period of twenty-five (25) years, payable on the twenty-sixth (26th) day of each and every calendar month, beginning April
26, 2023, and continuing regularly thereafter until March 26, 2031, when the entire amount hereof, principal and accrued interest then
remaining unpaid, shall be then due and payable; interest being calculated on the unpaid principal each day principal is outstanding and
all payments made credited to any collection costs and late charges, to the discharge of the interest accrued and to the reduction of
the principal, in such order as Lender shall determine.
The interest rate of
(3.40%) per annum including an Interest-Only Period. Interest only shall be due and payable monthly as it accrues on the twenty-sixth
(26th) day of each and every calendar month, beginning April 26, 2021, and continuing regularly and monthly thereafter until March 26,
2023; interest being calculated on the unpaid principal each day principal is outstanding and all payments made credited to any collection
costs and late charges, to the discharge of the interest accrued and to the reduction of the principal, in such order as Lender shall
determine.
The loan shall be secured
by a “Deed of Trust, Security Agreement – Financing Statement” covering the 9.2 acre tract in Garland, Texas and the
improvements made on it.
Revolving Credit Loans. Subject
to the terms of the, Loan Agreement, Frost will lend to the Company, on a revolving basis, amounts not to exceed a total principal balance
of $6,000,000, minus amounts available and amounts previously disbursed under outstanding Frost letters of credit. Subject to certain
terms and conditions, the Company may borrow, repay and reborrow under the Loan Agreement. There are no borrowings outstanding as of May
27, 2023. The loan has a maturity date of April 23, 2025.
The interest on the outstanding and unpaid principal balance shall be computed at a per annum rate equal to a rate equal to the Prime Rate per annum; provided, however, in no event shall the resulting rate be less than three and one-half percent (3.50%).
The Company has borrowed
$16,160,000 against the construction loan as of May 27, 2023.
Schedule of long-term debt | |
| | |
Debt May 27, 2023 | |
| |
Notes payable | |
$ | 16,160,000 | |
Less unamortized debt issuance costs | |
| 146,000 | |
Net Debt | |
| 16,014,000 | |
Less—Current portion | |
| 282,000 | |
Total long-term debt | |
$ | 15,732,000 | |
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 and six months ended May 27, 2023 and May 28, 2022, the Company has dilutive potential
common stock instruments with the restricted stock units.
Note 7 SHAREHOLDERS’ EQUITY
On December 7, 2021, 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 11, 2022.
The dividend was paid to shareholders on February 10, 2022.
On December 7, 2022, 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 11, 2023.
The dividend was paid to shareholders on February 10, 2023.
NOTE 8 STOCK-BASED COMPENSATION
We have one restricted stock units ("RSUs") stock-based compensation
award as part of Micropac Industries Inc.’s 2023 Equity Incentive Plan. The following table sets forth the stock-based compensation
expense recorded in selling, general and administrative ("SG&A") expense (in thousands):
Schedule of stock-based compensation
award | |
| | |
| | |
| | |
| |
| |
Three months ended May 27, | | |
Six months ended
May 27, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Stock-based compensation expense | |
$ | 39.0 | | |
$ | - | | |
$ | 39.0 | | |
$ | - | |
Our 2023 annual grant of RSUs occurred in the second quarter. The weighted
-average grant-date fair value of each stock option granted in 2023 was $13.13. All the RSUs granted in 2023 vest over a three-year period.
The following is a summary of our RSUs activity for the six months
ended May 27, 2023:
Schedule of restricted stock units activity | |
| | | |
| | | |
| | | |
| | |
| |
2023 | | |
2022 | |
(shares in thousands) | |
Number of Shares | | |
Weighted- Average Exercise Price | | |
Number of Shares | | |
Weighted- Average Exercise Price | |
Outstanding at beginning of period | |
|
- | | |
$ |
- | | |
|
- | | |
$ |
- | |
Granted | |
| 36.7 | | |
| 13.13 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| 0 | | |
| - | | |
| - | |
Outstanding at end of the period | |
| 36.7 | | |
$ | 13.13 | | |
| - | | |
$ | - | |
Exercisable at end of the period | |
| - | | |
$ | 0 | | |
| - | | |
$ | - | |
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 including solid state relays and
power controllers, optoelectronic components, and sensor and display 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 are certified
to ISO 9001:2008 and AS 9100D. 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 are 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.
Critical Accounting Policies
The preparation of financial statements and related
disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and
judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates on historical experience
and on various other assumptions and factors that are believed to be reasonable under the circumstances. Note 2 to the Financial Statements
in the Quarterly Report Form 10-Q for the quarter ended May 27, 2023, describes the significant accounting policies and methods used
in the preparation of the Financial Statements. liabilities. Actual results could differ from these estimates.
The core principle of revenue recognition under
accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. The Company’s revenue on the majority of its customer contracts are recognized
at a point in time, generally upon shipment of products. The application of GAAP related to the measurement and recognition of revenue
requires us to make judgments and estimates. Specifically, the determination of whether revenues related to our revenue contracts should
be recognized over time or at a point in time, as these determinations impact the timing and amount of our reported revenues and net income.
Other significant judgments include the estimation of the point in the manufacturing process at which we are entitled to receive payment,
as well as the progress of the job order to completion in order to determine the amount of consideration earned for contractual revenue
recognized over time.
The allowance for doubtful accounts is based on
our assessment of the collectability of specific customer accounts and the aging of the accounts receivable. If there is a deterioration
of a major customer’s credit worthiness or actual defaults are higher than our historical experience, our estimates of the recoverability
of amounts due us could be adversely affected.
Inventory purchases and commitments are based
upon future demand. If there is a sudden and significant decrease in demand for our products or there is a higher risk of inventory obsolescence
because of changing customer requirements, we may be required to increase our inventory allowances and our gross margin could be adversely
affected.
The Company recognizes deferred tax assets and
liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and
laws that are expected to be in effect when the differences are expected to be recovered. If we were to determine we would not be able
to realize all or part of the deferred tax asset in the future, an adjustment to the deferred tax asset would be necessary which would
reduce our net income for that period.
Depreciable and useful lives estimated for property and equipment are
based on initial expectations of the period of time these assets will provide benefit. Changes in circumstances related to a change in
our business or other factors could result in these assets becoming impaired, which could adversely affect the value of these assets
Results of Operations
| |
Three
months ended | | |
Six months ended | |
| |
| 5/27/2023 | | |
| 5/28/2022 | | |
| 5/27/2023 | | |
| 5/28/2022 | |
NET SALES | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
COST AND EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Cost of Goods Sold | |
| 61.6 | % | |
| 59.1 | % | |
| 62.5 | % | |
| 56.7 | % |
Research and development | |
| 8.4 | % | |
| 7.0 | % | |
| 9.4 | % | |
| 7.3 | % |
Selling, general & administrative expenses | |
| 27.0 | % | |
| 25.7 | % | |
| 28.0 | % | |
| 27.3 | % |
Total cost and expenses | |
| 97.0 | % | |
| 91.8 | % | |
| 99.9 | % | |
| 91.3 | % |
| |
| | | |
| | | |
| | | |
| | |
OPERATING INCOME BEFORE INTEREST | |
| 3.0 | % | |
| 8.2 | % | |
| 0.1 | % | |
| 8.7 | % |
AND INCOME TAXES | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Interest and other income | |
| 0.5 | % | |
| - | | |
| 1.3 | % | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
INCOME BEFORE TAXES | |
| 3.5 | % | |
| 8.2 | % | |
| 1.4 | % | |
| 8.7 | % |
| |
| | | |
| | | |
| | | |
| | |
Provision for taxes | |
| 0.6 | % | |
| 1.4 | % | |
| 0.2 | % | |
| 1.5 | % |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME | |
| 2.9 | % | |
| 6.8 | % | |
| 1.2 | % | |
| 7.2 | % |
Sales for the three and six month periods ended
May 27, 2023 totaled $7,443,000 and $13,632,000, respectively. Sales for the second quarter increased $255,000 from the same period of
2022 while sales for the first six months of 2023 increased $378,000 from the first six months of 2022. The majority of the increase is
related to timing of shipments of customer orders of standard microelectronic products. Sales were 21% in the commercial market, 13% in
the medical market, 54% in the military market, and 12% in the space market for the six months ended May 27, 2023 compared to 8% in the
commercial market, 10% in the medical market, 69% in the military market, and 13% in the space market for the six months ended May 28,
2022.
Three customers accounted for 12%,11%, and 7%
of the Company’s sales for the three months ended May 27, 2023, and one customer accounted for 13% and two customers accounted for
8% for the six months ended May 27, 2023, while two customers accounted for 15% and 11% of the Company’s sales for the three months
ended May 28, 2022 and one customer accounted for 17% for the six months ended May 28, 2022.
Cost of goods sold for the second quarters of 2023 and 2022 totaled
61.6% and 59.1% of net sales, respectively, while cost of goods sold for the six months ended May 27, 2023 and May 28, 2022 totaled 62.5%
and 56.7% of net sales, respectively. In actual dollars, cost of goods sold increased $338,000 in the second quarter of 2023 compared
to the same period of 2022. Year to date cost of goods sold increased $1,000,000 for the first six months of 2023 as compared to the same
period in 2022. The majority of the increase in cost of goods sold was an increase in material cost on two new custom products for separate
customers during the engineering and first production builds resulting in lower gross margins. In addition, depreciation expense increased
associated with the new facility being placed into service.
Research and development expense increased $123,000
for the second quarter of 2023 versus 2022 and increased $311,000 for the first six months of 2023 compared to the same period of 2022.
The research and development expenditures were associated with continued development of several power management products, fiber optic
transceivers and high voltage optocouplers. 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 2023 totaled 27.0% and 28.0% respectively of net sales compared to 25.7% and 27.3% for the
same periods in 2022. In actual dollars, selling, general and administrative expense increased $160,000 for the second quarter and increased
$199,000 for the first six months of 2023 compared to the same periods in 2022. The majority of the increase for the first six months
resulted from an increase in property tax and depreciation on the new building.
Provisions for taxes decreased $57,000 for the
second quarter of 2023 and decreased $164,000 for the first six months of 2023 compared to the same period in 2022. The estimated effective
tax rate was 17% for 2023 and 17% for 2022.
Net income decreased $277,000 for the second quarter
of 2023 versus 2022 and decreased $797,000 for the first six months of 2023 compared to the same period of 2022.
Liquidity and Capital Resources
The Company used a combination
of cash and a commercial real estate construction loan for the construction of a new 76,000 square foot manufacturing center on the 9.2
acres of land in Garland, Texas the Company purchased. On March 26, 2021, the Company (acting as borrower) entered into a Construction
Loan Agreement with Frost Bank (“Frost”), (acting as lender). The Construction Loan Agreement provides for a construction
loan as discussed in Note 5 to the condensed financial statements.
As of May 27, 2023, the Company has $16,160,000
in notes payable on the construction loan. In addition, the Company has unamortized loan fees on the construction loan in the amount of
$144,000.
In addition, the Company continues on-going investigations
for the use of cumulative cash for business expansion and improvements, such as operational improvements and new product expansion.
Cash and cash equivalents totaled $11,661,000
as of May 27, 2023 compared to $15,375,000 on November 30, 2022, an decrease of $3,714,000. The decrease in cash and cash equivalents
is attributable to $2,320,000 cash used by operations, $1,255,000 proceeds from the construction loan, offset by the payment of a cash
dividend of $258,000 and $2,391,000 in cash for additional manufacturing equipment and the new facility.
In addition to cash on hand, the Company also
has the ability to borrow under a loan agreement as discussed in Note 5 to the condensed financial statements.
The Company has no significant off-balance sheet
arrangements.
Outlook
New orders for year-to-date 2023 totaled $19,362,000
compared to $13,105,000 for 2022. The increase resulted from timing of new orders for several custom products.
Backlog totaled $39,203,000 on May 27, 2023 compared
to $35,055,000 as of May 28, 2022 and $32,686,000 on November 30, 2022 and represents a good mix of the company’s products and technologies.
2022 Current Backlog by Major Market |
|
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 15,493 | | |
$ | 1,035 | | |
$ | 2,754 | | |
$ | 1,700 | | |
$ | 20,982 | |
Domestic Distribution | |
| 14,246 | | |
| 1,691 | | |
| - | | |
| 1,212 | | |
| 17,149 | |
International | |
| 333 | | |
| 337 | | |
| - | | |
| 402 | | |
| 1,072 | |
| |
$ | 30,072 | | |
$ | 3,063 | | |
$ | 2,754 | | |
$ | 3,314 | | |
$ | 39,203 | |
2022 Current Backlog by Product Line |
|
Microelectronics | |
$ | 14,540 | |
Optoelectronics | |
| 6,821 | |
Sensors and Displays | |
| 17,842 | |
| |
$ | 39,203 | |
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.
Impact of COVID-19 on our Business
In March 2020 the World Health Organization declared
the spread of the COVID-19 virus a pandemic.
The Company continues to monitor our supply chain
and orders from customers for COVID-19 pandemic related changes. We are continuing to serve our customers while taking precautions to
provide a safe work environment for our employees and customers. We have been staggering some shifts and otherwise adjusting work schedules
to maximize our capacity while adhering to recommended precautions. We have established and implemented a work from home provision where
possible.
To date, we have not experienced significant raw material shortages;
however, supply-chain disruptions could potentially delay or prevent us from fulfilling customer orders.
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: our
expectations regarding the potential impacts on our operations of the COVID-19 pandemic; our expectations regarding the potential impacts
on our supply chain and on our customers of the COVID-19 pandemic; overall changes in governmental spending for military and space programs;
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 does not intend 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 27, 2023 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 six month period ended May 27, 2023.
PART II - OTHER INFORMATION
The Company is not involved in any material current
or pending legal proceedings.
Information about risk factors for the three and
six months ended May 27, 2023 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, 2022
| 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
None
(a) Exhibits
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 11, 2023 |
/s/ Mark King |
Date |
Mark King |
|
Chief Executive Officer |
|
|
|
|
|
|
|
|
July 11, 2023 |
/s/ Patrick Cefalu |
Date |
Patrick Cefalu |
|
Chief Financial Officer |
17
EXHIBIT 10.15
FOURTH AMENDMENT TO EMPLOYEMENT AGREEMENT
This fourth amendment ("Third Amendment")
is entered into between Micropac Industries, lnc. ("Company") and Patrick S. Cefalu, ("Employee") for the purpose
of amending that certain employment agreement between Employee and Company dated February 2, 2004 (the "Employment Agreement").
| 1. | Employee Compensation. Effective April 6, 2023, Employee's Annual Compensation shall be One Hundred Ninety-six Thousand,
Six Hundred Twelve Dollars ($196,612.00) to be paid weekly. The base salary of Employee will be reviewed each year during the term of
this agreement by the Company's President and CEO. Salary may be adjusted based on Employee's performance. In no event shall the base
salary be reduced. Employee will be eligible to participate in any bonus plan recommended by the CEO and approved by the Board of Directors. |
| 2. | Term. The Term of this Agreement is hereby extended for three (3)
years beginning on April 6, 2023, subject to early termination as provided in the Employment Agreement. After the expiration of such three
(3) years, either the Employee or the Company may terminate the Employment Agreement, at any time, by giving the other party hereto one
hundred eighty (180) days written notice. |
| 3. | Entire Agreement. Except as expressly amended hereby, the remaining
terms and conditions of the Employment Agreement shall remain if full force and effect. |
EMPLOYEE: |
EMPLOYER: |
Individual |
Micropac Industries, Inc. |
|
|
/s/ Patrick S. Cefalu |
/s/ Mark W. King |
Patrick S. Cefalu |
Mark W. King |
Title: Employee |
Title: CEO & President |
EXHIBIT 10.16
SEVENTH AMENDMENT TO LOAN AGREEMENT
THIS SEVENTH AMENDMENT
TO LOAN AGREEMENT (this “Amendment”) is entered into May 16, 2023, and effective as of April 23, 2023, by and among
MICROPAC INDUSTRIES, INC., a Delaware corporation (“Borrower”), and FROST BANK, a Texas state bank (“Lender”).
RECITALS
WHEREAS, Borrower and
Lender have entered into that certain Loan Agreement dated as of January 23, 2013 (as amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”);
WHEREAS, the Loan Agreement
currently governs a revolving credit facility in the maximum amount of $6,000,000.00, as evidenced by that certain Revolving Promissory
Note dated January 23, 2013, payable by Borrower to the order of Lender in the stated principal amount of $6,000,000.00 (as amended, restated,
supplemented or otherwise modified from time to time, the “Revolving Note”);
WHEREAS, the parties
hereto now desire to modify the Loan Agreement as hereinafter provided; and
WHEREAS, the Loan Agreement,
the Revolving Note and all other documents evidencing, securing, governing, guaranteeing and/or pertaining to the Loan Agreement and Revolving
Note are hereinafter referred to collectively as the “Loan Documents”.
AGREEMENT
NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties, and agreements contained herein, and for other valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Article
I
DEFINITIONS
Section 1.01 Defined
Terms. The terms used in this Amendment to the extent not otherwise defined herein shall have the same meanings as in the Loan
Agreement.
Article
II
AMENDMENTS
Section 2.01 Termination
Date. Effective as of the date hereof, the definition of “Termination Date” set forth in Section 1.01 of the
Loan Agreement is amended and restated in its entirety as follows:
“Termination
Date” means with respect to the Revolving Credit Loans and the Revolving Credit Commitment, April 23, 2025.
Section 2.02 Revolving
Promissory Note. Effective as of the date hereof, the Revolving Credit Commitment shall be evidenced by an Amended and Restated
Promissory Note (Revolving) dated of even date herewith payable by Borrower to the order of Lender in the stated principal amount of $6,000,000.00.
Article
III
REPRESENTATIONS, WARRANTIES, RATIFICATION AND REAFFIRMATION
Section 3.01 Representations
and Warranties. Borrower hereby represents and warrants that: (a) the representations and warranties contained in the Loan Agreement
are true and correct on and as of the date hereof as though made on and as of the date hereof, (b) no event has occurred and is continuing
that constitutes an Event of Default or would constitute an Event of Default but for the requirement of notice or lapse of time or both,
(c) the Notes are secured by the liens and security interests set forth in the Loan Documents, and (iv) there are no claims or offsets
against, or defenses or counterclaims to, the Notes, the indebtedness evidenced thereby or the liens securing same (including without
limitation, any defenses or offsets resulting from or arising out of breach of contract or duty, the amount of interest charged, collected
or received on the Notes heretofore, or breach of any commitments or promises of any type).
Section 3.02 Ratification.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the
Loan Agreement, but except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement are
ratified and confirmed and shall continue in full force and effect, Borrower hereby agreeing that the Loan Agreement and the other Loan
Documents are and shall continue to be outstanding, validly existing and enforceable in accordance with their respective terms.
Article
IV
MISCELLANEOUS
Section 4.01 Origination
Fee. As a condition precedent to this Amendment, Borrower shall pay to Lender a non-refundable loan origination fee in the amount
of $6,000.00, which fee shall be deemed fully earned upon the execution hereof.
Section 4.02 References.
Each of the Loan Documents is hereby amended so that any reference in the Loan Documents to the Loan Agreement shall mean a reference
to the Loan Agreement as amended hereby.
Section 4.03 Counterparts.
This Amendment may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Section 4.04 Governing
Law; Venue. This Amendment has been entered into in Bexar County, Texas and shall be performable for all purposes in Bexar County,
Texas. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA. Courts within the State of Texas shall have jurisdiction over any and all disputes arising under
or pertaining to this Amendment, and venue in any such dispute shall be the courts located in Bexar County, Texas.
Section 4.05 Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.
Section 4.06 No Further
Obligations. No term or provision hereof shall obligate Lender to further extend the current maturity date of the Note evidencing
the Revolving Credit Commitment.
THIS WRITTEN LOAN AGREEMENT
REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.
EXECUTED
as of the date first above written.
|
BORROWER: |
|
|
|
|
|
|
MICROPAC INDUSTRIES, INC., |
|
|
a Delaware corporation |
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Mark W. King |
|
|
Name: Mark W. King |
|
|
Title: Chief Executive Officer |
|
|
|
|
|
|
|
|
|
|
LENDER: |
|
|
|
|
|
|
FROST BANK, |
|
|
a Texas state bank |
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Kyle Bottim |
|
|
Name: Kyle Bottom |
|
|
Title: Senior Vice President |
|
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.; |
| 2. | 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; |
| 3. | 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; |
| 4. | 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 |
| 5. | 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 11, 2023 |
/s/ Mark King |
|
Mark King |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
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.; |
| 2. | 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; |
| 3. | 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; |
| 4. | 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 |
| 5. | 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 11, 2023 |
/s/ Patrick Cefalu |
|
Patrick S. Cefalu |
|
Executive Vice President
and Chief Financial Officer |
|
(Principal Accounting Officer) |
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 27, 2023 (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 |
| 2. | 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 11, 2023 |
/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.
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 27, 2023 (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 |
| 2. | 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 11, 2023 |
/s/ Patrick 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.
v3.23.2
Cover - shares
|
6 Months Ended |
|
May 27, 2023 |
Jul. 11, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
May 27, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--11-30
|
|
Entity File Number |
0-5109
|
|
Entity Registrant Name |
MICROPAC INDUSTRIES, INC.
|
|
Entity Central Index Key |
0000065759
|
|
Entity Tax Identification Number |
75-1225149
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
905 E. Walnut
|
|
Entity Address, City or Town |
Garland
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
75040
|
|
City Area Code |
(972)
|
|
Local Phone Number |
272-3571
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
2,578,315
|
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v3.23.2
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
May 27, 2023 |
Nov. 30, 2022 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 11,661
|
$ 15,375
|
Receivables, net of allowance for doubtful accounts of $0 at May 27, 2023 and November 30, 2022 |
3,252
|
3,644
|
Other receivable |
920
|
920
|
Contract assets |
868
|
408
|
Inventories: |
|
|
Raw materials and supplies |
8,310
|
6,715
|
Work in process |
3,636
|
3,573
|
Total inventories |
11,946
|
10,288
|
Prepaid expenses and other assets |
367
|
564
|
Total current assets |
29,014
|
31,199
|
PROPERTY, PLANT AND EQUIPMENT, at cost: |
|
|
Land |
1,518
|
1,518
|
Buildings |
21,057
|
498
|
Facility improvements |
1,126
|
1,126
|
Furniture and fixtures |
2,050
|
1,036
|
Construction in process |
106
|
19,415
|
Machinery and equipment |
10,053
|
9,952
|
Total property, plant, and equipment |
35,910
|
33,545
|
Less accumulated depreciation |
(11,433)
|
(11,082)
|
Net property, plant, and equipment |
24,477
|
22,463
|
Operating lease right of use asset |
|
14
|
Deferred income taxes, net |
86
|
86
|
Total assets |
53,577
|
53,762
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
838
|
1,173
|
Accrued compensation |
870
|
1,086
|
Deferred revenue |
730
|
1,192
|
Property taxes |
326
|
560
|
Income tax |
39
|
149
|
Short term debt |
282
|
224
|
Other accrued liabilities |
25
|
47
|
Total current liabilities |
3,110
|
4,431
|
Long Term Debt, net of debt issuance costs |
15,732
|
14,535
|
Total liabilities |
18,842
|
18,966
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock, $.10 par value, authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at May 27, 2023 November 30 2022 |
308
|
308
|
Additional paid-in-capital |
924
|
885
|
Treasury stock, 500,000 shares, at cost |
(1,250)
|
(1,250)
|
Retained earnings |
34,753
|
34,853
|
Total shareholders’ equity |
34,735
|
34,796
|
Total liabilities and shareholders’ equity |
$ 53,577
|
$ 53,762
|
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v3.23.2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
May 27, 2023 |
Nov. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value per share |
$ 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
|
X |
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v3.23.2
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
May 27, 2023 |
May 28, 2022 |
Income Statement [Abstract] |
|
|
|
|
NET SALES |
$ 7,443
|
$ 7,188
|
$ 13,632
|
$ 13,254
|
COST AND EXPENSES: |
|
|
|
|
Cost of goods sold |
(4,583)
|
(4,245)
|
(8,521)
|
(7,521)
|
Research and development |
(625)
|
(502)
|
(1,277)
|
(966)
|
Selling, general & administrative expenses |
(2,010)
|
(1,850)
|
(3,817)
|
(3,618)
|
Total cost and expenses |
(7,218)
|
(6,597)
|
(13,615)
|
(12,105)
|
OPERATING INCOME |
225
|
591
|
17
|
1,149
|
Other income, net |
33
|
1
|
173
|
2
|
INCOME BEFORE TAXES |
258
|
592
|
190
|
1,151
|
Provision for taxes |
44
|
101
|
32
|
196
|
NET INCOME |
$ 214
|
$ 491
|
$ 158
|
$ 955
|
NET INCOME PER SHARE, BASIC |
$ 0.08
|
$ 0.19
|
$ 0.06
|
$ 0.37
|
NET INCOME PER SHARE, DILUTED |
0.08
|
0.19
|
0.06
|
0.37
|
DIVIDENDS PER SHARE |
|
|
0.10
|
0.10
|
WEIGHTED AVERAGE OF SHARES, basic |
$ 2,578,315
|
$ 2,578,315
|
$ 2,578,315
|
$ 2,578,315
|
WEIGHTED AVERAGE OF SHARES, diluted |
2,613,965
|
2,578,315
|
2,613,965
|
2,578,315
|
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v3.23.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income |
$ 158
|
$ 955
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Depreciation |
376
|
197
|
Stock-based compensation |
39
|
|
Amortization of right-of-use asset |
14
|
26
|
Changes in certain current assets and liabilities: |
|
|
Decrease in accounts receivable |
391
|
1,219
|
Increase in contract assets |
(458)
|
(122)
|
Decrease (increase) in inventories |
(1,658)
|
43
|
Increase (decrease) in prepaid expenses |
196
|
(80)
|
Decrease in deferred revenue |
(463)
|
(84)
|
Decrease in accounts payable |
(346)
|
(18)
|
Decrease in accrued compensation |
(215)
|
(270)
|
Decrease in income taxes payable |
(111)
|
(85)
|
Decrease in lease liability |
(14)
|
(26)
|
Decrease in all other accrued liabilities |
(239)
|
(129)
|
Net cash provided by (used in) operating activities |
(2,330)
|
1,626
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Additions to property, plant and equipment |
(2,381)
|
(8,845)
|
Net cash used in investing activities |
(2,381)
|
(8,845)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Cash dividend |
(258)
|
(258)
|
Proceeds from long term debt |
1,255
|
8,244
|
Net cash provided by financing activities |
997
|
7,986
|
Net increase (decrease) in cash and cash equivalents |
(3,714)
|
767
|
Cash and cash equivalents at beginning of period |
15,375
|
15,252
|
Cash and cash equivalents at end of period |
11,661
|
16,019
|
Supplemental Cash Flow Disclosure: |
|
|
Cash paid for income taxes |
143
|
257
|
Supplemental Non-Cash Flow Disclosure: |
|
|
Changes in accrued property, plant, and equipment |
$ 10
|
$ 879
|
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v3.23.2
STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stocks [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Nov. 30, 2021 |
$ 308
|
$ 885
|
$ (1,250)
|
$ 32,324
|
$ 32,267
|
Dividend |
|
|
|
(258)
|
(258)
|
Net income |
|
|
|
464
|
464
|
Ending balance, value at Feb. 26, 2022 |
308
|
885
|
(1,250)
|
32,530
|
32,473
|
Net income |
|
|
|
491
|
491
|
Ending balance, value at May. 28, 2022 |
308
|
885
|
(1,250)
|
33,021
|
32,964
|
Beginning balance, value at Nov. 30, 2022 |
308
|
885
|
(1,250)
|
34,853
|
34,796
|
Dividend |
|
|
|
(258)
|
(258)
|
Net income |
|
|
|
(56)
|
(56)
|
Ending balance, value at Feb. 25, 2023 |
308
|
885
|
(1,250)
|
34,539
|
34,482
|
Net income |
|
|
|
214
|
214
|
Stock-based compensation |
|
39
|
|
|
39
|
Ending balance, value at May. 27, 2023 |
$ 308
|
$ 924
|
$ (1,250)
|
$ 34,753
|
$ 34,735
|
X |
- DefinitionAmount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.
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v3.23.2
BASIS OF PRESENTATION
|
6 Months Ended |
May 27, 2023 |
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 including solid state relays and
power controllers, optoelectronic components, and sensor and display components and assemblies. The Company’s products are used
as components and assemblies in a broad range of military, space, medical and commercial 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 are certified
to ISO 9001:2015 and AS 9100D. 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 are 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 434 shareholders on May 27, 2023.
In the opinion of management, the unaudited financial
statements include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the financial position
as of May 27, 2023, the results of operations for the three and six months May 27, 2023 and May 28, 2022 and the cash flows for the six
months ended May 27, 2023 and May 28, 2022. Unaudited financial statements are prepared on a basis substantially consistent with those
audited for the year ended November 30, 2022. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to the
rules and regulations promulgated by the Securities and Exchange Commission (“SEC”). 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, 2022 Form 10-K filed with the SEC, including the audited financial statements and the accompanying
notes thereto.
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
May 27, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
Note 2 SIGNIFICANT ACCOUNTING POLICIES
Revenue Recognition
The core principle of revenue recognition under
accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services.
The Company's revenue on the majority of its customer
contracts are recognized at a point in time, generally upon shipment of products.
To achieve that core principle, the Company applies
the following steps:
1. Identify the contract(s) with a customer.
The Company designs, manufactures and distributes
various types of microelectronic circuits, optoelectronics, and sensors and displays. The Company’s products are used as components
and assemblies in a broad range of military, space, medical 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 revenues are from purchase
orders and/or contracts with customers associated with manufacture of products. We account for a contract when it has approval and commitment
from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability
of consideration is probable.
2. Identify the performance obligations in the contract.
The majority of the Company’s purchase orders
or contracts with customers contain a single performance obligation, the shipment of products.
3. Determine the transaction price.
The transaction price reflects the Company’s
expectations about the consideration it will be entitled to receive from the customer at a fixed price per unit shipped based on the terms
of the contract or purchase order with the customer. To the extent our actual costs vary from the fixed price that was negotiated, we
will generate more or less profit or could incur a loss.
4. Allocate the transaction price to the performance obligations in the contract.
The Company’s transaction price is the fixed
price per unit per each delivery upon shipment.
5. Recognize revenue when (or as) the Company satisfies a performance obligation.
This performance obligation is satisfied when
control of the product is transferred to the customer, which occurs upon shipment or delivery. The Company receives purchase orders for
products to be delivered over multiple dates that may extend across reporting periods. The Company accounting policy treats shipping and
handling activities as a fulfillment cost. The Company invoices for each delivery upon shipment and recognizes revenues at the fixed price
for each distinct product delivered when transfer of control has occurred, which is generally upon shipment.
For certain contracts under which the Company
produces products with no alternative use and for which the Company has an enforceable right to payment during the production cycle, the
Company recognizes revenue for the cost incurred of work in process plus a margin at the end of each period and records a contract asset
(unbilled receivable). The majority of these products are shipped weekly and monthly to the customers and the contracts require us to
manage and limit the level of work in process to meet the scheduled delivery dates.
In addition, the Company may have a contract or
purchase order to provide a non-recurring engineering service to a customer. These contracts are reviewed, and performance obligations
are determined and we recognize revenue at the point in time in which each performance obligation is fully satisfied.
Disaggregation of Revenue
The following table summarizes the Company’s net sales by product
line.
Schedule of net sales by product line | |
| | | |
| | |
| |
May 27, 2023 | | |
May 28, 2022 | |
Microcircuits | |
$ | 2,650 | | |
$ | 3,400 | |
Optoeletronics | |
| 4,008 | | |
| 4,235 | |
Sensors and Displays | |
| 6,974 | | |
| 5,619 | |
| |
$ | 13,632 | | |
$ | 13,254 | |
| |
| | | |
| | |
Timing of revenue recognition | |
| | | |
| | |
Transferred at a point in time | |
$ | 11,221 | | |
$ | 11,429 | |
Transferred over time | |
| 2,411 | | |
| 1,825 | |
Total Revenue | |
$ | 13,632 | | |
$ | 13,254 | |
The following table summarizes
the Company’s net sales by major market.
2023 Second Quarter Sales by Major Market
Schedule of net sales by major market | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,006 | | |
$ | 827 | | |
$ | 826 | | |
$ | 609 | | |
$ | 5,268 | |
Domestic Distribution | |
| 1,143 | | |
| 239 | | |
| 4 | | |
| 268 | | |
| 1,654 | |
International | |
| 71 | | |
| 162 | | |
| - | | |
| 288 | | |
| 521 | |
| |
$ | 4,220 | | |
$ | 1,228 | | |
$ | 830 | | |
$ | 1,165 | | |
$ | 7,443 | |
2022 Second Quarter Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,134 | | |
$ | 196 | | |
$ | 830 | | |
$ | 344 | | |
$ | 4,504 | |
Domestic Distribution | |
| 1,591 | | |
| 572 | | |
| - | | |
| 334 | | |
| 2,497 | |
International | |
| - | | |
| 127 | | |
| - | | |
| 60 | | |
| 187 | |
| |
$ | 4,725 | | |
$ | 895 | | |
$ | 830 | | |
$ | 738 | | |
$ | 7,188 | |
2023 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 4,315 | | |
$ | 727 | | |
$ | 1,780 | | |
$ | 1,915 | | |
$ | 8,737 | |
Domestic Distribution | |
| 2,879 | | |
| 800 | | |
| - | | |
| 419 | | |
| 4,098 | |
International | |
| 99 | | |
| 164 | | |
| - | | |
| 534 | | |
| 797 | |
| |
$ | 7,293 | | |
$ | 1,691 | | |
$ | 1,780 | | |
$ | 2,868 | | |
$ | 13,632 | |
2022 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 5,638 | | |
$ | 799 | | |
$ | 1,384 | | |
$ | 534 | | |
$ | 8,355 | |
Domestic Distribution | |
| 3,384 | | |
| 718 | | |
| - | | |
| 473 | | |
| 4,575 | |
International | |
| 71 | | |
| 150 | | |
| - | | |
| 103 | | |
| 324 | |
| |
$ | 9,093 | | |
$ | 1,667 | | |
$ | 1,384 | | |
$ | 1,110 | | |
$ | 13,254 | |
Receivables, net, Contract
Assets and Contract Liabilities
The timing of revenue recognition, billings and cash collections results
in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (deferred revenue) on the
Condensed Balance Sheet.
Receivables, net, contract assets
and contract liabilities were as follows:
Receivables, net, Contract Assets and Contract
Liabilities
(Dollars in thousands)
Schedule of receivables, net, contract assets and contract liabilities | |
| | | |
| | | |
| | |
| |
May 27, 2023 | | |
November 30, 2022 | | |
December 1, 2021 | |
Receivables, net | |
$ | 3,252 | | |
$ | 3,644 | | |
$ | 4,974 | |
Contract assets | |
$ | 868 | | |
$ | 408 | | |
$ | 603 | |
Deferred revenue | |
$ | 730 | | |
$ | 1,192 | | |
$ | 1,258 | |
There was $605,230 of revenue recognized in fiscal year 2023 that
was included in the deferred revenue liability balance at the beginning of the fiscal year.
Contract costs
The Company does not have material incremental costs to obtain a contract in
the form of sales commissions or bonuses. The Company incurs other immaterial costs to obtain and fulfill a contract; however, the Company
has elected the practical expedient under ASC 340-40-24-4 to recognize all incremental costs to obtain a contract as an expense when incurred
if the amortization period is one year or less.
Leases
In the first quarter of 2020, the Company entered into a three (3)
year lease extension on the property that has been leased on a year to year basis. As a result, we recognized $ 165,000 for an operating
lease liability and right-of-use asset in accordance with ASC 842. The Company had an operating lease expense of $14,000 for the first
six months of 2023 and $26,000 for the first six months of 2022. The Company used an estimated incremental borrowing rate of 3.25% representative
of the rate of interest that the company would have to pay to borrow on the Company’s line of credit. The lease expired in March
2023 and was not renewed.
Short-Term Investments
The Company had no short-term investments at May
27, 2023 or November 30, 2022. 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.
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.
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 27, 2023 or November 30,
2022.
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:
Schedule of property,plant and equipment useful lives |
|
Buildings |
15-39 |
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.
Construction in progress relates to multiple capital
projects ongoing during the years ended November 30, 2022 and the six months ended May 27, 2023, including the construction of the new
manufacturing facility, which was put into service during the second quarter of 2023. Construction in progress also includes interest
and fees on debt that are directly related to the financing of the Company’s capital projects.
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.
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share are computed
based upon the weighted average number of shares outstanding during the respective periods.
The following is a reconciliation of the number
of shares used in the calculation of the basic and diluted earnings per share for the three and six months ended May 27, 2023 and May
28, 2022:
Schedule of the basic and diluted earnings per share | |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six Months Ended | |
| |
May 27, 2023 | | |
May 28, 2022 | | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| | |
| | |
| |
Weighted average of shares, basic | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | |
Restricted stock units | |
| 35,650 | | |
| - | | |
| 35,650 | | |
| - | |
Weighted average of shares, diluted | |
| 2,613,965 | | |
| 2,578,315 | | |
| 2,613,965 | | |
| 2,578,315 | |
Use of Estimates
The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
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v3.23.2
NEW ACCOUNTING PRONOUNCEMENTS
|
6 Months Ended |
May 27, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NEW ACCOUNTING PRONOUNCEMENTS |
Note 3 NEW ACCOUNTING PRONOUNCEMENTS
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment
model for most financial assets. The ASU requires the use of an “expected loss” model for instruments measured at amortized
cost, in which companies will be required to estimate the lifetime expected credit loss and record an allowance to offset the amortized
cost basis, resulting in a net presentation of the amount expected to be collected on the financial asset. The new guidance is effective
for fiscal years beginning after December 15, 2022 for Smaller Reporting Companies, including interim periods within those fiscal years
and requires a modified-retrospective approach to adoption. The Company believes that adopting ASU 2016-13 will have no material impact
on the financial statements and related disclosures.
|
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v3.23.2
FAIR VALUE MEASUREMENT
|
6 Months Ended |
May 27, 2023 |
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 27, 2023 or November 30, 2022. The fair value of financial instruments such
as cash and cash equivalents, accounts receivable, and accounts payable approximate their carrying amount based on the short maturity
of these instruments.
The Company measures its long-term debt at fair
value, which approximates book value as the long-term debt bears market rates of interest
There were no nonfinancial assets measured at
fair value on a nonrecurring basis May 27, 2023 or November 30, 2022.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
COMMITMENTS
|
6 Months Ended |
May 27, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS |
Note 5 COMMITMENTS
The Company obtained
a commercial real estate construction loan for the construction of a new 76,000 square foot manufacturing center on the 9.2 acres of land
in Garland, Texas that the Company has purchased. On March 26, 2021, the Company (acting as borrower) entered into a Construction Loan
Agreement (the “loan agreement”) with Frost Bank (“Frost”) (acting as lender). The Construction Loan Agreement
provides for a construction loan, in amounts not to exceed a total principal balance of $16,160,000 with an interest rate of (3.40%) per
annum.
On March 26, 2021, the
Company renewed the Revolving Loan Agreement with Frost through the “Seventh Amendment to Loan Agreement.”. The Revolving
Loan Agreement provides for revolving credit loans, in amounts not to exceed a total principal balance of $6,000,000 with a rate equal
to prime rate with a floor of 3.50%. The Revolving Loan Agreement was originally entered into on January 23, 2013, between the Company
as borrower and Frost as lender.
Construction Loans. Subject
to the terms of the Loan Agreement, Frost will lend to the Company an aggregate amount not to exceed $16,160,000.
Principal and interest
shall be due and payable monthly in an amounts determined by Lender required to fully amortize the outstanding principal balance of this
Note over a period of twenty-five (25) years, payable on the twenty-sixth (26th) day of each and every calendar month, beginning April
26, 2023, and continuing regularly thereafter until March 26, 2031, when the entire amount hereof, principal and accrued interest then
remaining unpaid, shall be then due and payable; interest being calculated on the unpaid principal each day principal is outstanding and
all payments made credited to any collection costs and late charges, to the discharge of the interest accrued and to the reduction of
the principal, in such order as Lender shall determine.
The interest rate of
(3.40%) per annum including an Interest-Only Period. Interest only shall be due and payable monthly as it accrues on the twenty-sixth
(26th) day of each and every calendar month, beginning April 26, 2021, and continuing regularly and monthly thereafter until March 26,
2023; interest being calculated on the unpaid principal each day principal is outstanding and all payments made credited to any collection
costs and late charges, to the discharge of the interest accrued and to the reduction of the principal, in such order as Lender shall
determine.
The loan shall be secured
by a “Deed of Trust, Security Agreement – Financing Statement” covering the 9.2 acre tract in Garland, Texas and the
improvements made on it.
Revolving Credit Loans. Subject
to the terms of the, Loan Agreement, Frost will lend to the Company, on a revolving basis, amounts not to exceed a total principal balance
of $6,000,000, minus amounts available and amounts previously disbursed under outstanding Frost letters of credit. Subject to certain
terms and conditions, the Company may borrow, repay and reborrow under the Loan Agreement. There are no borrowings outstanding as of May
27, 2023. The loan has a maturity date of April 23, 2025.
The interest on the outstanding and unpaid principal balance shall be computed at a per annum rate equal to a rate equal to the Prime Rate per annum; provided, however, in no event shall the resulting rate be less than three and one-half percent (3.50%).
The Company has borrowed
$16,160,000 against the construction loan as of May 27, 2023.
Schedule of long-term debt | |
| | |
Debt May 27, 2023 | |
| |
Notes payable | |
$ | 16,160,000 | |
Less unamortized debt issuance costs | |
| 146,000 | |
Net Debt | |
| 16,014,000 | |
Less—Current portion | |
| 282,000 | |
Total long-term debt | |
$ | 15,732,000 | |
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v3.23.2
EARNINGS PER COMMON SHARE
|
6 Months Ended |
May 27, 2023 |
Earnings Per Common Share |
|
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 and six months ended May 27, 2023 and May 28, 2022, the Company has dilutive potential
common stock instruments with the restricted stock units.
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v3.23.2
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
May 27, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
Note 7 SHAREHOLDERS’ EQUITY
On December 7, 2021, 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 11, 2022.
The dividend was paid to shareholders on February 10, 2022.
On December 7, 2022, 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 11, 2023.
The dividend was paid to shareholders on February 10, 2023.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
May 27, 2023 |
Stock-based Compensation |
|
STOCK-BASED COMPENSATION |
NOTE 8 STOCK-BASED COMPENSATION
We have one restricted stock units ("RSUs") stock-based compensation
award as part of Micropac Industries Inc.’s 2023 Equity Incentive Plan. The following table sets forth the stock-based compensation
expense recorded in selling, general and administrative ("SG&A") expense (in thousands):
Schedule of stock-based compensation
award | |
| | |
| | |
| | |
| |
| |
Three months ended May 27, | | |
Six months ended
May 27, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Stock-based compensation expense | |
$ | 39.0 | | |
$ | - | | |
$ | 39.0 | | |
$ | - | |
Our 2023 annual grant of RSUs occurred in the second quarter. The weighted
-average grant-date fair value of each stock option granted in 2023 was $13.13. All the RSUs granted in 2023 vest over a three-year period.
The following is a summary of our RSUs activity for the six months
ended May 27, 2023:
Schedule of restricted stock units activity | |
| | | |
| | | |
| | | |
| | |
| |
2023 | | |
2022 | |
(shares in thousands) | |
Number of Shares | | |
Weighted- Average Exercise Price | | |
Number of Shares | | |
Weighted- Average Exercise Price | |
Outstanding at beginning of period | |
|
- | | |
$ |
- | | |
|
- | | |
$ |
- | |
Granted | |
| 36.7 | | |
| 13.13 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| 0 | | |
| - | | |
| - | |
Outstanding at end of the period | |
| 36.7 | | |
$ | 13.13 | | |
| - | | |
$ | - | |
Exercisable at end of the period | |
| - | | |
$ | 0 | | |
| - | | |
$ | - | |
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
May 27, 2023 |
Accounting Policies [Abstract] |
|
Revenue Recognition |
Revenue Recognition
The core principle of revenue recognition under
accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services.
The Company's revenue on the majority of its customer
contracts are recognized at a point in time, generally upon shipment of products.
To achieve that core principle, the Company applies
the following steps:
1. Identify the contract(s) with a customer.
The Company designs, manufactures and distributes
various types of microelectronic circuits, optoelectronics, and sensors and displays. The Company’s products are used as components
and assemblies in a broad range of military, space, medical 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 revenues are from purchase
orders and/or contracts with customers associated with manufacture of products. We account for a contract when it has approval and commitment
from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability
of consideration is probable.
2. Identify the performance obligations in the contract.
The majority of the Company’s purchase orders
or contracts with customers contain a single performance obligation, the shipment of products.
3. Determine the transaction price.
The transaction price reflects the Company’s
expectations about the consideration it will be entitled to receive from the customer at a fixed price per unit shipped based on the terms
of the contract or purchase order with the customer. To the extent our actual costs vary from the fixed price that was negotiated, we
will generate more or less profit or could incur a loss.
4. Allocate the transaction price to the performance obligations in the contract.
The Company’s transaction price is the fixed
price per unit per each delivery upon shipment.
5. Recognize revenue when (or as) the Company satisfies a performance obligation.
This performance obligation is satisfied when
control of the product is transferred to the customer, which occurs upon shipment or delivery. The Company receives purchase orders for
products to be delivered over multiple dates that may extend across reporting periods. The Company accounting policy treats shipping and
handling activities as a fulfillment cost. The Company invoices for each delivery upon shipment and recognizes revenues at the fixed price
for each distinct product delivered when transfer of control has occurred, which is generally upon shipment.
For certain contracts under which the Company
produces products with no alternative use and for which the Company has an enforceable right to payment during the production cycle, the
Company recognizes revenue for the cost incurred of work in process plus a margin at the end of each period and records a contract asset
(unbilled receivable). The majority of these products are shipped weekly and monthly to the customers and the contracts require us to
manage and limit the level of work in process to meet the scheduled delivery dates.
In addition, the Company may have a contract or
purchase order to provide a non-recurring engineering service to a customer. These contracts are reviewed, and performance obligations
are determined and we recognize revenue at the point in time in which each performance obligation is fully satisfied.
|
Disaggregation of Revenue |
Disaggregation of Revenue
The following table summarizes the Company’s net sales by product
line.
Schedule of net sales by product line | |
| | | |
| | |
| |
May 27, 2023 | | |
May 28, 2022 | |
Microcircuits | |
$ | 2,650 | | |
$ | 3,400 | |
Optoeletronics | |
| 4,008 | | |
| 4,235 | |
Sensors and Displays | |
| 6,974 | | |
| 5,619 | |
| |
$ | 13,632 | | |
$ | 13,254 | |
| |
| | | |
| | |
Timing of revenue recognition | |
| | | |
| | |
Transferred at a point in time | |
$ | 11,221 | | |
$ | 11,429 | |
Transferred over time | |
| 2,411 | | |
| 1,825 | |
Total Revenue | |
$ | 13,632 | | |
$ | 13,254 | |
The following table summarizes
the Company’s net sales by major market.
2023 Second Quarter Sales by Major Market
Schedule of net sales by major market | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,006 | | |
$ | 827 | | |
$ | 826 | | |
$ | 609 | | |
$ | 5,268 | |
Domestic Distribution | |
| 1,143 | | |
| 239 | | |
| 4 | | |
| 268 | | |
| 1,654 | |
International | |
| 71 | | |
| 162 | | |
| - | | |
| 288 | | |
| 521 | |
| |
$ | 4,220 | | |
$ | 1,228 | | |
$ | 830 | | |
$ | 1,165 | | |
$ | 7,443 | |
2022 Second Quarter Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,134 | | |
$ | 196 | | |
$ | 830 | | |
$ | 344 | | |
$ | 4,504 | |
Domestic Distribution | |
| 1,591 | | |
| 572 | | |
| - | | |
| 334 | | |
| 2,497 | |
International | |
| - | | |
| 127 | | |
| - | | |
| 60 | | |
| 187 | |
| |
$ | 4,725 | | |
$ | 895 | | |
$ | 830 | | |
$ | 738 | | |
$ | 7,188 | |
2023 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 4,315 | | |
$ | 727 | | |
$ | 1,780 | | |
$ | 1,915 | | |
$ | 8,737 | |
Domestic Distribution | |
| 2,879 | | |
| 800 | | |
| - | | |
| 419 | | |
| 4,098 | |
International | |
| 99 | | |
| 164 | | |
| - | | |
| 534 | | |
| 797 | |
| |
$ | 7,293 | | |
$ | 1,691 | | |
$ | 1,780 | | |
$ | 2,868 | | |
$ | 13,632 | |
2022 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 5,638 | | |
$ | 799 | | |
$ | 1,384 | | |
$ | 534 | | |
$ | 8,355 | |
Domestic Distribution | |
| 3,384 | | |
| 718 | | |
| - | | |
| 473 | | |
| 4,575 | |
International | |
| 71 | | |
| 150 | | |
| - | | |
| 103 | | |
| 324 | |
| |
$ | 9,093 | | |
$ | 1,667 | | |
$ | 1,384 | | |
$ | 1,110 | | |
$ | 13,254 | |
|
Receivables, net, Contract Assets and Contract Liabilities |
Receivables, net, Contract
Assets and Contract Liabilities
The timing of revenue recognition, billings and cash collections results
in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (deferred revenue) on the
Condensed Balance Sheet.
Receivables, net, contract assets
and contract liabilities were as follows:
Receivables, net, Contract Assets and Contract
Liabilities
(Dollars in thousands)
Schedule of receivables, net, contract assets and contract liabilities | |
| | | |
| | | |
| | |
| |
May 27, 2023 | | |
November 30, 2022 | | |
December 1, 2021 | |
Receivables, net | |
$ | 3,252 | | |
$ | 3,644 | | |
$ | 4,974 | |
Contract assets | |
$ | 868 | | |
$ | 408 | | |
$ | 603 | |
Deferred revenue | |
$ | 730 | | |
$ | 1,192 | | |
$ | 1,258 | |
There was $605,230 of revenue recognized in fiscal year 2023 that
was included in the deferred revenue liability balance at the beginning of the fiscal year.
|
Contract costs |
Contract costs
The Company does not have material incremental costs to obtain a contract in
the form of sales commissions or bonuses. The Company incurs other immaterial costs to obtain and fulfill a contract; however, the Company
has elected the practical expedient under ASC 340-40-24-4 to recognize all incremental costs to obtain a contract as an expense when incurred
if the amortization period is one year or less.
|
Leases |
Leases
In the first quarter of 2020, the Company entered into a three (3)
year lease extension on the property that has been leased on a year to year basis. As a result, we recognized $ 165,000 for an operating
lease liability and right-of-use asset in accordance with ASC 842. The Company had an operating lease expense of $14,000 for the first
six months of 2023 and $26,000 for the first six months of 2022. The Company used an estimated incremental borrowing rate of 3.25% representative
of the rate of interest that the company would have to pay to borrow on the Company’s line of credit. The lease expired in March
2023 and was not renewed.
|
Short-Term Investments |
Short-Term Investments
The Company had no short-term investments at May
27, 2023 or November 30, 2022. 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.
|
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.
|
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 27, 2023 or November 30,
2022.
|
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:
Schedule of property,plant and equipment useful lives |
|
Buildings |
15-39 |
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.
Construction in progress relates to multiple capital
projects ongoing during the years ended November 30, 2022 and the six months ended May 27, 2023, including the construction of the new
manufacturing facility, which was put into service during the second quarter of 2023. Construction in progress also includes interest
and fees on debt that are directly related to the financing of the Company’s capital projects.
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.
|
Basic and Diluted Earnings Per Share |
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share are computed
based upon the weighted average number of shares outstanding during the respective periods.
The following is a reconciliation of the number
of shares used in the calculation of the basic and diluted earnings per share for the three and six months ended May 27, 2023 and May
28, 2022:
Schedule of the basic and diluted earnings per share | |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six Months Ended | |
| |
May 27, 2023 | | |
May 28, 2022 | | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| | |
| | |
| |
Weighted average of shares, basic | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | |
Restricted stock units | |
| 35,650 | | |
| - | | |
| 35,650 | | |
| - | |
Weighted average of shares, diluted | |
| 2,613,965 | | |
| 2,578,315 | | |
| 2,613,965 | | |
| 2,578,315 | |
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
|
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
May 27, 2023 |
Accounting Policies [Abstract] |
|
Schedule of net sales by product line |
Schedule of net sales by product line | |
| | | |
| | |
| |
May 27, 2023 | | |
May 28, 2022 | |
Microcircuits | |
$ | 2,650 | | |
$ | 3,400 | |
Optoeletronics | |
| 4,008 | | |
| 4,235 | |
Sensors and Displays | |
| 6,974 | | |
| 5,619 | |
| |
$ | 13,632 | | |
$ | 13,254 | |
| |
| | | |
| | |
Timing of revenue recognition | |
| | | |
| | |
Transferred at a point in time | |
$ | 11,221 | | |
$ | 11,429 | |
Transferred over time | |
| 2,411 | | |
| 1,825 | |
Total Revenue | |
$ | 13,632 | | |
$ | 13,254 | |
|
Schedule of net sales by major market |
Schedule of net sales by major market | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,006 | | |
$ | 827 | | |
$ | 826 | | |
$ | 609 | | |
$ | 5,268 | |
Domestic Distribution | |
| 1,143 | | |
| 239 | | |
| 4 | | |
| 268 | | |
| 1,654 | |
International | |
| 71 | | |
| 162 | | |
| - | | |
| 288 | | |
| 521 | |
| |
$ | 4,220 | | |
$ | 1,228 | | |
$ | 830 | | |
$ | 1,165 | | |
$ | 7,443 | |
2022 Second Quarter Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 3,134 | | |
$ | 196 | | |
$ | 830 | | |
$ | 344 | | |
$ | 4,504 | |
Domestic Distribution | |
| 1,591 | | |
| 572 | | |
| - | | |
| 334 | | |
| 2,497 | |
International | |
| - | | |
| 127 | | |
| - | | |
| 60 | | |
| 187 | |
| |
$ | 4,725 | | |
$ | 895 | | |
$ | 830 | | |
$ | 738 | | |
$ | 7,188 | |
2023 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 4,315 | | |
$ | 727 | | |
$ | 1,780 | | |
$ | 1,915 | | |
$ | 8,737 | |
Domestic Distribution | |
| 2,879 | | |
| 800 | | |
| - | | |
| 419 | | |
| 4,098 | |
International | |
| 99 | | |
| 164 | | |
| - | | |
| 534 | | |
| 797 | |
| |
$ | 7,293 | | |
$ | 1,691 | | |
$ | 1,780 | | |
$ | 2,868 | | |
$ | 13,632 | |
2022 Six Months Sales by Major Market
| |
Military | | |
Space | | |
Medical | | |
Commercial | | |
Total | |
Domestic Direct | |
$ | 5,638 | | |
$ | 799 | | |
$ | 1,384 | | |
$ | 534 | | |
$ | 8,355 | |
Domestic Distribution | |
| 3,384 | | |
| 718 | | |
| - | | |
| 473 | | |
| 4,575 | |
International | |
| 71 | | |
| 150 | | |
| - | | |
| 103 | | |
| 324 | |
| |
$ | 9,093 | | |
$ | 1,667 | | |
$ | 1,384 | | |
$ | 1,110 | | |
$ | 13,254 | |
|
Schedule of receivables, net, contract assets and contract liabilities |
Schedule of receivables, net, contract assets and contract liabilities | |
| | | |
| | | |
| | |
| |
May 27, 2023 | | |
November 30, 2022 | | |
December 1, 2021 | |
Receivables, net | |
$ | 3,252 | | |
$ | 3,644 | | |
$ | 4,974 | |
Contract assets | |
$ | 868 | | |
$ | 408 | | |
$ | 603 | |
Deferred revenue | |
$ | 730 | | |
$ | 1,192 | | |
$ | 1,258 | |
|
Schedule of property,plant and equipment useful lives |
Schedule of property,plant and equipment useful lives |
|
Buildings |
15-39 |
Facility improvements |
8-15 |
Machinery and equipment |
5-10 |
Furniture and fixtures |
5-8 |
|
Schedule of the basic and diluted earnings per share |
Schedule of the basic and diluted earnings per share | |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six Months Ended | |
| |
May 27, 2023 | | |
May 28, 2022 | | |
May 27, 2023 | | |
May 28, 2022 | |
| |
| | |
| | |
| | |
| |
Weighted average of shares, basic | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | | |
| 2,578,315 | |
Restricted stock units | |
| 35,650 | | |
| - | | |
| 35,650 | | |
| - | |
Weighted average of shares, diluted | |
| 2,613,965 | | |
| 2,578,315 | | |
| 2,613,965 | | |
| 2,578,315 | |
|
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v3.23.2
COMMITMENTS (Tables)
|
6 Months Ended |
May 27, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of long-term debt |
Schedule of long-term debt | |
| | |
Debt May 27, 2023 | |
| |
Notes payable | |
$ | 16,160,000 | |
Less unamortized debt issuance costs | |
| 146,000 | |
Net Debt | |
| 16,014,000 | |
Less—Current portion | |
| 282,000 | |
Total long-term debt | |
$ | 15,732,000 | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
May 27, 2023 |
Stock-based Compensation |
|
Schedule of stock-based compensation award |
Schedule of stock-based compensation
award | |
| | |
| | |
| | |
| |
| |
Three months ended May 27, | | |
Six months ended
May 27, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Stock-based compensation expense | |
$ | 39.0 | | |
$ | - | | |
$ | 39.0 | | |
$ | - | |
|
Schedule of restricted stock units activity |
Schedule of restricted stock units activity | |
| | | |
| | | |
| | | |
| | |
| |
2023 | | |
2022 | |
(shares in thousands) | |
Number of Shares | | |
Weighted- Average Exercise Price | | |
Number of Shares | | |
Weighted- Average Exercise Price | |
Outstanding at beginning of period | |
|
- | | |
$ |
- | | |
|
- | | |
$ |
- | |
Granted | |
| 36.7 | | |
| 13.13 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| 0 | | |
| - | | |
| - | |
Outstanding at end of the period | |
| 36.7 | | |
$ | 13.13 | | |
| - | | |
$ | - | |
Exercisable at end of the period | |
| - | | |
$ | 0 | | |
| - | | |
$ | - | |
|
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
May 27, 2023 |
May 28, 2022 |
Product Information [Line Items] |
|
|
|
|
Total Revenue |
$ 7,443
|
$ 7,188
|
$ 13,632
|
$ 13,254
|
Transferred at Point in Time [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
|
|
11,221
|
11,429
|
Transferred over Time [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
|
|
2,411
|
1,825
|
Microelectronics [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
|
|
2,650
|
3,400
|
Optoelectronics [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
|
|
4,008
|
4,235
|
Sensorsand Displays [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
|
|
$ 6,974
|
$ 5,619
|
X |
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
May 27, 2023 |
May 28, 2022 |
Domestic Direct |
$ 5,268
|
$ 4,504
|
$ 8,737
|
$ 8,355
|
Domestic Distribution |
1,654
|
2,497
|
4,098
|
4,575
|
International |
521
|
187
|
797
|
324
|
Revenue |
7,443
|
7,188
|
13,632
|
13,254
|
Military [Member] |
|
|
|
|
Domestic Direct |
3,006
|
3,134
|
4,315
|
5,638
|
Domestic Distribution |
1,143
|
1,591
|
2,879
|
3,384
|
International |
71
|
|
99
|
71
|
Revenue |
4,220
|
4,725
|
7,293
|
9,093
|
Space [Member] |
|
|
|
|
Domestic Direct |
827
|
196
|
727
|
799
|
Domestic Distribution |
239
|
572
|
800
|
718
|
International |
162
|
127
|
164
|
150
|
Revenue |
1,228
|
895
|
1,691
|
1,667
|
Medical [Member] |
|
|
|
|
Domestic Direct |
826
|
830
|
1,780
|
1,384
|
Domestic Distribution |
4
|
|
|
|
International |
|
|
|
|
Revenue |
830
|
830
|
1,780
|
1,384
|
Commercial [Member] |
|
|
|
|
Domestic Direct |
609
|
344
|
1,915
|
534
|
Domestic Distribution |
268
|
334
|
419
|
473
|
International |
288
|
60
|
534
|
103
|
Revenue |
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|
$ 738
|
$ 2,868
|
$ 1,110
|
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Details 4) - $ / shares
|
3 Months Ended |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
May 27, 2023 |
May 28, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Weighted average of shares, basic |
$ 2,578,315
|
$ 2,578,315
|
$ 2,578,315
|
$ 2,578,315
|
Restricted stock units |
35,650
|
|
35,650
|
|
Weighted average of shares, diluted |
2,613,965
|
2,578,315
|
2,613,965
|
2,578,315
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v3.23.2
COMMITMENTS (Details) - USD ($)
|
May 27, 2023 |
Nov. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
Notes payable |
$ 16,160,000
|
|
Less unamortized debt issuance costs |
146,000
|
|
Net Debt |
16,014,000
|
|
Less—Current portion |
282,000
|
|
Total long-term debt |
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|
$ 14,535,000
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COMMITMENTS (Details Narrative) - USD ($)
|
6 Months Ended |
|
May 27, 2023 |
Mar. 26, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Borrowings outstanding |
$ 0
|
|
Maurity date |
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|
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Notes payable |
$ 16,160,000
|
|
Revolving Loan [Member] |
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$ 6,000,000
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3.50%
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$ 16,160,000
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(3.40%)
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SHAREHOLDERS’ EQUITY (Details Narrative) - $ / shares
|
3 Months Ended |
6 Months Ended |
May 27, 2023 |
May 28, 2022 |
May 27, 2023 |
May 28, 2022 |
Equity [Abstract] |
|
|
|
|
Dividends payable, date declared |
|
|
Dec. 07, 2021
|
Dec. 07, 2022
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Common stock, dividends, per share, cash paid |
|
|
$ 0.10
|
$ 0.10
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Dividends payable, date of record |
|
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Jan. 11, 2022
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Feb. 10, 2022
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Micropac Industries (PK) (USOTC:MPAD)
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