Delaware
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0-25940
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77-0312442
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S Employer
Identification No.)
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430 Mountain Avenue, Murray Hill, NJ
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07974
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(Address of principal executive offices)
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(Zip Code)
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Exhibit No.
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Description
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99.1
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Press Release dated May 12, 2011
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INVESTOR RELATIONS:
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Glowpoint, Inc.
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+1 973-855-3411
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investorrelations@glowpoint.com
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·
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Added Steve Vobbe, a Tandberg/Cisco industry veteran as new head of sales and marketing.
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·
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Added partnerships with Avaya and Nexxus.
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Announced the launch of the Virtual Video Room (“VVR”) as part of Glowpoint’s Open Video™ cloud suite of managed services, and was awarded another patent for automated video call routing technology.
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Recognized in Video Conferencing Insight for 2010 Managed Service Provider of the year list and CRN magazine’s “everything channel’s CRN need to know” list for VOIP and UC Vendors.
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Provided high profile event services for the broadcasting of the NFL draft that enable remote live interviews and breaking news using Glowpoint’s HD telepresence event services as an alternative to satellite truck rolls in over 30 locations throughout the U.S.
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·
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Glowpoint Investor Information
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·
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Recent Glowpoint News and Events
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·
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Glowpoint on Twitter
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March 31,
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December 31,
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|||||||
2011
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2010
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ASSETS
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Current assets:
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Cash
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$ | 1,491 | $ | 2,035 | ||||
Accounts receivable, net of allowance for doubtful accounts of $200 and $250, respectively
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2,934 | 2,706 | ||||||
Net current assets of discontinued operations
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- | 15 | ||||||
Prepaid expenses and other current assets
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468 | 377 | ||||||
Total current assets
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4,893 | 5,133 | ||||||
Property and equipment, net
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3,313 | 3,148 | ||||||
Other assets
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69 | 83 | ||||||
Total assets
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$ | 8,275 | $ | 8,364 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 2,501 | $ | 2,333 | ||||
Accrued expenses
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963 | 1,352 | ||||||
Net current liabilities of discontinued operations
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26 | - | ||||||
Accrued sales taxes and regulatory fees
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729 | 739 | ||||||
Revolving loan facility
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750 | 750 | ||||||
Customer deposits
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174 | 243 | ||||||
Deferred revenue
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270 | 242 | ||||||
Total current liabilities
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5,413 | 5,659 | ||||||
Stockholders' equity:
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Preferred stock Series B, non-convertible; $.0001 par value
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10,000 | 10,000 | ||||||
Preferred stock Series A-2, convertible; $.0001 par value
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3,354 | 3,354 | ||||||
Common stock, $.0001 par value
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2 | 9 | ||||||
Additional paid-in capital
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154,542 | 154,410 | ||||||
Accumulated deficit
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(165,036 | ) | (165,068 | ) | ||||
Total stockholders' equity
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2,862 | 2,705 | ||||||
Total liabilities and stockholders' equity
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$ | 8,275 | $ | 8,364 |
Three Months Ended
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March 31,
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||||||||
2011
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2010
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Managed services combined (Cloud-based MVS)
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$ | 3,137 | $ | 2,364 | ||||
OV Connect and other (Network services and Professional services combined)
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3,844 | 4,151 | ||||||
Total revenue
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6,981 | 6,515 | ||||||
Network and infrastructure
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2,412 | 2,834 | ||||||
Global managed services
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1,894 | 2,055 | ||||||
Sales and marketing
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921 | 892 | ||||||
General and administrative
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1,407 | 1,120 | ||||||
Depreciation and amortization
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276 | 266 | ||||||
Total operating expenses
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6,910 | 7,167 | ||||||
Income (loss) from operations
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71 | (652 | ) | |||||
Other Expenses
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33 | 36 | ||||||
Net income (loss) from continuing operations
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38 | (688 | ) | |||||
(Loss) income from discontinued operations
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(6 | ) | 77 | |||||
Net income (loss)
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32 | (611 | ) | |||||
Redemption of preferred stock
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- | (778 | ) | |||||
Net income (loss) attributable to common stockholders
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$ | 32 | $ | (1,389 | ) | |||
Net income (loss) attributable to common stockholders per share:
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Continuing operations
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$ | - | $ | (0.09 | ) | |||
Discontinued operations
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$ | - | $ | - | ||||
Basic net income (loss) per share
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$ | - | $ | (0.09 | ) | |||
Continuing operations
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$ | - | $ | (0.09 | ) | |||
Discontinued operations
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$ | - | $ | - | ||||
Diluted net income (loss) per share
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$ | - | $ | (0.09 | ) | |||
Weighted average number of common shares:
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Basic
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20,674 | 16,060 | ||||||
Diluted
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24,703 | 16,060 | ||||||
ADJUSTED EBITDA - GAAP to Non GAAP Reconciliation
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Net Income/(Loss) from continuing operations
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$ | 38 | $ | (688 | ) | |||
Interest/Financing
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33 | 36 | ||||||
Depreciation
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276 | 266 | ||||||
Stock-based compensation
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77 | 117 | ||||||
Adjusted EBITDA
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$ | 424 | $ | (269 | ) |
Three Months Ended
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March 31,
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||||||||
2011
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2010
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Cash flows from Operating Activities:
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Net income (loss)
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$ | 32 | $ | (611 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
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Depreciation and amortization
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276 | 266 | ||||||
Amortization of deferred financing costs
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15 | - | ||||||
Bad debt expense
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(15 | ) | 80 | |||||
Stock-based compensation
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77 | 117 | ||||||
Increase (decrease) attributable to changes in assets and liabilities:
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Accounts receivable
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(213 | ) | (236 | ) | ||||
Other current assets
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(91 | ) | (162 | ) | ||||
Other assets
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(1 | ) | - | |||||
Accounts payable
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168 | 276 | ||||||
Customer deposits
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(69 | ) | 18 | |||||
Accrued expenses, sales taxes and regulatory fees
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(351 | ) | 147 | |||||
Deferred revenue
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28 | 10 | ||||||
Net cash used in continuing operating activities
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(144 | ) | (95 | ) | ||||
Net cash provided by discontinuing operating activities
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41 | 28 | ||||||
Net cash used in operating activities
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(103 | ) | (67 | ) | ||||
Cash flows from Investing Activities:
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Purchases of property and equipment
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(441 | ) | (312 | ) | ||||
Net cash used in investing activities
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(441 | ) | (312 | ) | ||||
Cash flows from Financing Activities:
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Proceeds from preferred stock offering
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- | 3,007 | ||||||
Costs related to private placement
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- | (230 | ) | |||||
Net cash provided by financing activities
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- | 2,777 | ||||||
Increase (decrease) in cash
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(544 | ) | 2,398 | |||||
Cash at beginning of period
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2,035 | 587 | ||||||
Cash at end of period
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$ | 1,491 | $ | 2,985 |