iBasis Reports Record Revenue, Gross Profit, and Traffic Volume in Second Quarter 2006; Company Expands EBITDA Margin, Achieves Sixth Consecutive Quarter of Positive Cash Flow.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass. -- iBasis, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IBAS), the global VoIP company(TM), today announced results for the second quarter ended June June: see month. 30, 2006. Revenue for the second quarter of 2006 was $127.3 million, compared to $94.6 million for the second quarter of 2005. Net income for the second quarter of 2006 was $0.3 million, or $0.01 per share, compared to net loss for the second quarter of 2005 of $0.8 million, or $(0.03) per share. Net income for Q2 2006 includes $1.5 million in current transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). related to our pending merger with KPN KPN Koninklijke PTT Nederland (Royal Dutch Telecom) KPN Konfederacja Polski Niepodleglej (Polish conservative party) Global Carrier Services. Excluding these expenses, net income for the second quarter of 2006 was $1.9 million, or $0.06 per share. iBasis achieved $4.0 million in Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the second quarter of 2006, compared to Adjusted EBITDA of $2.8 million in the second quarter of 2005. Adjusted EBITDA is a non-GAAP measurement presented to provide further information about the Company's operating trends, as explained below. Highlights of the second quarter include: --Adjusted EBITDA growth of 26% over Q1 2006; --Sequential growth in revenue of 15% and in gross profit of 14%; --Sequential growth in minutes of 15% to 2.7 billion; --Sixth consecutive quarter of positive cash flow; --Return to the Nasdaq exchange; and --Agreement to merge KPN Global Carrier Services into iBasis. "This was another very strong quarter across the board," said Ofer Ofer (Hebrew: עופר) is a moshav located south of Haifa, Israel in the Carmel Mountains and is a part of the Hof HaCarmel Regional Council. Gneezy, 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 iBasis. "We achieved solid growth in revenue and gross profit over the first quarter of 2006 in both our Trading and our Retail businesses. We also achieved a significant sequential increase in minutes carried on The iBasis Network(TM), a result of continuing strong demand for our international VoIP services. "In our Trading business, we added a large number of new customers, including consumer VoIP providers, which accounted for 10% of our Trading revenue in the quarter. We ended the second quarter with more than 40 consumer VoIP provider customers. "In our Retail business, we continued to introduce new cards in the market and effectively manage the product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. , resulting in sequential growth in revenue and gross profit, as well as slight gross margin expansion. "In addition to our strong results we had other good news this quarter. We celebrated our return to the Nasdaq exchange, which followed a successful reverse stock split. The listing better positions us to attract additional large institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and expand the field of major industry analysts that cover iBasis. "Our most exciting news was our agreement to merge KPN Global Carrier Services into iBasis, a development that has the potential to be an industry-changing event. The combination will bring together an established incumbent carrier See ILEC. with a very strong position in the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. mobile market and a fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive VoIP leader. The result will make iBasis a Tier One player in the international voice market and one of the top carriers of international traffic worldwide, with combined 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. traffic approaching 20 billion minutes. We're we're Contraction of we are. we're we are very excited, and customers we have spoken to about the merger are enthusiastic about the enhanced capabilities and offerings of the expanded iBasis. We expect the transaction to be completed before the end of this year. "We're very pleased with our Q2 results, and we are confident that iBasis is on the right track to achieve its goals."
Second Quarter Results for Trading and Retail Businesses:
($ in millions) Trading Retail Total
----------------------------------------------------------------------
Revenue $102.5 $24.8 $127.3
----------------------------------------------------------------------
Gross Profit (a) $12.1 $4.2 $16.3
----------------------------------------------------------------------
Gross Margin 11.8% 17.1% 12.8%
(a) Net revenue less data communications and telecommunications costs
Operational Milestones Minutes of use on The iBasis Network(TM) in the second quarter 2006 were 2.7 billion, a 50% increase over the 1.8 billion minutes carried in the second quarter 2005, and a 15% increase over the 2.3 billion minutes in the first quarter 2006. Average revenue per minute of 4.7 cents, average cost per minute of 4.1 cents, and average margin per minute of 0.61 cents for the second quarter were all unchanged compared to the previous quarter. iBasis ended the second quarter with 471 Trading customers, compared to 410 at the end of the first quarter 2006. New customers announced during the quarter included Yahoo!, a leading global 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 company, and Digilinea, a leading VoIP service and infrastructure provider to the US Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. markets. iBasis - KPN Global Carrier Services Merger On June 21, 2006 iBasis and Royal KPN N.V., the national carrier of the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , announced a definitive agreement to merge KPN's international wholesale voice business into iBasis. This combination will establish iBasis as one of the largest international voice carriers in the world, with combined 2005 revenues exceeding $1.1 billion and more than 15 billion combined minutes in 2005. iBasis will acquire KPN subsidiary KPN Global Carrier Services and receive $55 million in cash from KPN in return for the issuance of approximately 40 million shares of iBasis common stock, which represent a 51 percent ownership interest in iBasis 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. iBasis shareholders of record immediately prior to closing will receive a cash dividend of $113 million immediately following closing. In connection with payment of the dividend, outstanding common stock options will be adjusted to preserve their value. The transaction, which is subject to customary closing conditions, including regulatory approvals and the approval of iBasis shareholders, is expected to be completed before the end of 2006. In the second quarter of 2006, we incurred approximately $1.5 million in direct expenses related to this transaction, primarily related to investment banking, legal and accounting fees. We currently expect additional transaction costs of approximately $0.8 million to $1.2 million, most of which we anticipate will be incurred in the third quarter of 2006. FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. Ruling on Prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. Calling CardsOn June 30, 2006, the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. announced the results of a Notice of Proposed Rulemaking A notice of proposed rulemaking or NPRM is issued by law when a regulatory agency of the United States Federal Government wishes to add, remove, or change a rule (or regulation) as part of the rulemaking process. Outside the USA. , which would require providers of prepaid calling cards that utilize Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. to contribute to the Universal Service Fund (USF USF University of South Florida USF Universal Service Fund (often part of phone bill in US) USF University of San Francisco USF University of Sioux Falls USF University of St. ) and pay other regulatory fees. In connection with its Retail business, the Company plans to absorb or pass along such fees, which based on current traffic mix equal approximately 1.8% of revenue. The FCC ruling would also impose the fees on a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a basis, which the Company plans to contest. As of June 30, the Company estimates that the maximum potential retroactive charge would be approximately $2.6 million. If not stayed, the order could become effective during the fourth quarter. Guidance The Company believes that in 2006 on a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. basis it will: --achieve revenue in the range of $500 to $520 million; and --achieve non-GAAP EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. (which excludes merger-related expenses and potential retroactive USF and other regulatory fees) of $0.25 to $0.30. Planned expenditures for 2006 include $10 to $12 million in capital asset investments. Q2 Results Conference Call iBasis will host a conference call to discuss the Company's Q2 results, led by Ofer Gneezy, iBasis president & CEO, on Wednesday Wednesday: see week. , July July: see month. 26, 2006 at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The public is invited to listen to the simultaneous webcast by logging in A colloquial term for the process of making the initial record of the names of individuals who have been brought to the police station upon their arrest. The process of logging in is also called booking. through the iBasis investor relations Investor relations The process by which the corporation communicates with its investors. website at http://investor.ibasis.com. Reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Net Income to Adjusted EBITDA In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the requirements of Securities and Exchange Commission Regulation G, iBasis is presenting the most directly comparable U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP) financial measure and reconciling the Non-GAAP financial measure to the comparable GAAP measure.
Three Months Ended June 30,
-----------------------------
(In thousands)
-----------------------------
2006 2005
-------------------------------------------------------- -------------
Net income (loss) $341 $(767)
Add/(less):
Stock-based compensation and services 815 ---
Depreciation and amortization 1,822 1,726
Interest expense (income), net (355) 862
Foreign exchange (gain) loss (148) 347
Merger related expenses 1,542 ---
Debt conversion premiums --- 661
Income taxes 11 ---
--------------- -------------
Adjusted EBITDA $4,028 $2,829
=============== =============
About iBasis Founded in 1996, iBasis (NASDAQ: IBAS) is a leading wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services, including the Pingo(R) web-based offering (www.pingo.com) and disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. calling cards that are sold through major distributors and available at retail stores throughout the U.S. iBasis customers include many of the largest telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. carriers, including AT&T, Verizon, China Mobile, China Unicom China Unicom, full name China United Telecommunications Corporation, 中国联通, HKSE: 0762 NYSE: CHU, is a telecommunication operator in the People's Republic of China. 52. , IDT IDT Integrated Device Technology, Inc. (Santa Clara, CA, USA) IDT I Don't Think IDT Identity Theft IDT Interrupt Descriptor Table IDT Integrated DNA Technologies IDT Inactive Duty Training IDT Instructional Design & Technology , Qwest, Skype, Telecom Italia Telecom Italia is formerly a partially state-owned Italian telco. It was once known as SIP, and it has the largest user base in Italy. Telecom Italia also owns shares in Telecom Argentina and Telecom Personal, fixed and cellular networks in Argentina. , and Telefonica. iBasis carried 7.8 billion minutes of international voice over IP (VoIP) traffic in 2005, and is one of the largest carriers of international voice traffic in the world(1). For four consecutive years service providers have named iBasis the best international wholesale carrier in ATLANTIC-ACM's annual International Wholesale Carrier Report Card(2). The Company can be reached at its worldwide headquarters in Burlington, Massachusetts Burlington is a town in Middlesex County, Massachusetts, United States. The population was 22,876 at the 2000 census. History Burlington was first settled in 1641 and was officially incorporated on February 28, 1799. , USA at 781-505-7500 or on the Internet at www.ibasis.com. iBasis and Pingo are registered marks, the global VoIP company and The iBasis Network are trademarks of iBasis, Inc. All other trademarks are the property of their respective owners. Except for historical information, all of the expectations, plans and assumptions contained in the foregoing press release, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's anticipated revenue, earnings per share and capital expenditures, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under Section 21E of the Securities Exchange Act of 1934 and involve risks and uncertainties. Statements regarding the proposed transaction between the Company and Royal KPN, including the expected timetable for completing the transaction, the expected dividend payment, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and products and any other statements regarding the parties' future expectations, beliefs, goals or prospects, also constitute forward-looking statements. Important factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the Company's ability to execute its business plan; (ii) the extent of adoption of the Company's services and the timing and amount of revenue and gross profit generated by these services; (iii) fluctuations in the market for and pricing of these services; (iv) the success of the Company's plans to contest the FCC ruling on prepaid calling cards; (v) the ability of the Company and Royal KPN to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the proposed transaction due to regulatory restrictions, the failure to receive shareholder approval, the ability to successfully integrate their operations and employees, the ability to realize anticipated synergies, the emergence of new competitive initiatives resulting from rapid technological advances or changes in pricing in the market, business conditions and volatility and uncertainty in the markets that the Company and Royal KPN serve, and (vi) the other factors described in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for its most recently completed fiscal quarter and 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. for its most recently completed fiscal year and Royal KPN's Annual Report on Form 20-F for its most recently completed fiscal year all of which are available at www.sec.gov. Such forward-looking statements are only as of the date they are made, and we have no current intention to update any forward-looking statements. This communication may be deemed to be solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual material in respect of the proposed transaction between iBasis and Royal KPN. In connection with the proposed transaction, iBasis intends to file relevant materials with the SEC, including a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. on Schedule 14A. SHAREHOLDERS OF IBASIS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING IBASIS'S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents free of charge at the SEC's web site, http://www.sec.gov, and iBasis's shareholders will receive information at an appropriate time on how to obtain transaction-related documents for free from iBasis. Such documents are not currently available. Participants in Solicitation Royal KPN and its directors and executive officers, and iBasis and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from the holders of iBasis Common Stock in respect of the proposed transaction. Information about the directors and executive officers of Royal KPN is set forth in the Annual Report on Form 20-F for the year ended 2005, which was filed with the SEC on March 14, 2006. Information about the directors and executive officers of iBasis is set forth in iBasis's proxy statement for its 2006 Annual Meeting of Shareholders, which was filed with the SEC on March 23, 2006. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement regarding the transaction when it becomes available. Use of Non-GAAP Financial Measures Adjusted EBITDA Financial Disclosure iBasis defines Adjusted EBITDA as earnings before stock-based compensation, foreign exchange gains and losses, debt conversion premiums, merger related expenses, interest, taxes, and depreciation and amortization. Investors are cautioned that the Adjusted EBITDA information contained in this press release is not a financial measure under 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. Generally Accepted Accounting Principles (GAAP). In addition, it should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of the Company's operating performance, liquidity or cash flows generated by operating, investing and financing activities, as there may be significant factors or trends that it fails to address. Adjusted EBITDA financial information is presented because iBasis believes that it is helpful to some investors as a measure of the Company's operating trends. iBasis cautions investors that Non-GAAP financial information such as Adjusted EBITDA, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare iBasis' results with the results from other reporting periods and with the results of other companies. Other Non-GAAP Financial Data The Company also provides other financial data in addition to providing financial results in accordance with GAAP. This data is not in accordance with, or an alternative to GAAP, and may be different from Non-GAAP financial data used by other companies. This Non-GAAP financial data includes average revenue per minute (ARPM ARPM Average Revenue Per Minute (public utilities) ARPM ATM (Asynchronous Transmission Mode) Rate Pacing Module ARPM Average Revenue Per Message ARPM Alcatraz-Red Power Movement ARPM Age Replacement Preventive Maintenance ), average cost per minute (ACPM ACPM American College of Preventive Medicine ACPM Association of Canadian Pension Management ACPM American College of Prehospital Medicine ACPM Activity Career Program Manager ACPM Association Control Protocol Machine ACPM Association of Colleges of Podiatric Medicine ) and average margin per minute (AMPM), which the Company believes provides useful information, to both its management and investors about the Company's current performance. Adjusted revenue for KPN reflects adjustments to market rates on intra-company revenue transactions with Royal KPN N.V. Investors are cautioned that the adjusted revenue information contained in this press release is not a financial measure under GAAP. In addition, it should not be construed as an alternative to any other measures of performance determined in accordance with GAAP. This adjusted revenue measure is presented because iBasis believes that it is helpful to some investors as a measure of the combined company's potential operating trends. iBasis cautions investors that Non-GAAP financial information by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare this information with information provided by other companies. (1)Telegeography 2005 data compared with iBasis 2004 traffic volume. (2)ATLANTIC-ACM International Wholesale Carrier Report Card - 2002, 2003, 2004, & 2005.
iBasis, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30, December 31,
2006 2005
------------- -------------
(Unaudited)
Assets
Cash, cash equivalents and short-term
investments $ 49,420 $ 44,414
Accounts receivable, net 56,193 47,641
Prepaid expenses and other current assets 3,173 2,676
Property and equipment, net 13,624 11,754
Other assets 325 323
------------- -------------
Total assets $ 122,735 $106,808
============= =============
Liabilities and Shareholders' Equity
Accounts payable $ 38,621 $ 27,796
Accrued expenses 26,971 24,479
Deferred revenue 11,738 9,517
Current portion of long term debt 1,661 1,598
Long term debt, net of current portion 1,370 2,216
Other long term liabilities 922 916
------------- -------------
Total liabilities 81,283 66,522
Shareholders' equity 41,452 40,286
------------- -------------
Total liabilities and shareholders'
equity $ 122,735 $106,808
============= =============
iBasis, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
June 30,
2006 2005
(Unaudited)
Net revenue $ 127,324 $ 94,581
Cost and operating expenses:
Data communications and
telecommunications (excluding
depreciation and amortization) 110,981 81,874
Research and development (excluding
stock-based compensation of $134 and
$ 0) 3,405 3,126
Selling and marketing (excluding
stock-based compensation of $109 and
$ 0) 4,151 2,866
General and administrative (excluding
stock-based compensation and services
of $572 and $ 0) 4,716 3,746
Stock-based compensation and services 815 ---
Depreciation and amortization 1,822 1,726
------------ -------------
Total costs and operating expenses 125,890 93,338
------------ -------------
Income from operations 1,434 1,243
Interest income (expense), net 355 ( 862)
Other expenses, net ( 43) ( 140)
Foreign exchange (loss) gain 148 ( 347)
Merger related expenses (1,542) ---
Debt conversion premium --- ( 661)
------------ -------------
Income (loss) before taxes 352 ( 767)
Foreign income tax expense 11 ---
------------ -------------
Net income (loss) $ 341 $ ( 767)
============ =============
Net income per share:
Basic $ 0.01 $ ( 0.03)
Diluted $ 0.01 $ ( 0.03)
Weighted average common shares outstanding:
Basic 33,133 21,998
Diluted 34,948 21,998
iBasis, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Six Months Ended June 30,
2006 2005
(Unaudited)
Net revenue $ 238,103 $ 183,253
Cost and operating expenses:
Data communications and
telecommunications (excluding
depreciation and amortization) 207,443 158,175
Research and development (excluding
stock-based compensation of $221 and
$ 0) 6,558 6,258
Selling and marketing (excluding
stock-based compensation of $186 and
$ 0) 7,664 5,593
General and administrative (excluding
stock-based compensation and services
of $680 and $ 0) 9,129 7,059
Stock-based compensation and services 1,087 ---
Depreciation and amortization 3,388 3,446
------------ ------------
Total costs and operating expenses 235,269 180,531
------------ ------------
Income from operations 2,834 2,722
Interest income (expense), net 673 ( 1,898)
Other expenses, net ( 90) ( 160)
Foreign exchange (loss) gain 131 ( 580)
Merger related expenses (1,542) ---
Debt conversion premium --- ( 661)
------------ ------------
Income before taxes 2,006 ( 577)
Foreign income tax expense 22 ---
------------ ------------
Net income $ 1,984 $ ( 577)
============ ============
Net income per share:
Basic $ 0.06 $ ( 0.03)
Diluted $ 0.06 $ ( 0.03)
Weighted average common shares outstanding:
Basic 33,195 21,829
Diluted 34,642 21,829
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