Arotech Corporation (NasdaqGM: ARTX) today
announced financial results for the quarter and nine months ended
September 30, 2019.
Third Quarter 2019 Financial Summary:
Consolidated |
Nine months endedSeptember 30, |
|
Three months endedSeptember 30, |
U.S. $ in thousands,
except per share data |
2019 |
|
2018 |
|
2019 |
|
2018 |
GAAP
Measures |
|
|
|
|
|
|
|
Revenue |
$ |
67,619 |
|
|
$ |
72,968 |
|
|
$ |
23,574 |
|
|
$ |
23,844 |
|
Gross profit |
$ |
21,434 |
|
|
$ |
21,639 |
|
|
$ |
7,976 |
|
|
$ |
7,328 |
|
Net income (loss) |
$ |
(1,078 |
) |
|
$ |
1,420 |
|
|
$ |
(63 |
) |
|
$ |
741 |
|
Diluted net income (loss) per
share |
$ |
(0.04 |
) |
|
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
0.03 |
|
Net cash (used in) provided by
operating activities |
$ |
(595 |
) |
|
$ |
3,382 |
|
|
$ |
3,000 |
|
|
$ |
(266 |
) |
Non-GAAP
Measures (reconciliation to GAAP measures appears in the tables
below) |
Adjusted EBITDA |
$ |
4,301 |
|
|
$ |
6,042 |
|
|
$ |
2,455 |
|
|
$ |
2,366 |
|
Adjusted net income |
$ |
1,544 |
|
|
$ |
3,743 |
|
|
$ |
1,490 |
|
|
$ |
1,604 |
|
Adjusted net income per
share |
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
Third Quarter 2019 Segment Results:
Training and
Simulation Division |
Nine months endedSeptember 30, |
|
Three months endedSeptember 30, |
U.S. $ in
thousands |
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue |
$ |
44,253 |
|
|
$ |
43,576 |
|
|
$ |
14,894 |
|
|
$ |
14,666 |
|
Gross profit |
$ |
18,224 |
|
|
$ |
18,064 |
|
|
$ |
6,412 |
|
|
$ |
5,976 |
|
Gross profit % |
41.2 |
% |
|
41.5 |
% |
|
43.1 |
% |
|
40.7 |
% |
|
|
|
|
|
|
|
|
Power Systems
Division |
Nine months endedSeptember 30, |
|
Three months endedSeptember 30, |
U.S. $ in
thousands |
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue |
$ |
23,366 |
|
|
$ |
29,391 |
|
|
$ |
8,680 |
|
|
$ |
9,179 |
|
Gross profit |
$ |
3,210 |
|
|
$ |
3,574 |
|
|
$ |
1,564 |
|
|
$ |
1,351 |
|
Gross profit % |
13.7 |
% |
|
12.2 |
% |
|
18.0 |
% |
|
14.7 |
% |
Third Quarter Financial Summary
Revenues for the third quarter of 2019 were
$23.6 million, compared to $23.8 million for the corresponding
period in 2018, a decrease of 1.1%, primarily due to lower revenues
in our Power Systems Division related to the termination of the
Company’s Amphibious Assault Vehicle program (“AAV”) by its
customer Science Applications International Corporation (“SAIC”) as
a result of the United States Marine Corps termination for
convenience.
Gross profit for the third quarter of 2019 was
$8.0 million, or 33.8% of revenues, compared to $7.3 million, or
30.7% of revenues, for the corresponding period in 2018. The
year-over-year increase was primarily due to higher revenues and
improved margins in the Company’s Power System Division related to
programs that ended in 2018 that had lower margins along with
improved product mix in 2019.
Operating expenses were $7.5 million, or 31.6%
of revenues, in the third quarter of 2019, compared to operating
expenses of $6.2 million, or 25.9% of revenues, for the
corresponding period in 2018. Operating expenses were higher
year-over-year primarily due to costs associated with the potential
merger and costs associated with the implementation of a corporate
Enterprise Resource Planning (“ERP”) system in 2019.
Operating income for the third quarter was
$520,000 compared to operating income of $1.1 million in the
corresponding period in 2018.
Arotech’s net loss for the third quarter of 2019
was $63,000, or $0.00 per basic and diluted share, compared to net
income of $741,000, or $0.03 per basic and diluted share, for the
corresponding period in 2018.
Adjusted net income per share for the third
quarter of 2019 and 2018 was $0.06, respectively, compared to
$0.06.
Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (Adjusted EBITDA) for the third
quarter of 2019 was $2.5 million, compared to $2.4 million for the
corresponding period of 2018.
Arotech believes information concerning Adjusted
EBITDA and Adjusted net income per share enhances overall
understanding of Arotech’s current financial performance. Arotech
computes Adjusted EBITDA and Adjusted net income per share, which
are non-GAAP financial measures, as reflected in the tables
below.
Year-to-Date Financial Summary
Revenues for the first nine months of 2019 were
$67.6 million, compared to $73.0 million for the comparable period
in 2018, a decrease of 7.3%. In the first nine months of 2019,
revenues were $44.3 million for the Training and Simulation
Division as compared to $43.6 million in the first nine months of
2018, an increase of $676,000, or 1.6%, primarily driven by its
larger military contracts and strong commercial vehicle sales.
Revenues for the first nine months of 2019 in the Power Systems
Division decreased by $6.0 million, or 20.5%, from $29.4 million in
the first nine months of 2018 to $23.4 million in the first nine
months of 2019, primarily due to the termination of our AAV program
by our customer SAIC as a result of the Marines termination for
convenience with SAIC on October 3, 2018, lower revenues associated
with completed programs as well as less demand for certain of our
customer products.
Gross profit for the first nine months of 2019
was $21.4 million, or 31.7% of revenues, compared to $21.6 million,
or 29.7% of revenues, for the prior year period. The year-over-year
decrease in gross profit was primarily due to lower revenues,
offset by improved gross profit margins in the Power System
Division related to programs that ended in 2018 that had lower
margins along with improved product mix in 2019.
Operating expenses were $20.9 million, or 31.0%
of revenues, for the first nine months of 2019, compared to
operating expenses of $18.9 million, or 25.9% of revenues, for the
corresponding period in 2018. Operating expenses are higher
year-over-year primarily due to costs associated with the potential
merger, higher R&D costs related to new projects, and costs
related to an implementation of a corporate ERP system in 2019.
Operating income for the first nine months of
2019 was $502,000 compared to operating income of $2.8 million in
the corresponding period in 2018.
Arotech’s net loss for the first nine months of
2019 was $1.1 million, or $(0.04) per basic and diluted share,
compared to net income of $1.4 million, or $0.05 per basic and
diluted share, for the corresponding period in 2018.
Adjusted net income per share for the first nine
months of 2019 was $0.06, compared to $0.14 for the corresponding
period in 2018.
Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (Adjusted EBITDA) for the first nine
months of 2019 was $4.3 million, compared to $6.0 million for the
corresponding period of 2018.
Arotech believes information concerning Adjusted
EBITDA and Adjusted net income per share enhances overall
understanding of Arotech’s current financial performance. Arotech
computes Adjusted EBITDA and Adjusted net income per share, which
are non-GAAP financial measures, as reflected in the tables
below.
Cash Flow Summary
Arotech had net cash used in operating
activities of $595,000 for the period ending September 30, 2019,
compared to cash provided by operating activities of $3.4 million
for the corresponding period in 2018. This use of cash is
primarily attributable to the funding of certain long term
contracts in the Training and Simulation Division, where milestone
payments do not apply, as well as costs incurred prior to the
termination of the AAV program. In July 2019, the
Company received a $2.0 million partial payment towards the AAV
program costs and the funding of the long term contracts in our
Training and Simulation division should be significantly completed
by the second quarter of 2020.
Balance Sheet Metrics
U.S. $ in
thousands |
For the Periodended September 30, |
|
For the Periodended December 31, |
Balance Sheet
Metrics |
2019 |
|
2018 |
Cash and cash equivalents |
$ |
5,355 |
|
|
$ |
4,445 |
|
Total debt |
$ |
19,175 |
|
|
$ |
14,066 |
|
Line of credit
availability |
$ |
11,765 |
|
|
$ |
8,219 |
|
As of September 30, 2019, Arotech had total debt
of $19.2 million, consisting of $10.3 million in short-term bank
debt under Arotech’s credit facilities and $8.8 million in
long-term loans. This is in comparison to December 31, 2018, when
Arotech had total debt of $14.1 million, consisting of $5.5 million
in short-term bank debt under its credit facility and $8.6 million
in long-term loans. The increase in debt is related to the
funding of certain long term contracts in the Company’s Training
and Simulation Division and the terminated AAV program which has
not been fully settled.
The Company had a current ratio (current
assets/current liabilities) of 1.7, compared with the December 31,
2018 current ratio of 2.0.
Arotech’s backlog decreased 4.3% over the same
period last year and increased 4.2% over the period ending December
31, 2018.
Backlog Summary
U.S. $ in
millions |
For the Period Ended, |
Backlog |
Q3 2019 |
|
Q3 2018 |
|
Q4 2018 |
Total |
$ |
67.6 |
|
|
$ |
70.7 |
|
|
$ |
64.8 |
|
Pending Acquisition of the
Company
On September 22, 2019, Arotech entered into an
Agreement and Plan of Merger (the “Merger Agreement”) with Argonaut
Intermediate, Inc., a Delaware corporation (“Parent”), an affiliate
of Greenbriar Equity Group, L.P., and Argonaut Merger Sub, Inc., a
Delaware corporation and a direct, wholly-owned subsidiary of
Parent (“Merger Sub”), providing for the acquisition of Arotech by
Parent. Pursuant to the terms of the Merger Agreement, Merger Sub
will, at the closing of the transactions contemplated by the Merger
Agreement, merge with and into Arotech, and Arotech will survive
the merger as a wholly-owned subsidiary of Parent.
About Arotech Corporation
Arotech Corporation is a defense and security
company engaged in two business areas: interactive simulation and
mobile power systems.
Arotech is incorporated in Delaware, with
corporate offices in Ann Arbor, Michigan, and research, development
and production subsidiaries in Michigan, South Carolina, and
Israel. For more information on Arotech, please visit Arotech’s
website at www.arotech.com.
Additional Information about the Proposed Merger
Transaction and Where to Find It
This communication relates to the proposed
merger transaction involving Arotech Corporation (“Arotech”) and
may be deemed to be solicitation material in respect of the
proposed merger transaction. In connection with the proposed merger
transaction, Arotech filed a definitive proxy statement on Schedule
14A (the “Proxy Statement”) with the SEC on November 4, 2019. This
communication is not a substitute for the Proxy Statement or for
any other document that Arotech may file with the SEC or send to
Arotech’s stockholders in connection with the proposed merger
transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SECURITY HOLDERS OF AROTECH ARE URGED TO READ THE PROXY STATEMENT
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT AROTECH, THE PROPOSED MERGER TRANSACTION AND
RELATED MATTERS. The proposed merger transaction will be submitted
to Arotech’s stockholders for their consideration. Investors and
security holders will be able to obtain free copies of the Proxy
Statement (when available) and other documents filed by Arotech
with the SEC through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed by Arotech with
the SEC will also be available free of charge on Arotech’s website
at www.arotech.com or by contacting Arotech’s Investor
Relations contact at Scott.Schmidt@arotechusa.com.
Participants in the
Solicitation
Arotech and its directors and certain of its
executive officers and employees may be deemed to be participants
in the solicitation of proxies from Arotech’s stockholders with
respect to the proposed merger transaction under the rules of the
SEC. Information about the directors and executive officers of
Arotech and their ownership of shares of Arotech’s common stock is
set forth in its Annual Report on Form 10-K for the year ended
December 31, 2018, which was filed with the SEC on
March 7, 2019, its proxy statement for its 2019 annual meeting
of stockholders, which was filed with the SEC on March 22,
2019 and in subsequent documents filed with the SEC, including the
Proxy Statement. Additional information regarding the persons who
may be deemed participants in the proxy solicitations and a
description of their direct and indirect interests in the merger
transaction, by security holdings or otherwise, will also be
included in the Proxy Statement and other relevant materials to be
filed with the SEC when they become available. You may obtain free
copies of this document as described above.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Arotech generally identifies forward-looking
statements by terminology such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar words. These statements are only predictions. Arotech has
based these forward-looking statements largely on its then-current
expectations and projections about future events and financial
trends as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Arotech’s control. Arotech’s actual results could differ
materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited
to: (i) risks associated with Arotech’s ability to obtain the
stockholder approval required to consummate the proposed merger
transaction and the timing of the closing of the proposed merger
transaction, including the risks that a condition to closing would
not be satisfied within the expected timeframe or at all or that
the closing of the proposed merger transaction will not occur;
(ii) the outcome of any legal proceedings that may be
instituted against the parties and others related to the merger
agreement; (iii) the occurrence of any event, change or other
circumstance or condition that could give rise to the termination
of the merger agreement, (iv) unanticipated difficulties or
expenditures relating to the proposed merger transaction, the
response of business partners and competitors to the announcement
of the proposed merger transaction, and/or potential difficulties
in employee retention as a result of the announcement and pendency
of the proposed merger transaction; and (v) those risks
detailed in Arotech’s most recent Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as other documents
that may be filed by Arotech from time to time with the SEC.
Accordingly, you should not rely upon forward-looking statements as
predictions of future events. Arotech cannot assure you that the
events and circumstances reflected in the forward-looking
statements will be achieved or occur, and actual results could
differ materially from those projected in the forward-looking
statements. The forward-looking statements made in this
communication relate only to events as of the date on which the
statements are made. Except as required by applicable law or
regulation, Arotech undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events.
Investor Relations Contact:
Scott SchmidtArotech
Corporation1-800-281-0356Scott.Schmidt@arotechusa.com
Except for the historical information herein,
the matters discussed in this news release include forward-looking
statements, as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements reflect management’s
current knowledge, assumptions, judgment and expectations regarding
future performance or events. Although management believes that the
expectations reflected in such statements are reasonable, readers
are cautioned not to place undue reliance on these forward-looking
statements, as they are subject to various risks and uncertainties
that may cause actual results to vary materially. These risks and
uncertainties include, but are not limited to, risks relating to:
product and technology development; the uncertainty of the market
for Arotech’s products; changing economic conditions; delay,
cancellation or non-renewal, in whole or in part, of contracts or
of purchase orders (including as a result of budgetary cuts
resulting from automatic sequestration under the Budget Control Act
of 2011); and other risk factors detailed in Arotech’s most recent
Annual Report on Form 10-K for the fiscal year ended December 31,
2018, and other filings with the Securities and Exchange
Commission. Arotech assumes no obligation to update the information
in this release. Reference to Arotech’s website above does not
constitute incorporation of any of the information thereon into
this press release.
|
CONDENSED CONSOLIDATED BALANCE SHEET SUMMARY
(UNAUDITED)(U.S. Dollars) |
|
|
|
For the Periodended September 30, |
|
For the Periodended December 31, |
|
2019 |
|
2018 |
ASSETS |
|
|
|
CURRENT
ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
5,196,806 |
|
|
$ |
4,222,246 |
|
Restricted collateral
deposits |
157,775 |
|
|
222,712 |
|
Trade receivables, net |
17,163,788 |
|
|
16,259,809 |
|
Contract assets |
24,970,939 |
|
|
17,867,896 |
|
Other accounts receivable and
prepaid expenses |
3,628,600 |
|
|
5,989,263 |
|
Inventories, net |
8,905,529 |
|
|
9,912,748 |
|
Total current assets |
60,023,437 |
|
|
54,474,674 |
|
LONG TERM
ASSETS: |
|
|
|
Contractual and Israeli statutory
severance pay fund |
3,883,947 |
|
|
3,427,705 |
|
Other long term receivables |
537,007 |
|
|
543,205 |
|
Property and equipment, net |
9,504,583 |
|
|
8,914,247 |
|
Right of use asset |
5,887,243 |
|
|
— |
|
Other intangible assets, net |
4,919,657 |
|
|
4,465,778 |
|
Goodwill |
46,138,036 |
|
|
46,138,036 |
|
Total long term assets |
70,870,473 |
|
|
63,488,971 |
|
Total
assets |
$ |
130,893,910 |
|
|
$ |
117,963,645 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Trade payables |
$ |
7,882,797 |
|
|
$ |
6,442,919 |
|
Other accounts payable and
accrued expenses |
6,245,907 |
|
|
6,498,045 |
|
Current portion of lease
obligation |
628,294 |
|
|
— |
|
Current portion of long term
debt |
2,983,905 |
|
|
2,204,653 |
|
Short term bank credit |
10,334,840 |
|
|
5,500,416 |
|
Contract liabilities |
7,504,965 |
|
|
7,054,779 |
|
Total current liabilities |
35,580,708 |
|
|
27,700,812 |
|
LONG TERM
LIABILITIES: |
|
|
|
Contractual and accrued Israeli
statutory severance pay |
4,682,611 |
|
|
4,125,675 |
|
Long term portion of lease
obligations |
5,569,696 |
|
|
— |
|
Long term portion of debt |
5,856,494 |
|
|
6,360,569 |
|
Deferred income tax
liability |
3,219,008 |
|
|
2,863,098 |
|
Other long term liabilities |
42,364 |
|
|
137,774 |
|
Total long-term liabilities |
19,370,173 |
|
|
13,487,116 |
|
Total liabilities |
54,950,881 |
|
|
41,187,928 |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
Total stockholders’ equity |
75,943,029 |
|
|
76,775,717 |
|
Total liabilities and
stockholders’ equity |
$ |
130,893,910 |
|
|
$ |
117,963,645 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) (U.S. Dollars, except share
data) |
|
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues |
$ |
67,618,934 |
|
|
$ |
72,967,596 |
|
|
$ |
23,573,731 |
|
|
$ |
23,844,477 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
46,185,133 |
|
|
51,328,827 |
|
|
15,597,611 |
|
|
16,516,663 |
|
Research and development
expenses |
3,206,207 |
|
|
2,518,787 |
|
|
1,110,285 |
|
|
753,792 |
|
Selling and marketing
expenses |
6,214,200 |
|
|
5,647,284 |
|
|
1,870,739 |
|
|
1,837,823 |
|
General and administrative
expenses |
10,579,909 |
|
|
9,413,379 |
|
|
4,193,949 |
|
|
3,201,566 |
|
Amortization of intangible
assets |
931,527 |
|
|
1,298,573 |
|
|
280,662 |
|
|
391,831 |
|
Total operating costs and
expenses |
67,116,976 |
|
|
70,206,850 |
|
|
23,053,246 |
|
|
22,701,675 |
|
|
|
|
|
|
|
|
|
Operating income |
501,958 |
|
|
2,760,746 |
|
|
520,485 |
|
|
1,142,802 |
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
(9,944 |
) |
|
5,878 |
|
|
(853 |
) |
|
(1,521 |
) |
Financial expense, net |
(1,066,027 |
) |
|
(696,232 |
) |
|
(396,170 |
) |
|
(173,345 |
) |
Total other expense |
(1,075,971 |
) |
|
(690,354 |
) |
|
(397,023 |
) |
|
(174,866 |
) |
Income (loss) before income
tax expense |
(574,013 |
) |
|
2,070,392 |
|
|
123,462 |
|
|
967,936 |
|
|
|
|
|
|
|
|
|
Income tax expense |
504,047 |
|
|
650,765 |
|
|
186,785 |
|
|
227,380 |
|
Net income (loss) |
(1,078,060 |
) |
|
1,419,627 |
|
|
(63,323 |
) |
|
740,556 |
|
Other comprehensive income
(loss), net of income tax: |
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
67,270 |
|
|
(66,162 |
) |
|
— |
|
|
13,100 |
|
Comprehensive income
(loss) |
(1,010,790 |
) |
|
1,353,465 |
|
|
(63,323 |
) |
|
753,656 |
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share |
$ |
(0.04 |
) |
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.03 |
|
Diluted net income (loss) per
share |
$ |
(0.04 |
) |
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.03 |
|
Weighted average number of
shares used in computing basic net income (loss) per share |
26,547,045 |
|
26,466,948 |
|
26,547,045 |
|
26,486,152 |
Weighted average number of
shares used in computing diluted net income (loss) per share |
26,547,045 |
|
26,466,948 |
|
26,547,045 |
|
26,486,152 |
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial
Measure – Continuing Operations
To supplement Arotech’s consolidated financial
statements presented in accordance with U.S. GAAP, Arotech uses a
non-GAAP measure, Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA). This non-GAAP measure is provided to enhance
overall understanding of Arotech’s current financial performance.
Reconciliation of the nearest GAAP measure to adjusted EBITDA
follows:
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net income (loss) (GAAP measure) |
$ |
(1,078,060 |
) |
|
$ |
1,419,627 |
|
|
$ |
(63,323 |
) |
|
$ |
740,556 |
|
|
Add back: |
|
|
|
|
|
|
|
|
Financial expense – including
interest |
1,075,971 |
|
|
690,354 |
|
|
397,023 |
|
|
174,866 |
|
|
Income tax (benefit) expense |
504,047 |
|
|
650,765 |
|
|
186,785 |
|
|
227,380 |
|
|
Depreciation and amortization
expense |
2,465,660 |
|
|
2,764,289 |
|
|
802,889 |
|
|
896,989 |
|
|
Other adjustments* |
1,333,590 |
|
|
516,654 |
|
|
1,131,461 |
|
|
326,385 |
|
|
Total adjusted EBITDA |
$ |
4,301,208 |
|
|
$ |
6,041,689 |
|
|
$ |
2,454,835 |
|
|
$ |
2,366,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes stock compensation expense, one-time transaction
expenses and other non-cash expenses.
|
CALCULATION OF ADJUSTED NET INCOME PER SHARE |
|
(U.S. $ in thousands, except per share data) |
|
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Revenue (GAAP measure) |
$ |
67,619 |
|
|
$ |
72,968 |
|
|
$ |
23,574 |
|
|
$ |
23,844 |
|
|
Net income (loss) (GAAP
measure) |
$ |
(1,078 |
) |
|
$ |
1,420 |
|
|
$ |
(63 |
) |
|
$ |
741 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Amortization |
932 |
|
|
1,299 |
|
|
281 |
|
|
392 |
|
|
Stock compensation |
291 |
|
|
492 |
|
|
89 |
|
|
301 |
|
|
Non-cash taxes |
356 |
|
|
507 |
|
|
140 |
|
|
145 |
|
|
Other non-recurring expenses |
1,043 |
|
|
25 |
|
|
1,043 |
|
|
25 |
|
|
Net adjustments |
$ |
2,622 |
|
|
$ |
2,323 |
|
|
$ |
1,553 |
|
|
$ |
863 |
|
|
Adjusted net income |
$ |
1,544 |
|
|
$ |
3,743 |
|
|
$ |
1,490 |
|
|
$ |
1,604 |
|
|
Number of diluted shares |
26,665 |
|
26,467 |
|
26,665 |
|
26,486 |
|
|
Adjusted net income per
share |
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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