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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| First Comms. | LSE:FCOM | London | Ordinary Share | COM SHS USD0.001 (REGS) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.015 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 5649Q
First Communications, Inc.
05 August 2010
5 August 2010
First Communications, Inc. Announces Unaudited Interim Results for the
Six Months Ended June 30, 2010; and the Intention to Cancel its Admission to AIM
AKRON, OH, August 4, 2010 - First Communications, Inc. (AIM: FCOM) ("First
Communications" or the "Company"), a leading Midwest competitive local exchange
carrier providing data and voice services, today announces its unaudited interim
results for the six months ended June 30, 2010 and its intention to call a
shareholder meeting to approve the cancellation of the Company's admission to
trading on the London Stock Exchange's Alternative Investment Market ("AIM").
Discussion of Six Months Ended June 30, 2010 Results
Items of note in the six months ended June 30, 2010 results:
+----+------------------------------------------------------------------+
| - | EBITDA (as defined below) of $8.2 million for the first six |
| | months of 2009 compared to $5.1 million for the same period last |
| | year, (on a pro forma basis the $8.2 million would be compared |
| | to $2.2 million for 2009 if the EBITDA generated by the Tower |
| | business (sold in August, 2009) for the six months ended June |
| | 30, 2009 were so adjusted); |
| | |
+----+------------------------------------------------------------------+
| - | An increase in gross margin from 36.5% to 40.7% from the six |
| | months ended June 30, 2009 to the same period in 2010 as |
| | management continues to focus on higher margin T1 integrated |
| | voice and data On-Net services to the Company's customers; and |
+----+------------------------------------------------------------------+
| | |
+----+------------------------------------------------------------------+
| - | Significant improvement in overall financial position through |
| | continued management of the Company's balance sheet and cash |
| | flow position as illustrated by a reduction in total debt from |
| | $127.0 million as of June 30, 2009 to $75.8 million as of June |
| | 30, 2010 through asset disposals and amendments to the Company's |
| | debt facilities during the year. As a result there was a |
| | related reduction in interest expense for the same six month |
| | periods from $4.0 million to $3.4 million. |
+----+------------------------------------------------------------------+
EBITDA is defined herein as net income (loss) before depreciation and
amortization, interest expense, and provision for (benefit from) income taxes.
Selected Financial Information
+----------+---------------------+----------+---------+---------+----------+----------+
| FIRST COMMUNICATIONS, INC. |
| SELECTED FINANCIAL INFORMATION |
| For the Six Months Ended June 30, 2010 and 2009 |
| (unaudited, in 000's) |
+-------------------------------------------------------------------------------------+
| | | | Six Months Ended June 30 | |
+----------+---------------------+----------+------------------------------+----------+
| | | | 2010 | 2009 | Variance | |
| | | | | (1) | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| | | | | | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| | | | | | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| Revenues, net | | $ | $ | $ | |
| | | 75,217 | 88,041 |(12,824) | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | | | | |
+--------------------------------+----------+---------+---------+----------+----------+
| Gross Margin | | 30,588 | 32,106 | (1,518) | |
+--------------------------------+----------+---------+---------+----------+----------+
| | Gross Margin % | | 40.7% | 36.5% | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| | | | | | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| SG&A Expenses | | 22,448 | 27,281 | (4,833) | |
+--------------------------------+----------+---------+---------+----------+----------+
| SG&A as a % of Revenues | | 29.8% | 31.0% | | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | | | | |
+--------------------------------+----------+---------+---------+----------+----------+
| Other Income | | 19 | 225 | (206) | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | | | | |
+--------------------------------+----------+---------+---------+----------+----------+
| EBITDA | | 8,159 | 5,050 | 3,109 | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | | | | | |
+----------+---------------------+----------+---------+---------+----------+----------+
| Depreciation and Amortization | | 6,611 | 6,785 | (174) | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | | | | |
+--------------------------------+----------+---------+---------+----------+----------+
| Interest Expense | | 3,444 | 3,995 | (551) | |
+--------------------------------+----------+---------+---------+----------+----------+
| | | $ | $ | $ | |
| Net (Loss) Before Income Taxes | | (1,896) | (5,730) | 3,834 | |
+----------+---------------------+----------+---------+---------+----------+----------+
Note (1): Included in the six months ended June 30, 2009 results are $4.4
million of revenues and $2.9 million in EBITDA related to the Tower business
which was sold by the Company in August, 2009. Thus, on a pro forma basis, the
six months ended June 30, 2009 revenues and EBITDA would be approximately $83.6
million and $2.2 million, respectively.
Operational Highlights and Current Outlook:
Ray Hexamer, CEO of First Communications commented:
"In the first half of 2010, we continued to make operational and financial
progress through our core businesses, as evidenced by an increase in EBITDA of
$3.1 million compared to the same period last year (or $6.0 million
comparatively on a pro forma basis excluding profits from the Tower business
which was sold in August, 2009), operating income of $1.5 million for the six
months ended Jun 30, 2010 and a reduction in our debt by over $50.0 million in
the one year since June 30, 2009. The significant progress in improving both
the cash flow and balance sheet of the Company has enabled us to focus our
efforts on expanding and investing in the core growth areas of the business,
including lit transport services and data and voice services to small and medium
sized businesses.
We believe the actions taken, and those planned or in progress, place the
Company in a strong position for the future. Examples include the successful
lighting of 1,527 fiber miles to date, the continued development and deployment
of new fiber infrastructure and our focus on higher margin customers in key
geographic areas where we can provide dedicated integrated voice and data On-Net
services. In addition, we have taken actions on cost saving initiatives early
in 2010 that have enabled us to continue to achieve greater financial success
for the remainder of this year and beyond.
As we continue the progress in expanding cash flow, assets and overall
shareholder value, we believe additional capital can accelerate the growth in
the Company. Our current admission to AIM has not facilitated access to
additional capital, the liquidity has been very limited and the Board does not
see an advantage or justification to maintain the listing and continue with the
ongoing costs and regulatory requirements of having its shares quoted on AIM.
The Board of Directors believe that the Company would be better positioned as a
private company or at some point having a listing on a US based Exchange, and
that raising additional capital could be more successful by doing so. It is
therefore our intention to cancel our Admission to AIM, having given
shareholders sufficient notice, within the third Quarter of 2010."
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Revenues
First Communications, Inc. reported revenues of $75.2 million for the six months
ended June 30, 2010, compared to $88.0 million reported for the six months ended
June 30, 2009. The decrease in revenue has partly resulted from inclusion in
the six months ended June 30, 2009 of $4.4 million of revenues from the Tower
Business which was sold by the Company in August, 2009, and a reduction in
revenues as management de-emphasizes lower margin legacy voice services. This
has been partly offset by increasing revenues from small and medium sized
commercial market customers in key geographical areas, and increased demand for
margin services including dedicated T1 integrated voice and data On-Net
services.
Gross Margin
The Company's gross margins increased from 36.5% in 2009 to 40.7% in 2010
primarily due to a greater proportion of higher margin services, as discussed
above, including dedicated T1 integrated voice and data On-Net services, and,
again, the reduction in costs of supporting the legacy voice customers.
Sales, General and Administrative Expenses
As a percentage of revenues, the Company's selling, general and administrative
expenses for the six months ended June 30, 2010 decreased to 29.8% compared to
31.0% for the six months ended June 30, 2009, declining by $4.8 million between
the periods. The decrease in expenses stemmed from reduction of the Company's
labor costs.
Depreciation and Amortization of Other Intangibles
Depreciation and amortization charges decreased from $6.8 million for the six
months ended June 30, 2009 to $6.6 million for the six months ended June 30,
2010. The decrease is primarily related to certain intangible assets becoming
fully amortized.
EBITDA, Income from Operations, and Net Income
The Company's EBITDA increased from $5.1 million for the six months ended June
30, 2009 to $8.2 million for the six months ended June 30, 2010. The Company's
loss from operations improved from $(2.0) million for the six months ended June
30, 2009 to operating income of $1.5 million for the six months ended June 30,
2010. The Company reported a $(1.9) million net loss for the six months ended
June 30, 2010 compared to a loss of $(5.7) million for the same period in 2009.
The increase in EBITDA related primarily to the emphasis on higher margin
On-Net customers as discussed above, thus resulting in higher gross margins and
lower selling, general and administrative expenses. Interest expense was lower
as a result of the lower outstanding debt.
Cash
Cash balances amounted to $2.4 million as of June 30, 2010 compared with a
balance of $2.6 million as of June 30, 2009.
Capital Expenditures
Capital expenditures for the six months ended June 30, 2010 were $2.6 million
related primarily to the expansion of the Company's network, network and system
upgrades, installation costs and capitalized labor.
Balance Sheet Management
As discussed above, management's focus in the last twelve months, in addition to
operations, has been on the Company's balance sheet, debt level and cash flow.
The below summary, as previously reported on May 6, 2010, illustrates the
results of those efforts.
Diamond Stock Sale
The Company currently owns class A and B membership Units (the "Units") in
Diamond Communications, LLC ("Diamond"). On April 30, 2010, we entered into an
agreement pursuant to which we sold a portion of the Units back to Diamond for
$15.0 million in cash, with the remaining investment of $5 million of Units not
sold, recorded on the balance sheet at cost. The total number of units of
membership interest in Diamond was reduced with this transaction from
approximately 13.6% to approximately 3.8%. This transaction has not affected the
Company's right to receive additional units in Diamond under an earn-out formula
that was part of the Contribution Agreement by and between the Company, Diamond,
and others, pursuant to which FTS contributed its wireless tower assets to
Diamond and Diamond provided a limited guaranty of a certain amount of the
Company's debt in exchange for the Units.
Amendment to Facility
Effective as of April 30, 2010, the Company entered into an 'Amendment No. 3' to
its Facility (the "Amendment No. 3"). With the sale of the Diamond Units
discussed above, $7.5 million of the proceeds were used to reduce the Term Loan
of the Company, in inverse order of maturity, with amounts outstanding under the
Revolver also reduced by $7.5 million, although the Revolver is available for
future drawdown. Overall, the Facility has been reduced to $76.3 million, and
as of April 30, 2010, the outstanding bank debt of the Company was $68.6
million, both after assuming the pay down amounts discussed above, and the
regular quarterly principal payment of $1.25 million as of March 31, 2010.
Maturity Date
The maturity date of the loans under the Facility has been extended to March 31,
2012.
Pricing and Fees
The Facility is priced at LIBOR plus 600 bps, and will apply to the Term Loan
and the Revolver. There is a 100 bps commitment fee on the undrawn Revolver.
Upon raising an additional $6.0 million of equity within 120 days of the
effective date of the Amendment No. 3, the pricing will be reduced to LIBOR plus
500 bps, and the commitment fee will reduce by 50 bps.
Scheduled Amortization
All scheduled payments are reduced from $1.5 million to $1.25 million per
quarter through maturity.
Existing Subordinated Note Payments
The Company also has a $6.0 million subordinated note (the "Note") with a
shareholder. As part of the Amendment No. 3, previously scheduled monthly
principal and interest payments of $83,000 beginning on January 31, 2011 will
continue to be allowed as part of the Amendment No. 3, with the one-time payment
previously scheduled for December 31, 2010 ($442,000 in principal and $880,000
in interest) to be deferred until April 1, 2012. In consideration for the
deferral, interest on the sub-note has increased from 11% to 12%.
Cancellation of Admission of AIM
The Board feels the admission to AIM has not and will not in the near future
help its ability to access additional capital and that accessing additional
capital will likely be more efficient on a US exchange or as a private Company.
In addition, there has been very little liquidity in First Communications'
shares since its admission to AIM and the Board does not see an advantage in
remaining publicly quoted and does not believe the ongoing costs and regulatory
requirements of a quotation on AIM can be justified. The Board therefore
intends to call a shareholder meeting of First Communications' shareholders to
approve the cancellation of First Communications' admission to trading on AIM in
accordance with Rule 41 of the AIM Rules and First Communications' certificate
of incorporation. Under the AIM Rules the cancellation can only be effected
following the expiration of a period of at least 20 business days from the date
on which notice of the proposed cancellation is given to the London Stock
Exchange. In addition, a period of at least five business days following
shareholder approval of cancellation is required before the cancellation can
take effect. Further details and a proposed timetable for the cancellation will
be contained in the circular to First Communications' shareholders which will be
distributed to convene the shareholder meeting to approve the cancellation. It
is intended the circular will be distributed and a shareholder meeting called
within the next 2 weeks with an anticipated cancellation within the third
Quarter of 2010.
+------------------------+---------------------------------+
| For Further Information: |
| |
+----------------------------------------------------------+
| First Communications, Inc. |
+----------------------------------------------------------+
| Joe Morris | Tel: (330) 835-2472 |
+------------------------+---------------------------------+
| |
+----------------------------------------------------------+
| Collins Stewart Europe Limited - Nominated Adviser and |
| Broker |
| |
+----------------------------------------------------------+
| Piers Coombs/Stewart | Tel: +44 (0) 207 523-8350 |
| Wallace | |
+------------------------+---------------------------------+
About First Communications
First Communications is a leading competitive local exchange carrier in the
Midwestern United States. Founded in 1998, First Communications has built a
highly scalable telecommunications platform, infrastructure and support system,
which represents a combination of world-class technology, and cutting-edge
product offerings. First Communications is led by a strong management team that
has operated telecom companies throughout all cycles of the telecommunications
market.
Forward-looking Statements
This press release contains statements relating to future results of First
Communications and statements which may be identified by the use of the words
"may", "intend", "expect" and like words that are "forward-looking statements".
Actual results may differ materially from those projected as a result of certain
risks and uncertainties.
JUNE 30, 2010 and 2009 CONDENSED FINANCIAL STATEMENTS
+----------------------------------+-------------+-------------+
| FIRST COMMUNICATIONS, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| As of June 30, 2010 and 2009 |
| (in thousands) |
| |
| |
+--------------------------------------------------------------+
| | | As of |
| | As of | |
+----------------------------------+-------------+-------------+
| | June 30, | June |
| | 2010 | 30, 2009 |
+----------------------------------+-------------+-------------+
| ASSETS | (unaudited) | (unaudited) |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| CURRENT ASSETS | | |
+----------------------------------+-------------+-------------+
| Cash and cash equivalents | $ 2,444 | $ 2,645 |
+----------------------------------+-------------+-------------+
| Accounts receivable - trade, | | |
| less allowance for | | |
+----------------------------------+-------------+-------------+
| doubtful accounts | 14,109 | 18,822 |
+----------------------------------+-------------+-------------+
| Income tax receivable/Deferred | 688 | 2,052 |
| taxes | | |
+----------------------------------+-------------+-------------+
| Inventory | 2,368 | 3,173 |
+----------------------------------+-------------+-------------+
| Other current assets | 3,614 | 4,705 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL CURRENT ASSETS | 23,223 | 31,397 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| | | |
| PROPERTY AND EQUIPMENT, net | 41,368 | 43,390 |
| | | |
+----------------------------------+-------------+-------------+
| OTHER ASSETS | | |
+----------------------------------+-------------+-------------+
| Goodwill | 105,202 | 105,202 |
+----------------------------------+-------------+-------------+
| Other intangible assets, net | 21,060 | 66,878 |
+----------------------------------+-------------+-------------+
| Investments | 5,000 | - |
+----------------------------------+-------------+-------------+
| Deposits and other assets | 2,942 | 6,018 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL OTHER ASSETS | 134,204 | 178,098 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL ASSETS | $ | $ |
| | 198,795 | 252,885 |
+----------------------------------+-------------+-------------+
+----------------------------------+-------------+-------------+
| FIRST COMMUNICATIONS, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| As of June 30, 2010 and 2009 |
| (in thousands, except for per share data) |
| |
| |
+--------------------------------------------------------------+
| | | As of |
| | As of | |
+----------------------------------+-------------+-------------+
| | June 30, | June 30, |
| | 2010 | 2009 |
+----------------------------------+-------------+-------------+
| LIABILITIES, REDEEMABLE | (unaudited) | (unaudited) |
| PREFERRED STOCK AND | | |
| SHAREHOLDERS' EQUITY | | |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| CURRENT LIABILITIES | | |
+----------------------------------+-------------+-------------+
| Current portion of long-term | $5,000 | $ 7,000 |
| debt | 2,017 | 10,000 |
| Revolver | | |
+----------------------------------+-------------+-------------+
| Accounts payable - trade | 14,367 | 28,608 |
+----------------------------------+-------------+-------------+
| Income tax payable | 53 | (94) |
+----------------------------------+-------------+-------------+
| Accrued expenses | 13,017 | 18,003 |
+----------------------------------+-------------+-------------+
| Deferred tax liability | - | 221 |
+----------------------------------+-------------+-------------+
| Deferred revenue | 9,397 | 9,898 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL CURRENT LIABILITIES | 43,851 | 73,636 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| NON-CURRENT LIABILITIES | | |
+----------------------------------+-------------+-------------+
| Long-term debt, net of current | 50,000 | 100,500 |
| maturities | | |
+----------------------------------+-------------+-------------+
| Revolver | 12,823 | 9,484 |
| Deferred tax liability | 1,390 | 538 |
+----------------------------------+-------------+-------------+
| Deferred revenue | 12,818 | 14,010 |
| Note payable | 6,000 | - |
+----------------------------------+-------------+-------------+
| Other long-term liabilities | 355 | 1,204 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL NON-CURRENT LIABILITIES | 83,386 | 125,736 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL LIABILITIES | 127,237 | 199,372 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| REDEEMABLE PREFERRED STOCK, | | |
| $0.001 par value; 10,000,000 | | |
| shares | | |
+----------------------------------+-------------+-------------+
| authorized, 15,000 shares issued | | |
| and outstanding (liquidation | | |
+----------------------------------+-------------+-------------+
| preference $1,000 per share) | 18,414 | 16,388 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| SHAREHOLDERS' EQUITY | | |
+----------------------------------+-------------+-------------+
| Series A Common Stock, $0.001 | | |
| par value; 59,165,000 shares | | |
| authorized, | | |
+----------------------------------+-------------+-------------+
| 26,902,000 shares issued and | 27 | 27 |
| outstanding | | |
+----------------------------------+-------------+-------------+
| Additional paid in capital | 119,482 | 119,482 |
+----------------------------------+-------------+-------------+
| Retained (deficit) | (66,365) | (82,384) |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL SHAREHOLDERS' EQUITY | 53,144 | 37,125 |
+----------------------------------+-------------+-------------+
| | | |
+----------------------------------+-------------+-------------+
| TOTAL LIABILITIES, REDEEMABLE | $ | $ |
| PREFERRED STOCK AND | 198,795 | 252,885 |
| SHAREHOLDERS' EQUITY | | |
+----------------------------------+-------------+-------------+
+--------------------------------+----------+-------------+----------+-------------+
| FIRST COMMUNICATIONS, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| For the Six Months Ended June 30, 2010 and 2009 |
| (in thousands) |
| |
+----------------------------------------------------------------------------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
| | | Six | | Six |
| | | Months | | Months |
+--------------------------------+----------+-------------+----------+-------------+
| | | Ended | | Ended |
+--------------------------------+----------+-------------+----------+-------------+
| | | June 30, | | June 30, |
| | | 2010 | | 2009 |
+--------------------------------+----------+-------------+----------+-------------+
| | | (unaudited) | | (unaudited) |
+--------------------------------+----------+-------------+----------+-------------+
| | | $ | | $ |
| REVENUES, NET | | 75,217 | | 88,041 |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| COST OF FACILITIES, exclusive | | 44,629 | | 55,935 |
| of depreciation and | | | | |
| amortization state below | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| SELLING, GENERAL AND | | 22,448 | | 27,281 |
| ADMINISTRATIVE EXPENSES | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| DEPRECIATION AND AMORTIZATION | | 6,611 | | 6,785 |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| OPERATING INCOME (LOSS) | | 1,529 | | (1,960) |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| OTHER INCOME (EXPENSE), NET | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| Interest expense | | (3,444) | | (3,995) |
+--------------------------------+----------+-------------+----------+-------------+
| Other | | 19 | | 225 |
+--------------------------------+----------+-------------+----------+-------------+
| OTHER INCOME (EXPENSE), NET | | (3,425) | | (3,770) |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| (LOSS) BEFORE INCOME TAXES | | (1,896) | | (5,730) |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| (BENEFIT) FOR INCOME TAXES | | - | | - |
+--------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------+----------+-------------+----------+-------------+
| NET (LOSS) | | $ | | $ |
| | | (1,896) | | (5,730) |
+--------------------------------+----------+-------------+----------+-------------+
FIRST COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2010 and 2009
(in thousands)
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| | | Six |
| | Six | Months |
| | Months | |
+------------------------------------+------------------------+-------------+
| | Ended | Ended |
+------------------------------------+------------------------+-------------+
| | June 30, | June 30, |
| | 2010 | 2009 |
+------------------------------------+------------------------+-------------+
| | (unaudited) | (unaudited) |
+------------------------------------+------------------------+-------------+
| CASH FLOW FROM OPERATING | | |
| ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| Net (loss) | $ | $ |
| | (1,896) | (5,730) |
+------------------------------------+------------------------+-------------+
| Depreciation & amortization | 6,611 | 6,785 |
+------------------------------------+------------------------+-------------+
| Deferred taxes | - | - |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| Changes in Operating Assets & | | |
| Liabilities | | |
+------------------------------------+------------------------+-------------+
| Account receivable - net, | 1,850 | 2,112 |
+------------------------------------+------------------------+-------------+
| Inventory | 655 | (371) |
+------------------------------------+------------------------+-------------+
| Prepaid expenses | (1,047) | (2,442) |
+------------------------------------+------------------------+-------------+
| Deposits and other assets | (626) | 219 |
+------------------------------------+------------------------+-------------+
| Accounts payable - trade | (2,966) | 8,287 |
+------------------------------------+------------------------+-------------+
| Income taxes | 232 | 324 |
+------------------------------------+------------------------+-------------+
| Accrued expenses | 635 | 1,460 |
| Other long-term liabilities | (459) | (1,109) |
+------------------------------------+------------------------+-------------+
| Deferred revenue | 1,760 | 4,454 |
+------------------------------------+------------------------+-------------+
| CASH FLOW PROVIDED BY OPERATING | 4,749 | 13,989 |
| ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| | | |
| | | |
+------------------------------------+------------------------+-------------+
| CASH FLOW FROM INVESTING | | |
| ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| Purchase of property and | (2,599) | (6,401) |
| equipment, net | | |
+------------------------------------+------------------------+-------------+
| Change in investments | 15,000 | - |
+------------------------------------+------------------------+-------------+
| CASH FLOW PROVIDED BY (USED IN) | 12,401 | (6,401) |
| INVESTING ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| CASH FLOW FROM FINANCING | | |
| ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| Net borrowings of and payments | (10,000) | (6,000) |
| on long term loans | | |
+------------------------------------+------------------------+-------------+
| Reduction in redeemable | - | - |
| preferred stock | | |
+------------------------------------+------------------------+-------------+
| Payment of deferred financing | - | - |
| costs | | |
+------------------------------------+------------------------+-------------+
| Net borrowings of and payments | (4,984) | 729 |
| on revolver | | |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| CASH FLOW (USED IN) FINANCING | (14,984) | (5,271) |
| ACTIVITIES | | |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
| NET INCREASE (DECREASE) IN CASH | 2,166 | 2,317 |
+------------------------------------+------------------------+-------------+
| CASH, BEGINNING OF PERIOD | 278 | 328 |
+------------------------------------+------------------------+-------------+
| CASH, END OF PERIOD | $ | $ |
| | 2,444 | 2,645 |
+------------------------------------+------------------------+-------------+
| | | |
+------------------------------------+------------------------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KKQDNFBKDPFK
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