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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: November 18, 2014
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By:
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/s/ J. Michael Myshrall
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J. Michael Myshrall
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Chief Financial Officer
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·
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Revenues in accordance with U.S. Generally Accepted Accounting Principles (US GAAP) totaled $7.7 million for the third quarter of 2014 compared to $8.0 million in the third quarter of 2013.
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·
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Non-GAAP revenues totaled $7.8 million for the third quarter of 2014 compared to $8.1 million in the third 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 third quarter of 2014 was $0.7 million compared to a net loss of $0.9 million in the third quarter of 2013.
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GAAP loss per basic and diluted share for the third quarter of 2014 was $0.02, compared to a loss of $0.03 in the third quarter of 2013.
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Non-GAAP net loss for the third quarter 2014 was $0.7 million compared to non-GAAP net income of $0.3 million in the third quarter of 2013.
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Non-GAAP loss per basic and diluted share for the third quarter 2014 was $0.02, compared to non-GAAP earnings per diluted share of $0.01 in the third quarter of 2013.
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Cash used by operating activities during the quarter was $0.1 million. Net cash provided by financing activities during the quarter was $10.2 million.
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Cash as of September 30, 2014 was $13.1 million, compared to $3.1 million as of June 30, 2014. In addition, the company had drawn $5.3 million under its $7.5 million credit facility. The increase in cash primarily reflects the $10.2 million in net proceeds CYREN raised in a registered direct offering that closed on July 30, 2014.
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·
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CYREN completed a registered direct offering, which was oversubscribed and brought in $11.5 million in gross proceeds, strengthening the company’s balance sheet and giving it the ability to further execute its growth strategy.
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Tesco, a leading retailer in the United Kingdom, will use the company’s Embedded URL Filtering product in a new version of an Android tablet being released ahead of the holiday season. This is one of the first times CYREN’s URL filtering solutions will be embedded in an Android device.
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·
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CYREN extended its contract with ATOS Germany to provide the company’s EmailSecurity solution to large enterprise customers. The renewed contract will run through mid-2018. CYREN is also working with ATOS Germany to expand their partnership to include reselling the WebSecurity and EmailSecurity SaaS solutions.
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CYREN signed a three-year deal to provide embedded AntiSpam and Outbound AntiSpam solutions to one of the largest security technology companies in the world. This supplements two other CYREN contracts with this company that utilize CYREN’s embedded Antivirus solutions.
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·
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During the third quarter, the company increased the number of CYREN WebSecurity partners to 24 (up from 18 at the end of the second quarter), including distributors and resellers in 18 countries.
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Three months ended
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Nine months ended
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|||||||||||||||
September 30
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September 30
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|||||||||||||||
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2014
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2013
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2014
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2013
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||||||||||||
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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$ | 7,731 | $ | 8,019 | $ | 24,083 | $ | 23,999 | ||||||||
Cost of revenues
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2,037 | 1,722 | 6,124 | 5,256 | ||||||||||||
Gross profit
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5,694 | 6,297 | 17,959 | 18,743 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development, net
|
2,417 | 2,079 | 8,398 | 6,525 | ||||||||||||
Sales and marketing
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2,821 | 2,559 | 8,950 | 7,861 | ||||||||||||
General and administrative
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1,624 | 2,112 | 5,773 | 6,590 | ||||||||||||
Adjustment of earnout obligation
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(701 | ) | - | (701 | ) | - | ||||||||||
Total operating expenses
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6,161 | 6,750 | 22,420 | 20,976 | ||||||||||||
Operating loss
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(467 | ) | (453 | ) | (4,461 | ) | (2,233 | ) | ||||||||
Other income
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- | - | 200 | - | ||||||||||||
Financial expense, net
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(249 | ) | (323 | ) | (712 | ) | (866 | ) | ||||||||
Net loss before taxes
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(716 | ) | (776 | ) | (4,973 | ) | (3,099 | ) | ||||||||
Tax benefit (expense)
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(7 | ) | (138 | ) | 113 | 181 | ||||||||||
Net loss
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$ | (723 | ) | $ | (914 | ) | $ | (4,860 | ) | $ | (2,918 | ) | ||||
Loss per share - basic
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$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.11 | ) | ||||
Loss per share - diluted
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$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.11 | ) | ||||
Weighted average number of shares outstanding:
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||||||||||||||||
Basic
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29,806 | 26,384 | 27,646 | 26,150 | ||||||||||||
Diluted
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29,806 | 26,384 | 27,646 | 26,150 |
Three months ended
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Nine months ended
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|||||||||||||||
September 30
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September 30
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|||||||||||||||
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2014
|
2013
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2014
|
2013
|
||||||||||||
Unaudited
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Unaudited
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Unaudited
|
Unaudited
|
|||||||||||||
GAAP operating loss
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$ | (467 | ) | $ | (453 | ) | $ | (4,461 | ) | $ | (2,233 | ) | ||||
Stock-based compensation (1)
|
294 | 329 | 955 | 1,003 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
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436 | 542 | 1,327 | 1,307 | ||||||||||||
Adjustment to earn-out liabilities (4)
|
(701 | ) | - | (701 | ) | (3 | ) | |||||||||
Executive terminations (6)
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- | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
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50 | 74 | 154 | 412 | ||||||||||||
Settlement agreements (8)
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- | 16 | - | 91 | ||||||||||||
Re organization expenses (9)
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- | 96 | 75 | 96 | ||||||||||||
Non-GAAP operating profit (loss)
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$ | (388 | ) | $ | 604 | $ | (2,443 | ) | $ | 980 | ||||||
GAAP net loss
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$ | (723 | ) | $ | (914 | ) | $ | (4,860 | ) | $ | (2,918 | ) | ||||
Stock-based compensation (1)
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294 | 329 | 955 | 1,003 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
|
436 | 542 | 1,327 | 1,307 | ||||||||||||
Adjustment to earn-out liabilities (4)
|
(638 | ) | 271 | (449 | ) | 703 | ||||||||||
Income taxes (5)
|
(103 | ) | (92 | ) | (317 | ) | (464 | ) | ||||||||
Executive terminations (6)
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- | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
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50 | 74 | 154 | 412 | ||||||||||||
Settlement agreements (8)
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- | 16 | (200 | ) | 91 | |||||||||||
Reorganization expenses (9)
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- | 96 | 75 | 96 | ||||||||||||
Non-GAAP net income (loss)
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$ | (684 | ) | $ | 322 | $ | (3,107 | ) | $ | 537 | ||||||
GAAP loss per share (dilluted)
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(0.02 | ) | (0.03 | ) | (0.17 | ) | (0.11 | ) | ||||||||
Stock-based compensation (1)
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0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
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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0.01 | 0.02 | 0.05 | 0.05 | ||||||||||||
Adjustment to earn-out liabilities (4)
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(0.02 | ) | 0.01 | (0.02 | ) | 0.03 | ||||||||||
Income taxes (5)
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(0.00 | ) | (0.00 | ) | (0.01 | ) | (0.02 | ) | ||||||||
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 | 0.00 | 0.01 | 0.02 | ||||||||||||
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 (diluted)
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(0.02 | ) | 0.01 | (0.11 | ) | 0.03 | ||||||||||
Numbers of shares used in computing non-GAAP earnings per share (diluted)
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29,806 | 26,445 | 27,646 | 26,277 | ||||||||||||
(1) Stock-based compensation
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||||||||||||||||
Cost of revenues
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$ | 15 | $ | 12 | $ | 40 | $ | 38 | ||||||||
Research and development
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82 | 64 | 229 | 185 | ||||||||||||
Sales and marketing
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72 | 51 | 216 | 186 | ||||||||||||
General and administrative
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125 | 202 | 470 | 594 | ||||||||||||
$ | 294 | $ | 329 | $ | 955 | $ | 1,003 | |||||||||
(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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$ | 211 | $ | 235 | $ | 644 | $ | 564 | ||||||||
Sales and marketing
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225 | 307 | 683 | 743 | ||||||||||||
$ | 436 | $ | 542 | $ | 1,327 | $ | 1,307 | |||||||||
(4) Adjustment to earn-out liabilities
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||||||||||||||||
General and administrative
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$ | (701 | ) | $ | - | $ | (701 | ) | $ | (3 | ) | |||||
Financial expenses, net
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63 | 271 | 252 | 706 | ||||||||||||
$ | (638 | ) | $ | 271 | $ | (449 | ) | $ | 703 | |||||||
(5) Income taxes
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||||||||||||||||
Deferred tax asset - tax benefit
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$ | (103 | ) | $ | (92 | ) | $ | (317 | ) | $ | (464 | ) | ||||
$ | (103 | ) | $ | (92 | ) | $ | (317 | ) | $ | (464 | ) | |||||
(6) Executive terminations
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||||||||||||||||
General and administrative
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$ | - | $ | - | $ | 208 | $ | 165 | ||||||||
$ | - | $ | - | $ | 208 | $ | 165 | |||||||||
(7) Adjustment to deferred revenues
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Revenues
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$ | 50 | $ | 74 | $ | 154 | $ | 412 | ||||||||
$ | 50 | $ | 74 | $ | 154 | $ | 412 | |||||||||
(8) Settlement agreements
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General and administrative
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$ | - | $ | 16 | $ | - | $ | 91 | ||||||||
Other income
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- | - | (200 | ) | - | |||||||||||
$ | - | $ | 16 | $ | (200 | ) | $ | 91 | ||||||||
(9) Reorganization expenses
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General and administrative
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$ | - | $ | 96 | $ | 75 | $ | 96 | ||||||||
$ | - | $ | 96 | $ | 75 | $ | 96 |
September 30
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December 31
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|||||||
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2014
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2013
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||||||
Unaudited
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Audited
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|||||||
Assets
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 13,094 | $ | 3,757 | ||||
Trade receivables, net
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4,085 | 5,178 | ||||||
Deferred tax assets
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- | 48 | ||||||
Prepaid expenses and other receivables
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1,417 | 1,988 | ||||||
Total current assets
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18,596 | 10,971 | ||||||
Lease deposits
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75 | 74 | ||||||
Severance pay fund
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635 | 819 | ||||||
Property and equipment, net
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2,546 | 2,674 | ||||||
Goodwill and intangible assets, net
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33,009 | 36,395 | ||||||
Total long-term assets
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36,265 | 39,962 | ||||||
Total assets
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$ | 54,861 | $ | 50,933 | ||||
Liabilities and Shareholders’ Equity
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Current Liabilities:
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Credit line
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$ | 5,347 | $ | 3,245 | ||||
Trade payables
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638 | 859 | ||||||
Employees and payroll accruals
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2,366 | 3,102 | ||||||
Deferred tax liability
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149 | - | ||||||
Accrued expenses and other liabilities
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1,233 | 1,366 | ||||||
Earn-out consideration
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2,294 | 1,428 | ||||||
Deferred revenues
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4,407 | 4,499 | ||||||
Total current liabilities
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16,434 | 14,499 | ||||||
Deferred revenues
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1,238 | 1,646 | ||||||
Deferred tax liability
|
2,150 | 2,749 | ||||||
Earn-out consideration
|
903 | 2,857 | ||||||
Accrued severance pay
|
706 | 873 | ||||||
Total long-term liabilities
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4,997 | 8,125 | ||||||
Shareholders’ equity
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33,430 | 28,309 | ||||||
Total liabilities and shareholders’ equity
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$ | 54,861 | $ | 50,933 |
Three months ended
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Nine months ended
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|||||||||||||||
September 30
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September 30
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|||||||||||||||
2014
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2013
|
2014
|
2013
|
|||||||||||||
Cash flows from operating activities:
|
Unaudited
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Unaudited
|
Unaudited
|
Unaudited
|
||||||||||||
Net loss
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$ | (723 | ) | $ | (914 | ) | $ | (4,860 | ) | $ | (2,918 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
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||||||||||||||||
Loss on disposal of property and equipment
|
(1 | ) | - | (1 | ) | - | ||||||||||
Depreciation
|
313 | 361 | 955 | 858 | ||||||||||||
Stock based compensation
|
294 | 329 | 955 | 1,003 | ||||||||||||
Amortization of intangible assets
|
436 | 542 | 1,327 | 1,307 | ||||||||||||
Accrued interest, accretion of discount and exchange rate differences on credit line
|
46 | 110 | 102 | 108 | ||||||||||||
Accretion and change in fair value of earn-out consideration, net
|
(638 | ) | 271 | (449 | ) | 702 | ||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Trade receivables
|
823 | (611 | ) | 1,181 | 201 | |||||||||||
Deferred taxes
|
(65 | ) | (92 | ) | (184 | ) | (464 | ) | ||||||||
Prepaid expenses and other receivables
|
(59 | ) | 67 | 476 | (935 | ) | ||||||||||
Trade payables
|
(134 | ) | (406 | ) | (392 | ) | (318 | ) | ||||||||
Employees and payroll accruals, accrued expenses and other liabilities
|
(211 | ) | 37 | (709 | ) | (479 | ) | |||||||||
Deferred revenues
|
(121 | ) | (624 | ) | (531 | ) | 1,334 | |||||||||
Accrued severance pay, net
|
(10 | ) | (50 | ) | 17 | (59 | ) | |||||||||
Net cash provided by (used in) operating activities
|
(50 | ) | (980 | ) | (2,113 | ) | 340 | |||||||||
Cash flows from investing activities:
|
||||||||||||||||
Change in long-term lease deposits
|
2 | (20 | ) | (3 | ) | (26 | ) | |||||||||
Proceeds from sale of fixed assets
|
- | 4 | - | 4 | ||||||||||||
Investment in affiliate
|
- | - | - | (80 | ) | |||||||||||
Purchase of property and equipment
|
(145 | ) | (320 | ) | (703 | ) | (1,656 | ) | ||||||||
Net cash used in investing activities
|
(143 | ) | (336 | ) | (706 | ) | (1,758 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from capital issuance, net
|
10,238 | - | 10,238 | - | ||||||||||||
Proceeds from credit line
|
- | - | 2,000 | 3,005 | ||||||||||||
Payment of earn-out consideration
|
- | - | (351 | ) | (3,994 | ) | ||||||||||
Proceeds from options exercised
|
3 | 297 | 331 | 1,216 | ||||||||||||
Net cash provided by financing activities
|
10,241 | 297 | 12,218 | 227 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(58 | ) | 40 | (62 | ) | 26 | ||||||||||
Increase (decrease) in cash and cash equivalents
|
10,048 | (1,019 | ) | 9,399 | (1,191 | ) | ||||||||||
Cash and cash equivalents at the beginning of the period
|
3,104 | 4,951 | 3,757 | 5,137 | ||||||||||||
Cash and cash equivalents at the end of the period
|
$ | 13,094 | $ | 3,972 | $ | 13,094 | $ | 3,972 | ||||||||
1 Year CYREN Chart |
1 Month CYREN Chart |
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