MCLEAN, Va., Feb. 17, 2016 /PRNewswire/ -- CYREN (NASDAQ:
CYRN) today announced its fourth quarter and full year 2015
financial results for the period ending December 31, 2015.
"During the fourth quarter we continued to make very strong
progress toward becoming the industry's leading cloud-based
Internet security company. We recently announced CYREN WebSecurity™
3.0, which adds zero-day cyberthreat protection leveraging unique
multi-sandbox array technology and big data analytics to correlate
threats across 17 billion daily Internet transactions. Customer
acquisition for CYREN WebSecurity continues at an impressive pace,
and we have stabilized and added to our embedded business by
expanding our relationship with our largest customers," said
Lior Samuelson, CEO and Chairman of
the Board at CYREN.
"We are investing in sales, marketing, and R&D in order to
scale the business to support the growing demand for CYREN
WebSecurity and our cloud platform. As prospective customers
become more aware of the dangers of zero-day threats, we believe
CYREN WebSecurity will become the go-to tool for protecting all of
their users, anywhere, on any device."
Fourth Quarter & Full Year 2015 Financial
Highlights:
- Revenues for the fourth quarter were $7.1 million, compared to $6.9 million for the third quarter and
$7.8 million for the fourth quarter
of 2014. Revenues for the full year were $27.8 million, compared to $31.9 million in 2014. A shift in
foreign exchange rates year-over-year negatively impacted revenues
reported for the full year 2015 by approximately $2.2 million.
- Non-GAAP revenues totaled $7.2
million for the fourth quarter, compared to $7.0 million for the third quarter and
$7.9 million for the fourth quarter
of 2014. Non-GAAP revenues for the full year were $27.9 million, compared to $32.1 million in 2014. The difference between
non-GAAP and GAAP revenues 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.
- GAAP net loss for the fourth quarter was $1.2 million, or $0.03 per basic and diluted share, compared to a
loss of $1.3 million for the third
quarter and a loss of $2.2 million,
or $0.07 per basic and diluted share
for the fourth quarter of 2014. GAAP net loss for the full year was
$4.8 million, or $0.14 per basic and diluted share compared to a
loss of $7.0 million, or $0.25 in 2014.
- Non-GAAP net loss for the fourth quarter was $1.4 million, or $0.03 per basic and diluted share, compared to a
loss of $1.3 million for the third
quarter and a loss of $1.4 million,
or $0.04 per basic and diluted share
for the fourth quarter of 2014. Non-GAAP net loss for the full year
was $4.9 million, or $0.14 per basic and diluted share compared to a
loss of $4.5 million, or $0.16 per basic and diluted share in 2014.
- Cash used in operating activities during the fourth quarter was
$0.6 million, compared to cash
generated by operating activities of $0.6
million during the third quarter and operating cash usage of
$1.5 million for the fourth quarter
of 2014. Cash used in operating activities for the full year was
$1.8 million, compared to
$3.7 million in 2014.
- Cash as of December 31, 2015 was
$16.4 million, compared to
$18.7 million as of September 30, 2015 and $11.1 million at the end of 2014.
For information regarding the non-GAAP financial measures
discussed in this release, please see "Use of Non-GAAP Financial
Measures " and "Reconciliation of Selected GAAP Measures to
Non-GAAP Measures."
Recent Business Highlights:
- Signed several CWS contracts in the fourth quarter including
Sea-Mar, a manager of community health centers in Washington state, and Sun Communities, a real
estate investment trust that owns, operates and manages
manufactured housing communities in the
United States.
- Renewed and expanded several significant contracts in the
embedded OEM business, including CheckPoint and Google, which are
both long-term customers.
- Added several new customers to use CYREN's cyber intelligence
suite, including malware attack detection and phishing feed
services. During the second half of 2015, the Company has
experienced a resurgence of interest from customers who need
increased protection from email-borne malware and zero day
attacks.
- Hired 10 new employees to the sales and marketing organization,
and increased the number of salespeople focused on CWS. Key new
hires include seasoned executives from security companies such as
Radware and Zscaler.
- Recently introduced CWS 3.0, which integrates CYREN's enhanced
cyber threat capabilities that have been under development for over
two years. Key feature enhancements include a new Advanced Threat
Protection module to stop zero-day threats, Advanced Persistent
Threats (APTs) and evasive malware.
Financial Results Conference Call:
The Company will also host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Wednesday,
February 17, 2016.
US Dial-in
Number:
|
1-888-299-7209
|
Israel Dial-in
Number:
|
1-80-924-5906
|
International
Dial-in Number:
|
1-719-325-2281
|
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 participate in the live conference call, a
replay will be available until March 2,
2016. To access the replay, the U.S. dial in number is
1-877-870-5176 and the non-U.S. dial in number is 1-858-384-5517.
Callers will be prompted for replay conference ID number 868155. An
archived version of the webcast will also be available on the
investor relations section of the company's website.
About CYREN
CYREN (NASDAQ and TASE: CYRN) protects more than 600 million
users against cyber attacks and data breaches through its
cloud-based web, email, mobile and endpoint security solutions.
Offering security as a service (SecaaS) solutions to enterprises
and embedded solutions to IT firms and security vendors, CYREN's
global cloud security platform processes over 17 billion daily
transactions and blocks over 130 million threats each day. To learn
more, visit www.cyren.com.
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: twitter.com/CyrenInc or twitter.com/cyren_ir
To download CYREN's investor relations app please visit Apple's
App Store for the iPhone and iPad or Google Play for Android mobile
devices.
Use of Non-GAAP Financial Measures
Non-GAAP financial measures consist of GAAP financial measures
adjusted to exclude: stock-based compensation expenses,
amortization of acquired intangible assets, executive termination
costs, deferred taxes and deferred revenues related to
acquisitions, one-time settlement agreements, reorganization
expenses, adjustments to earn-out obligations and capitalization of
technology. 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.
Forward-Looking Statements
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 and reports on Form 6-K, 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
SmarTeam
+972.54.2528007
iris@smartteam.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
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
(in thousands
of U.S. dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Revenues
|
$ 7,109
|
|
$ 7,842
|
|
$ 27,762
|
|
$31,925
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,019
|
|
1,999
|
|
8,323
|
|
8,123
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,090
|
|
5,843
|
|
19,439
|
|
23,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,256
|
|
2,824
|
|
8,930
|
|
11,222
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,185
|
|
2,852
|
|
8,718
|
|
11,802
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,722
|
|
2,274
|
|
6,326
|
|
8,047
|
|
|
|
|
|
|
|
|
Adjustment of
earn-out obligation
|
2
|
|
(43)
|
|
(75)
|
|
(744)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
6,165
|
|
7,907
|
|
23,899
|
|
30,327
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,075)
|
|
(2,064)
|
|
(4,460)
|
|
(6,525)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
29
|
|
(13)
|
|
27
|
|
187
|
|
|
|
|
|
|
|
|
Financial income
(expense), net
|
132
|
|
(162)
|
|
(243)
|
|
(874)
|
|
|
|
|
|
|
|
|
Net loss before
taxes
|
(914)
|
|
(2,239)
|
|
(4,676)
|
|
(7,212)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
(237)
|
|
83
|
|
(123)
|
|
196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$ (1,151)
|
|
$ (2,156)
|
|
$ (4,799)
|
|
$ (7,016)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$ (0.03)
|
|
$ (0.07)
|
|
$ (0.14)
|
|
$ (0.25)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$ (0.03)
|
|
$ (0.07)
|
|
$ (0.14)
|
|
$ (0.25)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,121
|
|
31,371
|
|
34,316
|
|
28,598
|
|
|
|
|
|
|
|
|
Diluted
|
39,121
|
|
31,371
|
|
34,316
|
|
28,598
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands
of U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$ (1,075)
|
|
$ (2,064)
|
|
$ (4,460)
|
|
$(6,525)
|
Stock-based
compensation (1)
|
282
|
|
265
|
|
1,066
|
|
1,220
|
Amortization of
intangible assets (2)
|
379
|
|
409
|
|
1,549
|
|
1,736
|
Adjustment to
earn-out liabilities (3)
|
2
|
|
(43)
|
|
(75)
|
|
(744)
|
Executive
terminations (5)
|
-
|
|
-
|
|
-
|
|
208
|
Adjustment to
deferred revenues (6)
|
42
|
|
48
|
|
169
|
|
202
|
Settlement agreements
(7)
|
-
|
|
128
|
|
(628)
|
|
128
|
Reorganization
expenses (8)
|
-
|
|
-
|
|
-
|
|
75
|
Capitalization of
technology (9)
|
(825)
|
|
-
|
|
(1,887)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
$ (1,195)
|
|
$ (1,257)
|
|
$ (4,266)
|
|
$(3,700)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$ (1,151)
|
|
$ (2,156)
|
|
$ (4,799)
|
|
$(7,016)
|
Stock-based
compensation (1)
|
282
|
|
265
|
|
1,066
|
|
1,220
|
Amortization of
intangible assets (2)
|
379
|
|
409
|
|
1,549
|
|
1,736
|
Adjustment to
earn-out liabilities (3)
|
2
|
|
4
|
|
(27)
|
|
(445)
|
Income taxes
(4)
|
(79)
|
|
(95)
|
|
(326)
|
|
(412)
|
Executive
terminations (5)
|
-
|
|
-
|
|
-
|
|
208
|
Adjustment to
deferred revenues (6)
|
42
|
|
48
|
|
169
|
|
202
|
Settlement agreements
(7)
|
-
|
|
128
|
|
(628)
|
|
(72)
|
Reorganization
expenses (8)
|
-
|
|
-
|
|
-
|
|
75
|
Capitalization of
technology (9)
|
(847)
|
|
-
|
|
(1,929)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
$ (1,372)
|
|
$ (1,397)
|
|
$ (4,925)
|
|
$(4,504)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$ (0.03)
|
|
$ (0.07)
|
|
$ (0.14)
|
|
$ (0.25)
|
Stock-based
compensation (1)
|
0.00
|
|
0.01
|
|
0.03
|
|
0.04
|
Amortization of
intangible assets (2)
|
0.02
|
|
0.01
|
|
0.05
|
|
0.06
|
Adjustment to
earn-out liabilities (3)
|
0.00
|
|
0.00
|
|
(0.00)
|
|
(0.02)
|
Income taxes
(4)
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
(0.01)
|
Executive
terminations (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.01
|
Adjustment to
deferred revenues (6)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.01
|
Settlement agreements
(7)
|
0.00
|
|
0.01
|
|
(0.02)
|
|
(0.00)
|
Reorganization
expenses (8)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Capitalization of
technology (9)
|
(0.02)
|
|
0.00
|
|
(0.06)
|
|
0.00
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$ (0.03)
|
|
$ (0.04)
|
|
$ (0.14)
|
|
$ (0.16)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,121
|
|
31,371
|
|
34,316
|
|
28,598
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$ 15
|
|
$ 15
|
|
$ 64
|
|
$ 55
|
Research and
development
|
92
|
|
63
|
|
302
|
|
292
|
Sales and
marketing
|
52
|
|
76
|
|
251
|
|
292
|
General and
administrative
|
123
|
|
111
|
|
449
|
|
581
|
|
|
|
|
|
|
|
|
|
$ 282
|
|
$ 265
|
|
$ 1,066
|
|
$ 1,220
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$ 194
|
|
$ 202
|
|
$ 781
|
|
$ 846
|
Sales and
marketing
|
185
|
|
207
|
|
768
|
|
890
|
|
|
|
|
|
|
|
|
|
$ 379
|
|
$ 409
|
|
$ 1,549
|
|
$ 1,736
|
(3) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
2
|
|
$ (43)
|
|
$ (75)
|
|
$ (744)
|
Financial expenses,
net
|
-
|
|
47
|
|
48
|
|
299
|
|
|
|
|
|
|
|
|
|
$
2
|
|
$
4
|
|
$ (27)
|
|
$ (445)
|
(4) Income
taxes
|
|
|
|
|
|
|
|
Deferred tax asset -
tax benefit
|
$ (79)
|
|
$ (95)
|
|
$ (326)
|
|
$ (412)
|
|
|
|
|
|
|
|
|
|
$ (79)
|
|
$ (95)
|
|
$ (326)
|
|
$ (412)
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$ 208
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$ 208
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$ 42
|
|
$ 48
|
|
$ 169
|
|
$ 202
|
|
|
|
|
|
|
|
|
|
$ 42
|
|
$ 48
|
|
$ 169
|
|
$ 202
|
(7) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$ 128
|
|
$ (628)
|
|
$ 128
|
Other
income
|
-
|
|
-
|
|
-
|
|
(200)
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ 128
|
|
$ (628)
|
|
$ (72)
|
|
|
|
|
|
|
|
|
(8) Reorganization
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$ 75
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$ 75
|
|
|
|
|
|
|
|
|
(9) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$ (825)
|
|
$
-
|
|
$ (1,887)
|
|
$
-
|
Financial expenses,
net
|
(22)
|
|
-
|
|
(42)
|
|
-
|
|
|
|
|
|
|
|
|
|
$ (847)
|
|
$
-
|
|
$ (1,929)
|
|
$
-
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
16,379
|
|
$
11,063
|
Trade receivables,
net
|
3,849
|
|
4,444
|
Prepaid expenses and
other receivables
|
949
|
|
1,019
|
Total current
assets
|
21,177
|
|
16,526
|
|
|
|
|
Lease
deposits
|
79
|
|
70
|
Deferred tax
assets
|
-
|
|
13
|
Severance pay
fund
|
700
|
|
594
|
Property and
equipment, net
|
2,321
|
|
2,401
|
Goodwill and
intangible assets, net
|
30,128
|
|
31,869
|
Total long-term
assets
|
33,228
|
|
34,947
|
Total
assets
|
$
54,405
|
|
$
51,473
|
|
(2,341.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$
4,169
|
|
$
4,900
|
Trade
payables
|
603
|
|
646
|
Employees and payroll
accruals
|
2,500
|
|
2,359
|
Deferred tax
liability
|
102
|
|
120
|
Accrued expenses and
other liabilities
|
764
|
|
1,394
|
Earn-out
consideration
|
2,346
|
|
2,269
|
Deferred
revenues
|
3,269
|
|
4,487
|
Total current
liabilities
|
13,753
|
|
16,175
|
|
|
|
|
Deferred
revenues
|
824
|
|
652
|
Deferred tax
liability
|
1,525
|
|
1,984
|
Earn-out
consideration
|
-
|
|
837
|
Accrued severance
pay
|
824
|
|
666
|
Other
liabilities
|
131
|
|
100
|
Total long-term
liabilities
|
3,304
|
|
4,239
|
|
|
|
|
Shareholders'
equity
|
37,348
|
|
31,059
|
Total liabilities and
shareholders' equity
|
$
54,405
|
|
$
51,473
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Net loss
|
$ (1,151)
|
|
$ (2,156)
|
|
$ (4,799)
|
|
$ (7,016)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
4
|
|
16
|
|
9
|
|
15
|
Depreciation
|
355
|
|
330
|
|
1,337
|
|
1,285
|
Stock-based
compensation
|
282
|
|
265
|
|
1,066
|
|
1,220
|
Amortization of
intangible assets
|
379
|
|
409
|
|
1,549
|
|
1,736
|
Accrued interest,
accretion of discount and exchange rate differences on credit
line
|
3
|
|
22
|
|
69
|
|
124
|
Accretion and change
in fair value of earn-out consideration, net
|
2
|
|
4
|
|
(27)
|
|
(445)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
(293)
|
|
(315)
|
|
716
|
|
866
|
Deferred
taxes
|
(69)
|
|
(134)
|
|
(257)
|
|
(318)
|
Prepaid expenses and
other receivables
|
505
|
|
363
|
|
36
|
|
839
|
Change in long-term
lease deposits
|
(4)
|
|
4
|
|
(12)
|
|
1
|
Trade
payables
|
23
|
|
(150)
|
|
(110)
|
|
(542)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
161
|
|
213
|
|
(417)
|
|
(496)
|
Deferred
revenues
|
(850)
|
|
(516)
|
|
(1,069)
|
|
(1,047)
|
Accrued severance
pay, net
|
3
|
|
1
|
|
52
|
|
18
|
Other long-term
liabilities
|
41
|
|
100
|
|
41
|
|
100
|
Net cash used in
operating activities
|
(609)
|
|
(1,544)
|
|
(1,816)
|
|
(3,660)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
fixed assets
|
-
|
|
9
|
|
5
|
|
9
|
Capitalization of
technology
|
(847)
|
|
-
|
|
(1,929)
|
|
-
|
Purchase of property
and equipment
|
(603)
|
|
(68)
|
|
(1,222)
|
|
(771)
|
Net cash used in
investing activities
|
(1,450)
|
|
(59)
|
|
(3,146)
|
|
(762)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from capital
issuance, net
|
(108)
|
|
-
|
|
11,524
|
|
10,239
|
Proceeds from credit
line
|
-
|
|
4,800
|
|
4,400
|
|
6,800
|
Repayment of credit
line
|
-
|
|
(5,270)
|
|
(5,200)
|
|
(5,270)
|
Payment of earn-out
consideration
|
-
|
|
-
|
|
(457)
|
|
(351)
|
Proceeds from options
exercised
|
-
|
|
53
|
|
153
|
|
384
|
Net cash provided
by (used in) financing activities
|
(108)
|
|
(417)
|
|
10,420
|
|
11,802
|
Effect of exchange
rate changes on cash and cash equivalents
|
(119)
|
|
(11)
|
|
(142)
|
|
(74)
|
Increase
(decrease) in cash and cash equivalents
|
(2,286)
|
|
(2,031)
|
|
5,316
|
|
7,306
|
Cash and cash
equivalents at the beginning of the period
|
18,665
|
|
13,094
|
|
11,063
|
|
3,757
|
Cash and cash
equivalents at the end of the period
|
$ 16,379
|
|
$ 11,063
|
|
$ 16,379
|
|
$11,063
|
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SOURCE CYREN