[November 04, 2014] |
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Orion Energy Systems Announces Fiscal 2015 Second Quarter Results
MANITOWOC, Wis. --(Business Wire)--
Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading designer and
manufacturer of high-performance, energy-efficient lighting platforms,
today announced financial results for its fiscal 2015 second quarter and
first half ended September 30, 2014.
Operating and Financial Highlights
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Total revenue for the fiscal 2015 second quarter was $13.4 million,
compared to $27.5 million in the prior-year period, largely due to the
expected significant decrease in non-core solar sales compared to the
prior year and lower sales of high-intensity fluorescent (HIF)
lighting products as Orion transitions its emphasis to its light
emitting diode (LED) products.
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As of September 30, 2014, the Company had the largest lighting backlog
in the Company's history, with $11.8 million in LED and HIF lighting
orders, compared to a lighting backlog of $7.0 million as of June 30,
2014.
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LED lighting product sales increased to $5.2 million in the fiscal
2015 second quarter, accounting for 39.2% of total lighting product
revenues, an increase from $1.0 million, or 5.4% of total lighting
product revenues, in the prior-year period. The growth was largely
driven by enterprise account wins and sales growth from the Company's
expanded reseller network.
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The Company increased its network of key regional resellers to 70 at
September 30, 2014, up from 30 at March 31, 2014. Although there is a
necessary lead time associated with signing new resellers and when
they begin to produce a consistent order flow, Orion believes it's
significantly larger reseller base will lead to future potential sales
expansion.
-
In October 2014, the Company announced the launch of several new LED
products at its Annual Sales Summit, including a new line of high bay
and exterior lighting solutions.
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As a result of the Company's increased emphasis on its LED products,
the Company recognized a non-cash impairment charge to its long-term
wireless controls inventory of approximately $12.1 million during the
fiscal quarter.
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As of September 30, 2014, the Company's working capital was $25.2
million compared to $33.1 million at March 31, 2014. In addition, for
the six months ended September 30, 2014, the Company reduced total
debt by approximately $1.6 million.
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The Company narrowed its fiscal 2015 revenue guidance range to between
$80 million and $88 million from its previous range of between $80
million and $105 million. Management has a high level of confidence in
achieving this guidance range based on its existing backlog and
expected LED order flow in the second half of fiscal 2015.
Management Comments
John Scribante, Chief Executive Officer of Orion, stated, "Over the past
12 months, we have successfully transitioned the Company to take
advantage of the large market opportunity in LED lighting. We closed the
quarter with the largest lighting backlog in our history, largely driven
by our escalating LED product adoption rates and continued efforts in
expanding our sales infrastructure. In the second quarter, our top line
and gross margins were impacted by a number of large account wins that
were delayed into the second half of fiscal 2015. However, we are now
beginning to see our pipeline of LED product sales build, and we have
the capacity and personnel to handle it. Sales are being generated
through a number of channels. We secured LED lighting solutions orders
from several large enterprise accounts and also have seen our reseller
sales increase dramatically from January 2014. We believe this is
largely due to the success of our LED Troffer Door Retrofit product. We
will continue to expand our LED product suites to address increasing
customer demand for our LED lighting solutions."
Financial Review
Fiscal 2015 Second Quarter
-
Revenue: Total revenue was $13.4 million for the fiscal 2015
second quarter, compared to $27.5 million in the prior-year period.
Orion reported an $8.9 million decrease in revenues year over year as
a result of the expected lower revenues from the Company's phased out
non-core solar energy business and a $5.2 million decrease in lighting
revenues from the Company's ongoing transition to an LED-driven sales
platform.
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LED Lighting Revenue: Product revenue from Orion's LED products
increased to $5.2 million during the fiscal 2015 second quarter,
compared to $1.0 million in the prior-year period. Due to recent new
LED product releases and an increased reseller network, Orion believes
its LED product sales will continue to grow during the second half of
fiscal year 2015.
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Gross Margin: The Company's gross margin was impacted by a
non-cash impairment charge to its long-term wireless controls
inventory of approximately $12.1 million, which was included in
Orion's cost of product revenue.
Total gross margin excluding
this charge was 11.8% for the fiscal 2015 second quarter, compared to
28.5% for the prior-year period, largely as a result of the decline in
the Company's HIF lighting product revenue and the related impact of
the Company's fixed expenses associated with its manufacturing
facility on the Company's reduced sales volume.
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Net Income / Loss: The Company reported a net loss for the
fiscal 2015 second quarter of $18.3 million, or $0.84 per share, which
includes the $12.1 million, or $0.56 per share, non-cash impairment
charge relating to the write-down of its long-term wireless controls
inventory. In the prior year period, Orion reported net income of $2.4
million, or $0.11 per diluted share, which included a $2.2 million tax
benefit related to deferred tax liabilities related to the acquisition
of Harris Lighting.
Fiscal 2015 First Half
-
Revenue: Total revenue was $26.7 million for the fiscal 2015
first half, compared to $48.3 million in the prior-year period. Orion
reported a $12.7 million decrease in revenues year over year as a
result of the expected lower revenues from the Company's phased out
non-core solar energy business and an $8.9 million decrease in
lighting revenues from the Company's ongoing transition to an
LED-driven sales platform.
-
Gross Margin: The Company's gross margin was impacted by a
non-cash impairment charge to its long-term wireless controls
inventory of approximately $12.1 million, which was included in
Orion's cost of product revenue.
Total gross margin excluding
this charge was 15.7% for the fiscal 2015 first half, compared to
28.0% for the prior-year period, largely as a result of the decline in
the Company's HIF lighting product revenue and the related impact of
the Company's fixed expenses associated with its manufacturing
facility on the Company's reduced sales volume.
-
Net Income / Loss: The Company reported a net loss for the
fiscal 2015 first half of $22.7 million, or $1.04 per share, which
includes the $12.1 million, or $0.56 per share, non-cash impairment
charge relating to the write-down of its long-term wireless controls
inventory. In the prior year period, Orion reported net income of $1.6
million, or $0.08 per diluted share, which included a $2.2 million tax
benefit related to deferred tax liabilities related to the acquisition
of Harris Lighting.
Balance Sheet Review
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Cash and Investments: Orion had approximately $11.1 million in
cash and cash equivalents and $0.5 million in short-term investments
as of September 30, 2014, compared to $17.6 million and $0.5 million,
respectively, at March 31, 2014.
-
Working Capital: The Company's working capital as of September
30, 2014 was $25.2 million, consisting of $41.3 million in current
assets and $16.1 million in current liabilities, compared to $33.1
million, consisting of $50.3 million in current assets and $17.2
million in current liabilities, at March 31, 2014.
-
Net Cash from Operations: The Company reported a $3.8 million
decrease of net cash from operations during second quarter of fiscal
2015, compared to a $7.5 million increase of net cash from operations
in the prior-year period.
-
Total Debt: Orion's total debt decreased $1.6 million to $5.0
million at September 30, 2014, compared to $6.6 million at March 31,
2014.
Outlook
-
Revenue Guidance: The Company narrowed its expectations of its
total revenues for fiscal 2015 to between $80.0 million and $88.0
million, compared to the Company's prior expected range between $80
million and $105 million. The Company has a high level of confidence
that it will achieve this range largely based on its existing backlog,
customer acceptance of new LED products and pipeline conversion from
its growing reseller network and enterprise accounts. The Company
revised the upper end of its previous revenue guidance range based
upon achieved bookings through the first six months. The Company
intends to further tighten this range after the Company's fiscal 2015
third quarter.
-
LED Sales Outlook: The Company anticipates an increase in sales
revenue for the second half of fiscal 2015 due to its recent release
of innovative new LED products for industrial, commercial and exterior
applications. Orion released its new product offerings at its October
Annual Sales Summit. Orion began taking orders for its new products
immediately after the introduction and will begin shipments during the
third quarter of fiscal 2015. Thirty companies represented at the
Annual Sales Summit were new partners with Orion, and the Company
plans to continue to increase its reseller network throughout the
remainder of fiscal 2015.
-
Margin Outlook: The Company expects its gross margins to
improve during the second half of fiscal 2015 as revenue volume
increases, the Company realizes improved leverage within its
manufacturing operations, and as it realizes the benefits from
expected improved component costs. Orion is aggressively working on
cost improvement initiatives with component suppliers for its LED
product lines and anticipates greater purchasing leverage as its LED
volumes increase. The Company believes its recent investments in new
product development and branding will deliver incremental gross
profits from customer and product sales expansion. The Company is
targeting gross margins for fiscal 2015 to range between 18-20%,
before the inventory impairment charge, based upon current costs and
execution of its margin enhancement initiatives. As the Company begins
to realize economies of scale in its lighting product categories, it
expects to achieve gross margins of approximately 30% in fiscal 2016.
Management will provide additional detail about its margin improvement
plans during Orion's quarterly conference call.
-
Acquisitions: The Company continues to evaluate potential
acquisition opportunities that could expand its supply chain
capabilities, product lines, and be complementary to its existing
operations.
Mr. Scribante continued, "We have made considerable strides to take
advantage of the market opportunity for LED products. We are
capitalizing on this transition from traditional lighting products, as
evidenced by recent enterprise account wins from both the private and
public sectors, favorable response from our reseller network, and
increasing efficiency throughout our manufacturing facilities. We are
confident that we can achieve our fiscal 2015 revenue guidance range
based on our current backlog and sales pipeline, and we believe that the
infrastructure is in place to take advantage of a sizable market in LED."
Mr. Scribante concluded, "We believe that the momentum built in fiscal
2015 will continue to position Orion for growth in the coming years.
Historically, we have relied on strong relationships in commercial
industries and leveraging strong manufacturing capabilities to drive
sales. While we continue to maintain a first-rate manufacturing process,
we have expanded our product offerings to meet changing customer
requirements while also entering new markets. Our investments in product
development and re-branding culminated in a successful new product sales
launch in October, which expanded our product offerings to take
advantage of the potential of LED retrofit in the office, retail, and
commercial markets. The LED adoption in these markets is still
incredibly low, and our new suite of interior, high bay, and exterior
products provide customizable solutions for our customers and allows us
to target multiple price points."
Supplemental Information
In conjunction with this press release, Orion has posted supplemental
information on its website which further discusses the financial
performance of the Company for the three months and first half ended
September 30, 2014. The supplemental information can be found in the
Investor Relations section of Orion's website at www.oesx.com.
Conference Call
Orion will discuss these results in a conference call today, Tuesday,
November 4, 2014, at 4:30 p.m. ET.
The dial-in numbers are:
U.S. callers:
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(877) 754-5294
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International callers:
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(678) 894-3013
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The Company will be utilizing an accompanying slideshow presentation in
conjunction with this call, which will be available on the Investor
Relations section of Orion's website at www.oesx.com.
To listen to the live webcast, go to the Investor Relations section
of Orion Energy Systems' website at http://investor.oriones.com/events.cfm
for a live webcast link. To ensure a timely connection, it is
recommended that users register at least 15 minutes prior to the
scheduled webcast.
An audio replay of the earnings conference call will be available
shortly after the call and will remain available through November 11,
2014. The replay can be accessed by dialing (855) 859-2056. The replay
pass code for callers is 18415912.
About Orion Energy Systems
Orion is leading the transformation of commercial and industrial
buildings with state-of-the-art energy efficient lighting systems. Orion
manufactures and markets a cutting edge portfolio of products
encompassing LED Solid-State Lighting and high intensity fluorescent
lighting. Orion's 70+ patents held or pending provide unparalleled
optical and thermal performance, which drive financial, environmental,
and work-space benefits for a wide variety of retrofit markets.
Safe Harbor Statement
Certain matters discussed in this press release, including under our
"" Outlook"" section are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may generally be identified as such because
the context of such statements will include words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "will," "would" or words of
similar import. Similarly, statements that describe the Company's
financial guidance or future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause results to
differ materially from those expected, including, but not limited to,
the following: (i) our development of, and participation in, new product
and technology offerings or applications, including customer acceptance
of our LED product lines; (ii) the rate of customer adoption of LED
lighting products and the increasing duration of customer sales cycles
as customers defer purchasing decisions to evaluate LED product costs
and performance; (iii) deterioration of market conditions, including
delays to customer capital expenditure budgets; (iv) our ability to
compete and execute our growth and profitability strategy in a highly
competitive market and our ability to respond successfully to market
competition; (v) any material changes to our inventory obsolescence
reserves; (vi) our ability to recruit and hire sales talent to increase
our in-market sales; (vii) the substantial cost of our various legal
proceedings; (viii) our decreasing emphasis on obtaining new solar
photovoltaic construction projects; (ix) price fluctuations, shortages
or interruptions of component supplies and raw materials used to
manufacture our products; (x) loss of one or more key customers or
suppliers, including key contacts at such customers; (xi) our ability to
effectively manage our product inventory to provide our products to
customers on a timely basis; (xii) our ability to achieve our revenue
expectations in fiscal 2015; (xiii) a reduction in the price of
electricity; (xiv) the cost to comply with, and the effects of, any
current and future government regulations, laws and policies; (xv)
increased competition from government subsidies and utility incentive
programs; (xvi) dependence on customers' capital budgets for sales of
products and services; (xvii) our current liquidity and the availability
of additional debt financing and/or equity capital; (xviii) potential
warranty claims; and (xix) potential acquisitions. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements.
The forward-looking statements made herein are made only as of the
date of this press release and the Company undertakes no obligation to
publicly update any forward-looking statements, whether as a result of
new information, future events or otherwise. More detailed
information about factors that may affect our performance may be found
in our filings with the Securities and Exchange Commission, which are
available at http://www.sec.gov
or at http://www.oesx.com
in the Investor Relations section of the Company's Web site.
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ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
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Three Months Ended September 30,
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Six Months Ended September 30,
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2013
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2014
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2013
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2014
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Product revenue
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$
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21,181
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$
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12,645
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$
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38,704
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$
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24,888
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Service revenue
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6,314
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|
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748
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|
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9,643
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1,818
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Total revenue
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27,495
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13,393
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48,347
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26,706
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Cost of product revenue
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15,638
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23,364
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28,522
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33,219
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Cost of service revenue
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4,028
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584
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6,273
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1,430
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Total cost of revenue
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19,666
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23,948
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34,795
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34,649
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Gross profit
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7,829
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(10,555
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)
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13,552
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(7,943
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)
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Operating expenses:
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General and administrative
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3,173
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3,842
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5,857
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7,490
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Acquisition and integration related expenses
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356
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-
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431
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22
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Sales and marketing
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3,644
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3,367
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6,947
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6,246
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Research and development
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448
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|
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569
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|
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938
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|
|
985
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Total operating expenses
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7,621
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7,778
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14,173
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14,743
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Income (loss) from operations
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208
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(18,333
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)
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(621
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)
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(22,686
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)
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Other income (expense):
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Interest expense
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(142
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)
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(83
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)
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(255
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)
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(173
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)
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Dividend and interest income
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153
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83
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327
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177
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Total other income
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11
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-
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72
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4
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Income (loss) before income tax
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219
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(18,333
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(549
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(22,682
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)
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Income tax (benefit) expense
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(2,184
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)
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13
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(2,171
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)
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23
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Net income (loss)
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$
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2,403
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$
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(18,346
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$
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1,622
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$
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(22,705
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)
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Basic net income (loss) per share
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$
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0.11
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$
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(0.84
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$
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0.08
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$
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(1.04
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)
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Weighted-average common shares outstanding
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21,089,917
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21,820,365
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20,634.333
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21,745,156
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Diluted net income (loss) per share
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$
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0.11
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$
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(0.84
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)
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$
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0.08
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$
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(1.04
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)
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Weighted-average common shares outstanding
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21,541,942
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|
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21,820,365
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|
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21,102,849
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21,745,156
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|
|
|
|
|
|
|
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The following amounts of stock-based compensation were recorded (in
thousands):
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Three Months Ended September 30,
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Six Months Ended September 30,
|
|
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2013
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2014
|
|
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2013
|
|
2014
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Cost of product revenue
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$
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17
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$
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12
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|
|
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$
|
37
|
|
|
$
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24
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General and administrative
|
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|
|
230
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|
|
265
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|
|
|
451
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|
|
610
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Sales and marketing
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|
|
57
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|
|
77
|
|
|
|
183
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|
|
142
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Research and development
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2
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|
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4
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|
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5
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|
|
9
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Total
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$
|
306
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|
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$
|
358
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|
|
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$
|
676
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|
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$
|
785
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ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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March 31,
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September 30,
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2014
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2014
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Assets
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Cash and cash equivalents
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$
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17,568
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$
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11,130
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Short-term investments
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470
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471
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Accounts receivable, net
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15,098
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14,816
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Inventories, net
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11,790
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12,103
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Deferred contract costs
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742
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1,125
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Prepaid expenses and other current assets
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4,673
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1,676
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Total current assets
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50,341
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41,321
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Property and equipment, net
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23,135
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21,599
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Long-term inventory
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10,607
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-
|
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Goodwill
|
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4,409
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4,409
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Other intangible assets, net
|
|
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7,551
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|
|
|
6,822
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Long-term accounts receivable
|
|
|
|
1,966
|
|
|
|
1,178
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Other long-term assets
|
|
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|
931
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|
|
|
162
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Total assets
|
|
|
|
$
|
98,940
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|
|
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$
|
75,491
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Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
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Accounts payable
|
|
|
|
$
|
8,530
|
|
|
|
$
|
9,066
|
|
Accrued expenses
|
|
|
|
4,597
|
|
|
|
3,692
|
|
Deferred revenue, current
|
|
|
|
614
|
|
|
|
403
|
|
Current maturities of long-term debt
|
|
|
|
3,450
|
|
|
|
2,926
|
|
Total current liabilities
|
|
|
|
17,191
|
|
|
|
16,087
|
|
Long-term debt, less current maturities
|
|
|
|
3,151
|
|
|
|
2,090
|
|
Deferred revenue, long-term
|
|
|
|
1,316
|
|
|
|
1,271
|
|
Other long-term liabilities
|
|
|
|
270
|
|
|
|
522
|
|
Total liabilities
|
|
|
|
21,928
|
|
|
|
19,970
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital
|
|
|
|
130,766
|
|
|
|
131,968
|
|
Treasury stock
|
|
|
|
(35,813
|
)
|
|
|
(35,812
|
)
|
Shareholder notes receivable
|
|
|
|
(50
|
)
|
|
|
(39
|
)
|
Retained deficit
|
|
|
|
(17,891
|
)
|
|
|
(40,596
|
)
|
Total shareholders' equity
|
|
|
|
77,012
|
|
|
|
55,521
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
98,940
|
|
|
|
$
|
75,491
|
|
|
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended September 30,
|
|
|
|
|
|
|
2013
|
|
|
2014
|
Operating activities
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
1,622
|
|
|
|
$
|
(22,705
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating
|
|
|
|
|
|
|
|
|
|
|
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
2,024
|
|
|
|
1,503
|
|
|
|
|
Amortization
|
|
|
172
|
|
|
|
697
|
|
|
|
|
Stock-based compensation expense
|
|
|
676
|
|
|
|
785
|
|
|
|
|
Accretion of fair value of deferred and contingent purchase price
consideration related to acquisition
|
|
|
425
|
|
|
|
-
|
|
|
|
|
Deferred income benefit expense
|
|
|
(2,212
|
)
|
|
|
-
|
|
|
|
|
Loss on sale and impairment of property and equipment
|
|
|
96
|
|
|
|
1,130
|
|
|
|
|
Provision for inventory reserves and impairment
|
|
|
-
|
|
|
|
11,015
|
|
|
|
|
Provision for bad debts
|
|
|
75
|
|
|
|
142
|
|
|
|
|
Other
|
|
|
62
|
|
|
|
68
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, current and long-term
|
|
|
4,849
|
|
|
|
930
|
|
|
|
|
Inventories, current and long-term
|
|
|
3,269
|
|
|
|
(683
|
)
|
|
|
|
Deferred contract costs
|
|
|
(335
|
)
|
|
|
(384
|
)
|
|
|
|
Prepaid expenses and other assets
|
|
|
58
|
|
|
|
2,791
|
|
|
|
|
Accounts payable
|
|
|
2,633
|
|
|
|
537
|
|
|
|
|
Accrued expenses
|
|
|
(1,837
|
)
|
|
|
(660
|
)
|
|
|
|
Deferred revenue
|
|
|
(2,027
|
)
|
|
|
(253
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
9,550
|
|
|
|
(5,087
|
)
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisition, net of cash acquired
|
|
|
(4,992
|
)
|
|
|
-
|
|
|
Purchase of property and equipment
|
|
|
(222
|
)
|
|
|
(1,031
|
)
|
|
Purchase of short-term investments
|
|
|
(3
|
)
|
|
|
(1
|
)
|
|
Additions to patents and licenses
|
|
|
(14
|
)
|
|
|
(61
|
)
|
|
Proceeds from sales of property, plant and equipment
|
|
|
39
|
|
|
|
1,040
|
|
|
Net cash used in investing activities
|
|
|
(5,192
|
)
|
|
|
(53
|
)
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Payment of long-term debt
|
|
|
(1,497
|
)
|
|
|
(1,585
|
)
|
|
Proceeds from repayment of shareholder notes
|
|
|
119
|
|
|
|
11
|
|
|
Deferred financing costs
|
|
|
(18
|
)
|
|
|
(75
|
)
|
|
Proceeds from issuance of common stock
|
|
|
225
|
|
|
|
351
|
|
|
Net cash used in financing activities
|
|
|
(1,171
|
)
|
|
|
(1,298
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
3,187
|
|
|
|
(6,438
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
14,376
|
|
|
|
17,568
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
17,563
|
|
|
|
$
|
11,130
|
|
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