-----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, TC3oiZZAzZAFbK5whuPWnLnSzKW+MY8utSHlCT9YqCYwR8CWNJkLQpDeUpD3gZ4r ENYxp7ApmNPJxc/gW3/I2Q== 0001178913-10-002549.txt : 20100930 0001178913-10-002549.hdr.sgml : 20100930 20100930100738 ACCESSION NUMBER: 0001178913-10-002549 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20100930 DATE AS OF CHANGE: 20100930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vuance 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: 001-33668 FILM NUMBER: 101098027 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 FORMER COMPANY: FORMER CONFORMED NAME: SuperCom Ltd. DATE OF NAME CHANGE: 20040526 6-K 1 zk1008841.htm 6-K zk1008841.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of September, 2010
 
 
VUANCE LTD.
(Translation of registrant’s name into English)
 
 
Sagid House “Hasharon Industrial Park”
P.O. Box 5039
Qadima 60920, ISRAEL
(Address of principal executive office)
 
 
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  ¨
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨
 
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  ¨        No  x
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             

 
 
 

First Quarter 2010 Results

Vuance Ltd. (the “Company”), a leading provider of Radio Frequency Verification Solutions, including active radio frequency identification equipment (“Active RFID”), completed its unaudited financial statements for the first quarter period ending March 31, 2010.

As reported in the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on July 23, 2010, during the quarter ended March 31, 2010, the Company and its wholly-owned subsidiary, Vuance, Inc., completed the sale of certain assets and liabilities related to the Company’s electronic access control market and Government Services Division, which included its Critical Situation Management System and Credentialing suites.  Following the divestiture, the Company has focused its sales and marketing efforts on its core competencies, which include Active RFID technology and its PureRFid Suite, and on servicing existing projects, such as the agreement with a European country to provide an end-to-end system for a national multi-ID issuing and control system.

First Quarter 2010 Selected Unaudited Financial Results

Revenues from continuing operations for the quarter ended March 31, 2010 decreased 56% to $1.3 million from $2.9 million in the first quarter of 2009.  The decrease was largely driven by a decrease in revenues from the European International Airport Project, which were fully recognized through December 31, 2009.

Gross profit from continuing operations decreased 43% to $0.9 million for the first quarter compared to $1.6 million for the prior-year first quarter.  Gross profit margin for the quarter was 71% compared to 55% in the first quarter of 2009.  The increase in gross profit margins was due to a shift in the Company’s mix of revenues.

Total operating expenses from continuing operations for the quarter decreased 29% to $1.4 million, compared to $2.0 million for the first quarter of 2009.  The Company reported a loss from continuing operations for the quarter of $519,000, compared to a $401,000 loss from continuing operations for the prior-year first quarter.  The net loss from continuing operations for the quarter was $679,000, or $0.12 per basic and diluted share (based on 5.7 million weighted average shares), compared to a net loss from continuing operations of $508,000, or $0.10 per basic and diluted share (based on 5.3 million shares), for the first quarter of 2009.

The Company's financial results have been prepared on a going concern basis, which presumes the realization of assets and the settlement of liabilities in the normal course of operations.  The application of the going concern basis is dependent upon the Company having sufficient available cash resources and achieving profitable operations to generate sufficient cash flows to fund continued operations.  Should the Company fail to generate sufficient cash flows from operations, it will require additional financing to remain a going concern.  The reported financial results are in accordance with generally accepted accounting principles, or GAAP.
 
 
 
 
 
VUANCE LTD.
CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2010
 
   
Mar-31
    
Dec-31
  
   
2010
    
2009
    
2009
  
   
Unaudited
    
Audited
  
   
U.S. dollars in thousands
  
ASSETS
                  
                   
CURRENT ASSETS:
                  
   Cash and cash equivalents
     607       226       656  
   Restricted cash deposits
     130       1,300       330  
   Trade receivables, net
     706       1,173       857  
   Other accounts receivable and prepaid expenses
     233       664       315  
   Inventories, net
     200       920       82  
  Assets attributed to discontinued operations
     -       -       1,996  
Total current assets
     1,876       4,283       4,236  
                         
SEVERANCE PAY FUND
     295       238       283  
                         
PROPERTY AND EQUIPMENT, NET
     144       213       157  
                         
OTHER ASSETS:
                        
   Goodwill
     -       685       -  
   Intangible assets and deferred charges, net
     -       1,443       6  
Total other assets
     -       2,128       6  
                         
Total assets
     2,315       6,862       4,682  
 
 
 
 
 
VUANCE LTD.
CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2010
 
   
Mar-31
    
Dec-31
  
   
2010
    
2009
    
2009
  
   
Unaudited
    
Audited
  
   
U.S. dollars in thousands
  
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
        
                   
CURRENT LIABILITIES:
                  
   Short-term bank credit
     70       270       -  
   Trade payables
     944       1,470       982  
   Employees and payroll accruals
     195       306       462  
   Accrued expenses and other liabilities
     3,021       3,800       2,859  
   Convertible bonds
     587       3,157       430  
   Liabilities attributed to discontinued operations
     -       -       1,599  
Total current liabilities
     4,817       9,003       6,332  
                         
LONG-TERM LIABILITIES:
                        
    Convertible bonds
     2,469       -       2,624  
    Long-term loan and others
     1,826       142       1,693  
    Accrued severance pay
     322       294       304  
Total long-term liabilities
     4,617       436       4,621  
                         
SHAREHOLDERS' EQUITY (DEFICIT):
                        
   Ordinary shares
     89       85       89  
   Additional paid-in capital
     41,029       40,576       41,019  
   Accumulated deficit
     (48,237 )     (43,238 )     (47,379 )
Total shareholders' equity (deficit)
     (7,119 )     (2,577 )     (6,271 )
                         
Total liabilities and shareholders' equity (deficit)
     2,315       6,862       4,682  
 
 
 
 
 
 
VUANCE LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2010
 
 
 
   
3 months ended
    
year ended
  
   
Mar-31
    
Dec-31
  
   
2010
    
2009
    
2009
  
   
Unaudited
    
Audited
  
   
U.S. dollars in thousands, except share data
  
                   
REVENUES
     1,293       2,934       9,304  
COST OF REVENUES
     374       1,317       3,365  
                         
GROSS PROFIT
     919       1,617       5,939  
                         
OPERATING EXPENSES:
                        
   Research and development
     135       210       898  
   Selling and marketing
     805       1,529       5,131  
   General and administrative
     498       279       1,778  
Total operating expenses
     1,438       2,018       7,807  
                         
OPERATING LOSS
     (519 )     (401 )     (1,868 )
                         
FINANCIAL EXPENSES, NET
     (149 )     (101 )     (620 )
LOSS BEFORE TAXES ON INCOME
     (668 )     (502 )     (2,488 )
                         
TAXES ON INCOME
     (11 )     (6 )     (71 )
NET LOSS FROM CONTINUING OPERATIONS
     (679 )     (508 )     (2,559 )
LOSS FROM DISCONTINUED OPERATIONS
     (179 )     (432 )     (2,526 )
                         
NET LOSS FOR THE PERIOD
     (858 )     (940 )     (5,085 )
                         
                         
LOSS PER SHARE BASIC AND DILUTED:
                  
   Loss from continuing operations
     (0.12 )     (0.10 )     (0.46 )
   Loss from discontinued operations
     (0.03 )     (0.08 )     (0.46 )
Net loss per share
     (0.15 )     (0.18 )     (0.92 )
                         
Weighted average number of ordinary shares used in computing basic and diluted loss per share
     5,724,421       5,273,207       5,511,948  
 
 
 
 
 
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.
 
 
Vuance Ltd.
(formerly, SuperCom Ltd.)
     
 
By:  
/s/ Ron Peer                                     
 
Name: Ron Peer
 
Title: Chief Executive Officer

Date: September 30, 2010­­­­
 
 
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