-----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, BaXBwp/6KQFZIONEEZQZ45g8NWS19cIBaA9dLVrfm8R6oNyYILjWfomo4aQl3YW9 ZNc8GJ2vxzrfRFfgn59YOQ== 0000930413-07-001875.txt : 20070301 0000930413-07-001875.hdr.sgml : 20070301 20070301165210 ACCESSION NUMBER: 0000930413-07-001875 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070301 DATE AS OF CHANGE: 20070301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ID SYSTEMS INC CENTRAL INDEX KEY: 0000049615 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 223270799 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15087 FILM NUMBER: 07664224 BUSINESS ADDRESS: STREET 1: ONE UNIVERSITY PLAZA CITY: HACKENSACK STATE: NJ ZIP: 07601 BUSINESS PHONE: 2016709000 MAIL ADDRESS: STREET 1: ID SYSTEMS INC STREET 2: ONE UNIVERSITY PLAZA CITY: HACKENSACK STATE: NJ ZIP: 07601 8-K 1 c47710_8k.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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): March 1, 2007 I.D. SYSTEMS, INC. (Exact Name of Registrant as Specified in Charter) DELAWARE 001-15087 22-3270799 (State Or Other (Commission (IRS Employer Jurisdiction Of File Number) Identification No.) Incorporation) ONE UNIVERSITY PLAZA, HACKENSACK, NJ 07601 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (201) 996-9000 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 March 1, 2007, I.D. Systems, Inc. (the "Registrant") issued a press release regarding results for the year ended December 31, 2006. A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this report is being furnished pursuant to Item 2.02 of Form 8-K, insofar as it discloses historical information regarding the Registrant's results of operations and financial condition as of, and for the year ended December 31, 2006. In accordance with General Instructions B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. FORWARD LOOKING STATEMENTS This Current Report on Form 8-K, including Exhibit 99.1, contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by use of terms such as "may," "will," "should," "plan," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. Forward-looking statements represent our management's judgment regarding future events. Although the Registrant believes that the expectations reflected in such forward-looking statements are reasonable, the Registrant can give no assurance that such expectations will prove to be correct. All statements other than statements of historical fact included in this Current Report on Form 8-K regarding our financial position, financial guidance, business strategy, products, markets, plans or objectives for future operations are forward-looking statements. The Registrant cannot guarantee the accuracy of the forward-looking statements, and you should be aware that the Registrant's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including the statements under the heading "Risk Factors" contained in the Registrant's filings with the Securities and Exchange Commission. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits As described above, the following Exhibit is furnished as part of this Current Report on Form 8-K: Exhibit 99.1 - Press release dated March 1, 2007 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. I.D. SYSTEMS, INC. By:/S/ NED MAVROMMATIS -------------------------------- Name: Ned Mavrommatis Title: Chief Financial Officer Date: March 1, 2007 EX-99.1 2 c47110_ex99-1.txt [I.D. Systems, Inc. Logo] Expanding the range of wireless solutions FOR IMMEDIATE RELEASE CONTACTS: FOR FINANCIAL PRESS FOR TRADE PRESS Ned Mavrommatis Greg Smith Chief Financial Officer Vice President Marketing NED@ID-SYSTEMS.COM GSMITH@ID-SYSTEMS.COM ------------------ --------------------- General Phone: 201-996-9000 General Fax: 201-996-9144 I.D. SYSTEMS REPORTS FOURTH QUARTER AND FULL YEAR 2006 FINANCIAL RESULTS Hackensack, NJ, March 1, 2007--I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of RFID-based wireless asset tracking and management solutions, today announced its unaudited financial results for the year ended December 31, 2006. Revenues increased 30.2% to a record $24.7 million from $19.0 million for 2005. The revenue growth was attributable primarily to increased sales of I.D. Systems' patented Wireless Asset Net(R) system, which utilizes radio frequency identification, or RFID, technology to control, track, monitor and analyze enterprise assets, such as industrial vehicles and equipment. Adjusted net income for 2006 was $1.4 million, or $0.13 per basic share and $0.11 per diluted share, compared to net income of $851,000, or $0.11 per basic share and $0.09 per diluted share, for 2005. Adjusted net income was calculated by adjusting GAAP net income for the impact of stock-based compensation of $3.0 million. Adjusted net income is considered non-GAAP financial information; a reconciliation of non-GAAP financial measures used in this press release to GAAP financial measures can be found in the Reconciliation of GAAP to Non-GAAP Financial Measures table included in this press release. GAAP net loss for the year ended December 31, 2006, was $1.6 million, or $.15 per basic and diluted share. "We are pleased with our overall year-over-year revenue growth," said Jeffrey Jagid, I.D. Systems' chairman and chief executive officer, "but clearly we have even higher performance goals, including a more predictable quarter-to-quarter revenue stream from more diversified sources. To that end, our mission is to drive customer benefit from our unique wireless technology, facilitate customer adoption and expansion of our solutions, and open new applications and markets for our technology, while maintaining our technical leadership. We are taking active steps to realize these goals, including the strengthening of our sales and marketing organization, as announced on February 27, 2007, with the appointment of Peter Fausel, formerly of wireless mobile computing leader LXE, as I.D. Systems' new executive vice president of sales, marketing and customer support. With our outstanding human and technical resources and our strong, blue-chip customer base, we continue to be very positive about I.D. Systems' prospects for 2007 and beyond." For the year ended December 31, 2006, cost of revenues was $13.7 million, including $35,000 attributable to stock-based compensation pursuant to the company's adoption of accounting rule SFAS 123(R), resulting in a gross profit margin of 44.6%. Selling, general and administrative (SG&A) expenses for 2006 increased to $12.9 million from $7.1 million for 2005. The increase was attributable primarily to $2.2 million of stock-based employee compensation, pursuant to the company's adoption of accounting rule SFAS 123(R), and to increased expenses related to the hiring of additional personnel to support continued company growth. Research and development (R&D) expenditures for 2006 increased to $2.6 million from $1.6 million in 2005. The increase was attributable primarily to $723,000 of stock-based compensation, pursuant to the company's adoption of accounting rule SFAS 123(R), and to increased engineering payroll expenses. Interest income for 2006 increased to $2.8 million from $222,000 for 2005, as the company invested proceeds from its public stock offering of March, 2006. As of December 31, 2006, I.D. Systems had $70.4 million in cash, cash equivalents and marketable securities, and $80.0 million of working capital, compared to $7.6 million and $13.9 million, respectively, as of December 31, 2005. Page 1 of 7 For the three-month period ended December 31, 2006, revenues were $3.9 million, compared to $6.0 million for the three months ended December 31, 2005. Adjusting for $1.2 million in stock-based compensation expenses, adjusted net loss for the three months ended December 31, 2006, was $1.4 million, or $0.12 per basic and diluted share, compared to net income of $433,000, or $0.06 per basic share and $0.05 per diluted share, for the same period a year ago. Adjusted net loss is considered non-GAAP financial information; a reconciliation of non-GAAP financial measures used in this press release to the GAAP financial measures can be found in the Reconciliation of GAAP to Non-GAAP Financial Measures table included in this press release. GAAP net loss for the three-month period was $2.6 million, or $.23 per basic and diluted share. For the three months ended December 31, 2006, SG&A expenses were $4.1 million, compared to $2.2 million for the same period in 2005. The increase was attributable primarily to increased payroll expenses and to $740,000 of stock-based compensation pursuant to the company's adoption of accounting rule SFAS 123(R). R&D expenditures for the period were $913,000, compared to $490,000 for the three months ended December 31, 2005. The increase was attributable primarily to $452,000 of stock-based compensation pursuant to the company's adoption of accounting rule SFAS 123(R). Interest income for the fourth quarter of 2006 increased to $1.1 million from $43,000 for the same period a year ago. Highlights of 2006 for I.D. Systems included: o The addition of a number of new customers for the company's core application, the Wireless Asset Net(R) system, which controls, tracks and manages fleets of industrial vehicles, including Nissan North America, Inc. and Weyerhaeuser Company. o Expansion of business with many existing Wireless Asset Net(R) customers, including the U.S. Postal Service, where the system is now deployed at 65 facilities, Canadian Tire Retail, Ford Motor Company, Nissan, Target Corporation, Walgreen Co., and other leading retailers and manufacturers. o Launch of the I.D. Systems Users' Group Conference, at which representatives of some of the world's largest and most respected retailers, manufacturers and governmental agencies shared information on the current status and future directions of radio frequency identification-based asset tracking and monitoring applications. o Development of new alliances, applications and markets, including: o a marketing agreement with NACCO Materials Handling Group, Inc., the global manufacturer of Hyster(R) and Yale(R) brand lift trucks, to distribute and support the Wireless Asset Net(R) system through the Hyster(R) and Yale(R) dealer networks; o a cooperative effort with Linde Material Handling North America Corporation, a subsidiary of one of the world's largest lift truck makers, to facilitate an I.D. Systems sale to Weyerhaeuser; o a strategic agreement with C&D Technologies, Inc., a leading producer and marketer of electrical power storage and conversion systems, to develop and market a new wireless system for managing the batteries that power industrial trucks; o the award of a U.S. Postal Service contract to integrate automated material flow management capabilities into I.D. Systems' core wireless asset management system; o the development of a new application called OptiKan(TM) - an optimized, wireless, electronic "kanban" system for automatically signaling material handling operators to achieve "just in time" production efficiencies; o the introduction of the Line Asset Communicator(TM) - a component of the OptiKan(TM) system that triggers automatic, real-time task requests via radio frequency - to augment I.D. Systems' Vehicle Asset Communicator(R) and Machine Asset Communicator(TM) products; o the continued development of I.D. Systems' automated vehicle rental and return system through a pilot program with a large U.S.-based car rental company - a new customer for I.D. Systems in the rental fleet management market; and Page 2 of 7 o further advances in I.D. Systems' proprietary technology, including a number of new patents issued and pending, and the testing and fielding of a new generation of hardware and software that optimizes the effectiveness of system communications in RFID-intensive environments, where EPC-compliant RFID tags and readers saturate the air with RF energy. o Enhancement of I.D. Systems' corporate presence, through: o inclusion of I.D. Systems' common stock in the Russell 3000(R) Index, which is widely used by investment managers and institutional investors for index funds and as investment benchmarks; o achievement of the #107 ranking on Deloitte's 2006 "Fast 500" list of the fastest-growing technology companies in North America - up from the #147 ranking in 2005 - based on I.D. Systems' five-year revenue growth of 1,959 percent; and o establishment of a European office in Dusseldorf, Germany. Alexander Glasmacher - a graduate of Stanford University and INSEAD Fontainebleau Business School with more than 12 years of experience in the European wireless and RFID markets - was hired to sell and support the company's products to meet growing international demand for wireless vehicle management solutions. INVESTOR CONFERENCE CALL ------------------------ I.D. Systems will hold a conference call for investors and analysts at 4:45 p.m. Eastern Standard Time on March 1, 2007. Jeffrey Jagid, chairman and CEO, Ned Mavrommatis, CFO, and Ken Ehrman, COO, will discuss the year's results and accomplishments. After opening remarks, there will be a question and answer period. The conference call will be broadcast live over the Internet via the Investors section of I.D. Systems' web site at WWW.ID-SYSTEMS.COM. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software. NON-GAAP MEASURES ----------------- To supplement its consolidated financial statements presented in accordance with GAAP, I.D. Systems has begun providing certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of I.D. Systems' current financial performance and provide further information for comparative information due to the adoption of the new accounting standard SFAS 123R. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. In addition, I.D. Systems believes the non-GAAP measures that exclude stock-based compensation enhance the comparability of results against prior periods. Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release can be found in the financial tables included in this press release. ABOUT I.D. SYSTEMS ------------------ Based in Hackensack, NJ, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented Wireless Asset Net system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information, visit WWW.ID-SYSTEMS.COM. ABOUT THE WIRELESS ASSET NET(R) SYSTEM -------------------------------------- I.D. Systems' Wireless Asset Net improves productivity in manufacturing and distribution environments by establishing accountability for use of equipment, ensuring equipment is in the proper place at the right time, streamlining work flow through automated messaging, and providing management with unique metrics on - and controls over - equipment utilization. The system also improves safety and security by restricting vehicle Page 3 of 7 access to trained, authorized operators and providing electronic vehicle inspection checklists. In addition, the system reduces maintenance expenses by automatically uploading vehicle data, reporting problems identified on checklists in real time, scheduling maintenance according to actual vehicle usage rather than on a calendar basis, and helping management determine the optimal economic time to replace equipment. TRADEMARKS ---------- I.D. Systems, Inc.(R), Line Asset Communicator(TM), Machine Asset Communicator(TM), OptiKan(TM), Vehicle Asset Communicator(R), and Wireless Asset Net(R) are registered or pending trademarks of I.D. Systems, Inc. Other trademarks used in this press release are registered trademarks of their respective owners. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 ------------------------------------------------ This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2005. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release. -- Tables to Follow -- Page 4 of 7 I.D. SYSTEMS, INC. STATEMENTS OF OPERATIONS
Year Ended December 31, Quarter Ended December 31, ------------------------------- ---------------------------- 2005 2006 2005 2006 ----------- ----------- ---------- ----------- (Unaudited) (Unaudited) (Unaudited) Revenue: Product $14,905,000 $16,205,000 $4,311,000 $ 1,740,000 Service 4,099,000 8,535,000 1,720,000 2,173,000 ----------- ----------- ---------- ----------- 19,004,000 24,740,000 6,031,000 3,913,000 Cost of revenue: Product 7,816,000 8,229,000 2,197,000 984,000 Service 1,892,000 5,472,000 770,000 1,542,000 ----------- ----------- ---------- ----------- 9,708,000 13,701,000 2,967,000 2,526,000 Gross profit 9,296,000 11,039,000 3,064,000 1,387,000 ----------- ----------- ---------- ----------- Operating expenses: Selling, general and administrative expenses 7,140,000 12,943,000 2,212,000 4,123,000 Research and development expenses 1,625,000 2,639,000 490,000 913,000 ----------- ----------- ---------- ----------- 8,765,000 15,582,000 2,702,000 5,036,000 ----------- ----------- ---------- ----------- Income (loss) from operations 531,000 (4,543,000) 362,000 (3,649,000) Interest income 222,000 2,801,000 43,000 1,061,000 Interest expense (53,000) (29,000) (10,000) (6,000) Other income 151,000 155,000 38,000 40,000 ----------- ----------- ---------- ----------- Net income (loss) $851,000 $(1,616,000) $433,000 $(2,554,000) =========== =========== ========== =========== Net income (loss) per share - basic $0.11 $(0.15) $0.06 $(0.23) =========== =========== ========== =========== Net income (loss) per share - diluted $0.09 $(0.15) $0.05 $(0.23) =========== =========== ========== =========== Weighted average common shares outstanding - basic 7,771,000 10,501,000 7,847,000 11,281,000 =========== =========== ========== =========== Weighted average common shares outstanding - diluted 9,332,000 10,501,000 9,600,000 11,281,000 =========== =========== ========== ===========
I.D. SYSTEMS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
TWELVE MONTHS ENDED THREE MONTHS DECEMBER 31, 2006 ENDED DECEMBER 31, 2006 Net loss attributable to common stockholders $(1,616,000) $ (2,554,000) Stock-based compensation 2,975,000 1,192,000 NON-GAAP NET INCOME (LOSS) $ 1,359,000 $ (1,362,000) NON-GAAP NET INCOME (LOSS) PER SHARE - BASIC $ 0.13 $ (0.12) NON-GAAP NET INCOME (LOSS) PER SHARE - DILUTED $ 0.11 $ (0.12)
Page 5 of 7 I.D. SYSTEMS, INC. BALANCE SHEETS
AS OF DECEMBER 31, ASSETS 2005 2006 ---- ---- (Unaudited) Current assets: Cash and cash equivalents $ 2,138,000 $ 9,644,000 Marketable securities 5,463,000 60,716,000 Accounts receivable, net 6,068,000 5,101,000 Unbilled receivables 1,293,000 1,042,000 Inventory 2,952,000 6,430,000 Investment in sales type leases 34,000 -- Interest receivable -- 179,000 Officer loan 11,000 8,000 Prepaid expenses and other current assets 140,000 271,000 ------------------ ------------------ Total current assets 18,099,000 83,391,000 Fixed assets, net 1,159,000 1,394,000 Investment in sales type leases 433,000 -- Officer loan 8,000 -- Deferred contract costs 53,000 33,000 Other assets 88,000 87,000 ------------------ ------------------ $ 19,840,000 $ 84,905,000 ================== ================== LIABILITIES Current liabilities: Accounts payable and accrued expenses $ 3,881,000 $ 2,950,000 Current portion of long term debt 209,000 221,000 Deferred revenue 155,000 221,000 ------------------ ------------------ Total current liabilities 4,245,000 3,392,000 Long term debt 240,000 19,000 Deferred revenue 90,000 133,000 Deferred rent 99,000 77,000 ------------------ ------------------ 4,674,000 3,621,000 ------------------ ------------------ Commitments and Contingencies (Note J) STOCKHOLDERS' EQUITY Preferred stock; authorized 5,000,000 shares, $0.01 par value; none issued Common stock; authorized 50,000,000 shares, $0.01 par value; issued and 79,000 113,000 outstanding 7,851,000 and 11,337,000 shares at December 31, 2005 and 2006, respectively Additional paid-in capital 25,735,000 93,423,000 Accumulated deficit (10,535,000) (12,151,000) Comprehensive income -- 12,000 ------------------ ------------------ 15,279,000 81,397,000 Treasury stock; 40,000 shares at cost (113,000) (113,000) ------------------ ------------------ Total stockholders' equity 15,166,000 81,284,000 ------------------ ------------------ Total liabilities and stockholders' equity $ 19,840,000 $ 84,905,000 ================== ==================
Page 6 of 7 I.D. SYSTEMS, INC. STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31, ------------------------------------------------------- 2004 2005 2006 ------------------------------------------------------- (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 398,000 $ 851,000 $ (1,616,000) Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: Inventory reserve -- 105,000 100,000 Accrued interest income 119,000 42,000 (165,000) Stock based compensation -- -- 2,975,000 Depreciation and amortization 255,000 362,000 468,000 Deferred rent expense 23,000 (13,000) (22,000) Deferred revenue (88,000) (41,000) 109,000 Bad debt expense (12,000) 20,000 211,000 Deferred contract costs 199,000 423,000 20,000 Unrealized gain on investments -- -- 12,000 Changes in: Accounts receivable 784,000 (4,656,000) 756,000 Unbilled receivables (402,000) (891,000) 251,000 Inventory (1,063,000) (1,318,000) (3,578,000) Prepaid expenses and other assets (87,000) 85,000 (130,000) Investment in sales type leases 37,000 467,000 (394,000) Accounts payable and accrued expenses 1,485,000 1,340,000 (931,000) ------------------------------------------------------- Net cash (used in) provided by operating 1,648,000 (4,085,000) (1,073,000) activities ------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets (419,000) (512,000) (703,000) Purchase of investments (1,235,000) (5,963,000) (68,481,000) Maturities of investments 3,385,000 3,703,000 13,214,000 Collection of officer loan 11,000 11,000 11,000 ------------------------------------------------------- Net cash provided by (used in) investing activities 1,742,000 (2,761,000) (55,959,000) ------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of term loan (188,000) (199,000) (209,000) Repayment of line of credit (137,000) -- -- Proceeds from exercise of stock options 1,171,000 743,000 786,000 Net proceeds from public offering -- -- 63,961,000 Proceeds from exercise of warrants 1,025,000 -- -- ------------------------------------------------------- Net cash provided by financing activities 1,871,000 544,000 64,538,000 ------------------------------------------------------- NET INCREASE (DECREASE) IN CASH AND CASH 5,261,000 (6,302,000) 7,506,000 EQUIVALENTS Cash and cash equivalents - beginning of period 3,179,000 8,440,000 2,138,000 ------------------------------------------------------- CASH AND CASH EQUIVALENTS - END OF $ 8,440,000 $ 2,138,000 $ 9,644,000 PERIOD -------------------==================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for: Interest $63,000 $53,000 $29,000
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