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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CYREN Ltd | NASDAQ:CYRN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2182 | 0.21 | 0.2146 | 0 | 01:00:00 |
CYREN Ltd.
(Registrant)
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Date: August 19, 2014
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By:
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/s/ Lior Samuelson
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Lior Samuelson
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Chief Executive Officer
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·
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Revenues in accordance with U.S. Generally Accepted Accounting Principles (US GAAP) totaled $8.3 million for the second quarter of 2014 compared to $8.1 million for the sequential first quarter of 2014 and $8.1 million in the second quarter of 2013.
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·
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Non-GAAP revenues totaled $8.3 million for the second quarter of 2014 compared to $8.1 million for the sequential first quarter of 2014 and $8.2 million in the second quarter of 2013. The difference between non-GAAP and GAAP revenue is derived from the fact that deferred revenues consolidated from acquired companies are accounted under GAAP based on fair value.
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·
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GAAP net loss for the second quarter of 2014 was $2.0 million compared to net loss of $2.1 million for the sequential first quarter of 2014 and a net loss of $0.7 million in the second quarter of 2013.
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·
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GAAP loss per basic and diluted share for the second quarter of 2014 was $0.08, compared to a loss of $0.08 for the sequential first quarter of 2014 and a loss of $0.03 in the second quarter of 2013.
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·
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Non-GAAP net loss for the second quarter 2014 was $1.1 million compared to non-GAAP net loss of $1.4 million for the sequential first quarter of 2014 and non-GAAP net income of $0.1 million in the second quarter of 2013.
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·
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Non-GAAP loss per basic and diluted share for the second quarter 2014 was $0.04, compared to non-GAAP loss of $0.05 for the sequential first quarter of 2014 and non-GAAP earnings per diluted share of $0.00 in the second quarter of 2013.
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·
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Cash provided by operating activities during the quarter was $0.3 million.
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Cash as of June 30, 2014 was $3.1 million, compared to $2.3 million as of March 31, 2014. In addition, the company had drawn $5.3 million under its $7.5 million credit facility.
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·
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Subsequent to quarter end, CYREN completed a registered direct offering of ordinary shares and warrants. The offering resulted in gross proceeds of $11.5 million, excluding placement agent fees and offering fees and excluding any proceeds to be received upon exercise of the warrants.
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The company launched its CYREN Zero-Hour URL Phishing Feed, a powerful new service that allows its web and email security partners to block phishing sites before they reach unsuspecting end users. The CYREN Zero-Hour URL Phishing Feed identifies thousands of unique phishing URLs each day using a robust combination of Recurrent Pattern Detection™ technologies, phishing URL logic, automated crawling, and human analysis by CYREN GlobalView™ Security Lab researchers.
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·
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CYREN was awarded the TRUSTe Cloud Data Privacy Certification as well as EU and Swiss Safe Harbor Certifications recognized by the U.S. Department of Commerce. The TRUSTe Privacy Seal is recognized by millions of consumers as a sign of trust and demonstrates privacy best practices for personal data protection.
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·
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Beijing-based Byzoro Networks Ltd, a leading supplier of next-generation information security products, integrated CYREN Embedded Antivirus, Anti-Spam and URL Filtering technologies in its family of PatrolFlow security appliances.
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The New Saints Football Club (TNS), a member of the Corbett Sports Welsh Premier League and the Union of European Football Associations (UEFA), became one of the first UK organizations to adopt the cloud-based CYREN WebSecurity solution. CYREN WebSecurity was chosen through VCW Security, a leading UK distributor of IT security solutions and new CYREN partner.
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·
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During the second quarter, the company has increased its base of CYREN WebSecurity partners to 18, including distributors and resellers in 15 countries.
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o
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imatrix, a Tokyo-based corporation, is the latest partner to offer the cloud-based CYREN WebSecurity and CYREN EmailSecurity solutions. imatrix will offer these services to its channel partners, telecom service providers as well as enterprises throughout the Japanese market.
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o
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AvailaSoft, a leading security vendor with a large network of customers mostly located throughout the Asia-Pacific region, signed a distribution agreement in July 2014. AvailaSoft will initially begin offering bundled CYREN WebSecurity services through its long-time partners in Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
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o
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IMPROVES B.V., a value added ICT security solution provider based near Rotterdam, will begin offering its Benelux customers a cloud-based IMPROVES WebSecurity service to addresses its customers' ever-increasing security needs for mobile employees.
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o
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Hermitage Solutions SARL, a distributor of IT security solutions based in Lyon, France, signed a distribution agreement in June 2014. With a network of more than 200 qualified and active resellers throughout France as well as Belgium, Estonia, Latvia, Lithuania and Luxemburg, Hermitage Solutions is one of CYREN’s largest European distributors to date for its new Security as a Service (SecaaS) solutions.
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o
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Komtera, a value added IT distributor based in Istanbul, Turkey, signed a distribution agreement in June 2014. Serving more than 300 resellers with more than 7,000 end-user organizations countrywide, Komtera stands as a significant partner for CYREN WebSecurity and its entry into Turkey. Komtera is also set to offer the cloud-based CYREN EmailSecurity solution later this year.
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o
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NexTek, an IT services and solutions company based in Mumbai, India announced a multi-year national distribution agreement in May. More than 30 NexTek reseller partners are expected to offer CYREN solutions to their end customers. To assist in servicing the NexTek partnership and CYREN’s continuing embedded business in the region, CYREN opened its first data center in India in June 2014.
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Three months ended
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Six months ended
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|||||||||||||||
June 30
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June 30
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|||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Unaudited
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Unaudited
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Unaudited
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Unaudited
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|||||||||||||
Revenues
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$ | 8,262 | $ | 8,055 | $ | 16,352 | $ | 15,980 | ||||||||
Cost of revenues
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2,065 | 1,756 | 4,087 | 3,534 | ||||||||||||
Gross profit
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6,197 | 6,299 | 12,265 | 12,446 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development, net
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3,081 | 2,182 | 5,981 | 4,446 | ||||||||||||
Sales and marketing
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3,137 | 2,537 | 6,129 | 5,302 | ||||||||||||
General and administrative
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1,882 | 2,263 | 4,149 | 4,478 | ||||||||||||
Total operating expenses
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8,100 | 6,982 | 16,259 | 14,226 | ||||||||||||
Operating loss
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(1,903 | ) | (683 | ) | (3,994 | ) | (1,780 | ) | ||||||||
Other income
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- | - | 200 | - | ||||||||||||
Financial expense, net
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(167 | ) | (358 | ) | (463 | ) | (543 | ) | ||||||||
Net loss before taxes
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(2,070 | ) | (1,041 | ) | (4,257 | ) | (2,323 | ) | ||||||||
Tax benefit
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75 | 296 | 120 | 319 | ||||||||||||
Net loss
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$ | (1,995 | ) | $ | (745 | ) | $ | (4,137 | ) | $ | (2,004 | ) | ||||
Loss per share - basic
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$ | (0.08 | ) | $ | (0.03 | ) | $ | (0.16 | ) | $ | (0.08 | ) | ||||
Loss per share - diluted
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$ | (0.08 | ) | $ | (0.03 | ) | $ | (0.16 | ) | $ | (0.08 | ) | ||||
Weighted average number of shares outstanding:
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||||||||||||||||
Basic
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26,577 | 26,128 | 26,548 | 26,032 | ||||||||||||
Diluted
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26,577 | 26,128 | 26,548 | 26,032 |
Three months ended
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Six months ended
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|||||||||||||||
June 30
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June 30
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|||||||||||||||
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2014
|
2013
|
2014
|
2013
|
||||||||||||
Unaudited
|
Unaudited
|
Unaudited
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Unaudited
|
|||||||||||||
GAAP operating loss
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$ | (1,903 | ) | $ | (683 | ) | $ | (3,994 | ) | $ | (1,780 | ) | ||||
Stock-based compensation (1)
|
357 | 344 | 661 | 674 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
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467 | 329 | 891 | 765 | ||||||||||||
Adjustment to earn-out liabilities (4)
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- | - | - | (3 | ) | |||||||||||
Executive terminations (6)
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69 | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
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52 | 141 | 104 | 337 | ||||||||||||
Settlement agreements (8)
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- | 75 | - | 75 | ||||||||||||
Re organization expenses (9)
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- | - | 75 | - | ||||||||||||
Non-GAAP operating profit (loss)
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$ | (958 | ) | $ | 206 | $ | (2,055 | ) | $ | 375 | ||||||
GAAP net loss
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$ | (1,995 | ) | $ | (745 | ) | $ | (4,137 | ) | $ | (2,004 | ) | ||||
Stock-based compensation (1)
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357 | 344 | 661 | 674 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
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467 | 329 | 891 | 765 | ||||||||||||
Adjustment to earn-out liabilities (4)
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96 | 261 | 189 | 431 | ||||||||||||
Income taxes (5)
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(113 | ) | (279 | ) | (214 | ) | (371 | ) | ||||||||
Executive terminations (6)
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69 | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
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52 | 141 | 104 | 337 | ||||||||||||
Settlement agreements (8)
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- | 75 | (200 | ) | 75 | |||||||||||
Reorganization expenses (9)
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- | - | 75 | - | ||||||||||||
Non-GAAP net income (loss)
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$ | (1,067 | ) | $ | 126 | $ | (2,423 | ) | $ | 214 | ||||||
GAAP loss per share (dilluted)
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(0.08 | ) | (0.03 | ) | (0.16 | ) | (0.08 | ) | ||||||||
Stock-based compensation (1)
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0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
Other acquisition related costs (2)
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0.00 | 0.00 | 0.00 | 0.01 | ||||||||||||
Amortization of intangible assets (3)
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0.02 | 0.01 | 0.04 | 0.03 | ||||||||||||
Adjustment to earn-out liabilities (4)
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0.00 | 0.01 | 0.01 | 0.02 | ||||||||||||
Income taxes (5)
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(0.00 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||
Executive terminations (6)
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0.00 | 0.00 | 0.01 | 0.01 | ||||||||||||
Adjustment to deferred revenues (7)
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0.00 | 0.01 | 0.00 | 0.01 | ||||||||||||
Settlement agreements (8)
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0.00 | 0.00 | (0.01 | ) | 0.00 | |||||||||||
Reorganization expenses (9)
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0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Non-GAAP earnings (loss) per share (basic and diluted)
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$ | (0.04 | ) | 0.00 | $ | (0.09 | ) | 0.01 | ||||||||
Numbers of shares used in computing non-GAAP earnings per share (basic and diluted)
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26,577 | 26,132 | 26,548 | 26,191 | ||||||||||||
(1) Stock-based compensation
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||||||||||||||||
Cost of revenues
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$ | 13 | $ | 14 | $ | 25 | $ | 26 | ||||||||
Research and development
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74 | 63 | 147 | 121 | ||||||||||||
Sales and marketing
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72 | 76 | 144 | 135 | ||||||||||||
General and administrative
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198 | 191 | 345 | 392 | ||||||||||||
$ | 357 | $ | 344 | $ | 661 | $ | 674 | |||||||||
(2) Other acquisition related costs
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General and administrative
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$ | - | $ | - | $ | - | $ | 142 | ||||||||
$ | - | $ | - | $ | - | $ | 142 | |||||||||
(3) Amortization of intangible assets
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||||||||||||||||
Cost of revenues
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$ | 235 | $ | 142 | $ | 432 | $ | 330 | ||||||||
Sales and marketing
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232 | 187 | 459 | 435 | ||||||||||||
$ | 467 | $ | 329 | $ | 891 | $ | 765 | |||||||||
(4) Adjustment to earn-out liabilities
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||||||||||||||||
General and administrative
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$ | - | $ | - | $ | - | $ | (3 | ) | |||||||
Financial expenses, net
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96 | 261 | 189 | 434 | ||||||||||||
$ | 96 | $ | 261 | $ | 189 | $ | 431 | |||||||||
(5) Income taxes
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||||||||||||||||
Deferred tax asset - tax benefit
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$ | (113 | ) | $ | (279 | ) | $ | (214 | ) | $ | (371 | ) | ||||
$ | (113 | ) | $ | (279 | ) | $ | (214 | ) | $ | (371 | ) | |||||
(6) Executive terminations
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General and administrative
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$ | 69 | $ | - | $ | 208 | $ | 165 | ||||||||
$ | 69 | $ | - | $ | 208 | $ | 165 | |||||||||
(7) Adjustment to deferred revenues
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Revenues
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$ | 52 | $ | 141 | $ | 104 | $ | 337 | ||||||||
$ | 52 | $ | 141 | $ | 104 | $ | 337 | |||||||||
(8) Settlement agreements
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||||||||||||||||
General and administrative
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$ | - | $ | 75 | $ | - | $ | 75 | ||||||||
Other income
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- | - | (200 | ) | - | |||||||||||
$ | - | $ | 75 | $ | (200 | ) | $ | 75 | ||||||||
(9) Reorganization expenses
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||||||||||||||||
General and administrative
|
$ | - | $ | - | $ | 75 | $ | - | ||||||||
$ | - | $ | - | $ | 75 | $ | - |
June 30
|
December 31
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|||||||
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2014
|
2013
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||||||
Unaudited
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Audited
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|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 3,104 | $ | 3,757 | ||||
Trade receivables, net
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4,831 | 5,178 | ||||||
Deferred tax assets
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16 | 48 | ||||||
Prepaid expenses and other receivables
|
1,446 | 1,988 | ||||||
Total current assets
|
9,397 | 10,971 | ||||||
Lease deposits
|
80 | 74 | ||||||
Severance pay fund
|
706 | 819 | ||||||
Property and equipment, net
|
2,622 | 2,674 | ||||||
Goodwill and intangible assets, net
|
35,287 | 36,395 | ||||||
Total long-term assets
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38,695 | 39,962 | ||||||
Total assets
|
$ | 48,092 | $ | 50,933 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities:
|
||||||||
Credit line
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$ | 5,301 | $ | 3,245 | ||||
Trade payables
|
661 | 859 | ||||||
Employees and payroll accruals
|
2,772 | 3,102 | ||||||
Deferred tax liability
|
56 | - | ||||||
Accrued expenses and other liabilities
|
1,180 | 1,366 | ||||||
Earn-out consideration
|
2,704 | 1,428 | ||||||
Deferred revenues
|
4,319 | 4,499 | ||||||
Total current liabilities
|
16,993 | 14,499 | ||||||
Deferred revenues
|
1,420 | 1,646 | ||||||
Deferred tax liability
|
2,517 | 2,749 | ||||||
Earn-out consideration
|
1,387 | 2,857 | ||||||
Accrued severance pay
|
787 | 873 | ||||||
Total long-term liabilities
|
6,111 | 8,125 | ||||||
Shareholders’ equity
|
24,988 | 28,309 | ||||||
Total liabilities and shareholders’ equity
|
$ | 48,092 | $ | 50,933 |
Three months ended
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Six months ended
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|||||||||||||||
June 30
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June 30
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|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Cash flows from operating activities:
|
Unaudited
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Unaudited
|
Unaudited
|
Unaudited
|
||||||||||||
Net loss
|
$ | (1,995 | ) | $ | (745 | ) | $ | (4,137 | ) | $ | (2,004 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Depreciation
|
321 | 278 | 642 | 497 | ||||||||||||
Stock based compensation
|
357 | 344 | 661 | 674 | ||||||||||||
Amortization of intangible assets
|
467 | 329 | 891 | 765 | ||||||||||||
Accrued interest, accretion of discount and exchange rate differences on credit line
|
4 | (2 | ) | 56 | (2 | ) | ||||||||||
Accretion and change in fair value of earn-out consideration, net
|
96 | 261 | 189 | 431 | ||||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Trade receivables
|
1,099 | 1,195 | 358 | 812 | ||||||||||||
Deferred taxes
|
(18 | ) | (279 | ) | (119 | ) | (372 | ) | ||||||||
Prepaid expenses and other receivables
|
310 | (102 | ) | 535 | (1,002 | ) | ||||||||||
Trade payables
|
(426 | ) | 474 | (258 | ) | 88 | ||||||||||
Employees and payroll accruals, accrued expenses and other liabilities
|
718 | 61 | (498 | ) | (516 | ) | ||||||||||
Deferred revenues
|
(612 | ) | (321 | ) | (410 | ) | 1,958 | |||||||||
Accrued severance pay, net
|
3 | (22 | ) | 27 | (9 | ) | ||||||||||
Net cash provided by (used in) operating activities
|
324 | 1,471 | (2,063 | ) | 1,320 | |||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Change in long-term lease deposits
|
(7 | ) | (8 | ) | (5 | ) | (6 | ) | ||||||||
Investment in affiliate
|
- | (80 | ) | - | (80 | ) | ||||||||||
Purchase of property and equipment
|
(212 | ) | (755 | ) | (558 | ) | (1,336 | ) | ||||||||
Net cash used in investing activities
|
(219 | ) | (843 | ) | (563 | ) | (1,422 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from credit line
|
1,000 | 3,005 | 2,000 | 3,005 | ||||||||||||
Payment of earn-out consideration
|
(351 | ) | (3,994 | ) | (351 | ) | (3,994 | ) | ||||||||
Proceeds from options exercised
|
33 | 433 | 328 | 919 | ||||||||||||
Net cash provided by (used in) financing activities
|
682 | (556 | ) | 1,977 | (70 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(10 | ) | 6 | (4 | ) | (14 | ) | |||||||||
Increase (decrease) in cash and cash equivalents
|
787 | 72 | (649 | ) | (172 | ) | ||||||||||
Cash and cash equivalents at the beginning of the period
|
2,327 | 4,873 | 3,757 | 5,137 | ||||||||||||
Cash and cash equivalents at the end of the period
|
$ | 3,104 | $ | 4,951 | $ | 3,104 | $ | 4,951 |
1 Year CYREN Chart |
1 Month CYREN Chart |
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