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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Remote Dynamics Inc (CE) | USOTC:RMTD | 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% | 0.000001 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
Gary Hallgren, CEO of Remote Dynamics, commented, "We continued our momentum from the first quarter with an excellent second quarter. We had positive adjusted EBITDA of $58,000 and continued growth of our subscriber base."
Highlights for the quarter included:
Hot Features
Premium
-- REDIview subscriber base increased 9.4% in the first half of 2008 and
13.4% on a year-over-year basis since June 30, 2007.
June 30, September 30, December 31, March 31, June 30,
2007 2007 2007 2008 2008
-------- ------------- ------------- -------- --------
Ending REDIview
units 9,226 9,057 9,560 10,182 10,462
-- Total revenue for the second quarter of 2008 was $1.27 million up from
$1.19 million during the second quarter of 2007. The 7.0% increase in
revenue was primarily the result of REDIview unit sales growth.
Service revenue only increased 0.6% reflecting the discontinuation of
our VMI service offering. Excluding the VMI service revenue, REDIview
service revenue increased 7.9% over the comparable period in the prior
year.
-- Total gross profit margin was 61% for the second quarter 2008 compared
to 59% for the second quarter of 2007. Reduced costs of airtime and
mapping costs were the primary reasons for the increase in gross
margins. Of the 61% gross profit margin, 5 percentage points represents
amortization of the deferred performance obligation of our installed
base related to the reverse merger transaction on December 4, 2006.
We expect gross profit margins of greater than 55% to continue through
2008.
-- Interest expense totaled $0.3 million for the second quarter of 2008
compared to $1.4 million for the same period during 2007. The current
period interest expense primarily consists of the accretion of our
series B secured convertible notes. The $1,130,000 decrease in
interest expense from the comparable period in 2007 primarily reflects
the fact that our series A secured convertible notes became fully
accreted in February 2008. The accretion of the series A notes was $0
for the second quarter of 2008 compared to $0.7 million for the second
quarter of 2007. Additionally, default interest and liquidated
damages on the series A and series B notes totaled $408,000 for Q2
2007 versus $40,000 for Q2 2008.
-- Adjusted EBITDA was positive $58,000 for the second quarter of 2008
compared to negative $133,000 for the same period in 2007. The return
to positive EBITDA is attributable to our efforts to reduce operating
expenses and improve gross margins.
Other Highlights for 2008 include:
-- Through the first six months of 2008, we issued 218,515,365 shares
(546,288 shares post-reverse split, as discussed below) of common stock as
partial principal payments on our series A notes in satisfaction of
$428,641 of obligations due under the notes. Additionally, we issued
81,485,361 shares (203,713 shares post-reverse split) of common stock as
partial payments on our series B notes in satisfaction of $201,021 of
obligations due under the notes. We expect to issue additional shares of
our common stock in payment of amounts due under the notes during the
remainder of 2008 and thereafter. In general, the shares issued are
available for immediate resale by the holders in accordance with Rule 144
under the Securities Act of 1933, as amended.
-- On August 8, 2008, we amended our Amended and Restated Certificate of
Incorporation to (i) effect a one-for-four hundred reverse stock split of
our common stock and (ii) authorize (after giving effect to the reverse
stock split) 5,000,000,000 authorized shares of our common stock having a
par value of $0.0001 per share. These actions were required for us to
comply with the terms of our existing financing and other contractual
arrangements. Following completion of the reverse stock split we had
1,872,788 shares of our common stock outstanding.
Non-GAAP Financial Measures
See Adjusted EBITDA Presentation below for a definition of Adjusted EBITDA and reconciliation to the most comparable GAAP financial measure.
About Remote Dynamics, Inc.
Remote Dynamics, Inc. markets, sells and supports a state-of-the-art asset tracking and fleet management solution that contributes to higher customer revenues, enhanced operator efficiency and improved cost control. Combining the technologies of the global positioning system (GPS) and wireless technologies, the company's solution improves our customers' operating efficiencies through real-time status information, exception-based reporting, and historical analysis. The company is based in Plano, Texas. More information about Remote Dynamics is available online at http://www.remotedynamics.com.
Safe Harbor Statement
Some of the information in this letter may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that these statements involve risks and uncertainties and actual events or results may differ materially. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are general market conditions, unfavorable economic conditions, our ability to execute our business strategy, the effectiveness of our sales team and approach, our ability to target, analyze and forecast the revenue to be derived from a client and the costs associated with providing services to that client, the date during the course of a calendar year that a new client is acquired, the length of the integration cycle for new clients and the timing of revenues and costs associated therewith, potential competition in the marketplace, the ability to attract and retain employees, our ability to maintain our existing technology platform and to deploy new technology, our ability to sign new clients and control expenses, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including our recent filings on Forms 10-KSB and 10-QSB.
--Financial Tables Follow--
REMOTE DYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
-------- -------- -------- --------
Revenues
Service $ 850 $ 845 $ 1,654 $ 1,580
Ratable product 356 277 692 744
Product 68 69 133 131
-------- -------- -------- --------
Total revenues 1,274 1,191 2,479 2,455
-------- -------- -------- --------
Cost of revenues
Service 334 393 689 774
Ratable product 122 75 235 141
Product 42 24 55 123
-------- -------- -------- --------
Total cost of revenues 498 492 979 1,038
-------- -------- -------- --------
Gross profit 776 699 1,500 1,417
-------- -------- -------- --------
Expenses:
General and administrative 370 483 771 1,103
Sales and marketing 165 192 350 392
Customer operations 64 70 140 146
Engineering 118 118 268 163
Depreciation and amortization 205 260 408 522
-------- -------- -------- --------
Total expenses 922 1,123 1,937 2,326
-------- -------- -------- --------
Operating loss (146) (424) (437) (909)
Other income (expenses):
Interest income 11 25 26 54
Interest expense (274) (1,404) (1,099) (2,858)
Other income (1) 31 (1) 374
Loss on extinguishment of debt - (107) - (341)
Loss on extinguishment of
redeemable preferred stock - - - (363)
-------- -------- -------- --------
Total other income (expenses) (264) (1,455) (1,074) (3,134)
-------- -------- -------- --------
Loss before income taxes (410) (1,879) (1,511) (4,043)
Income tax benefit - - - -
-------- -------- -------- --------
Net loss (410) (1,879) (1,511) (4,043)
======== ======== ======== ========
Net loss per common share - basic
and diluted $ (0.00) $ (1.45) $ (0.01) $ (3.13)
======== ======== ======== ========
Weighted average number of common
shares outstanding:
Basic and diluted 287,488 1,300 146,607 1,293
======== ======== ======== ========
The accompanying notes are an integral part of these consolidated financial
statements.
REMOTE DYNAMICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
June 30, December 31,
2008 2007
(unaudited)
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 8 $ 228
Accounts receivable, net of allowance for
doubtful accounts of $48 and $54,
respectively 681 526
Due from related parties - 71
Inventories, net of reserve for obsolescence of
$3 and $7, respectively 180 158
Deferred product costs - current portion 454 352
Lease receivables and other current assets, net 442 466
----------- -----------
Total current assets 1,765 1,801
Property and equipment, net of accumulated
depreciation and amortization of $191
and $154, respectively 131 157
Deferred product costs - non-current portion 325 336
Goodwill 616 616
Customer Lists, net 1,886 2,162
Software, net 588 674
Tradenames, net 51 59
Deferred financing fees, net 190 191
Lease receivables and other assets, net 66 135
----------- -----------
Total assets $ 5,618 $ 6,131
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 1,540 $ 1,550
Accounts payable - related parties 20 55
Deferred product revenues - current portion 1,091 1,197
Series A convertible notes payable (net of
discount of $0 and $392, respectively) 3,765 3,801
Series B convertible notes payable (net of
discount of $1,066 and $1,543, respectively) 5,005 5,007
Note payable - related parties 250 250
Accrued expenses and other current liabilities 1,908 1,770
Accrued expenses and other current liabilities
- related parties 87 60
----------- -----------
Total current liabilities 13,666 13,690
Deferred product revenues - non-current portion 574 590
Capital leases, less current portion - 11
Series B convertible notes payable - long-term
(net of discount of $725 and $0, respectively) 401 -
Other non-current liabilities 100 99
----------- -----------
Total liabilities 14,741 14,390
----------- -----------
Commitments and contingencies
Redeemable Preferred Stock - Series B (3% when
declared, $10,000 stated value, 650 shares
authorized, 522 shares issued and outstanding at
June 30, 2008 and December 31, 2007, respectively
(redeemable in liquidation at an aggregate of
$5,220,000 at June 30, 2008)) 134 134
Redeemable Preferred Stock - Series C (8%
cumulative, $1,000 stated value, 10,000 shares
authorized, 5,285 shares issued and outstanding at
June 30, 2008; 5,202 shares issued and outstanding
at December 31, 2007 (redeemable in liquidation at
an aggregate of $5,285,000 at June 30, 2008)) - -
Stockholders' deficit:
Common stock, $0.01 par value, 750,000,000 shares
authorized, 601,861,878 shares issued and 601,843,279
outstanding at June 30, 2008, retroactively restated;
750,000,0000 shares authorized, 1,393,231 shares
issued and 1,374,632 outstanding at December 31,
2007, retroactively restated 6,018 14
Treasury stock, 18,599 shares at June 30, 2008
and December 31, 2007, respectively, at cost - -
Additional paid-in capital (4,460) 897
Accumulated deficit (10,815) (9,304)
----------- -----------
Total stockholders' deficit (9,257) (8,393)
----------- -----------
Total liabilities and stockholders' deficit $ 5,618 $ 6,131
=========== ===========
The accompanying notes are an integral part of these consolidated financial
statements.
Adjusted EBITDA Presentation
EBITDA represents net income (loss) before interest, taxes, depreciation and amortization, and in the case of Adjusted EBITDA, before goodwill impairment, gains or losses on the extinguishment of debt and preferred stock, restructuring charges and other non-operating costs. EBITDA is not a measurement of financial performance under GAAP. However, we have included data with respect to EBITDA because we evaluate and project the performance of our business using several measures, including EBITDA. The computations of Adjusted EBITDA the respective quarters are as follows.
Three Months Ended
March June September December March June
31, 30, 30, 31, 31, 30,
2007 2007 2007 2007 2008 2008
-------- -------- -------- -------- -------- --------
Net loss $ (2,164) $ (1,879) $ (1,597) $ (581) $ (1,101) $ (410)
Add non-EBITDA
items included
in net results:
Depreciation
and amortization 262 260 213 214 203 205
Interest
expense, net 1,425 1,379 1,357 491 810 263
Non-recurring
reversal of
legal accrual (230) - - - - -
Loss on debt
extinguishment 234 107 - - - -
Loss on redeemable
preferred stock
extinguishment 363 - - - - -
-------- -------- -------- -------- -------- --------
Adjusted EBITDA $ (110) $ (133) $ (27) $ 124 $ (88) $ 58
-------- -------- -------- -------- -------- --------
The company considers adjusted EBITDA to be an important supplemental indicator of its operating performance, particularly as compared to the operating performance of its competitors, because this measure eliminates many differences among companies in financial, capitalization and tax structures, capital investment cycles and ages of related assets, as well as certain recurring non-cash and non-operating items. It believes that consideration of EBITDA should be supplemental, because EBITDA has limitations as an analytical financial measure. These limitations include the following: EBITDA does not reflect its cash expenditures, or future requirements for capital expenditures or contractual commitments; EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on its indebtedness; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; EBITDA does not reflect the effect of earnings or charges resulting from matters it considers not to be indicative of its ongoing operations; and not all of the companies in its industry may calculate EBITDA in the same manner in which it calculates EBITDA, which limits its usefulness as a comparative measure.
Management compensates for these limitations by relying primarily on its GAAP results to evaluate its operating performance and by considering independently the economic effects of the foregoing items that are not reflected in EBITDA. As a result of these limitations, EBITDA should not be considered as an alternative to net income (loss), as calculated in accordance with generally accepted accounting principles, as a measure of operating performance, nor should it be considered as an alternative to cash flows as a measure of liquidity.
Contact: Gary Hallgren CEO Remote Dynamics, Inc. 200 Chisholm Place Suite 120 Plano, Texas 75075 Phone 214-440-5210 Fax 214-440-5208
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