INNOTRAC CORPORATION
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(Exact Name of Registrant as Specified in Charter)
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Georgia
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(State or Other Jurisdiction of Incorporation)
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000-23741
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58-1592285
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(Commission File Number)
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(IRS Employer Identification No.)
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6465 East Johns Crossing
Johns Creek, GA
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30097
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(Address of Principal Executive Offices)
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(Zip Code)
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(678) 584-4000
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(Registrant’s Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit No.
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Description
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99.1
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Innotrac Corporation press release dated March 28, 2013, announcing Innotrac’s financial results for the fourth quarter and year ended December 31, 2012 (furnished pursuant to Item 2.02 of this Form 8-K).
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INNOTRAC CORPORATION
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/s/ Scott D. Dorfman
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Date: March 28, 2013
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Scott D. Dorfman
President, Chairman and Chief Executive Officer
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INNOTRAC CORPORATION
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Condensed Consolidated Statements of Operations
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(in thousands, except per share amounts)
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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(Unaudited)
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(Unaudited)
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2012
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2011
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2012
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2011
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Service revenue
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$ | 30,149 | $ | 23,444 | $ | 94,006 | $ | 74,943 | ||||||||
Freight revenue
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4,735 | 2,140 | 13,688 | 9,741 | ||||||||||||
Total revenue
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34,884 | 25,584 | 107,694 | 84,684 | ||||||||||||
Cost of service revenues
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16,787 | 12,703 | 47,113 | 36,211 | ||||||||||||
Freight expense
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4,511 | 2,085 | 13,150 | 9,642 | ||||||||||||
Selling, general and
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administrative expenses
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11,035 | 9,611 | 39,966 | 36,802 | ||||||||||||
Depreciation and amortization
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988 | 842 | 3,699 | 3,380 | ||||||||||||
Total operating expenses
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33,321 | 25,241 | 103,928 | 86,035 | ||||||||||||
Operating income (loss)
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1,563 | 343 | 3,766 | (1,351 | ) | |||||||||||
Interest expense
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80 | 48 | 292 | 186 | ||||||||||||
Other expense
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(1 | ) | 1 | (1 | ) | 3 | ||||||||||
Total other expense
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79 | 49 | 291 | 189 | ||||||||||||
Income (loss) before income taxes and
noncontrolling interest in net loss
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1,484 | 294 | 3,475 | (1,540 | ) | |||||||||||
Income tax
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- | - | - | - | ||||||||||||
Noncontrolling interest in net loss
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1 | - | 1 | 2 | ||||||||||||
Net income (loss) attributable to Innotrac
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$ | 1,485 | $ | 294 | $ | 3,476 | $ | (1,538 | ) | |||||||
Earnings per share:
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Basic
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$ | 0.11 | $ | 0.02 | $ | 0.27 | $ | (0.12 | ) | |||||||
Diluted
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$ | 0.11 | $ | 0.02 | $ | 0.27 | $ | (0.12 | ) | |||||||
Weighted average shares
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outstanding:
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Basic
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13,170 | 13,035 | 13,063 | 12,940 | ||||||||||||
Diluted
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13,170 | 13,035 | 13,063 | 12,940 |
INNOTRAC CORPORATION
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Condensed Consolidated Balance Sheets
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(in thousands)
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December 31, 2012
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December 31, 2011
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ASSETS
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(Unaudited)
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Current Assets:
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Cash
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$ | 4,005 | $ | 3,283 | ||||
Accounts receivable (net of allowance for doubtful accounts of $136 at December 31, 2012 and $97 at December 31, 2011)
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23,216 | 16,977 | ||||||
Inventory
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740 | 743 | ||||||
Prepaid expenses and other
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1,107 | 1,066 | ||||||
Total current assets
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29,068 | 22,069 | ||||||
Property and equipment, net
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13,843 | 11,173 | ||||||
Other assets, net
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1,281 | 1,100 | ||||||
Total assets
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$ | 44,192 | $ | 34,342 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current Liabilities:
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Accounts payable
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$ | 10,409 | $ | 7,914 | ||||
Line of credit
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- | - | ||||||
Equipment loan
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1,620 | - | ||||||
Accrued expenses and other
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6,363 | 4,484 | ||||||
Total current liabilities
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18,392 | 12,398 | ||||||
Noncurrent Liabilities:
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Other non-current liabilities
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2,344 | 2,128 | ||||||
Total noncurrent liabilities
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2,344 | 2,128 | ||||||
Total shareholders' equity
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23,456 | 19,816 | ||||||
Total liabilities and shareholders' equity
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$ | 44,192 | $ | 34,342 |
INNOTRAC CORPORATION
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Condensed Consolidated Statements of Cash Flows
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(in thousands)
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Twelve Months Ended
December 31,
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(Unaudited)
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2012
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2011
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income (loss)
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$ | 3,475 | $ | (1,540 | ) | |||
Adjustments to net income (loss):
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Depreciation and amortization
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3,699 | 3,380 | ||||||
Provision for bad debts
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49 | 43 | ||||||
Gain (loss) on disposal of fixed assets
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4 | (15 | ) | |||||
Stock compensation expense-stock options
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- | 2 | ||||||
Stock compensation expense-restricted stock
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164 | 39 | ||||||
Changes in operating assets and liabilities:
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Accounts receivable, gross
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(6,288 | ) | (1,741 | ) | ||||
Inventory
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3 | 2,883 | ||||||
Prepaid assets and other
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(7 | ) | 116 | |||||
Other long-term assets
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(68 | ) | 10 | |||||
Accounts payable, accrued expenses and other
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4,015 | 2,040 | ||||||
Other long-term liabilities
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(178 | ) | 532 | |||||
Net cash provided by operating activities
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4,868 | 5,749 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Capital expenditures
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(5,292 | ) | (2,389 | ) | ||||
Proceeds from disposition of assets
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1 | 26 | ||||||
Net change in noncurrent assets and liabilities
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(9 | ) | (10 | ) | ||||
Net cash used in investing activities
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(5,300 | ) | (2,373 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Borrowings on equipment loan
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1,800 | - | ||||||
Payments on equipment loan
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(180 | ) | - | |||||
Capital lease payments
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(429 | ) | (314 | ) | ||||
Contribution from non-controlling interest
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- | 17 | ||||||
Loan commitment fees
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(37 | ) | (34 | ) | ||||
Net cash provided by (used in) financing activities
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1,154 | (331 | ) | |||||
Net (decrease) increase in cash
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722 | 3,045 | ||||||
Cash, beginning of period
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3,283 | 238 | ||||||
Cash, end of period
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$ | 4,005 | $ | 3,283 |