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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: February 24, 2015
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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 $7.8 million for the fourth quarter of 2014 compared to $8.2 million in the fourth quarter of 2013. Full year 2014 revenues totaled $31.9 million as compared to $32.2 million in 2013.
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·
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Non-GAAP revenues totaled $7.9 million for the fourth quarter of 2014 compared to $8.4 million in the fourth quarter of 2013. Full year 2014 non-GAAP revenues totaled $32.1 million compared to $32.8 million in 2013. The difference between non-GAAP and GAAP revenue is derived from the fact that deferred revenues consolidated from acquired companies are recorded based on fair value rather than book value for GAAP purposes.
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·
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GAAP net loss for the fourth quarter of 2014 was $2.2 million compared to a net loss of $7.0 million in the fourth quarter of 2013. Full year 2014 GAAP net loss totaled $7.0 million compared to a GAAP net loss of $9.9 million in 2013.
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·
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GAAP loss per basic and diluted share for the fourth quarter of 2014 was $0.07, compared to a loss of $0.26 in the fourth quarter of 2013. Full year 2014 GAAP loss per basic share and diluted share was $0.25 compared to a loss of $0.38 in 2013.
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·
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Non-GAAP net loss for the fourth quarter 2014 was $1.4 million compared to a loss of $1.9 million in the fourth quarter of 2013. Full year 2014 non-GAAP net loss totaled $4.5 million compared to a loss of $1.3 million in 2013.
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·
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Non-GAAP loss per basic and diluted share for the fourth quarter 2014 was $0.04, compared to a loss of $0.07 in fourth quarter of 2013. Full year 2014 non-GAAP loss per basic share was $0.16 compared to non-GAAP net loss per diluted share of $0.05 in 2013.
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·
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Cash used by operating activities during the quarter was $1.5 million.
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Cash as of December 31, 2014 was $11.1 million, compared to $13.1 million as of September 30, 2014. In addition, the company had drawn $4.8 million under its $7.5 million credit facility.
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CYREN delivered record bookings in the fourth quarter of 2014, driven by increasing sales traction with Cyber Intelligence solutions and several new large multi-year contracts, including a high-profile joint venture in Europe.
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The flagship CYREN WebSecurity platform added thousands of users, achieved through multiple customer wins in UK, India, Germany, USA , and France. Notable wins included the company’s first enterprise deployment at a UK trade union.
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CYREN continued to add key distribution partners for CYREN WebSecurity such as ALSO Holding, an information and communications technology provider in Germany. CYREN WebSecurity will be added to the ALSO CHOICE Cloud Marketplace, which joins SYNNEX’s CLOUDSolv solutions marketplace as the second CYREN partner to offer CWS through its online reseller network for selling cloud solutions.
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·
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The company’s cloud-based CYREN WebSecurity solution was named a bronze winner in the Best New Product of the Year - Enterprise category at the Best in Biz Awards 2014, an independent business awards program judged by members of the press and industry analysts.
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·
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Bangcle, the world's largest mobile application security provider, employed CYREN to offer its 500 million customers two mobile security solutions, CYREN Embedded Antivirus and CYREN Mobile Security for Android, representing the expansion of CYREN’s global footprint and commitment to its international partner network.
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US Dial-in Number: 1-877-440-5804
Israel Dial-in Number: 1-80-925-8243
International Dial-in Number: 1-719-325-4801
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Three months ended
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Twelve months ended
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|||||||||||||||
December 31
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December 31
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|||||||||||||||
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2014
|
2013
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2014
|
2013
|
||||||||||||
Unaudited
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Unaudited
|
Unaudited
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Audited
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|||||||||||||
Revenues
|
$ | 7,842 | $ | 8,249 | $ | 31,925 | $ | 32,248 | ||||||||
Cost of revenues
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1,999 | 2,012 | 8,123 | 7,695 | ||||||||||||
Gross profit
|
5,843 | 6,237 | 23,802 | 24,553 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development, net
|
2,824 | 2,663 | 11,222 | 9,270 | ||||||||||||
Sales and marketing
|
2,852 | 2,926 | 11,802 | 10,278 | ||||||||||||
General and administrative
|
2,274 | 3,797 | 8,047 | 10,388 | ||||||||||||
Adjustment of earn-out obligation
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(43 | ) | (3,276 | ) | (744 | ) | (3,276 | ) | ||||||||
Total operating expenses
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7,907 | 6,110 | 30,327 | 26,660 | ||||||||||||
Operating income (loss)
|
(2,064 | ) | 127 | (6,525 | ) | (2,107 | ) | |||||||||
Other income (expense)
|
(13 | ) | - | 187 | - | |||||||||||
Loss from sale of investment in affiliate
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- | (1,289 | ) | - | (1,289 | ) | ||||||||||
Financial expense, net
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(162 | ) | (390 | ) | (874 | ) | (1,255 | ) | ||||||||
Net loss before taxes
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(2,239 | ) | (1,552 | ) | (7,212 | ) | (4,651 | ) | ||||||||
Tax benefit (expense)
|
83 | (5,401 | ) | 196 | (5,220 | ) | ||||||||||
Net loss
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$ | (2,156 | ) | $ | (6,953 | ) | $ | (7,016 | ) | $ | (9,871 | ) | ||||
Loss per share - basic
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$ | (0.07 | ) | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.38 | ) | ||||
Loss per share - diluted
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$ | (0.07 | ) | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.38 | ) | ||||
Weighted average number of shares outstanding:
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||||||||||||||||
Basic
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31,371 | 26,471 | 28,598 | 26,231 | ||||||||||||
Diluted
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31,371 | 26,471 | 28,598 | 26,231 |
Three months ended
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Twelve months ended
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|||||||||||||||
December 31
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December 31
|
|||||||||||||||
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2014
|
2013
|
2014
|
2013
|
||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|||||||||||||
GAAP operating income (loss)
|
$ | (2,064 | ) | $ | 127 | $ | (6,525 | ) | $ | (2,107 | ) | |||||
Stock-based compensation (1)
|
265 | 338 | 1,220 | 1,344 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
|
409 | 448 | 1,736 | 1,755 | ||||||||||||
Adjustment to earn-out liabilities (4)
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(43 | ) | (3,276 | ) | (744 | ) | (3,279 | ) | ||||||||
Executive terminations (6)
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- | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
|
48 | 116 | 202 | 528 | ||||||||||||
Settlement agreements (8)
|
128 | - | 128 | 91 | ||||||||||||
Reorganization expenses (9)
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- | 219 | 75 | 316 | ||||||||||||
Non-GAAP operating loss
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$ | (1,257 | ) | $ | (2,028 | ) | $ | (3,700 | ) | $ | (1,045 | ) | ||||
GAAP net loss
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$ | (2,156 | ) | $ | (6,953 | ) | $ | (7,016 | ) | $ | (9,871 | ) | ||||
Stock-based compensation (1)
|
265 | 338 | 1,220 | 1,344 | ||||||||||||
Other acquisition related costs (2)
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- | - | - | 142 | ||||||||||||
Amortization of intangible assets (3)
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409 | 448 | 1,736 | 1,755 | ||||||||||||
Adjustment to earn-out liabilities (4)
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4 | (3,100 | ) | (445 | ) | (2,398 | ) | |||||||||
Income taxes (5)
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(95 | ) | 5,756 | (412 | ) | 5,292 | ||||||||||
Executive terminations (6)
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- | - | 208 | 165 | ||||||||||||
Adjustment to deferred revenues (7)
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48 | 116 | 202 | 528 | ||||||||||||
Settlement agreements (8)
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128 | - | (72 | ) | 91 | |||||||||||
Reorganization expenses (9)
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- | 219 | 75 | 316 | ||||||||||||
Investment impairment (10)
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- | 1,289 | - | 1,289 | ||||||||||||
Non-GAAP net loss
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$ | (1,397 | ) | $ | (1,887 | ) | $ | (4,504 | ) | $ | (1,347 | ) | ||||
GAAP loss per share (dilluted)
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(0.07 | ) | (0.26 | ) | (0.25 | ) | (0.38 | ) | ||||||||
Stock-based compensation (1)
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0.01 | 0.01 | 0.04 | 0.05 | ||||||||||||
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 | 0.06 | 0.07 | ||||||||||||
Adjustment to earn-out liabilities (4)
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0.00 | (0.12 | ) | (0.02 | ) | (0.09 | ) | |||||||||
Income taxes (5)
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(0.00 | ) | 0.22 | (0.01 | ) | 0.20 | ||||||||||
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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0.01 | 0.00 | (0.00 | ) | 0.00 | |||||||||||
Reorganization expenses (9)
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0.00 | 0.01 | 0.00 | 0.01 | ||||||||||||
Investment impairment (10)
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0.00 | 0.05 | 0.00 | 0.05 | ||||||||||||
Non-GAAP loss per share (diluted)
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(0.04 | ) | (0.07 | ) | (0.16 | ) | (0.05 | ) | ||||||||
Numbers of shares used in computing non-GAAP loss per share (diluted)
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31,371 | 26,471 | 28,598 | 26,231 | ||||||||||||
(1) Stock-based compensation
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||||||||||||||||
Cost of revenues
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$ | 15 | $ | 12 | $ | 55 | $ | 50 | ||||||||
Research and development
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63 | 79 | 292 | 267 | ||||||||||||
Sales and marketing
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76 | 78 | 292 | 264 | ||||||||||||
General and administrative
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111 | 169 | 581 | 763 | ||||||||||||
$ | 265 | $ | 338 | $ | 1,220 | $ | 1,344 | |||||||||
(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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$ | 202 | $ | 209 | $ | 846 | $ | 773 | ||||||||
Sales and marketing
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207 | 239 | 890 | 982 | ||||||||||||
$ | 409 | $ | 448 | $ | 1,736 | $ | 1,755 | |||||||||
(4) Adjustment to earn-out liabilities
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||||||||||||||||
General and administrative
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$ | (43 | ) | $ | (3,276 | ) | $ | (744 | ) | $ | (3,279 | ) | ||||
Financial expenses, net
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47 | 176 | 299 | 881 | ||||||||||||
$ | 4 | $ | (3,100 | ) | $ | (445 | ) | $ | (2,398 | ) | ||||||
(5) Income taxes
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||||||||||||||||
Deferred tax asset - tax benefit
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$ | (95 | ) | $ | 5,756 | $ | (412 | ) | $ | 5,292 | ||||||
$ | (95 | ) | $ | 5,756 | $ | (412 | ) | $ | 5,292 | |||||||
(6) Executive terminations
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||||||||||||||||
General and administrative
|
$ | - | $ | - | $ | 208 | $ | 165 | ||||||||
$ | - | $ | - | $ | 208 | $ | 165 | |||||||||
(7) Adjustment to deferred revenues
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Revenues
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$ | 48 | $ | 116 | $ | 202 | $ | 528 | ||||||||
$ | 48 | $ | 116 | $ | 202 | $ | 528 | |||||||||
(8) Settlement agreements
|
||||||||||||||||
General and administrative
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$ | 128 | $ | - | $ | 128 | $ | 91 | ||||||||
Other income
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- | - | (200 | ) | - | |||||||||||
$ | 128 | $ | - | $ | (72 | ) | $ | 91 | ||||||||
(9) Reorganization expenses
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||||||||||||||||
General and administrative
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$ | - | $ | 219 | $ | 75 | $ | 316 | ||||||||
$ | - | $ | 219 | $ | 75 | $ | 316 | |||||||||
(10) Investment impairment
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Financial expenses, net
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$ | - | $ | 1,289 | $ | - | $ | 1,289 | ||||||||
$ | - | $ | 1,289 | $ | - | $ | 1,289 |
December 31
|
December 31
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|||||||
|
2014
|
2013
|
||||||
Unaudited
|
Audited
|
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
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$ | 11,063 | $ | 3,757 | ||||
Trade receivables, net
|
4,444 | 5,178 | ||||||
Deferred tax assets
|
- | 48 | ||||||
Prepaid expenses and other receivables
|
1,019 | 1,988 | ||||||
Total current assets
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16,526 | 10,971 | ||||||
Lease deposits
|
70 | 74 | ||||||
Deferred tax assets
|
13 | - | ||||||
Severance pay fund
|
594 | 819 | ||||||
Property and equipment, net
|
2,401 | 2,674 | ||||||
Goodwill and intangible assets, net
|
31,869 | 36,395 | ||||||
Total long-term assets
|
34,947 | 39,962 | ||||||
Total assets
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$ | 51,473 | $ | 50,933 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities:
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||||||||
Credit line
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$ | 4,900 | $ | 3,245 | ||||
Trade payables
|
646 | 859 | ||||||
Employees and payroll accruals
|
2,359 | 3,102 | ||||||
Deferred tax liability
|
120 | - | ||||||
Accrued expenses and other liabilities
|
1,394 | 1,366 | ||||||
Earn-out consideration
|
2,269 | 1,428 | ||||||
Deferred revenues
|
4,097 | 4,499 | ||||||
Total current liabilities
|
15,785 | 14,499 | ||||||
Deferred revenues
|
1,042 | 1,646 | ||||||
Deferred tax liability
|
1,984 | 2,749 | ||||||
Earn-out consideration
|
837 | 2,857 | ||||||
Accrued severance pay
|
666 | 873 | ||||||
Other liabilities
|
100 | - | ||||||
Total long-term liabilities
|
4,629 | 8,125 | ||||||
Shareholders’ equity
|
31,059 | 28,309 | ||||||
Total liabilities and shareholders’ equity
|
$ | 51,473 | $ | 50,933 |
Three months ended
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Twelve months ended
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|||||||||||||||
December 31
|
December 31
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|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net loss
|
$ | (2,156 | ) | $ | (6,953 | ) | $ | (7,016 | ) | $ | (9,871 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||
Loss on disposal of property and equipment
|
16 | 18 | 15 | 18 | ||||||||||||
Depreciation
|
330 | 278 | 1,285 | 1,136 | ||||||||||||
Stock-based compensation
|
265 | 341 | 1,220 | 1,344 | ||||||||||||
Amortization of intangible assets
|
409 | 448 | 1,736 | 1,755 | ||||||||||||
Accrued interest, accretion of discount and exchange rate differences on credit line
|
22 | (24 | ) | 124 | 84 | |||||||||||
Accretion and change in fair value of earn-out consideration, net
|
4 | (3,100 | ) | (445 | ) | (2,398 | ) | |||||||||
Loss from sale of investment in affiliate
|
- | 1,289 | - | 1,289 | ||||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Trade receivables
|
(315 | ) | 667 | 866 | 868 | |||||||||||
Deferred taxes
|
(134 | ) | 5,444 | (318 | ) | 4,980 | ||||||||||
Prepaid expenses and other receivables
|
363 | 424 | 839 | (511 | ) | |||||||||||
Trade payables
|
(150 | ) | 70 | (542 | ) | (248 | ) | |||||||||
Employees and payroll accruals, accrued expenses and other liabilities
|
213 | 1,074 | (496 | ) | 595 | |||||||||||
Deferred revenues
|
(516 | ) | (154 | ) | (1,047 | ) | 1,180 | |||||||||
Accrued severance pay, net
|
1 | (46 | ) | 18 | (105 | ) | ||||||||||
Other long-term liabilities
|
100 | - | 100 | - | ||||||||||||
Net cash provided by (used in) operating activities
|
(1,548 | ) | (224 | ) | (3,661 | ) | 116 | |||||||||
Cash flows from investing activities:
|
||||||||||||||||
Change in long-term lease deposits
|
4 | 9 | 1 | (17 | ) | |||||||||||
Proceeds from sale of fixed assets
|
9 | - | 9 | 4 | ||||||||||||
Proceeds from sale of investment in affiliates
|
- | 194 | - | 194 | ||||||||||||
Investment in affiliates
|
- | - | - | (80 | ) | |||||||||||
Purchase of property and equipment
|
(68 | ) | (397 | ) | (771 | ) | (2,053 | ) | ||||||||
Net cash used in investing activities
|
(55 | ) | (194 | ) | (761 | ) | (1,952 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from capital issuance, net
|
- | - | 10,239 | - | ||||||||||||
Proceeds from bank loans and credit lines
|
4,800 | 3,160 | 6,800 | 6,165 | ||||||||||||
Repayment of bank loans
|
(5,270 | ) | (3,004 | ) | (5,270 | ) | (3,004 | ) | ||||||||
Payment of earn-out consideration
|
- | - | (351 | ) | (3,994 | ) | ||||||||||
Proceeds from options exercised
|
53 | 25 | 384 | 1,241 | ||||||||||||
Net cash provided by (used in) financing activities
|
(417 | ) | 181 | 11,802 | 408 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(11 | ) | 22 | (74 | ) | 48 | ||||||||||
Increase (decrease) in cash and cash equivalents
|
(2,031 | ) | (215 | ) | 7,306 | (1,380 | ) | |||||||||
Cash and cash equivalents at the beginning of the period
|
13,094 | 3,972 | 3,757 | 5,137 | ||||||||||||
Cash and cash equivalents at the end of the period
|
$ | 11,063 | $ | 3,757 | $ | 11,063 | $ | 3,757 |
1 Year CYREN Chart |
1 Month CYREN Chart |
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