MCLEAN, Va., Nov. 18, 2014 /PRNewswire/ -- CYREN Ltd. (NASDAQ:
CYRN), a global provider of cloud-based cybersecurity solutions,
today announced its third quarter 2014 financial results for the
period ending September 30, 2014.
Third Quarter 2014 Financial Highlights:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
"CYREN remains in a strong financial position with the revenue
generated from our embedded business and the capital raised in
July. We see particularly strong demand from enterprise customers
for our embedded solutions and strong interest in our cloud-based
CYREN WebSecurity offering," said Lior
Samuelson, CEO and Chairman of the Board at CYREN. "We
continue work with our increasing number of channel partners to
accelerate the onboarding process and revenue growth. We are also
focusing resources on enterprises who are actively seeking to
replace or augment their existing security appliances with a next
generation SaaS-based solution."
For information regarding the non-GAAP financial measures
discussed in this release, please see "Use of Non-GAAP Financial
Information" and "Reconciliation of Selected GAAP Measures to Non
GAAP Measures."
Business Highlights:
- 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.
- 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.
- 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.
- 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.
- 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.
Business
Outlook
The company expects fourth quarter revenues to be at similar
levels as the third quarter, and full year 2014 revenue to be flat
to slightly down compared with 2013. The above outlook is as of the
date of this release, and the company undertakes no obligation to
update its estimates in the future.
Use of Non-GAAP Measures
Non-GAAP financial measures
consist of GAAP financial measures adjusted to exclude: stock-based
compensation expenses, amortization and impairment of acquired
intangible assets, executive termination costs, deferred taxes and
deferred revenues related to acquisitions, acquisition related
costs, onetime settlement agreements, reorganization expenses and
adjustments to earn-out obligations. The purpose of such
adjustments is to give an indication of the company's performance
exclusive of non-cash charges and other items that are considered
by management to be outside of the company's core operating
results. The company's non-GAAP financial measures are not meant to
be considered in isolation or as a substitute for comparable GAAP
measures, and should be read only in conjunction with the company's
consolidated financial statements prepared in accordance with GAAP.
Company management regularly uses supplemental non-GAAP financial
measures internally to understand, manage and evaluate the business
and make operating decisions.
These non-GAAP measures are among the primary factors management
uses in planning for and forecasting future periods. The company
believes this adjustment is useful to investors as a measure of the
ongoing performance of the business. The company believes these
non-GAAP financial measures provide consistent and comparable
measures to help investors understand the company's current and
future operating cash flow performance. These non-GAAP financial
measures may differ materially from the non-GAAP financial measures
used by other companies. Reconciliation between results on a GAAP
and non-GAAP basis is provided in a table immediately following the
Consolidated Statements of Income. The presentation of this
non-GAAP financial information is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP. Management uses both GAAP
and non-GAAP measures when evaluating the business internally and
therefore felt it important to make these non-GAAP adjustments
available to investors.
Financial Results Conference Call
The company has
scheduled a conference call later today, November 18, 2014, at 10
a.m. Eastern Time (5 p.m.
Israel Time) to discuss its third quarter 2014 results.
To participate, please call one of the following
teleconferencing numbers by dialing in at least 10 minutes before
the conference call commences. If you are unable to connect using
the toll-free numbers, please try the international dial-in
number.
US Dial-in Number: 1-877-675-4753
Israel Dial-in Number: 1-80-925-8243
International Dial-in Number: 1-719-325-4751
The call will be simultaneously webcast live on the investor
relations section of CYREN's website at
http://www.cyren.com/ir.html.
For those unable to listen to the live call, a webcast replay of
the call will be available from the day after the call in the
investor relations section of CYREN's corporate website.
About CYREN
CYREN is a leading provider of
cloud-based security solutions that deliver powerful protection
through global data intelligence. Regardless of the device or its
location, CYREN's easily deployed web, email, and
anti-malware products deliver uncompromising protection in both
embedded and Security as a Service (SecaaS) deployments.
Organizations rely on CYREN's cloud-based threat
detection and proactive security analytics to provide up-to-date
spam classifications, URL categorization and malware detection
services. The CYREN GlobalView™ Cloud Platform leverages Recurrent
Pattern Detection™ technologies to protect more than 550 million
users in 190 countries. CYREN is traded on
the NASDAQ Capital Market and the Tel Aviv Stock
Exchange (TASE) under the trading symbol "CYRN." Visit
the CYREN GlobalView Security Center or go
to www.CYREN.com.
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc
This press release contains forward-looking statements,
including projections about the company's business, within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. For example, statements
in the future tense, and statements including words such as
"expect," "plan," "estimate," "anticipate," or "believe" are
forward-looking statements. These statements are based on
information available at the time of the press release and the
company assumes no obligation to update any of them. The statements
in this press release are not guarantees of future performance and
actual results could differ materially from current expectations as
a result of numerous factors, including business conditions and
growth or deterioration in the internet security market,
technological developments, products offered by competitors,
availability of qualified staff, and technological difficulties and
resource constraints encountered in developing new products, as
well as those risks described in the company's Annual Reports on
Form 20-F, reports on Form 6-K and prospectus supplement dated
July 24, 2014 and prospectus dated
July 3, 2014 filed pursuant to Rule
424(b)(2, which are available through www.sec.gov.
U.S. Investor
Contact
Garth
Russell
KCSA Strategic
Communications
+1 212 896
1250
grussell@kcsa.com
Israel Investor Contact
Iris
Lubitch
EffectiveIR
+972 54 2528007
iris@FinCom.co.il
Company Contact:
Mike
Myshrall, CFO
CYREN
+1 703 760 3320
mike.myshrall@CYREN.com
Media Contact
Matthew
Zintel
Zintel Public Relations
+1 281 444
1590
matthew.zintel@zintelpr.com
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CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
(in thousands
of U.S. dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
September
30
|
|
September
30
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$
7,731
|
|
$
8,019
|
|
$
24,083
|
|
$
23,999
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,037
|
|
1,722
|
|
6,124
|
|
5,256
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,694
|
|
6,297
|
|
17,959
|
|
18,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,417
|
|
2,079
|
|
8,398
|
|
6,525
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,821
|
|
2,559
|
|
8,950
|
|
7,861
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,624
|
|
2,112
|
|
5,773
|
|
6,590
|
|
|
|
|
|
|
|
|
Adjustment of
earnout obligation
|
(701)
|
|
-
|
|
(701)
|
|
-
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
6,161
|
|
6,750
|
|
22,420
|
|
20,976
|
|
|
|
|
|
|
|
|
Operating
loss
|
(467)
|
|
(453)
|
|
(4,461)
|
|
(2,233)
|
|
|
|
|
|
|
|
|
Other
income
|
-
|
|
-
|
|
200
|
|
-
|
|
|
|
|
|
|
|
|
Financial
expense, net
|
(249)
|
|
(323)
|
|
(712)
|
|
(866)
|
|
|
|
|
|
|
|
|
Net loss before
taxes
|
(716)
|
|
(776)
|
|
(4,973)
|
|
(3,099)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
(7)
|
|
(138)
|
|
113
|
|
181
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
|
|
|
|
|
$
(723)
|
|
$
(914)
|
|
$
(4,860)
|
|
$
(2,918)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.02)
|
|
$
(0.03)
|
|
$
(0.18)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.02)
|
|
$
(0.03)
|
|
$
(0.18)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
29,806
|
|
26,384
|
|
27,646
|
|
26,150
|
|
|
|
|
|
|
|
|
Diluted
|
29,806
|
|
26,384
|
|
27,646
|
|
26,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands
of U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
September
30
|
|
September
30
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(467)
|
|
$
(453)
|
|
$
(4,461)
|
|
$
(2,233)
|
Stock-based
compensation (1)
|
294
|
|
329
|
|
955
|
|
1,003
|
Other acquisition
related costs (2)
|
-
|
|
-
|
|
-
|
|
142
|
Amortization of
intangible assets (3)
|
436
|
|
542
|
|
1,327
|
|
1,307
|
Adjustment to
earn-out liabilities (4)
|
(701)
|
|
-
|
|
(701)
|
|
(3)
|
Executive
terminations (6)
|
-
|
|
-
|
|
208
|
|
165
|
Adjustment to
deferred revenues (7)
|
50
|
|
74
|
|
154
|
|
412
|
Settlement agreements
(8)
|
-
|
|
16
|
|
-
|
|
91
|
Re organization
expenses (9)
|
-
|
|
96
|
|
75
|
|
96
|
|
|
|
|
|
|
|
|
Non-GAAP operating
profit (loss)
|
$
(388)
|
|
$
604
|
|
$
(2,443)
|
|
$
980
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(723)
|
|
$
(914)
|
|
$
(4,860)
|
|
$
(2,918)
|
Stock-based
compensation (1)
|
294
|
|
329
|
|
955
|
|
1,003
|
Other acquisition
related costs (2)
|
-
|
|
-
|
|
-
|
|
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)
|
-
|
|
-
|
|
208
|
|
165
|
Adjustment to
deferred revenues (7)
|
50
|
|
74
|
|
154
|
|
412
|
Settlement agreements
(8)
|
-
|
|
16
|
|
(200)
|
|
91
|
Reorganization
expenses (9)
|
-
|
|
96
|
|
75
|
|
96
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss)
|
$
(684)
|
|
$
322
|
|
$
(3,107)
|
|
$
537
|
|
|
|
|
|
|
|
|
GAAP loss per share
(dilluted)
|
(0.02)
|
|
(0.03)
|
|
(0.17)
|
|
(0.11)
|
Stock-based
compensation (1)
|
0.01
|
|
0.01
|
|
0.03
|
|
0.04
|
Other acquisition
related costs (2)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.01
|
Amortization of
intangible assets (3)
|
0.01
|
|
0.02
|
|
0.05
|
|
0.05
|
Adjustment to
earn-out liabilities (4)
|
(0.02)
|
|
0.01
|
|
(0.02)
|
|
0.03
|
Income taxes
(5)
|
(0.00)
|
|
(0.00)
|
|
(0.01)
|
|
(0.02)
|
Executive
terminations (6)
|
0.00
|
|
0.00
|
|
0.01
|
|
0.01
|
Adjustment to
deferred revenues (7)
|
0.00
|
|
0.00
|
|
0.01
|
|
0.02
|
Settlement agreements
(8)
|
0.00
|
|
0.00
|
|
(0.01)
|
|
0.00
|
Reorganization
expenses (9)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
(loss) per share (diluted)
|
(0.02)
|
|
0.01
|
|
(0.11)
|
|
0.03
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP earnings per share (diluted)
|
29,806
|
|
26,445
|
|
27,646
|
|
26,277
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
15
|
|
$
12
|
|
$
40
|
|
$
38
|
Research and
development
|
82
|
|
64
|
|
229
|
|
185
|
Sales and
marketing
|
72
|
|
51
|
|
216
|
|
186
|
General and
administrative
|
125
|
|
202
|
|
470
|
|
594
|
|
|
|
|
|
|
|
|
|
$
294
|
|
$
329
|
|
$
955
|
|
$
1,003
|
(2) Other
acquisition related costs
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$
142
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
142
|
(3) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
211
|
|
$
235
|
|
$
644
|
|
$
564
|
Sales and
marketing
|
225
|
|
307
|
|
683
|
|
743
|
|
|
|
|
|
|
|
|
|
$
436
|
|
$
542
|
|
$
1,327
|
|
$
1,307
|
(4) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
(701)
|
|
$
-
|
|
$
(701)
|
|
$
(3)
|
Financial expenses,
net
|
63
|
|
271
|
|
252
|
|
706
|
|
|
|
|
|
|
|
|
|
$
(638)
|
|
$
271
|
|
$
(449)
|
|
$
703
|
(5) Income
taxes
|
|
|
|
|
|
|
|
Deferred tax asset -
tax benefit
|
$
(103)
|
|
$
(92)
|
|
$
(317)
|
|
$
(464)
|
|
|
|
|
|
|
|
|
|
$
(103)
|
|
$
(92)
|
|
$
(317)
|
|
$
(464)
|
(6) Executive
terminations
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
208
|
|
$
165
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
208
|
|
$
165
|
(7) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
50
|
|
$
74
|
|
$
154
|
|
$
412
|
|
|
|
|
|
|
|
|
|
$
50
|
|
$
74
|
|
$
154
|
|
$
412
|
(8) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
16
|
|
$
-
|
|
$
91
|
Other
income
|
-
|
|
-
|
|
(200)
|
|
-
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
16
|
|
$
(200)
|
|
$
91
|
|
|
|
|
|
|
|
|
(9) Reorganization
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
96
|
|
$
75
|
|
$
96
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
96
|
|
$
75
|
|
$
96
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31
|
|
2014
|
|
2013
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
13,094
|
|
$
3,757
|
Trade receivables,
net
|
4,085
|
|
5,178
|
Deferred tax
assets
|
-
|
|
48
|
Prepaid expenses and
other receivables
|
1,417
|
|
1,988
|
Total current
assets
|
18,596
|
|
10,971
|
|
|
|
|
Lease
deposits
|
75
|
|
74
|
Severance pay
fund
|
635
|
|
819
|
Property and
equipment, net
|
2,546
|
|
2,674
|
Goodwill and
intangible assets, net
|
33,009
|
|
36,395
|
Total long-term
assets
|
36,265
|
|
39,962
|
|
|
|
|
Total
assets
|
$
54,861
|
|
$
50,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$
5,347
|
|
$
3,245
|
Trade
payables
|
638
|
|
859
|
Employees and payroll
accruals
|
2,366
|
|
3,102
|
Deferred tax
liability
|
149
|
|
-
|
Accrued expenses and
other liabilities
|
1,233
|
|
1,366
|
Earn-out
consideration
|
2,294
|
|
1,428
|
Deferred
revenues
|
4,407
|
|
4,499
|
Total current
liabilities
|
16,434
|
|
14,499
|
|
|
|
|
Deferred
revenues
|
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
|
4,997
|
|
8,125
|
|
|
|
|
Shareholders'
equity
|
33,430
|
|
28,309
|
Total liabilities and
shareholders' equity
|
$
54,861
|
|
$
50,933
|
|
|
|
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30
|
|
September
30
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(723)
|
|
$
(914)
|
|
$
(4,860)
|
|
$
(2,918)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
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
|
Logo -
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SOURCE CYREN Ltd.