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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 | 00:00:00 |
From Mar 2020 to Mar 2025
Gary Hallgren, CEO of Remote Dynamics, commented, "We rebounded from the first quarter's negative adjusted EBITDA of $18,000 to post positive adjusted EBITDA of $8,000 in the second quarter. The REDIview(TM) subscriber base increased as well, after dipping slightly in the first quarter due to higher customer defaults. Despite the tough economic conditions, we have been successful in continuing to demonstrate value to our customers by delivering a quick return on investment. "
Highlights for the quarter included:
Hot Features
Premium
-- REDIview subscriber base increased 7.8% from June 30, 2008 and a 0.7%
increase since December 31, 2008. Ending REDIview units were 11,283 versus
10,462 on June 30, 2008.
-- Total revenue for the three months ended June 30, 2009 totaled $1.30
million compared to $1.27 million during the three months ended June 30,
2008. In accordance with our revenue recognition policies, REDIview unit
sales and the associated cost of sales are deferred and recognized over the
customer's contract life. Our future revenues will be solely dependent
upon sales of our REDIview product line. The failure of the marketplace to
accept our REDIview product line would have a material adverse effect on
the Company's business, financial condition and results of operations.
Service revenue for the three months ended June 30, 2009 totaled $925,000
compared to $850,000 for the three months ended June 30, 2008. This 9%
increase is primarily attributable to an increase in units in service.
Average units in service increased 9%, from 10,234 units in the second
quarter of 2008 to 11,141 in the second quarter of 2009. Ratable product
revenue for the second quarter of 2009 was $313,000 compared to $356,000
for the comparable period in 2008. The 12% decrease is due to the
completion of the amortization of the deferred performance obligation in
2008 which contributed to $144,000 of revenue in the comparable period of
2008 which was not included in the 2009 period. The amortization of the
deferred performance obligation was complete as of December 31, 2008. This
decrease was predominantly offset by an increase in ratable product revenue
of $101,000.
-- Total gross profit margin was 58% for the three months ended June 30,
2009 compared to 61% for the three months ended June 30, 2008. Service
margin for the second quarter of 2009 was 65% compared to 61% for the
second quarter of 2008. This increase is primarily attributable to reduced
costs of airtime and mapping. Ratable product margin was 38% for the
second quarter of 2009 compared to 66% for the first quarter of 2008.
Excluding the amortization of the deferred performance obligation, ratable
product margin in the first quarter of 2008 would have been 42%.
-- Total operating expenses totaled $949,000 for the three months ended
June 30, 2009 compared to $922,000 for the three months ended June 30,
2008. The slight increase from the comparable period in the prior year is
due to additional general and administrative expenses.
-- Interest expense totaled $0.3 million for the three months ended June
30, 2009 and the three months ended June 30, 2008. The current period
interest expense primarily consists of the accretion of the Series B Notes
of $262,000.
-- Adjusted EBITDA was $8,000 for the second quarter of 2009 compared to
$59,000 for the same period in 2008. Excluding the amortization of the
deferred performance obligation recorded in the same period, adjusted
EBITDA for the second quarter of 2008 would have been negative $85,000.
The improvement in adjusted EBITDA, excluding the effect of the
amortization of the deferred performance obligation, is attributable to
growth in the installed base as well as our efforts to improve gross
margins.
Other Highlights for 2009 include:
-- In the first six months of 2009, we issued 5,902,916,798 shares of
common stock as partial principal payments on the Series A Notes in
satisfaction of $888,387 of obligations due under the notes. Additionally,
during the same period, we issued 3,255,173,554 shares of common stock as
partial payments on the Series B Notes in satisfaction of $429,404 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 2009 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.
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
(In thousands, except per share amounts)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
------------- -------- ------------- -------
Revenues
Service $ 925 $ 850 $ 1,869 $ 1,654
Ratable product 313 356 620 692
Product 59 68 97 133
------------- -------- ------------- -------
Total revenues 1,297 1,274 2,586 2,479
------------- -------- ------------- -------
Cost of revenues
Service 328 334 648 689
Ratable product 194 122 382 235
Product 20 42 24 55
------------- -------- ------------- -------
Total cost of revenues 542 498 1,054 979
------------- -------- ------------- -------
Gross profit 755 776 1,532 1,500
------------- -------- ------------- -------
Expenses:
General and
administrative 398 370 831 771
Sales and marketing 175 165 361 350
Engineering 174 182 351 408
Depreciation and
amortization 202 205 403 408
------------- -------- ------------- -------
Total expenses 949 922 1,946 1,937
------------- -------- ------------- -------
Operating loss (194) (146) (414) (437)
Other income (expenses):
Interest income 2 11 7 26
Interest expense (343) (274) (758) (1,099)
Other expense - (1) - (1)
------------- -------- ------------- -------
Total other expenses (341) (264) (751) (1,074)
------------- -------- ------------- -------
Loss before income
taxes (535) (410) (1,165) (1,511)
Income tax benefit - - - -
------------- -------- ------------- -------
Net loss (535) (410) (1,165) (1,511)
------------- -------- ------------- -------
Net loss per common share
- basic and diluted $ (0.00) $ (45.56) $ (0.00) $ (4.12)
============= ======== ============= =======
Weighted average number of
common shares
outstanding:
Basic and diluted 6,480,065,687 9 4,718,972,784 367
============= ======== ============= =======
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,
2009 2008
(unaudited)
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 66 $ -
Accounts receivable, net of allowance for
doubtful accounts of $85 as of June 30, 2009
and December 31, 2008, respectively 609 803
Inventories, net of reserve for obsolescence of
$7 as of June 30, 2009 and December 31, 2008,
respectively 205 153
Deferred product costs - current portion 540 580
Lease receivables and other current assets, net 246 246
----------- -----------
Total current assets 1,666 1,782
Property and equipment, net of accumulated
depreciation and amortization of $245 and $212,
respectively 83 102
Deferred product costs - non-current portion 317 352
Goodwill 616 616
Customer Lists, net 1,334 1,610
Software, net 416 502
Tradenames, net 36 44
Deferred financing fees, net 81 135
Lease receivables and other assets, net 15 22
----------- -----------
Total assets $ 4,564 $ 5,165
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 1,283 $ 1,363
Accounts payable - related parties 56 110
Deferred product revenues - current portion 907 952
Series A convertible notes payable 2,771 3,646
Series B convertible notes payable (net of
discount of $805 and $1,301, respectively) 5,900 5,834
Note payable - related parties 250 250
Accrued expenses and other current liabilities 2,571 2,392
Accrued expenses and other current liabilities
- related parties 223 106
----------- -----------
Total current liabilities 13,961 14,653
Deferred product revenues - non-current portion 528 588
Other non-current liabilities 8 34
----------- -----------
Total liabilities 14,497 15,275
----------- -----------
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, 2009 and December 31, 2008, respectively
(redeemable in liquidation at an aggregate of
$5,220,000 at June 30, 2009)) 134 134
Redeemable Preferred Stock - Series C (8%
cumulative, $1,000 stated value, 10,000 shares
authorized, 5,487 and 5,274 shares issued and
outstanding at June 30, 2009 and December 31, 2008,
respectively (redeemable in liquidation at an
aggregate of $5,487,000 at June 30, 2009)) - -
Stockholders' deficit:
Common stock, $0.0001 par value, 15,000,000,000
shares authorized, 10,076,136,500 shares issued
and 10,076,136,453 outstanding at June 30, 2009;
677,858,548 shares issued and 677,858,501
outstanding at December 31, 2008 1,008 68
Treasury stock, 47 shares at June 30, 2009 and
December 31, 2008, respectively, at cost,
retroactively restated - -
Additional paid-in capital 2,077 1,675
Accumulated deficit (13,152) (11,987)
----------- -----------
Total stockholders' deficit (10,067) (10,244)
----------- -----------
Total liabilities and stockholders' deficit $ 4,564 $ 5,165
=========== ===========
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.
Six Months Ended
June 30,
2009 2008
-------- --------
Net loss $ (1,165) $ (1,511)
Add non-EBITDA items included in net results:
Depreciation and amortization 403 408
Interest expense, net 751 1,073
Other expense - 1
-------- --------
Adjusted EBITDA $ (11) $ (29)
-------- --------
Excluding the amortization of the deferred performance obligation, adjusted EBITDA for the second quarter of 2008 would have been negative $253,000 compared to negative $11,000 for the second quarter of 2009. 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 info: Gary Hallgren CEO 214-440-5210
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