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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Online Vacation Center Holdings Corporation (PK) | USOTC:ONVC | OTCMarkets | 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% | 1.60 | 1.35 | 1.65 | 55 | 14:30:03 |
Florida | 65-0701352 |
State or other jurisdiction of incorporation
or organization |
(I.R.S. Employer Identification No.) |
PAGE | ||
Part I.
|
Financial Information
|
|
Item 1
|
Financial Statements (Unaudited)
|
|
Condensed Consolidated Balance Sheets
|
3
|
|
Condensed Consolidated Statements of Operations
|
4
|
|
Condensed Consolidated Statements of Cash Flows
|
5
|
|
Notes to Condensed Consolidated Financial Statements
|
6
|
|
Item 2
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operation
|
13
|
Item 4T.
|
Controls and Procedures
|
18
|
Part II
|
Other Information
|
|
Item 1
|
Legal Proceedings
|
19
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
19
|
Item 3
|
Default upon Senior Notes
|
20
|
Item 4
|
Removed and Reserved
|
20
|
Item 5
|
Other Information
|
20
|
Item 6
|
Exhibits
|
20
|
Exhibit 31.1 – Certification
|
||
Exhibit 31.2 – Certification
|
||
Exhibit 32.1 – Certification
|
||
|
||
ONLINE VACATION CENTER HOLDINGS CORP.
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||
June 30,
|
December 31,
|
||||
2010
|
2009
|
||||
(Unaudited)
|
(Audited)
|
||||
ASSETS
|
|||||
CURRENT ASSETS
|
|||||
Cash and cash equivalents
|
$ 3,107,275
|
$ 2,721,658
|
|||
Accounts receivable, net
|
686,619
|
958,913
|
|||
Deposits and prepaid items
|
1,513,047
|
1,107,018
|
|||
Deferred tax asset, net
|
63,958
|
33,442
|
|||
Total Current Assets
|
5,370,899
|
4,821,031
|
|||
Restricted cash
|
48,000
|
48,000
|
|||
Property and equipment, net
|
131,227
|
132,277
|
|||
Intangible assets, net
|
1,148,003
|
1,076,315
|
|||
Goodwill
|
395,542
|
395,542
|
|||
Other assets
|
17,127
|
31,281
|
|||
Total Assets
|
$ 7,110,798
|
$ 6,504,446
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
CURRENT LIABILITIES
|
|||||
Accounts payable and accrued liabilities
|
$ 1,972,536
|
$ 2,223,363
|
|||
Deferred revenue
|
1,949,952
|
1,345,687
|
|||
Capital lease obligations, current portion
|
19,806
|
16,421
|
|||
Total Current Liabilities
|
3,942,294
|
3,585,471
|
|||
Capital lease obligations
|
5,528
|
19,415
|
|||
Deferred tax liability
|
239,856
|
195,597
|
|||
Total Liabilities
|
4,187,678
|
3,800,483
|
|||
COMMITMENTS AND CONTINGENCIES
|
|||||
STOCKHOLDERS' EQUITY
|
|||||
Preferred stock, 1,000,000 shares authorized at
|
|||||
$.0001 par value; 0 shares issued and outstanding
|
-
|
-
|
|||
Common stock, 80,000,000 shares authorized at
|
|||||
$.0001 par value; 14,790,178 and 15,000,478 shares
|
|||||
issued and outstanding
|
1,479
|
1,500
|
|||
Additional paid-in capital
|
3,854,221
|
3,959,217
|
|||
Accumulated deficit
|
(932,580)
|
(1,256,754)
|
|||
Total Stockholders' Equity
|
2,923,120
|
2,703,963
|
|||
Total Liabilities and Stockholders' Equity
|
$ 7,110,798
|
$ 6,504,446
|
|||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
|
ONLINE VACATION CENTER HOLDINGS CORP.
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
(UNAUDITED)
|
|||||||
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
||||||
2010
|
2009
|
2010
|
2009
|
||||
NET REVENUES
|
$ 1,992,887
|
$ 2,213,238
|
$ 4,621,312
|
$ 4,950,458
|
|||
OPERATING EXPENSES:
|
|||||||
Selling and marketing
|
713,424
|
615,152
|
1,409,344
|
1,193,207
|
|||
General and administrative
|
1,205,378
|
1,144,196
|
2,471,926
|
2,263,395
|
|||
Depreciation and amortization
|
152,373
|
115,225
|
292,480
|
222,250
|
|||
OPERATING INCOME (LOSS)
|
(78,288)
|
338,665
|
447,562
|
1,271,606
|
|||
Interest income, net
|
1,619
|
1,186
|
3,137
|
3,062
|
|||
Income (Loss) from continuing operations before
|
|||||||
provision (benefit) for income taxes
|
(76,669)
|
339,851
|
450,699
|
1,274,668
|
|||
Provision/ (Benefit) for income taxes
|
(82,030)
|
139,327
|
126,525
|
511,708
|
|||
Income from continuing operations
|
5,361
|
200,524
|
324,174
|
762,960
|
|||
DISCONTINUED OPERATIONS:
|
|||||||
Loss from discontinued operations, net of tax benefit
|
-
|
(32,084)
|
-
|
(64,292)
|
|||
NET INCOME
|
$ 5,361
|
$ 168,440
|
$ 324,174
|
$ 698,668
|
|||
EARNINGS PER SHARE - Basic
|
|||||||
Income from continuing operations
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
(Loss) from discontinued operations
|
$ -
|
$ (0.00)
|
$ -
|
$ (0.00)
|
|||
Net income
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
Weighted average shares outstanding - Basic
|
14,866,002
|
17,261,777
|
14,912,145
|
17,259,604
|
|||
EARNINGS PER SHARE - Diluted
|
|||||||
Income from continuing operations
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
(Loss) from discontinued operations
|
$ -
|
$ (0.00)
|
$ -
|
$ (0.00)
|
|||
Net income
|
$ -
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
Weighted average shares outstanding - Diluted
|
14,866,002
|
17,261,777
|
14,912,145
|
17,259,604
|
|||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
|
ONLINE VACATION CENTER HOLDINGS CORP.
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(UNAUDITED)
|
|||||||
For the Six Months Ended June 30,
|
|||||||
2010
|
2009
|
||||||
Cash flows from continuing operating activities:
|
|||||||
Net income
|
$ 324,174
|
$ 698,668
|
|||||
Loss from discontinued operations, net of tax
|
-
|
$ 64,292
|
|||||
Income from continuing operations
|
324,174
|
762,960
|
|||||
Adjustments to reconcile to net cash inflow from operating activities:
|
|||||||
Depreciation and amortization
|
292,480
|
222,250
|
|||||
Stock based compensation expense
|
16,323
|
49,328
|
|||||
Imputed interest expense- net
|
(1,111)
|
1,646
|
|||||
Deferred income tax expense
|
13,743
|
59,003
|
|||||
Decrease in accounts receivable
|
272,294
|
732,534
|
|||||
(Increase)/Decrease in deposits and prepaid items
|
(405,136)
|
280,969
|
|||||
Increase (Decrease) in accounts payable and accrued liabilities
|
(250,827)
|
42,495
|
|||||
Increase (Decrease) in deferred revenue
|
604,265
|
(438,541)
|
|||||
Net cash provided by operating activities
|
866,205
|
1,712,644
|
|||||
Cash flows from continuing investing activites:
|
|||||||
Capital expenditures
|
(57,627)
|
(62,344)
|
|||||
(Increase) in intangible assets
|
(305,491)
|
(253,611)
|
|||||
Decrease in receivable upon disposition of discontinued operation
|
15,000
|
15,000
|
|||||
Cash used in investing activities
|
(348,118)
|
(300,955)
|
|||||
Cash flows from continuing financing activites:
|
|||||||
Purchase of common stock under approved purchase plan
|
-
|
(91,473)
|
|||||
Purchase of common stock
|
(121,340)
|
(368,245)
|
|||||
Payments under capital lease obligations
|
(11,130)
|
(12,985)
|
|||||
Repayment of notes payable
|
-
|
(100,000)
|
|||||
Cash used in financing activities
|
(132,470)
|
(572,703)
|
|||||
Discontinued Operations
|
|||||||
Cash provided by operating activities
|
20,677
|
||||||
Cash provided by discontinued operations
|
-
|
20,677
|
|||||
Increase in cash during the period
|
385,617
|
859,663
|
|||||
Cash at the beginning of the period
|
2,721,658
|
1,693,447
|
|||||
Cash at the end of the period
|
$ 3,107,275
|
$ 2,553,110
|
|||||
Supplemental disclosure of cash flow information:
|
|||||||
Cash paid for interest
|
$ 628
|
$ 1,230
|
|||||
Cash paid for taxes
|
$ 2,386
|
$ 266,700
|
|||||
Non-cash investing and financing activities:
|
|||||||
Retirement of treasury stock
|
$ 121,340
|
$ 485,346
|
|||||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
|
|||||||
1.
|
BASIS OF PRESENTATION
|
Three Months
Ended June 30,
2009
|
Six Months
Ended June 30,
2009
|
||
Revenues
|
$ 135,571
|
$ 223,095
|
|
(Loss) before income taxes
|
(50,585)
|
(101,370)
|
|
Income taxes (benefit)
|
(18,501)
|
(37,078)
|
|
(Loss) from discontinued operations
|
$ (32,084)
|
$ (64,292)
|
4.
|
EARNINGS PER SHARE
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||
2010
|
2009
|
2010
|
2009
|
||||
Numerator:
|
|||||||
Continuing operations:
|
|||||||
Income from continuing
operations
|
$ 5,361
|
$ 200,524
|
$ 324,174
|
$ 762,960
|
|||
Discontinued operations
|
|||||||
(Loss) from discontinued
operations
|
--
|
(32,084)
|
|
(64,292)
|
|||
Net income
|
$ 5,361
|
$ 168,440
|
$ 324,174
|
$ 698,668
|
|||
Denominator:
|
|||||||
Weighted average number of
shares outstanding –
basic and diluted
|
14,866,002
|
17,261,777
|
14,912,145
|
17,259,604
|
|||
|
|||||||
EPS:
|
|||||||
Basic:
|
|||||||
Continuing operations
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
Discontinued operations
|
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
|||
Net income
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
Diluted
|
|||||||
Continuing operations
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
|||
Discontinued operations
|
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
|||
Net income
|
$ 0.00
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
5.
|
DEPOSITS AND PREPAID ITEMS
|
June 30,
|
December 31,
|
|||
2010
|
2009
|
|||
Deposits with suppliers
|
$ 919,664
|
$ 761,653
|
||
Advanced employee commissions
|
335,503
|
--
|
||
Prepaid expenses and current portion of note
receivable
|
257,880
|
345,365
|
||
Deposits and prepaid items
|
$1,513,047
|
$1,107,018
|
6.
|
INTANGIBLE ASSETS, NET
|
June 30,
|
December 31,
|
||
2010
|
2009
|
||
Trade names
Customer lists and relationships
|
$ 188,322
1,904,820
|
$ 186,322
1,601,329
|
|
2,093,142
|
1,787,651
|
||
Less: Accumulated amortization
|
(945,139)
|
(711,336)
|
|
Intangible assets, net
|
$ 1,148,003
|
$ 1,076,315
|
7.
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
|
June 30,
2010
|
December 31,
2009
|
|
||
Accounts payable
|
$ 1,480,378 | $1,687,448 |
|
|
Accrued compensation
|
415,476 | 374,552 |
|
|
Accrued professional fees
|
76,682 | 94,132 |
|
|
Other accrued expenses
|
-- | 67,231 |
|
|
Total
|
$ 1,972,536 | $ 2,223,363 |
|
8.
|
STOCK REPURCHASES
|
9.
|
STOCK BASED COMPENSATION
|
Shares
|
Weighted Average
Exercise Price
|
||
Options outstanding at December 31, 2009
|
2,402,400
|
$ 1.39
|
|
Granted
|
-
|
0.00
|
|
Canceled
|
-
|
0.00
|
|
Exercised
|
-
|
0.00
|
|
Options outstanding at June 30, 2010
|
2,402,400
|
$
1.39
|
10.
|
INCOME TAXES
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||
2010
|
2009
|
2010
|
2009
|
||||
Current:
|
|||||||
Federal
|
$ (54,985)
|
$ 103,748
|
$ 100,051
|
$ 387,816
|
|||
State
|
(13,050)
|
2,952
|
12,731
|
50,590
|
|||
(68,035)
|
106,700
|
112,782
|
438,406
|
||||
Deferred:
|
|||||||
Federal
|
(11,999)
|
30,014
|
11,783
|
64,890
|
|||
State
|
( 1,996)
|
2,613
|
1,959
|
8,412
|
|||
(13,995)
|
32,627
|
13,743
|
73,302
|
||||
Provision/(Benefit) for income taxes
|
$ (82,030)
|
$ 139,327
|
$ 126,525
|
$ 511,708
|
For the Three Months
Ended
June 30,
|
For the Six Months
Ended June 30, |
||||||
2010
|
2009
|
2010
|
2009
|
||||
Statutory federal income tax rate
|
(35.0)%
|
35.0%
|
35.0 %
|
35.0%
|
|||
State income taxes
|
(3.6)
|
3.6
|
3.6
|
3.6
|
|||
Tax effect of non deductible items
|
1.1
|
2.4
|
1.3
|
1.5
|
|||
True-ups
|
(68.5)
|
0.0
|
(11.7)
|
0.0
|
|||
Other
|
(1.0)
|
0.0
|
(0.1)
|
0.0
|
|||
Effective tax rate
|
(107.0)%
|
41.0%
|
28.1%
|
40.1%
|
June 30, 2010
|
December 31, 2009
|
||
Net operating loss carryforwards and AMT tax credit
|
$ 7,763
|
$ 7,763
|
|
Depreciation and amortization
|
(347,160)
|
(302,828)
|
|
Accruals and other
|
(163,499)
|
132,910
|
|
Deferred income tax (liability), net
|
$
(175
,898)
|
$ (162,155)
|
June 30, 2010
|
December 31 2009
|
||
Current
|
$ 63,958
|
$ 33,442
|
|
Non-current
|
(239,856)
|
(195,597)
|
|
Net deferred tax (liability)
|
$
(175
,898)
|
$ (162,155)
|
11.
|
COMMITMENTS AND CONTINGENCIES
|
●
|
Online Vacation Center, Inc. ("Online Vacation Center"), a full service vacation seller focused on serving the affluent retiree market. Historically, this subsidiary has been the core business, accounting for the majority of revenue and net income through the sale of high margin cruise packages, and
|
●
|
Dunhill Vacations, Inc. ("Dunhill"), the publisher of three travel newsletters, "Top Travel Values", "Spotlight", and "TRAVELFLASH".
|
●
|
commissions on cruises
|
●
|
commissions on other travel related products
|
●
|
commissions on travel insurance
|
●
|
advertising and marketing services provided to travel suppliers
|
●
|
producing travel-related publications for consumers
|
●
|
telemarketing to our existing customer base
|
●
|
direct mailing to our existing customer base as well as targeted prospects
|
●
|
email communications to our subscription base
|
Three Months
Ended June 30,
2009
|
Six Months
Ended June 30,
2009
|
||
Revenues
|
$ 135,571
|
$ 223,095
|
|
(Loss) before income taxes
|
(50,585)
|
(101,370)
|
|
Income taxes (benefit)
|
(18,501)
|
(37,078)
|
|
(Loss) from discontinued operations
|
$ (32,084)
|
$ (64,292)
|
Period
|
(a) Total
Number of
Shares
Purchased
|
(b) Average Price
Paid
per Share
|
(c) Total Number
of Shares
(or Units) Purchased
as
Part of a
Publicly
Announced
Plan or
Program
(1)
|
(d) Maximum Number
(or Approximate
Dollar Value)
of Shares that May
Yet Be Purchased
Under the
Plan or
Programs
|
||||
April 1, 2010 – April 3, 2010
|
--
|
$ -.---
|
--
|
$ 232,899
|
||||
May 1, 2010 – May 31, 2010
|
--
|
--
|
$ 232,899
|
|||||
June 1, 2010 – June 30, 2010 (2)
|
100,000
|
$
0.600
|
--
|
$ 232,899
|
||||
Total
|
100,000
|
$ 0.600
|
--
|
$ 232,899
|
1.
|
On August 1, 2008, we announced that our Board of Directors had approved a program to repurchase of up to $200,000 of our common stock to be funded from available working capital and subject to the applicable rules and regulations of the SEC and other applicable legal requirements. The plan does not require us to acquire a specific number of shares and may be suspended from time to time or discontinued. As initially adopted, the program did not extend beyond June 30, 2009. On March 2, 2009 we announced that our Board of Directors authorized the repurchase of an additional $150,000 of our common stock to be funded from available working capital and subsequently extended the program until December 31, 2010.
|
2.
|
On June 8, 2010, we entered into an agreement with Reginald Flosse to purchase 100,000 shares of the Company’s common stock at a purchase price of $0.60 per share. The purchase price was paid from our working capital. Reginald Flosse is an affiliate of the Company and holds more than 10% of our issued and outstanding stock. This repurchase transaction is not part of our previously announced repurchase program.
|
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of CEO. +
|
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of CFO. +
|
|
32
|
Section 1350 Certification. +
|
/S/ Edward B. Rudner | |
Chief Executive Officer, President, Chief Financial | |
Officer and Director |
1 Year Online Vacation Center (PK) Chart |
1 Month Online Vacation Center (PK) Chart |
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