0001654954-21-008559.txt : 20210805 0001654954-21-008559.hdr.sgml : 20210805 20210805160701 ACCESSION NUMBER: 0001654954-21-008559 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210805 DATE AS OF CHANGE: 20210805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISSUER DIRECT CORP CENTRAL INDEX KEY: 0000843006 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 261331503 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10185 FILM NUMBER: 211148160 BUSINESS ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 BUSINESS PHONE: 9194611600 MAIL ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INC DATE OF NAME CHANGE: 20071002 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INCORPORATED DATE OF NAME CHANGE: 19920703 8-K 1 isdr_8k.htm CURRENT REPORT isdr_8k.htm

 

UNITED STATES

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): August 5, 2021

 

Issuer Direct Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-10185

 

26-1331503

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

1 Glenwood Ave Suite 1001, Raleigh, North Carolina 27603

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (919) 481-4000

 

N/A

(Former name or former address, if changed since last report)

 

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:

 

☐ 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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001

ISDR

NYSE American

 

 

 

 

Item 2.02 — Results of Operations and Financial Condition

 

On August 5, 2021, Issuer Direct Corporation (the “Company”) issued a press release reporting the Company’s results for the quarter ended June 30, 2021. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

 

The information in Item 2.02 of this report, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.

 

Item 9.01 — Financial Statements and Exhibits

 

(d) Exhibits:

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by the Company on August 5, 2021.

 

 
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, hereunto duly authorized.

 

 

Issuer Direct Corporation

 

 

 

 

Date: August 5, 2021

By:

/s/ Brian R. Balbirnie

 

 

 

Brian R. Balbirnie

 

 

 

Chief Executive Officer

 

 

 
3

 

 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by the Company on August 5, 2021.

 

 
4

 

 EX-99 2 isdr_ex991.htm PRESS RELEASE isdr_ex991.htm

EXHIBIT 99.1

 

Issuer Direct Reports Second Quarter 2021 Results

 

Record Total Revenue Led by Communications Revenue Increasing 16% to $3.5 million or 61% of Total Revenue, Net Income Increased 43% and EBITDA Increased 21% to $1.6 million or 29% of Revenue

 

RALEIGH, NC / ACCESSWIRE / August 5, 2021 / Issuer Direct Corporation (NYSE American: ISDR) (the "Company"), an industry-leading communications and compliance company, today reported its operating results for the three and six months ended June 30, 2021.

 

Brian Balbirnie, CEO of Issuer Direct, commented, "We are continuing to build on the positive results over the last several quarters, with another record quarter in revenues, EBITDA and overall performance for the second quarter of 2021. Our Issuer Direct team is doing an outstanding job and our results would not be possible if it were not for the entire team’s passion and hard work. Our Communications business remains strong growing 16% over the prior year and our Compliance business also grew as a result of the public market activities related to the IPO markets and annual meeting business.”

 

Mr. Balbirnie continued, “Continued growth in customer counts, revenues and strategic investment are our top priorities for the remainder of fiscal 2021 and beyond. To that end and, as a result of our R&D investment, we are happy to announce that we completed the development and launch of our Newsroom product, which is a suite of three new subscription products: Newsroom Page, Brand Asset Manager and Contact Manager. We believe this new product suite will help us drive additional recurring revenue and new customer acquisition, especially in the private company sector, which represents a significant addressable market for us.”

 

Mr. Balbirnie concluded, “Our ACCESSWIRE business continues to show strong results, growing 30% year-over-year and we are continuing to make strides in our Platform id. subscription business, which we believe will lead to another strong year for us. In order to continue to scale our business, it is essential we invest in our people.  As such, we have grown sales and marketing headcount over the past several quarters from 24 to 33, with a target of increasing another 20% over the next 12 months.”

 

Second Quarter 2021 Highlights:

 

 

·

 Revenue - Total revenue was $5,720,000, a 17% increase from $4,884,000 in Q2 2020 and a 15% increase from $4,980,000 in Q1 2021. Communications revenue increased 16% from Q2 2020 and 10% from Q1 2021. The increase in Communications revenue from the prior year was primarily due to the combination of increased revenue from our ACCESSWIRE product and an increase in revenue from subscriptions of Platform id. The increase in Communications revenue from Q1 2021 was due to an increase in webcasting revenue, primarily due to seasonality of virtual annual meeting events as well as an increase in ACCESSWIRE revenue. Communications revenue was 61% of total revenue for Q2 2021, compared to 62% for Q2 2020. Revenue from our Compliance business increased 18% from Q2 2020 and 23% from Q1 2021. The increase was due to an increase in revenue from our print and proxy fulfillment services as well as our stock transfer services due to increased market activity.

 

·

 Gross Margin - Gross margin for Q2 2021 was $4,240,000, or 74% of revenue, compared to $3,522,000, or 72% of revenue, during Q2 2020 and $3,586,000, or 72%, in Q1 2021. Communications gross margin was 75%, flat with Q2 2020 and an increase from 73% in Q1 2021.

 

·

 Operating Income - Operating income was $1,361,000 for Q2 2021, as compared to $1,001,000 during Q2 2020. The increase in operating income is due to an increase in gross margin partially offset by higher operating expenses, primarily due to continued investment and expansion of our headcount, including our sales and marketing and product development teams.

 

·

 Net Income - On a GAAP basis, net income was $1,106,000, or $0.29 per diluted share, during Q2 2021, compared to $772,000, or $0.21 per diluted share, during Q2 2020.

 

·

 Operating Cash Flows - Cash flows from operations for Q2 2021 were $812,000 compared to $1,477,000 in Q2 2020.

 

·

 Non-GAAP Measures – Q2 2021 EBITDA was $1,641,000, or 29% of revenue, compared to $1,354,000, or 28% of revenue, during Q2 2020. Non-GAAP net income for Q2 2021 was $1,185,000, or $0.31 per diluted share, compared to $974,000, or $0.26 per diluted share, during Q2 2020.

 

 
1

 

 

First Half 2021 Highlights:

 

 

·

 Revenue - Total revenue was $10,700,000, a 20% increase from $8,900,000 during the first half of 2020. Communications revenue increased 24% during the first half of 2021 compared to the same period of the prior year. The increase in Communications revenue was primarily due to the combination of increased revenue from our ACCESSWIRE product and an increase in revenue from subscriptions of Platform id. Communications revenue was 63% of total revenue for the first half of 2021, compared to 61% for the first half of 2020. Revenue from our Compliance business increased 15% during the first half of 2021 compared to the same period of 2020. The increase was due to an increase in revenue from our print and proxy fulfillment services as well as our stock transfer services due to increased market activity.

 

·

 Gross Margin - Gross margin for the first half of 2021 was $7,826,000, or 73% of revenue, compared to $6,285,000, or 71% of revenue, during the first half of 2020. Communications gross margin was 74% during the first half of 2021, up 1% from the first half of 2020.

 

·

 Operating Income - Operating income was $2,068,000 for the first half of 2021, as compared to $1,249,000 during the first half of 2020. The increase in operating income is due to an increase in gross margin partially offset by higher operating expenses, primarily due to continued investment and expansion of our headcount, including our sales and marketing and product development teams.

 

·

 Net Income - On a GAAP basis, net income was $1,651,000, or $0.43 per diluted share, during the first half of 2021, compared to $998,000, or $0.26 per diluted share, during the first half of 2020.

 

·

 Operating Cash Flows - Cash flows from operations for the first half of 2021were $2,081,000 compared to $2,079,000 in the first half of 2020.

 

·

 Non-GAAP Measures – EBITDA for the first half of 2021 was $2,633,000, or 25% of revenue, compared to $1,976,000, or 22% of revenue, during the first half of 2020. Non-GAAP net income for the first half of 2021 was $1,872,000, or $0.49 per diluted share, compared to $1,372,000, or $0.36 per diluted share, during the first half of 2020.

 

·

 Stock Repurchase Plan - The Company completed its $2,000,000 repurchase program originally announced on August 7, 2019 and increased on March 16, 2020 by repurchasing the remaining balance under the plan of $452,000 or 19,777 shares of its common shares.

 
Key Performance Indicators:

 

 

·

 During the quarter, the Company worked with 1,639 publicly traded customers, compared to 1,477 during the same period last year.

 

·

 During the quarter, the Company worked with 2,115 privately held customers compared to 1,390 during the same period last year.

 

·

 During the quarter we signed 36 new Platform id. subscriptions to new or existing customers with a total annual contract value of $340,000.

 

·

 Total Platform id. subscriptions as of June 30, 2021 were 403, with an annual contract value of $3,337,000, compared to 341 subscriptions with an annual contract value of $2,677,000 as of December 31, 2020.

 

Non-GAAP Information

Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.

 

 
2

 

 

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

($ in ‘000’s, except per share amounts)

 

CALCULATION OF EBITDA

 

 

Three Months ended June 30,

 

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

Net income:

 

 $ 1,106

 

 

 $ 772

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 280

 

 

 

 353

 

Interest income

 

 

 (1 )

 

 

 (1 )

Income tax expense

 

 

 256

 

 

 

 230

 

EBITDA:

 

 $ 1,641

 

 

 $ 1,354

 

 

 

 

Six Months ended June 30,

 

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

Net income:

 

 $ 1,651

 

 

 $ 998

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 565

 

 

 

 727

 

Interest income

 

 

 (2 )

 

 

 (59 )

Income tax expense

 

 

 419

 

 

 

 310

 

EBITDA:

 

 $ 2,633

 

 

 $ 1,976

 

 

CALCULATION OF NON-GAAP NET INCOME

 

 

Three Months ended June 30,

 

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Per diluted share

 

 

Amount

 

 

Per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 $ 1,106

 

 

 $ 0.29

 

 

 $ 772

 

 

 $ 0.21

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets (1)

 

 

 116

 

 

 

 0.03

 

 

 

 172

 

 

 

 0.04

 

Stock-based compensation (2)

 

 

 69

 

 

 

 0.02

 

 

 

 84

 

 

 

 0.02

 

Tax impact of adjustments (3)

 

 

 (39 )

 

 

 (0.01 )

 

 

 (54 )

 

 

 (0.01 )

Impact of discrete items impacting income tax expense (4)

 

 

 (67 )

 

 

 (0.02 )

 

 

 —

 

 

 

 —

 

Non-GAAP net income:

 

 $ 1,185

 

 

 $ 0.31

 

 

 $ 974

 

 

 $ 0.26

 

 

 
3

 

 

 

 

Six Months ended June 30,

 

 

 

2021

 

 

2020

 

 

 

Amount

 

 

Per diluted share

 

 

Amount

 

 

Per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 $ 1,651

 

 

 $ 0.43

 

 

 $ 998

 

 

 $ 0.26

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets (1)

 

 

 233

 

 

 

 0.06

 

 

 

 344

 

 

 

 0.10

 

Stock-based compensation (2)

 

 

 132

 

 

 

 0.04

 

 

 

 129

 

 

 

 0.03

 

Tax impact of adjustments (3)

 

 

 (77 )

 

 

 (0.02 )

 

 

 (99 )

 

 

 (0.03 )

Impact of discrete items impacting income tax expense (4)

 

 

 (67 )

 

 

 (0.02 )

 

 

 —

 

 

 

 —

 

Non-GAAP net income:

 

 $ 1,872

 

 

 $ 0.49

 

 

 $ 1,372

 

 

 $ 0.36

 

 

1)

The adjustments represent the amortization of intangible assets related to acquired assets and companies.

2)

The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.

3)

This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%.

4)

This adjustment eliminates discrete items impacting income tax expense. For the three and six months ended June 30, 2021, the discrete item relates to an excess stock-based compensation benefit recognized in income tax during the periods.

 

Conference Call Information

 

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

 

Date:

August 5, 2021

Time:

4:30 PM ET

Toll-free:

844-602-0380

International:

862-298-0970

Live Webcast:

https://www.webcaster4.com/Webcast/Page/842/42212

 

Conference Call Replay Information

 

Toll-free:

877-481-4010

International:

919-882-2331

Replay ID:

42212

Web replay:

http://www.issuerdirect.com/earnings-calls-and-scripts/

 

About Issuer Direct Corporation

Issuer Direct® is an industry-leading communications and compliance company focusing on the needs of corporate issuers. Issuer Direct's principal platform, Platform id. ™, empowers users by thoughtfully integrating the most relevant tools, technologies, and services, thus eliminating the complexity associated with producing and distributing financial and business communications. Headquartered in Raleigh, NC, Issuer Direct serves thousands of public and private companies globally. For more information, please visit www.issuerdirect.com.

 

Forward-Looking Statements

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 (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons including the impact of the coronavirus pandemic. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2020, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.

 

 
4

 

 

For Further Information:

Issuer Direct Corporation 
Brian R. Balbirnie 
(919)-481-4000 
brian.balbirnie@issuerdirect.com

 

Hayden IR 
Brett Maas 
(646)-536-7331 
brett@haydenir.com

 

Hayden IR 
James Carbonara 
(646)-755-7412 
james@haydenir.com

 

 
5

 

 

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 $ 21,159

 

 

 $ 19,556

 

Accounts receivable (net of allowance for doubtful accounts of $640 and $657, respectively)

 

 

 3,599

 

 

 

 2,514

 

Income tax receivable

 

 

 108

 

 

 

 —

 

Other current assets

 

 

 374

 

 

 

 298

 

Total current assets

 

 

 25,240

 

 

 

 22,368

 

Capitalized software (net of accumulated amortization of $3,022 and $2,761, respectively)

 

 

 426

 

 

 

 526

 

Fixed assets (net of accumulated amortization of $383 and $312, respectively)

 

 

 764

 

 

 

 795

 

Right-of-use asset – leases

 

 

 1,681

 

 

 

 1,830

 

Other long-term assets

 

 

 94

 

 

 

 88

 

Goodwill

 

 

 6,376

 

 

 

 6,376

 

Intangible assets (net of accumulated amortization of $5,779 and $5,546, respectively)

 

 

 2,673

 

 

 

 2,906

 

Total assets

 

 $ 37,254

 

 

 $ 34,889

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 $ 754

 

 

 $ 304

 

Accrued expenses

 

 

 1,989

 

 

 

 1,805

 

Income taxes payable

 

 

 47

 

 

 

 258

 

Deferred revenue

 

 

 2,699

 

 

 

 2,212

 

Total current liabilities

 

 

 5,489

 

 

 

 4,579

 

Deferred income tax liability

 

 

 260

 

 

 

 197

 

Lease liabilities – long-term

 

 

 1,815

 

 

 

 1,971

 

Total liabilities

 

 

 7,564

 

 

 

 6,747

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.

 

 

 —

 

 

 

 —

 

Common stock $0.001 par value, 20,000,000 shares authorized, 3,786,525 and 3,770,752 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.

 

 

 4

 

 

 

 4

 

Additional paid-in capital

 

 

 22,113

 

 

 

 22,214

 

Other accumulated comprehensive loss

 

 

 (21 )

 

 

 (19 )

Retained earnings

 

 

 7,594

 

 

 

 5,943

 

Total stockholders' equity

 

 

 29,690

 

 

 

 28,142

 

Total liabilities and stockholders’ equity

 

 $ 37,254

 

 

 $ 34,889

 

 

 
6

 

 

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 $ 5,720

 

 

 $ 4,884

 

 

 $ 10,700

 

 

 $ 8,900

 

Cost of revenues

 

 

 1,480

 

 

 

 1,362

 

 

 

 2,874

 

 

 

 2,615

 

Gross profit

 

 

 4,240

 

 

 

 3,522

 

 

 

 7,826

 

 

 

 6,285

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 1,261

 

 

 

 1,197

 

 

 

 2,665

 

 

 

 2,413

 

Sales and marketing expenses

 

 

 1,210

 

 

 

 950

 

 

 

 2,284

 

 

 

 1,846

 

Product development

 

 

 256

 

 

 

 165

 

 

 

 505

 

 

 

 359

 

Depreciation and amortization

 

 

 152

 

 

 

 209

 

 

 

 304

 

 

 

 418

 

Total operating costs and expenses

 

 

 2,879

 

 

 

 2,521

 

 

 

 5,758

 

 

 

 5,036

 

Operating income

 

 

 1,361

 

 

 

 1,001

 

 

 

 2,068

 

 

 

 1,249

 

Interest income, net

 

 

 1

 

 

 

 1

 

 

 

 2

 

 

 

 59

 

Income before taxes

 

 

 1,362

 

 

 

 1,002

 

 

 

 2,070

 

 

 

 1,308

 

Income tax expense

 

 

 256

 

 

 

 230

 

 

 

 419

 

 

 

 310

 

Net income

 

 $ 1,106

 

 

 $ 772

 

 

 $ 1,651

 

 

 $ 998

 

Income per share – basic

 

 $ 0.29

 

 

 $ 0.21

 

 

 $ 0.44

 

 

 $ 0.27

 

Income per share – fully diluted

 

 $ 0.29

 

 

 $ 0.21

 

 

 $ 0.43

 

 

 $ 0.26

 

Weighted average number of common shares outstanding – basic

 

 

 3,770

 

 

 

 3,736

 

 

 

 3,770

 

 

 

 3,762

 

Weighted average number of common shares outstanding – fully diluted

 

 

 3,820

 

 

 

 3,761

 

 

 

 3,819

 

 

 

 3,789

 

 

 
7

 

 

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

 $ 1,651

 

 

 $ 998

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 565

 

 

 

 727

 

Bad debt expense

 

 

 163

 

 

 

 182

 

Deferred income taxes

 

 

 (10 )

 

 

 (51 )

Non-cash interest expense

 

 

 —

 

 

 

 13

 

Stock-based compensation expense

 

 

 132

 

 

 

 129

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in accounts receivable

 

 

 (1,262 )

 

 

 (730 )

Decrease (increase) in other assets

 

 

 (43 )

 

 

 77

 

Increase (decrease) in accounts payable

 

 

 454

 

 

 

 164

 

Increase (decrease) in accrued expenses

 

 

 (87 )

 

 

 367

 

Increase (decrease) in deferred revenue

 

 

 518

 

 

 

 203

 

Net cash provided by operating activities

 

 

 2,081

 

 

 

 2,079

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capitalized software

 

 

 (161 )

 

 

 —

 

Purchase of fixed assets

 

 

 (40 )

 

 

 (4 )

Net cash used in investing activities

 

 

 (201 )

 

 

 (4 )

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 219

 

 

 

 —

 

Payment for stock repurchase and retirement

 

 

 (452 )

 

 

 (785 )

Net cash used in financing activities

 

 

 (233 )

 

 

 (785 )

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

 1,647

 

 

 

 1,290

 

Cash – beginning

 

 

 19,556

 

 

 

 15,766

 

Currency translation adjustment

 

 

 (44 )

 

 

 41

 

Cash and cash equivalents – ending

 

 $ 21,159

 

 

 $ 17,097

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

 $ 664

 

 

 $ 12

 

 

SOURCE: Issuer Direct Corporation

 

 
8

 

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