-----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, GhjLD+f9PAt75qkUVbGh67Teq/z41daah4hcz/5gbKCj1Vm+ms2dJkxyfxL4VJIb pFF0UOSivd4g59RMbeXSYg== 0001188112-07-002608.txt : 20070822 0001188112-07-002608.hdr.sgml : 20070822 20070821193614 ACCESSION NUMBER: 0001188112-07-002608 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070821 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070822 DATE AS OF CHANGE: 20070821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOTRAC CORP CENTRAL INDEX KEY: 0001051114 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 581592285 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23741 FILM NUMBER: 071071904 BUSINESS ADDRESS: STREET 1: 6655 SUGARLOAF PARKWAY CITY: DULUTH STATE: GA ZIP: 30097 BUSINESS PHONE: 678-584-4000 MAIL ADDRESS: STREET 1: 1828 MECA WAY CITY: NORCROSS STATE: GA ZIP: 30093 8-K 1 t60332_8k.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) August 21, 2007
 

INNOTRAC CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Georgia
(State or Other Jurisdiction of Incorporation)
 
 
000-23741
58-1592285
(Commission File Number)
(IRS Employer Identification No.)
   
6655 Sugarloaf Parkway Duluth, Georgia
30097
(Address of Principal Executive Offices)
 (Zip Code)
 
 
(678) 584-4000
(Registrant's Telephone Number, Including Area Code)

Not Applicable 
(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):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o 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 August 21, 2007, Innotrac Corporation ("Innotrac") issued a press release to announce its financial results for the second quarter ended June 30, 2007. A copy of the press release is attached as Exhibit 99.1.

The information in this Report, including the Exhibit attached hereto, is furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
 

(d) Exhibits  
       
  Exhibit No. Description  
       
  99.1
Innotrac Corporation press release dated August 21, 2007, announcing Innotrac's financial results for the second quarter ended June 30, 2007 (furnished pursuant to Item 2.02 of this Form 8-K).
 
 
 
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 hereunto duly authorized.

    INNOTRAC CORPORATION  
         
    By: /s/ Scott D. Dorfman  
     
Scott D. Dorfman
  
     
Chairman, President and Chief Executive Officer

Date: August 21, 2007

 
 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
 
Courtesy of PR Newswire Complimentary Monitoring
 
PRESS RELEASE: Innotrac Corporation Announces 2007 Second Quarter Results
 
[ Dow Jones & Company, Inc.  ·  2007-08-21 ]
 
ATLANTA, Aug. 21 /PRNewswire-FirstCall/ -- Innotrac Corporation (Nasdaq: INOC) announced financial results today for the second quarter ended June 30, 2007. The Company reported revenues of $28.1 million for the quarter versus $16.6 million reported in the comparable period in 2006, an increase of 69.2%. The increase in revenue was primarily attributed to the addition of several new retail/catalog clients and additional revenue resulting from clients acquired in the ClientLogic acquisition in October, 2006. The Company reported a net profit of $45,000, or $0.0 per share, for the three months ended June 30, 2007, versus a net loss of $834,000 million, or $0.07 per share, in the comparable period of 2006.
 
Conference Call
 
Innotrac Corporation will hold a conference call on Wednesday afternoon at 4: 30 PM Eastern Time to discuss this release. During the conference call, Scott Dorfman, President and Chief Executive Officer, will discuss Innotrac's quarterly results, business highlights and other business and financial matters affecting the Company. Investors can listen to the conference call live by dialing 1-877-569-0972 (Conference ID: 14175584) or by logging on to www.innotrac.com and clicking on "Webcasts and Presentations" in the "Investor Relations" section. The Webcast will be archived and available at the same Web address. Additionally, a 48-hour audio playback will be available at 1-800- 642- 1687 (Conference ID: 14175584).
 
Innotrac 
 
Innotrac Corporation, founded in 1984 and based in Atlanta, Georgia, is a full-service fulfillment and logistics provider serving enterprise clients and world-class brands. The Company employs sophisticated order processing and warehouse management technology and operates ten fulfillment centers and two call centers in seven cities spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Web site, www.innotrac.com.
 
Information contained in this press release, other than historical information, may be considered forward-looking in nature. Forward-looking statements in this press release include our expectations for future progress in our business and future generation of cash flows. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac's operating results, performance or financial condition are competition, the demand for Innotrac's services, Innotrac's ability to retain its current clients and attract new clients, realization of expected revenues from new clients, the state of the telecommunications and direct response industries in general, changing technologies, Innotrac's ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac's 2006 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission. Innotrac disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.
 

INNOTRAC CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

   
Three Months Ended
  
   
June 30,
  
   
(Unaudited)
  
   
2007
  
2006
  
           
Revenues
  
$
28,054
  
$
16,577
  
Cost of revenues
    
15,793
    
7,980
  
Selling, general and administrative expenses
    
10,737
    
8,478
  
Depreciation and amortization
    
1,317
    
862
  
Total operating expenses
    
27,847
    
17,320
  
Operating (loss)
    
207
    
(743
)
Interest expense
    
162
    
91
  
Total other expense
    
162
    
91
  
(Loss) before income taxes
    
45
    
(834
)
Income tax (benefit)
    
-
    
-
  
Net (loss)
  
$
45
  
$
(834
)
               
Earnings per share:
              
Basic
  
$
0.00
  
$
(0.07
)
Diluted
  
$
0.00
  
$
(0.07
)
               
Weighted average shares outstanding:
              
Basic
    
12,282
    
12,281
  
Diluted
    
12,283
    
12,281
  

Note: These statements should be read in conjunction with the Company's Form 10-K filed with the Securities and Exchange Commission on April 17, 2007.


 
INNOTRAC CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)

   
June 30,
  
December 31,
  
   
2007
  
2006
  
 
  
(Unaudited)
  
(Audited)
  
           
ASSETS
              
Current Assets:
              
Cash
  
$
545
  
$
1,014
  
Accounts receivable (net of allowance for doubtful accounts of $230 at June 30, 2007 and $257 at December 31, 2006)
    
20,064
    
22,939
  
Inventory
    
1,084
    
1,729
  
Prepaid expenses and other
    
1,449
    
1,088
  
Total current assets
    
23,142
    
26,770
  
               
               
Property and equipment, net of Depreciation
    
18,024
    
17,836
  
Goodwill
    
25,169
    
25,169
  
Other assets, net
    
1,440
    
1,765
  
               
Total assets
  
$
67,775
  
$
71,540
  
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Current Liabilities:
              
Accounts payable
  
$
11,891
  
$
14,363
  
Line of credit
    
9,004
    
8,586
  
current liabilities
    
4,205
    
4,981
  
Total current liabilities
    
25,100
    
27,930
  
               
Non-current Liabilities:
              
Other non-current liabilities
    
1,229
    
1,576
  
Total non-current liabilities
    
1,229
   
1,576
  
               
Total shareholders' equity
    
41,446
    
42,034
  
               
Total liabilities and shareholders' equity
  
$
67,775
  
$
71,540
  

Note: These statements should be read in conjunction with the Company's Form 10-K filed with the Securities and Exchange Commission on April 17, 2007.

 
INNOTRAC CORPORATION
Condensed Consolidated Statements of Cash Flows
(in thousands)

   
Three Months Ended
  
   
June 30,
  
   
(Unaudited)
  
   
2007
  
2006
  
CASH FLOWS FROM OPERATING ACTIVITIES:
              
Net loss
  
$
(749
)
$
(2,112
)
Adjustments to net loss:
              
Depreciation and amortization
    
2,602
    
1,683
  
Provision for bad debts
    
(21
)
  
74
  
Stock option expense
    
162
    
63
  
Changes in working capital:
              
Accounts receivable, gross
    
2,896
    
(1,987
)
Inventory
    
645
    
1,742
  
Prepaid assets and other current assets
    
(329
)
  
(200
)
Accounts payable and accrued Expenses
    
(2,546
)
  
(2,284
)
Cash provided by (used in) operating activities
    
2,660
    
(3,021
)
               
CASH FLOWS FROM INVESTING ACTIVITIES:
              
Capital expenditures
    
(2,737
)
  
(5,418
)
Installment payment on previous acquisition of business
    
(800
)
  
-
  
Cash (used in) investing activities
    
(3,537
)
  
(5,418
)
               
CASH FLOWS FROM FINANCING ACTIVITIES:
              
Net borrowings under line of credit
    
418
    
7,398
  
Loan commitment fees
    
(10
)
  
(20
)
Cash provided by (used in) provided by financing activities
    
408
    
7,378
  
               
Net (decrease) in cash
    
(469
)
  
(1,061
)
Cash, beginning of period
    
1,014
    
2,068
  
Cash, end of period
  
$
545
  
$
1,007
  

Note: These statements should be read in conjunction with the Company's Form 10-K filed with the Securities and Exchange Commission on April 17, 2007.
 
SOURCE  Innotrac Corporation
 
/CONTACT: Brooke Thornton of Innotrac Corporation, +1-678-584-4070, bthornton@innotrac.com 
 
/Web site: http://www.innotrac.com 

 
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