CALIFORNIA
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1-11140
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94-3035367
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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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221 Lathrop Way, Suite I
Sacramento, California
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95815
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(Address of Principal Executive)
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(Zip Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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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):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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OPHTHALMIC IMAGING SYSTEMS
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By:
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/s/ Ariel Shenhar
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Name:
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Ariel Shenhar
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Title:
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Chief Financial Officer
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OPHTHALMIC IMAGING SYSTEMS
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CONTACTS:
Gil Allon, CEO
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221 Lathrop Way, Suite I
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Ariel Shenhar, CFO
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Sacramento, CA 95815
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(916) 646-2020
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INVESTOR RELATIONS
Jody Cain
LIPPERT/HEILSHORN & ASSOCIATES
(310) 691-7100
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Three Months Ended
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March 31,
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unaudited
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unaudited
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2011
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2010
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Net Revenue
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$ | 3,463,940 | $ | 4,133,315 | ||||
Cost of Sales
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2,071,845 | 1,866,753 | ||||||
Gross Profit
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1,392,095 | 2,266,562 | ||||||
Sales And Marketing
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1,716,821 | 1,544,594 | ||||||
General And Administrative
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618,889 | 516,879 | ||||||
Research and development
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849,406 | 844,198 | ||||||
Total Operating Expenses
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3,185,116 | 2,905,671 | ||||||
Loss From Operations
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(1,793,021 | ) | (639,109 | ) | ||||
Interest And Other Income (Expense), Net
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253,933 | (879,981 | ) | |||||
Net Loss Before Income Taxes
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(1,539,088 | ) | (1,519,090 | ) | ||||
Income Tax (Expense) Benefit
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(12,862 | ) | 12,876 | |||||
Net Loss
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(1,551,950 | ) | (1,506,214 | ) | ||||
Less Noncontrolling Interest’s Share
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9,647 | 11,224 | ||||||
Net Loss Attributable To Ophthalmic Imaging Systems
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(1,542,303 | ) | (1,494,990 | ) | ||||
Basic And Diluted Net Loss Per Share
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$ | (0.05 | ) | $ | (0.06 | ) | ||
Shares Used In The Calculation Of Basic And Diluted Net Loss Per Share
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30,304,151 | 26,518,618 |
Ophthalmic Imaging Systems
Condensed Consolidated Balance Sheets
(Unaudited)
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Assets
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March 31, 2011
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December 31, 2010
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Current assets:
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unaudited
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unaudited
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Cash and cash equivalents
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$ | 2,795,627 | $ | 3,905,910 | ||||
Accounts receivable, net
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3,688,335 | 4,088,269 | ||||||
Inventories, net
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1,635,996 | 1,757,873 | ||||||
Prepaid expenses and other current assets
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495,063 | 357,380 | ||||||
Total current assets
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8,615,021 | 10,109,432 | ||||||
Furniture and equipment, net of accumulated
depreciation of $986,598 and $934,371 respectively
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458,035 | 470,717 | ||||||
Capitalized imaging software, net of accumulated amortization of $378,531 and $336,472, respectively
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126,180 | 168,239 | ||||||
Capitalized software development, net of accumulated amortization of $863,127 and $767,224, respectively
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287,704 | 383,607 | ||||||
AcerMed asset purchase, net of accumulated amortization of $427,554 and $380,048, respectively
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142,523 | 190,029 | ||||||
Goodwill
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807,000 | 807,000 | ||||||
Customer relationship intangible assets and other intangible assets, net of accumulated amortization of $98,512 and $81,137, respectively
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394,488 | 411,863 | ||||||
Licensing rights intangible asset, net of accumulated amortization of $41,297 and $33,037, respectively
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57,815 | 66,075 | ||||||
Other assets
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32,738 | 12,524 | ||||||
Total assets
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$ | 10,921,504 | $ | 12,619,486 | ||||
Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$ | 934,087 | $ | 1,256,515 | ||||
Accrued liabilities
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1,421,416 | 1,709,616 | ||||||
Derivative liability financial instruments
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1,369,182 | 1,698,416 | ||||||
Deferred extended warranty revenue-current portion
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1,978,094 | 1,722,235 | ||||||
Customer deposits
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276,670 | 312,731 | ||||||
Notes payable- current portion
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1,470,897 | 1,518,099 | ||||||
Total current liabilities
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7,450,346 | 8,217,612 | ||||||
Deferred extended warranty revenue, less current portion
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252,346 | 251,785 | ||||||
Notes payable, less current portion
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1,807,773 | 1,301,523 | ||||||
Total liabilities
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9,510,465 | 9,770,920 |
Commitments and contingencies
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Equity
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Ophthalmic Imaging Systems’ stockholders' equity:
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Preferred stock, 20,000-000 shares authorized; 0 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively
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Common stock, no par value, 100,000,000 shares authorized; 30,304,151 and 30,304,151 issued and outstanding at March 31, 2011 and December 31, 2010, respectively
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21,722,550 | 21,708,743 | ||||||
Additional paid-in-capital
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139,095 | 65,544 | ||||||
Accumulated deficit
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(20,826,730 | ) | (19,284,427 | ) | ||||
Cumulative translation adjustment
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(31,303 | ) | (58,368 | ) | ||||
Total Ophthalmic Imaging Systems’ stockholders’ equity
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1,003,612 | 2,431,492 | ||||||
Noncontrolling interest
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407,427 | 417,074 | ||||||
Total equity
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1,411,039 | 2,848,566 | ||||||
Total liabilities and stockholders' equity
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$ | 10,921,504 | $ | 12,619,486 | ||||
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