AremisSoft Reports Record Third Quarter Performance.Business Editors [pilcrow (paragraph sign)] NEW YORK--(BUSINESS WIRE)--Oct. 25, 2000 Revenue Climbs 56.4% to Record $31.7 Million Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Operating Margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: Reaches 30% AremisSoft Corporation (Nasdaq:AREM AREM All-Random Easy Mode (gaming, Dota Allstars) AREM Avian Richness Evaluation Method ) a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced its financial results for the third quarter and nine months ended September September: see month. 30, 2000. The Company reported revenue of $31.7 million, a 56.4% increase from $20.3 million reported for the third quarter of 1999 and a sequential One after the other in some consecutive order such as by name or number. increase of 17.5% from $27.0 million in the 2000 second quarter. On a pro forma basis, net income for the 2000 third quarter increased 136.2% year-over-year to $7.8 million compared to $3.3 million, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 93.4% to $0.45 from $0.23 in the year-ago quarter. Revenue for the third quarter was reduced by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% due to shifts in currency exchange rates due to the strength of the US Dollar. Pro-forma net income and earnings per share for the periods exclude amortization of goodwill and purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. related to recent acquisitions, as well as one time gains associated with the sale of the UK healthcare business, and one time costs associated with a postponed secondary financing. As reported net income and earnings per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis for the third quarter of fiscal 2000 were $8.9 million and $0.51, respectively, compared to as reported net income and earnings per share of $3.3 million and $0.23, respectively, for the same period last year. Revenue for the nine months ended September 30, 2000 was $80.2 million, which is 60.1% higher than the $50.1 million reported in the comparable 1999 period and $6.9 million greater than total 1999 revenue. Pro forma net income was $17.3 million, a 154.8% increase from $6.8 million in the comparable 1999 period. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per diluted share for the nine months ended September 30, 2000 increased 82.4% to $1.00 from $0.55 in the year ago period. As reported net income and earnings per diluted share increased 138.8% and 71.0% to $15.8 million and $0.91, respectively, compared to $6.6 million and $0.53, respectively, in the prior year period. Software license revenue increased 58.8% to $17.6 million for the three months ended September 30, 2000, from $11.1 million in the third quarter of 1999, and increased 13.7% from $15.5 million in the second quarter of 2000. Maintenance and services revenue was $12.9 million, a 52.1% increase from $8.5 million in the year-ago quarter, and a 23.6% sequential increase from $10.4 million in the second quarter. Hardware sales for the quarter were $1.2 million, essentially unchanged from $1.2 million and $1.1 million, respectively, in the first and second quarters of 2000. As the Company has previously stated, AremisSoft is de-emphasizing its hardware sales. Roys Poyiadjis, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AremisSoft, stated, "We achieved our seventh consecutive record quarter of financial performance as a public company. Our solid track record is a result of effective execution of our growth strategies. Specifically, we continue to have great success in under-penetrated emerging markets, which have a substantial need for modern enterprise automation systems. We also expanded our presence in the UK and US markets by offering highly competitive products to midsize customers. Going forward, we plan to further leverage our proven Indian development facilities to deliver comprehensive e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. solutions. "Our performance in the third quarter also reflects execution of our business strategies in each of our four vertical markets. In manufacturing, we were successful by meeting the e-business requirements of customers through system extensions, as well as continued vertical and geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" . Strength in Hospitality was again fueled by our new AREMIS Hotel suite of products, which offers advanced technology and unique integrated Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the functionality to the marketplace. During the quarter we also announced the signing of an agreement to acquire assets and assume liabilities of Atlanta-based Eltrax' lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a and international hospitality business. In healthcare we sharpened sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp our focus by selling our UK based healthcare business so that our assets could be better deployed for growth. In Construction, we signed several major orders with existing customers and introduced a revolutionary new estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. product. "Solid business execution in our third quarter yielded a strong gross margin of 79.3% and a pro-forma operating margin of 29.9%. We continue to maintain stringent financial management disciplines as evidenced by our third quarter DSOs of 81 days, an exceptional level for an international application solutions company." Dr. Lycourgos Kyprianou, Chairman and Founder of AremisSoft, commented, "We are now focusing on continued growth beyond 2000. We are investing major software development resources in our Internet enabled healthcare solution. Preparatory pre·par·a·to·ry adj. 1. Serving to make ready or prepare; introductory. See Synonyms at preliminary. 2. Relating to or engaged in study or training that serves as preparation for advanced education: work for expansion in additional emerging market countries is also well underway. Additionally, we will be integrating the Eltrax hospitality family of customers into AremisSoft, leveraging our proven skills in product absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. and rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. so that all customers are continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. offered attractive upgrade options that do not disrupt their business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . "AremisSoft continues to successfully develop business in emerging markets. e-nnovations.com has been instrumental in securing business in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. as well as assisting existing customers with a number of Internet and other technology enhancement projects. The Company continues to expand in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. with major projects in Bulgaria Bulgaria (bŭlgâr`ēə), Bulgarian Balgarija, officially Republic of Bulgaria, republic (2005 est. pop. 7,450,000), 42,823 sq mi (110,912 sq km), SE Europe, on the E Balkan Peninsula. , Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. and elsewhere. Currently there are approximately 35 personnel in our Bulgaria subsidiary. Looking ahead, we remain confident that our results will continue to reflect the success of our business strategies." Business Highlights Hospitality Doubles Customer Base and Becomes World's Second Largest Hospitality Systems Provider. AremisSoft signed an agreement to acquire assets and assume liabilities of Atlanta-based Eltrax' lodging and international hospitality business (Eltrax hospitality), a leading supplier of property management systems to the hospitality industry, for $10 million in cash. With this acquisition, AremisSoft has more than 3100 customers and a revenue run rate of approximately $50 million in hospitality products and services. The Company anticipates that the acquired business will have 2000 revenue of approximately $20 million, including $10 million of annual maintenance revenue. AremisSoft expects the acquisition to be slightly accretive to 2000 pro forma earnings per share. The Company projects that the acquisition will add $0.05 to $0.10 to pro forma earnings per share in 2001 before amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. . AremisSoft anticipates assigning as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. approximately $8.5 million of the purchase price to goodwill and other intangible assets. The goodwill and other intangible assets are expected to be amortized over a period of three years, equal to a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of approximately $2.8 million per year. On October October: see month. 18, 2000 AremisSoft closed the acquisition of the U.S. based operations of Eltrax hospitality with the international entities closing over the next several weeks. Sale of UK Healthcare Underscores Company's growth objectives. AremisSoft sold its UK healthcare business to Torex Plc (a UK based IT solution provider to the Health and Retail markets) for a net cash consideration of approximately $3.3 million. The business, a very small part of AremisSoft's overall operation did not offer the significant growth opportunities present elsewhere within the organization. The sale allows the Company to utilize the cash for other strategic growth purposes. Under the terms of the sale, Torex Plc acquired some 500 UK healthcare customers, primarily physicians and physician groups. AremisSoft retains all its healthcare software intellectual property. The AremisSoft UK Healthcare business has an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue run rate of approximately $4 million in 2000, based upon year to date performance and a run rate operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of approximately $600,000. During 1999, the worldwide AremisSoft Healthcare business recorded revenue of $20.0 million. For the first nine months of 2000, this business recorded revenue of $18.4 million. Construction Division Wins 3 Contracts Totaling $2.7 Million. AremisSoft signed a $1.5 million contract to supply the ViXEN vixen female fox. Resource Management System to GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. Power Distribution (GPU), a division of Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as plc. In addition, Southern Electric Contracting Limited, a division of the major regional electricity company, Southern Electric plc, awarded AremisSoft a $1.0 million contract for support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . Finally, CWS CWS Chicago White Sox CWS College World Series CWS Church World Service CWS Child Welfare Services CWS Canadian Wildlife Service CWS Community Water System (EPA) CWS Canada-Wide Standard CWS Compressed Work Schedule Engineering Services Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the major Co-operative Wholesale Society A Co-operative Wholesale Society, or CWS, is a form of Co-operative Federation (that is, a Co-operative in which all the members are Co-operatives), in this case, the members are usually Consumers' Co-operatives. Ltd., awarded the Company an additional $220,000 contract for the latest service & maintenance applications. Revolutionary Construction Solution Reduces Project Time By More Than 50%. AremisSoft launched a new knowledge-based estimating package, ViXEN Budget, which produces a budget estimate for design and build opportunities in a fraction of the time compared to traditional manual and spreadsheet spreadsheet Computer software that allows the user to enter columns and rows of numbers in a ledgerlike format. Any cell of the ledger may contain either data or a formula that describes the value that should be inserted therein based on the values in other cells. procedures. Pre-launch testing reduced project estimation from between four to five days to between two to three hours. Ranked 79 in the Top 100 Manufacturing Systems List. The list, published by Manufacturing Systems Magazine, ranked AremisSoft 79 compared to last year's ranking of 89. Ranking of the Top 100 is based on manufacturing software The following list of software modules are the manufacturing components of Baan's ERP (BaanERP) system, acquired by SSA Global in 2003 and subsequently by Infor at the end of 2006. It is listed here because it provides a comprehensive overview of the required software. See MES. revenue in the calendar year ending 1999, where AremisSoft had ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. software revenue of $25 million. Featured Article in Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes Magazine. AremisSoft was featured in the August 7, 2000 issue of Forbes Magazine. The article describes the Company's business, as well as an in depth background on management. As a reminder, AremisSoft will be hosting a conference call to discuss earnings on Wednesday Wednesday: see week. , October 25, 2000, at 4:45 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . To participate in the conference call, local and international callers can dial 212-676-5014. Callers from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of can dial 800-348-6409. A replay is available approximately one hour after the call until 11:59 p.m. on October 27, 2000. The replay number is 858-812-6440, passcode: 16698584. About AremisSoft Corporation AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The Company's software products help streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. and enhance an organization's ability to manage and execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution mission-critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $73.4 million for the twelve months ended December December: see month. 31, 1999 and net income of $12.1 million before extraordinary gains for the same period. AremisSoft has over 600 employees, with sales in over 20 countries and a customer base in excess of 6,000. The Company also operates a software development and support facility in India, with over 200 employees, which provides significant organizational efficiencies and cost advantages in software development and support. Cautionary Statement for Purposes of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are "forward looking statements." These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward looking statements include, but are not limited to, statements in which words such as "expect," "see," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including risks discussed under "Risk Factors" in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , SEC File No. 0-25713, all of which are incorporated herein by reference. The Company's actual results and stockholder values may differ materially from those anticipated or expressed in these forward looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward looking statements, whether as a result of new information, future events or otherwise.
AremisSoft Corporation
Pro Forma Statements of Operations (unaudited)
(Excludes the write-off of offering costs and the amortization of
intangible assets) (In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues
Software
licenses $17,577 $11,071 $44,170 $25,321
Maintenance and
services 12,909 8,486 32,481 21,350
Hardware and
other 1,235 721 3,594 3,461
Total revenues 31,721 20,278 80,245 50,132
Cost of revenues
Software licenses 1,911 1,373 4,713 3,150
Maintenance and
services 3,735 2,732 9,805 6,778
Hardware and other 859 566 2,686 2,487
Amortization of
purchased software
and capitalized software
development costs 72 58 222 182
Total cost of
revenues 6,577 4,729 17,426 12,597
Gross profit 25,144 15,549 62,819 37,535
Operating expenses:
Sales and
marketing 10,725 7,329 28,164 17,968
Research and
development 2,371 1,205 6,480 3,866
General and
administrative 2,558 1,773 7,319 4,457
Total operating
expenses 15,654 10,307 41,963 26,291
Profit from
operations 9,490 5,242 20,856 11,244
Other income
Interest income
(expense), net 307 (290) 576 (1,138)
Non-operating
income - - 131 -
Income before
income taxes 9,797 4,952 21,563 10,106
Income tax
expense 1,959 1,634 4,313 3,335
Net income $7,838 $3,318 $17,250 $6,771
Pro forma basic net
income per share $0.51 $0.25 $1.13 $0.56
Pro forma diluted net
income per share $0.45 $0.23 $1.00 $0.55
Basic weighted average shares
outstanding 15,477 13,530 15,326 12,038
Diluted weighted average shares
outstanding 17,345 14,200 17,227 12,335
AremisSoft Corporation
Consolidated Statement of Operations (unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues
Software
licenses $17,577 $11,071 $44,170 $25,321
Maintenance
and services 12,909 8,486 32,481 21,350
Hardware and
other 1,235 721 3,594 3,461
Total revenues 31,721 20,278 80,245 50,132
Cost of revenues
Software
licenses 1,911 1,373 4,713 3,150
Maintenance and
services 3,735 2,732 9,805 6,778
Hardware and other 859 566 2,686 2,487
Amortization of
purchased software
and capitalized software
development costs 72 58 222 182
Total cost of
revenues 6,577 4,729 17,426 12,597
Gross profit 25,144 15,549 62,819 37,535
Operating expenses:
Sales and
marketing 10,725 7,329 28,164 17,968
Research and
development 2,371 1,205 6,480 3,866
General and
administrative 2,558 1,773 7,869 4,457
Amortization of
intangible assets 1,151 88 3,453 264
Total operating
expenses 16,805 10,395 45,966 26,555
Profit from
operations 8,339 5,154 16,853 10,980
Other income
Interest income
(expense), net 307 (290) 576 (1,138)
Non-operating
income - - 131 -
Gain on disposition,
net 2,192 - 2,192 -
Income before income
taxes 10,838 4,864 19,752 9,842
Income tax
expense 1,974 1,605 4,002 3,247
Net income $8,864 $3,259 $15,750 $6,595
Basic net income
per share $0.57 $0.24 $1.03 $0.55
Diluted net income
per share $0.51 $0.23 $0.91 $0.53
Basic weighted average shares
outstanding 15,477 13,530 15,326 12,038
Diluted weighted average shares
outstanding 17,345 14,200 17,227 12,335
AremisSoft Corporation
Consolidated Balance Sheets
(In thousands, except per share data)
As of As of
September 30, December 31,
2000 1999
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents $35,915 $13,386
Accounts receivable, less allowances
for doubtful accounts of $507 at
Dec. 31, 1999 and Sept. 30, 2000 27,993 18,115
Accounts receivable - disposition
proceeds - 2,592
Other receivables 932 705
Inventory 1,168 1,603
Deposits paid on services
and maintenance contracts 3,752 3,712
Prepaid expenses and other assets 2,955 2,423
Total Current Assets 72,715 42,536
Investments 1,652 1,803
Property and equipment, net
2,035 1,847
Purchased and developed software,
net of accumulated amortization of
$5,893 and $6,115 at Dec. 31, 1999
and Sept. 30, 2000, respectively 726 948
Intangible assets, net of accumulated
amortization of $11,534 and $14,987
and at Dec. 31, 1999 and Sept. 30, 2000,
respectively 10,357 13,810
Total assets $87,485 $60,944
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payables $2,812 $6,910
Accrued payroll taxes 1,102 574
Accrued value added taxes 593 1,055
Accrued income taxes 10,385 6,572
Current portion of capital
lease obligations 10 24
Other accrued expenses 1,642 2,371
Deferred revenue 5,900 7,190
Total current liabilities 22,444 24,696
Capital lease obligations,
less current portion 83 2
Total liabilities 22,527 24,698
Stockholders' equity:
Series-A convertible preferred stock,
par value $0.001; authorized 2,100 shares;
and no shares issued and outstanding
Liquidating preference at par value
Series-B convertible preferred stock,
par value $0.001; authorized
3,500 shares; no shares issued
and outstanding, liquidating
preference at par value
Common stock, par value $0.001, authorized
85,000 shares; 15,193 and 15,447 shares issued
and outstanding at Dec. 31, 1999 and
Sept. 30, 2000, respectively 16 15
Additional paid-in capital 71,261 57,325
Accumulated deficit (3,171) (18,921)
Accumulated other comprehensive
income (3,148) (2,173)
Total stockholders' equity 64,958 36,246
Total liabilities and
stockholders' equity $87,485 $60,944
AremisSoft Corporation
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
For the Nine Month Period
Ending September 30,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $15,750 $6,595
Adjustments to reconcile net income
to net cash used in operating
activities:
Depreciation 487 979
Amortization and write-off of capitalized
software and intangible assets 3,675 446
Foreign currency translation 151
Gain on disposition, net (2,192)
Changes in assets and liabilities,
net of disposition
Accounts receivable (10,470) (1,580)
Accounts receivable -
disposition proceeds 2,592 -
Other receivables (227) (553)
Inventory 302 76
Deposits paid on service and
maintenance contract 816 2,586
Prepaid expenses and other assets (643) (1,078)
Accounts payable (4,098) (807)
Deferred revenue (1,290) (1,900)
Accrued taxes payable 3,879 1,837
Other accrued expenses (714) (2,491)
Net cash provided by operating
activities 8,018 4,110
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (848) (1,060)
Proceeds from disposition 3,330 -
Net cash provided by (used in)
investing activities 2,482 (1,060)
))
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants
and employee stock options 937 -
Net proceeds from issuance of stock 12,000 12,868
Principal repayments of long-term
borrowings - (7,622)
Loan from related party - (1,793)
Principal payments of capital lease
obligations-net 67 (26)
Net cash provided by
financing activities 13,004 3,427
Effect of foreign currency exchange
rates on cash and cash equivalents (975) (89)
Net increase in cash and cash
equivalents 22,529 6,388
Cash and cash equivalents,
at beginning of period 13,386 149
Cash and cash equivalents,
at end of period 35,915 6,537
Supplemental disclosure:
Interest paid - 1,138
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