-----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, QKG6IhndXrPY/6lYcdSy/gQmK7GGfUj6x7wLKssgoaIPEB7JNV86kd3ZcWG8Cd5X FC3KaHdYk95ZteBzqkdn+g== 0001144204-05-026991.txt : 20050825 0001144204-05-026991.hdr.sgml : 20050825 20050825110149 ACCESSION NUMBER: 0001144204-05-026991 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050825 FILED AS OF DATE: 20050825 DATE AS OF CHANGE: 20050825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SuperCom Ltd. CENTRAL INDEX KEY: 0001291855 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50790 FILM NUMBER: 051047649 BUSINESS ADDRESS: STREET 1: PO BOX 2094 CITY: RA STATE: L3 ZIP: 43665 BUSINESS PHONE: 972-9-775-0800 MAIL ADDRESS: STREET 1: PO BOX 2094 CITY: RA STATE: L3 ZIP: 43665 6-K 1 v024761_6k.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

Dated: August 25, 2005

SUPERCOM LTD.

Millennium Bldg.
3 Tidhar Street, P.O.B. 2094
Raanana 43665 Israel

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F x          Form 40-F o


Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
 
Yes o           No x


 
 
 
 
SUPERCOM LTD.
Form 6-K
TABLE OF CONTENTS
 
 
Page
   
Signatures
1
Exhibit Index
2


 
 
 


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, thereunto duly authorized.
 
     
  SUPERCOM LTD.
 
 		  
 		  
 
  By:   /s/ Eyal Tuchman
 
Eyal Tuchman
  Chief Financial Officer
   
  Date: August 25, 2005
 

 
1
 

EXHIBIT INDEX
 
Exhibit No.
  
Exhibit
     
99.1
  
Announcement dated August 25, 2005
 
 
 
2
 
 EX-99.1 2 v024761_ex99-1.htm

Exhibit 99.1
 
 


SUPERCOM REPORTS FINANCIAL RESULTS
FOR THE SECOND QUARTER OF 2005

-- Revenues Up 84% YOY for 3rd Consecutive Quarter of Substantial YOY Growth.
-- 1st Homeland Security Deployment Complete.

New York, NY, and Ra’anana, Israel, August 25, 2005 - SuperCom Ltd. (OTCBB: SPCBF.OB; Euronext: SUP), a leading provider of smart card and electronic identification (e-ID) solutions, today announced unaudited financial results for the second quarter ended June 30, 2005.

Financial Results 

Revenues for the second quarter of 2005 increased by 84% to $2,160,000 compared to $1,173,000 in the second quarter of 2004, marking the Company’s third consecutive quarter of substantial YOY quarterly revenue growth. Net loss for the period according to U.S. GAAP was ($1,545,000), or ($0.08) per diluted share, compared to ($880,000), or ($0.07) per diluted share, for the second quarter of 2004. The higher loss resulted primarily from $496,000 in one-time expenses related to cost-cutting measures implemented by the Company. Excluding these expenses, the Company’s non-U.S. GAAP net loss for the second quarter of 2005 was ($1,049,000), or ($0.06) per diluted share. Management believes that it is useful to investors to present net loss excluding the $496,000 of expenses related to the cost-cutting measures because of the one-time nature of these expenses.

Revenues for the first half of 2005 increased by 93% to $4,788,000 compared with $2,484,000 for the first half of 2004. Net loss for the period according to U.S. GAAP was ($2,135,000), or ($0.12) per diluted share, compared to ($1,660,000), or ($0.13) per diluted share, for the first half of 2004. Excluding the aforementioned expenses, the Company’s non-U.S. GAAP net loss for the first half of 2005 was ($1,639,000), or ($0.09) per diluted share.

Use of Non-GAAP Financial Measures

This press release contains certain financial measures related to one-time expenses totaling $496,000 that are associated with cost-cutting measures implemented by the Company which are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). Management believes that it is useful to investors to present net loss excluding the $496,000 of expenses because of their one-time, non-recurring nature. A reconciliation of the Company’s results is presented through the two Consolidated Statements of Operations provided with this press release: the first Condensed Consolidated Statements of Operations includes the effect of the one-time $496,000 in expenses related to the Company’s cost-cutting measures and was prepared in accordance with GAAP, and the second Pro Forma Condensed Consolidated Statements of Operations excludes the effect of these expenses on all reported periods and was not prepared in accordance with GAAP. These non-GAAP financial measures should not be viewed as a substitute for comparable GAAP financial measures.

3

Primary Business Developments

 
·
National Registry/e-ID: continued growth in demand for National Registry and e-ID solutions as demonstrated by multi-year agreements and extensions signed recently with government customers.

 
·
Homeland Security: implementation complete of the Company’s Smart DSMS (Disaster Site Management System) “First Responder” Homeland Security solution in Columbus, Ohio. Smart DSMS is the industry’s first disaster recovery system to meet the requirements of Homeland Security Presidential Directives (HSPD) 5 and 8 for management of domestic incidents and national preparedness.

 
·
Cashless payment environment/e-living: first sale of Supercom’s pioneering e-Living Secure Access solution to major land developer in Macao, China for use in high-rise residential towers.

Comments of Management

Commenting on the results, Mr. Avi Schechter, CEO of SuperCom, said, “We are pleased to deliver a third consecutive quarter of strong year-over-year revenue growth, reflecting the continued ramp-up of long-term e-ID and National Registry deals and initial revenues from our first Homeland Security project. Significant new agreements and follow-on orders have built the total of our revenues over the past three quarters to a record $8.2 million, more than double the revenues achieved in the previous three quarters.

“We have recently adopted a strategic reorganization plan with the goal of expanding our leadership in our three key markets: Homeland Security, e-ID and the cashless payment environment. These are all early-stage markets with exciting growth potential, and we believe that Supercom, with its superior products and a proven implementation track record, is ideally positioned to benefit. With rising demand in our markets and a strong backlog of recurring revenues, we remain optimistic regarding our growth prospects.”

Guidance

With expected recurring revenues of $7-8 million associated with existing contracts, the Company expects total 2005 revenues at least as high as those recorded in 2004, with similar operating margins.


About SuperCom:

SuperCom, Ltd. provides innovative solutions in smart-card and e-ID technologies to the commercial and government sectors.  The Company offers a wide range of standard and customized smart-card-based solutions for physical and logical security, education, corrections facilities and air & seaports.  It is also a leader in the manufacturing of secure and durable documents such as national identity cards, passports, visas, drivers’ licenses and vehicle registration to improve homeland security, governmental efficiency and document ease of use. Headquartered in Israel, SuperCom has subsidiaries in the US and Hong Kong.  For more information, visit our website at www.supercomgroup.com.

Safe Harbor:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. For example, Mr. Schecter’s statements regarding our strategic reorganization plan and our statements as to guidance for 2005 are forward-looking statements. Forward-looking statements in this release also include statements about business and economic trends.
You should consider the areas of risk described under the heading “Forward Looking Statements” and those factors captioned as “Risk Factors” in our periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by us and our businesses generally,
 
4
 
All information in this release is as of August 25, 2005. Except for our ongoing obligation to disclose material information under the federal securities laws, the Company undertakes no duty to update any forward-looking statement to reflect subsequent events, actual results or changes in the Company's expectations. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.

This press release and other releases are available on www.supercomgroup.com.

Contact:
Eyal Tuchman, CFO  
SuperCom, Ltd.  
+972 9 775 0800
eyalt@supercomgroup.com


5

 
FOR IMMEDIATE RELEASE
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands


   
December 31,
  
June 30,
  
   
2004
  
2005
  
       
Unaudited
  
ASSETS
              
               
CURRENT ASSETS:
              
Cash and cash equivalents
  
$
2,894
  
$
1,344
  
Short-term deposit
    
1,482
    
1,070
  
Trade receivables
   
1,463
    
1,435
  
Other accounts receivable and prepaid expenses
    
1,250
    
885
  
Inventories
    
2,165
    
2,359
  
               
Total current assets
    
9,254
    
7,093
  
               
LONG-TERM INVESTMENTS:
              
Long term trade receivables
    
247
    
185
  
Investment in an affiliate
    
275
    
275
  
Severance pay fund
   
428
    
477
  
               
Total long-term investments
    
950
    
937
  
               
PROPERTY AND EQUIPMENT, NET
   
3,641
    
3,252
  
               
OTHER ASSETS
    
93
    
81
  
               
   
$
13,938
  
$
11,363
  

6

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands


   
December 31,
  
June 30,
  
   
2004
  
2005
  
       
Unaudited
  
           
LIABILITIES AND SHAREHOLDERS' EQUITY
              
               
CURRENT LIABILITIES:
              
Short-term bank credit and current maturities of long-term loan
  
$
1,022
  
$
859
  
Trade payables
    
1,135
    
778
  
Employees and payroll accruals
    
357
    
401
  
Accrued expenses and other liabilities
   
1,745
    
1,106
  
               
Total current liabilities
    
4,259
    
3,144
  
               
LONG-TERM LIABILITIES:
              
Long-term loan, net of current maturities
   
-
    
277
  
Accrued severance pay
    
564
    
606
  
               
Totallong-term liabilities
    
564
    
883
  
               
               
Shareholders' equity
    
9,115
    
7,336
  
               
   
$
13,938
  
$
11,363
  


7

CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share data)
 
   
Six months ended
June 30,
  
Three months ended
June 30,
  
   
2004
  
2005
  
2004
  
2005
  
   
Unaudited
  
                   
Revenues
  
$
2,484
  
$
4,788
  
$
1,173
  
$
2,160
  
Cost of revenues
    
1,564
    
2,462
    
738
    
1,211
  
                           
Gross profit
   
920
    
2,326
    
435
    
949
  
                           
Operating expenses:
                          
Research and development
    
377
    
726
    
183
    
378
  
Selling and marketing
    
1,129
    
1,739
    
572
    
779
  
General and administrative
    
944
    
1,500
    
441
    
858
  
Restructuring expenses
    
-
    
496
    
-
    
496
  
                           
Total operating expenses
    
2,450
    
4,461
    
1,196
    
2,511
  
                           
Operating loss
    
1,530
    
2,135
    
761
    
1,562
  
Financial expenses (income), net
    
77
    
(6
)
  
70
    
(23
)
Other expenses, net
    
53
    
6
    
49
    
6
  
                           
Net loss
  
$
1,660
  
$
2,135
  
$
880
  
$
1,545
  
                           
                           
Basic and diluted net loss per share
  
$
(0.13
)
$
(0.12
)
$
(0.07
)
$
(0.08
)
                           
Weighted average number of Ordinary shares used
in computing basic and diluted net loss per share
    
12,949,070
    
18,260,150
    
12,966,872
    
18,346,140
  


8

* PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share data)
 
   
Six months ended
June 30,
  
Three months ended
June 30,
  
   
2004
  
2005
  
2004
  
2005
  
   
Unaudited
  
                   
Revenues
  
$
2,484
  
$
4,788
  
$
1,173
  
$
2,160
  
Cost of revenues
    
1,564
    
2,462
    
738
    
1,211
  
                           
Gross profit
   
920
    
2,326
    
435
    
949
  
                           
Operating expenses:
                          
Research and development
    
377
    
726
    
183
    
378
  
Selling and marketing
    
1,129
    
1,739
    
572
    
779
  
General and administrative
    
944
    
1,500
    
441
    
858
  
                           
Total operating expenses
    
2,450
    
3,965
    
1,196
    
2,015
  
                           
Operating loss
    
1,530
    
1,639
    
761
    
1,066
  
Financial expenses (income), net
    
77
    
(6
)
  
70
    
(23
)
Other expenses, net
    
53
    
6
    
49
    
6
  
                           
Net loss
  
$
1,660
  
$
1,639
  
$
880
  
$
1,049
  
                           
                           
Basic and diluted net loss per share
  
$
(0.13
)
$
(0.09
)
$
(0.07
)
$
(0.06
)
                           
Weighted average number of Ordinary shares used
in computing basic and diluted net loss per share
    
12,949,070
    
18,260,150
    
12,966,872
    
18,346,140
  
 
 
The Pro-Forma Consolidated Statements of Operations for the periods ended June 30, 2005 exclude restructuring expenses totaling $496,000.
 
To supplement our condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), the Company is providing an additional measure of operating results excluding certain expenses. The above Pro-Forma information is for informational purposes only. The Company believes that this non-GAAP financial measure is useful to investors because of the one-time, non-recurring nature of the expenses. It is not prepared in accordance with Generally Accepted Accounting Principles in the United States (US GAAP) and should not be considered as a substitute for our historical financial information prepared in accordance with GAAP.


9


CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
   
Six months ended
June 30,
  
Three months ended
June 30,
  
   
2004
  
2005
  
2004
  
2005
  
   
Unaudited
  
Cash flows from operating activities:
                          
Net loss
  
$
(1,660
)
$
(2,135
)
$
(880
)
$
(1,545
)
Adjustments to reconcile net loss to net cash used in
operating activities:
                          
Depreciation and amortization
    
167
    
654
    
81
   
567
  
Accrued severance pay, net
   
6
    
(7
)
  
(3
)
  
(5
)
Amortization of deferred stock compensation
    
5
    
38
    
1
    
5
  
Decrease (increase) in trade receivables
    
69
    
90
    
(126
)
  
-
  
Decrease (increase) in other accounts receivable
and prepaid expenses
    
(199
)
  
365
    
(314
)
  
325
  
Decrease (increase) in inventories
    
330
    
(194
)
  
50
    
(34
)
Increase (decrease) in trade payables
    
(52
)
  
(357
)
  
187
    
(363
)
Increase (decrease) in employees and payroll
accruals
    
56
    
44
    
(15
)
  
(118
)
Increase (decrease) in accrued expenses and other
liabilities
    
(162
)
  
(516
)
  
207
    
222
  
Loss from sale of Marketable Securities
    
7
    
-
    
7
    
-
  
Others
    
-
    
-
    
2
    
-
  
                           
Net cash used in operating activities
    
(1,433
)
  
(2,018
)
  
(803
)
  
(946
)
                           
Cash flows from investing activities:
                          
Purchase of property and equipment
    
(257
)
  
(253
)
  
(100
)
  
(84
)
Purchase of other asset
    
(28
)
  
-
    
(28
)
  
-
  
Investment in short-term deposit
    
842
    
412
    
541
    
281
  
Proceeds from redemption of marketable debt
securities
    
110
    
-
    
2
    
-
  
                           
Net cash provided by (used in) investing activities
    
667
    
159
    
415
    
197
  
                           
Cash flows from financing activities:
                          
Short-term bank credit, net
    
(555
)
  
(16
)
  
(212
)
  
(24
)
Proceeds from long-term loan
    
400
    
500
    
400
    
-
  
Issuance expenses related to conversion of loan into
shares
    
(1
)
  
-
    
-
    
-
  
Proceeds from payable on account of shares
    
775
    
-
    
775
    
-
  
Proceed from exercise of warrant and options, net
    
-
    
195
    
-
    
(98
)
Principal payment of long-term loan
    
(237
)
  
(370
)
  
(119
)
  
(221
)
                           
Net cash provided by (used in) financing activities
    
382
    
309
    
844
    
(343
)
                           
Decrease in cash and cash equivalents
    
(384
)
  
(1,550
)
  
456
    
(1,092
)
Cash and cash equivalents at the beginning of the period
    
1,912
    
2,894
    
1,072
    
2,436
  
                           
Cash and cash equivalents at the end of the period
  
$
1,528
  
$
1,344
  
$
1,528
  
$
1,344
  
                           
Supplemental disclosure of cash flows information:
                          
Cash paid during the period for:
                          
Interest
  
$
69
  
$
50
  
$
29
  
$
27
  
Supplemental disclosure of non-cash investing activities:
                          
Transfer of inventory to property and equipment
  
$
70
  
$
-
  
$
-
  
$
-
  
Conversion of loan to ordinary shares
  
$
25
  
$
-
  
$
-
  
$
-
  
 
 
 
 
10
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