-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NB1PqhFi0Q4LeGVxJNCUSQoDUDXZyIyMV0oT61AfXqDLKMntnaYDr83MX+Y2RLff 3Frbp3lJV/5lho0/YfZrbQ== 0001193125-08-233229.txt : 20081112 0001193125-08-233229.hdr.sgml : 20081111 20081112101205 ACCESSION NUMBER: 0001193125-08-233229 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081112 DATE AS OF CHANGE: 20081112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIN CORP CENTRAL INDEX KEY: 0001020391 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 251795265 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21395 FILM NUMBER: 081178727 BUSINESS ADDRESS: STREET 1: 400 GREENTREE COMMONS STREET 2: 381 MANSFIELD AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15220 BUSINESS PHONE: 4129288800 MAIL ADDRESS: STREET 1: 400 GREENTREE COMMONS STREET 2: 381 MANSFIELD AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15220 FORMER COMPANY: FORMER CONFORMED NAME: ALLIN COMMUNICATIONS CORP DATE OF NAME CHANGE: 19960805 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 11, 2008

 

 

ALLIN CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Delaware   0-21395   25-1795265

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification Number)

 

381 Mansfield Avenue, Suite 400, Pittsburgh, Pennsylvania   15220
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (412) 928-8800

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On November 11, 2008, Allin Corporation issued a press release announcing its financial results for the three- and nine-month periods ended September 30, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information included in the attached exhibit and contained in Item 2.02 of this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly incorporated by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.

 

Description of Exhibit

99.1   Press Release dated November 11, 2008


SIGNATURE

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 hereunto duly authorized.

 

  ALLIN CORPORATION
Dated: November 12, 2008   By:  

/s/ Dean C. Praskach

    Chief Financial Officer


Exhibit Index

 

Exhibit No.

 

Description

99.1   Press release dated November 11, 2008
EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

News Release

 

Allin Corporation

381 Mansfield Avenue

Suite 400

Pittsburgh, Pennsylvania 15220-2751

   

Telephone:

(412) 928-2022

Telefax:

(412) 928-0225

Allin Corporation Announces Results for Third Quarter

Tuesday, November 11, 2008

For Release at 4:30 PM EST

Pittsburgh, PA: Allin Corporation (OTCBB: ALLN), a Microsoft Gold Certified technology consulting company, today reported results for the three months and nine months ended September 30, 2008.

For the three-month and nine-month periods ended September 30, 2008, revenue was $5.9 million and $22.0 million, respectively, compared to $5.7 million and $18.6 million for the three-month and nine-month periods ended September 30, 2007, respectively. The Company recorded a net loss attributable to common shareholders in the amount of $725,000 ($0.09 per share) for the three-month period ended September 30, 2008 and net income attributable to common shareholders in the amount $333,000 ($0.04 per share-diluted) for the nine-month period ended the same date. This compares to net income attributable to common shareholders of $838,000 ($0.07 per share-diluted) and $1.3 million ($0.12 per share-diluted) for the three-month and nine-month periods ended September 30, 2007, respectively.

“Demand for our services remained good in the third quarter relative to the overall economy,” commented Rich Talarico, Allin’s chief executive officer. “We have started to see some softening on the West coast and there is a lack of demand for services in our vertical market concentration in financial services. Revenue growth slowed to 4% in the third quarter of this year compared to 17% in the second quarter. Due both to the timing of projects in our travel and leisure vertical market concentration and the softness in the economy, we currently expect that revenue for the fourth quarter of 2008 will be lower than the same period in 2007.”

Consolidated revenue increased 4% comparing the quarter ended September 30, 2008 with the quarter ended September 30, 2007. Revenue for the nine months ended September 30, 2008 increased 18% comparing the nine-month periods ended September 30, 2008 and September 30, 2007. The year-over-year increase in revenue was driven primarily by strong demand in the Company’s interactive media practice.

The Company’s gross profit percentage declined somewhat from 53.6% of revenue for the nine months ended September 30, 2007 to 53.0% for the same period in 2008. The decline was primarily due to lower gross margins for systems integration in the travel and leisure market as the Company expanded its market share in the cruise industry. Lower gross margins in services focused on the financial services industry also contributed to the decline.


The Company’s net income attributable to common shareholders was $1 million less comparing the nine months ended September 30, 2008 with the nine months ended September 30, 2007. However, comparing the same periods, income before provision for income taxes was approximately $250,000 higher for the nine-month period ended September 30, 2008 than the same period ended September 30, 2007 because the 2007 results were bolstered by the inclusion of a benefit from income tax in the amount of $1.0 million. The $1 million benefit in 2007 was attributable to a reduction in the valuation allowance against the Company’s deferred tax assets related to net operating losses.

About Allin Corporation

Allin Corporation is a leading provider of solutions-oriented application development and technology infrastructure consulting and systems integration services. Allin specializes in Microsoft-based technologies and was recently recognized as Worldwide Partner of the Year for Competing to Win: Search and Partner of the Year for Microsoft’s Western region. These awards were in addition to being recognized as Partner of the Year for the Eastern Region in Microsoft’s prior fiscal year. Allin’s operations are centered on four practice areas: Technology Infrastructure, Collaborative Solutions, Business Process and Interactive Media. Allin leverages its experience in these areas to work with clients through a disciplined project delivery framework to ensure that solutions are delivered on time and on budget. Allin delivers these services through the trade names Allin Consulting, Allin Interactive, CodeLab Technology Group and SharePointHosting.com. The Company maintains offices in Pittsburgh and Philadelphia, Pennsylvania; Ft. Lauderdale, Florida; Wakefield, Massachusetts; and San Jose and Walnut Creek, California. For additional information about Allin, visit the Company’s Internet sites on the World Wide Web at http://www.allin.com, http://www.codelabtech.com and http://www.sharepointhosting.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the safe harbors created thereby. These forward-looking statements are based on current expectations and projections about future events and financial trends. The words “expect” and similar words, phrases or expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. The forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among other things, a concentration in the Company’s revenue from certain services and clients, a limited backlog, the Company’s ability to expand its markets, limited financial resources, dependence on key personnel, the integration of acquired businesses and competitive market conditions. These are representative of factors which could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general domestic and international economic conditions


and credit market conditions and future incidents of terrorism or other events that may negatively impact the markets where the Company competes. The Company undertakes no obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

 

CONTACT:    Dean C. Praskach      Phone:    (412) 928-2022
   Chief Financial Officer      Telefax:    (412) 928-0225
   Allin Corporation      E-mail:    Dean.Praskach@allin.com


ALLIN CORPORATION & SUBSIDIARIES

SELECTED FINANCIAL DATA

(Dollars in thousands, except for per share data)

The selected financial data for each of the periods ended September 30, 2008 and 2007, presented below, have been derived from the consolidated financial statements of the Company.

 

     Three Months Ended     Nine Months Ended  
     September 30,
2008
    September 30,
2007
    September 30,
2008
    September 30,
2007
 
     Unaudited     Unaudited     Unaudited     Unaudited  

Revenue

        

Consulting Services

   $ 4,186     $ 4,405     $ 13,420     $ 13,287  

System Integration

     954       782       6,074       3,610  

Information System Product Sales

     195       162       860       788  

Other Services

     570       333       1,665       963  
                                

Total revenue

     5,905       5,682       22,019       18,648  

Cost of sales

     2,733       2,534       10,349       8,649  
                                

Gross profit

     3,172       3,148       11,670       9,999  

Selling, general & administrative

     3,198       2,769       9,769       8,046  

Loss (gain) on disposal of assets

     -0-       -0-       3       (1 )

Depreciation & amortization

     283       184       728       448  
                                

Total selling, general and administrative

     3,481       2,953       10,500       8,493  
                                

(Loss) income from operations

     (309 )     195       1,170       1,506  

Miscellaneous Income

     -0-       -0-       (609 )     -0-  

Interest expense, net

     28       28       98       72  

(Benefit from) provision for income taxes

     (1 )     (1,037 )     208       (964 )
                                

Net (loss) income

     (336 )     1,204       1,473       2,398  

Dividends on preferred stock

     389       366       1,140       1,071  
                                

Net (loss) income attributable to common shareholders

   $ (725 )   $ 838     $ 333     $ 1,327  
                                

(Loss) income per common share – basic

   $ (0.09 )   $ 0.11     $ 0.04     $ 0.17  
                                

(Loss) income per common share – diluted

   $ (0.09 )   $ 0.07     $ 0.04     $ 0.12  
                                

Weighted average shares outstanding – basic

     8,421,819       7,828,981       8,345,177       7,828,981  
                                

Weighted average shares outstanding – diluted

     8,421,819       12,343,961       12,874,615       12,323,341  
                                


     September 30, 2008    December 31, 2007
     Unaudited    Audited
Balance Sheet      

Current Assets:

     

Cash and Cash Equivalents

   $ 634    $ 900

Other Current Assets

     8,206      7,999
             

Total Current Assets

     8,840      8,899

Other Assets

     10,336      9,845
             

Total Assets

   $ 19,176    $ 18,744
             

Current Liabilities

     

Bank Line of Credit

     2,050      820

Other Current Liabilities

     4,666      6,595

Other Liabilities

     4,698      4,072

Shareholders’ Equity

     7,762      7,257
             

Total Liabilities and Shareholders’ Equity

   $ 19,176    $ 18,744
             
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