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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DecisionPoint Systems Inc | AMEX:DPSI | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.20% | 10.16 | 10.18 | 10.16 | 10.16 | 1,561 | 14:42:57 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter) |
(State of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
DecisionPoint Systems, Inc. |
| |
(Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code: (
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol | Name on Each Exchange on Which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 15, 2024, DecisionPoint Systems, Inc. issued an earnings release for the quarter ended March 31, 2024. The earnings release is furnished as Exhibit 99.1. Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description | |
99.1 | Press Release of DecisionPoint Systems, Inc. dated May 15, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DECISIONPOINT SYSTEMS, INC. | ||
Dated: May 15, 2024 | By: | /s/ Melinda Wohl |
Name: | Melinda Wohl | |
Title: | Chief Financial Officer |
2
EXHIBIT 99.1
DecisionPoint Systems Announces First Quarter 2024 Results
DELRAY BEACH, Fla., May 15, 2024 /PRNewswire/ — DecisionPoint Systems, Inc. (NYSE American: DPSI), the leading mobility-first enterprise services and solutions company and a leading provider of retail in-store solutions and services centered on Point-of-Sale systems, today announced first quarter 2024 financial results for the period ended March 31, 2024.
Steve Smith, chief executive officer of DecisionPoint Systems, commented: “Our first quarter results were impacted year over year by not having a large project on the hardware solutions side of the business. However, our gross margin improved with the mix shift towards services and software. We also reduced our debt by over $1.6 million and increased cash by $1.5 million.
“With our continued focus on services, our investments in 2023 are already starting to pay off, and we anticipate our Mobile Managed Services strategy will drive sales of our newer offerings throughout this year. During the first quarter, we continued to build out this part of the business by introducing PointCare services, which include existing and new services. This offering served as the foundation for an early win, as we secured a large managed services opportunity with a leading C-store chain to provide store-level, on-site services to maintain several in-store technologies and devices. This win was a significant add to our managed services recurring revenue backlog. It also represents an exciting opportunity to expand from providing mobile managed services for devices to delivering managed services for an entire store or site with a much larger TAM versus discrete device-level services. We will formally launch these new service offerings in the second quarter under the StoreCare and SiteCare brands.
“Given our impending transaction with Graham and Barcoding, which was at a 27% premium to our closing price the night before the announcement, we will not be hosting a conference call this quarter as we focus on running the business and preparing for the shareholder vote, with the goal of closing the transaction in July. We think this deal strikes the right balance of rewarding our public shareholders with positioning DecisionPoint for the next evolution as a Company.”
About DecisionPoint Systems
DecisionPoint Systems Inc. delivers mobility-first enterprise managed services, in-store retail solutions centered around point-of-sale technologies, deployment, integration and support services to retail, supply chain, hospitality, healthcare and other verticals, enabling customers to make better and faster decisions in the moments that matter—the decision points. Our mission is to help businesses consistently deliver on those moments—improving customer service, accelerating growth, improving worker productivity and lowering risks and costs. For more information about DecisionPoint Systems, Inc., visit https://www.decisionpt.com.
Forward-Looking Statements
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Brian Siegel, IRC, MBA
Senior Managing Director, Hayden IR
(346) 396-8696
Brian@haydenir.com
DecisionPoint Systems, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 5,834 | $ | 4,300 | ||||
Accounts receivable, net of allowance of $324 and $267 as of March 31, 2024 and December 31, 2023, respectively | 19,292 | 23,768 | ||||||
Inventory, net | 1,193 | 2,133 | ||||||
Deferred costs | 4,158 | 3,826 | ||||||
Prepaid expenses and other current assets | 598 | 630 | ||||||
Total current assets | 31,075 | 34,657 | ||||||
Operating lease assets | 3,208 | 3,392 | ||||||
Property and equipment, net | 2,889 | 2,973 | ||||||
Deferred costs, net of current portion | 3,744 | 3,689 | ||||||
Deferred tax assets, net | 1,475 | 1,161 | ||||||
Intangible assets, net | 7,317 | 7,815 | ||||||
Goodwill | 22,204 | 22,081 | ||||||
Other assets | 172 | 172 | ||||||
Total assets | $ | 72,084 | $ | 75,940 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 14,575 | $ | 16,857 | ||||
Accrued expenses and other current liabilities | 5,607 | 6,566 | ||||||
Deferred revenue | 9,222 | 8,066 | ||||||
Current portion of earnout consideration | 5,550 | 5,370 | ||||||
Current portion of long-term debt | 1,003 | 1,003 | ||||||
Current portion of operating lease liabilities | 888 | 874 | ||||||
Total current liabilities | 36,845 | 38,736 | ||||||
Deferred revenue, net of current portion | 5,298 | 5,307 | ||||||
Revolving line of credit | - | 1,300 | ||||||
Long-term debt, net of current portion | 3,388 | 3,639 | ||||||
Noncurrent portion of operating lease liabilities | 2,862 | 3,093 | ||||||
Long-term portion of earnout consideration | 4,692 | 4,316 | ||||||
Other liabilities | 6 | 6 | ||||||
Total liabilities | 53,091 | 56,397 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding | - | - | ||||||
Common stock, $0.001 par value; 50,000 shares authorized; 7,681 and 7,680 shares issued and outstanding, respectively | 8 | 8 | ||||||
Additional paid-in capital | 39,184 | 38,902 | ||||||
Accumulated deficit | (20,199 | ) | (19,367 | ) | ||||
Total stockholders’ equity | 18,993 | 19,543 | ||||||
Total liabilities and stockholders’ equity | $ | 72,084 | $ | 75,940 |
2
DecisionPoint Systems, Inc.
Consolidated Statements of Income and Comprehensive Income
(in thousands, except per share data)
Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net sales: | ||||||||
Product | $ | 15,317 | $ | 22,166 | ||||
Service | 10,301 | 4,873 | ||||||
Net sales | 25,618 | 27,039 | ||||||
Cost of sales: | ||||||||
Product | 12,488 | 17,885 | ||||||
Service | 7,119 | 3,104 | ||||||
Cost of sales | 19,607 | 20,989 | ||||||
Gross profit | 6,011 | 6,050 | ||||||
Operating expenses: | ||||||||
Sales and marketing expense | 2,813 | 2,368 | ||||||
General and administrative expenses | 4,096 | 2,494 | ||||||
Total operating expenses | 6,909 | 4,862 | ||||||
Operating (loss) income | (898 | ) | 1,188 | |||||
Interest expense, net | (248 | ) | (13 | ) | ||||
(Loss) income before income taxes | (1,146 | ) | 1,175 | |||||
Income tax benefit (expense) | 314 | (309 | ) | |||||
Net (loss) income and comprehensive (loss) income attributable to common stockholders | $ | (832 | ) | $ | 866 | |||
Net (loss) income per share attributable to stockholders: | ||||||||
Basic | $ | (0.11 | ) | $ | 0.12 | |||
Diluted | $ | (0.11 | ) | $ | 0.11 | |||
Weighted average common shares outstanding | ||||||||
Basic | 7,681 | 7,417 | ||||||
Diluted | 7,889 | 7,789 |
3
DecisionPoint Systems, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (832 | ) | $ | 866 | |||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 743 | 564 | ||||||
Share-based compensation expense | 279 | 196 | ||||||
Deferred income taxes, net | (314 | ) | 10 | |||||
Provision for credit losses | 57 | 68 | ||||||
Provision for inventory obsolescence | (6 | ) | 45 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 4,419 | (9,413 | ) | |||||
Inventory, net | 946 | (1,551 | ) | |||||
Deferred costs | (387 | ) | (212 | ) | ||||
Prepaid expenses and other current assets | 32 | (75 | ) | |||||
Accrued expenses and other current liabilities | (526 | ) | (1,871 | ) | ||||
Operating lease liabilities | (33 | ) | (24 | ) | ||||
Deferred revenue | 1,147 | 6,394 | ||||||
Net cash provided by (used in) operating activities | 3,243 | (1,496 | ) | |||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (161 | ) | (176 | ) | ||||
Net cash used in investing activities | (161 | ) | (176 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from term loan | - | 5,000 | ||||||
Repayment of term debt | (251 | ) | (1 | ) | ||||
Line of credit, net | (1,300 | ) | 7,000 | |||||
Proceeds from exercise of stock options | 3 | 6 | ||||||
Net cash (used in) provided by financing activities | (1,548 | ) | 12,005 | |||||
Change in cash | 1,534 | 10,333 | ||||||
Cash, beginning of period | 4,300 | 7,642 | ||||||
Cash, end of period | $ | 5,834 | $ | 17,975 | ||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest | $ | 147 | $ | 7 | ||||
Cash paid for income taxes | $ | 6 | $ | - |
4
Cover |
May 15, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 15, 2024 |
Entity File Number | 001-41376 |
Entity Registrant Name | DecisionPoint Systems, Inc. |
Entity Central Index Key | 0001505611 |
Entity Tax Identification Number | 37-1644635 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 1615 South Congress Avenue |
Entity Address, Address Line Two | Suite 103 |
Entity Address, City or Town | Delray Beach |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33445 |
City Area Code | 561 |
Local Phone Number | 900-3723 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | DPSI |
Security Exchange Name | NYSEAMER |
Entity Emerging Growth Company | false |
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