MCLEAN, Va., Nov. 11, 2015 /PRNewswire/ -- CYREN (NASDAQ:
CYRN) today announced its third quarter 2015 financial results for
the period ending September 30,
2015.
"During the third quarter we signed seven CYREN WebSecurity
contracts, including the two largest deals to date. The
investment in the marketing and development of our cloud-based
cybersecurity platform continues to translate into strong growth of
our sales pipeline," said Lior
Samuelson, CEO and Chairman of the Board at CYREN. "We also
closed significant antimalware and cyber threat intelligence
contracts during the quarter. With our strong balance sheet,
industry-leading technology and positive traction, we are making
significant strides in our business and are excited about the
building sales performance."
Third Quarter 2015 Financial Highlights:
- Revenues for the third quarter of 2015 were $6.9 million, compared to $6.7 million for the second quarter of 2015 and
$7.7 million for the third quarter of
2014. The reduction in revenue year-over-year was primarily due to
the weakness of the Euro since the third quarter of 2014 and
customer terminations that were discussed in previous
quarters.
- Non-GAAP revenues totaled $7.0
million for the third quarter of 2015, compared to
$6.8 million for the second quarter
of 2015 and $7.8 million for the
third quarter of 2014. The difference between non-GAAP and GAAP
revenue 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 third quarter of 2015 was $1.3 million, compared to a loss of $0.6 million in the second quarter of 2015 and a
loss of $0.7 million in the third
quarter of 2014. The primary reason for the sequential
quarterly decline was that the GAAP net loss during the second
quarter of 2015 was offset by a one-time legal settlement of
$0.6 million.
- Loss per basic and diluted share for the third quarter of 2015
was $0.04, compared to a loss of
$0.02 for the third quarter of
2014.
- Non-GAAP net loss for the third quarter of 2015 was
$1.3 million, compared to a loss of
$1.2 million in the second quarter of
2015 and a loss of $0.7 million for
the third quarter of 2014.
- Non-GAAP loss per basic and diluted share was $0.04 for the third quarter of 2015, compared to
a loss of $0.02 in the third quarter
of 2014.
- Cash generated by operating activities during the third quarter
was $0.6 million, compared to
$0.3 million during the second
quarter of 2015 and operating cash usage of $0.1 million in the third quarter of 2014.
- Cash as of September 30, 2015 was
$18.7 million, compared to
$7.9 million as of June 30, 2015. The cash position as of
September 30, 2015 reflects the
$11.5 million in net proceeds CYREN
raised in a public offering that closed on August 17, 2015.
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:
- Achieved the largest quarter to date in terms of CWS bookings,
which were up more than 300% from the previous quarter
- Signed the largest CWS deal to date, which could represent tens
of thousands of seats once fully ramped
- Selected by Anacapa Holdings, a European Wi-Fi hotspot
operator, to protect over 2,300 Wi-Fi hotspots representing 17
million authenticated users in 20 countries; this is the second
largest Wi-Fi operator announced who is using CYREN's WebSecurity
platform to protect users across Europe
- Selected by Splendor Landbase Limited, one of India's leading residential and commercial
property developers, to outfit its mobile users against internet
threats with CYREN WebSecurity
- Rolled out several major CWS product enhancements, including
European Data Sovereignty and unique Sandbox Array in the cloud
technology, to deliver the industry's highest level of
protection
- Closed three Android antimalware software development kit (SDK)
OEM deals totaling over $1.0 million,
which demonstrate a significant demand for CYREN's advanced malware
detection capabilities, particularly in the mobile market
- Secured several CYREN EmailSecurity (CES) renewals and new
wins, including a multi-year deal with a well known international
entertainment and media company
- Nominated as a finalist in the prestigious 2015 Computing
Security Awards in a number of categories, including "Security
Service Provider of the Year" and "Security Company of the
Year"
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,
November 11, 2015.
US Dial-in
Number:
|
1-877-419-6594
|
Israel Dial-in
Number:
|
1-80-925-8243
|
International
Dial-in Number:
|
1-719-325-4750
|
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 November 25,
2015. 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 7965438.
An archived version of the webcast will also be available on the
investor relations section of the company's website.
About CYREN
Founded in 1991, CYREN (NASDAQ and TASE: CYRN) is a long-time
innovator in cybersecurity. Through full-function
Security-as-a-Service and embedded deployment options, CYREN
provides web, email, mobile and endpoint security solutions that
are relied upon by the world's largest IT companies to protect
against today's advanced threats. CYREN collects threat data and
delivers real-time cyber intelligence through a unique global
network of over 500,000 points of presence that processes 17
billion daily transactions and protects 600 million users. 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.
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
|
|
Nine months
ended
|
September
30
|
|
September
30
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$ 6,934
|
|
$7,731
|
|
$20,653
|
|
$24,083
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,136
|
|
2,037
|
|
6,304
|
|
6,124
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,798
|
|
5,694
|
|
14,349
|
|
17,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,166
|
|
2,417
|
|
6,674
|
|
8,398
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,094
|
|
2,821
|
|
6,533
|
|
8,950
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,895
|
|
1,624
|
|
4,604
|
|
5,773
|
|
|
|
|
|
|
|
|
Adjustment of
earn-out obligation
|
0
|
|
(701)
|
|
(77)
|
|
(701)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
6,155
|
|
6,161
|
|
17,734
|
|
22,420
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,357)
|
|
(467)
|
|
(3,385)
|
|
(4,461)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
(6)
|
|
-
|
|
(2)
|
|
200
|
|
|
|
|
|
|
|
|
Loss from sale of
investment in affiliate
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(92)
|
|
(249)
|
|
(375)
|
|
(712)
|
|
|
|
|
|
|
|
|
Net loss before
taxes
|
(1,455)
|
|
(716)
|
|
(3,762)
|
|
(4,973)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
125
|
|
(7)
|
|
114
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$ (1,330)
|
|
$ (723)
|
|
$ (3,648)
|
|
$ (4,860)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$ (0.04)
|
|
$ (0.02)
|
|
$ (0.11)
|
|
$ (0.18)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$ (0.04)
|
|
$ (0.02)
|
|
$ (0.11)
|
|
$ (0.18)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
35,205
|
|
29,806
|
|
32,696
|
|
27,646
|
|
|
|
|
|
|
|
|
Diluted
|
35,205
|
|
29,806
|
|
32,696
|
|
27,646
|
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
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$(1,357)
|
|
$ (467)
|
|
$(3,385)
|
|
$(4,461)
|
Stock-based
compensation (1)
|
251
|
|
294
|
|
784
|
|
955
|
Amortization of
intangible assets (2)
|
402
|
|
436
|
|
1,170
|
|
1,327
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
(701)
|
|
(77)
|
|
(701)
|
Executive
terminations (5)
|
-
|
|
-
|
|
-
|
|
208
|
Adjustment to
deferred revenues (6)
|
42
|
|
50
|
|
127
|
|
154
|
Settlement agreements
(7)
|
-
|
|
-
|
|
(628)
|
|
-
|
Reorganization
expenses (8)
|
-
|
|
-
|
|
-
|
|
75
|
Capitalization of
technology (9)
|
(557)
|
|
-
|
|
(1,062)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
$(1,219)
|
|
$ (388)
|
|
$(3,071)
|
|
$(2,443)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$(1,330)
|
|
$ (723)
|
|
$(3,648)
|
|
$(4,860)
|
Stock-based
compensation (1)
|
251
|
|
294
|
|
784
|
|
955
|
Amortization of
intangible assets (2)
|
402
|
|
-
|
|
1,170
|
|
1,327
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
436
|
|
(29)
|
|
(449)
|
Income taxes
(4)
|
(82)
|
|
(638)
|
|
(247)
|
|
(317)
|
Executive
terminations (5)
|
-
|
|
(103)
|
|
-
|
|
208
|
Adjustment to
deferred revenues (6)
|
42
|
|
50
|
|
127
|
|
154
|
Settlement agreements
(7)
|
-
|
|
-
|
|
(628)
|
|
(200)
|
Reorganization
expenses (8)
|
-
|
|
-
|
|
-
|
|
75
|
Capitalization of
technology (9)
|
(571)
|
|
-
|
|
(1,082)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
$(1,288)
|
|
$ (684)
|
|
$(3,553)
|
|
$(3,107)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$ (0.04)
|
|
$(0.02)
|
|
$ (0.11)
|
|
$ (0.17)
|
Stock-based
compensation (1)
|
0.01
|
|
0.01
|
|
0.02
|
|
0.03
|
Amortization of
intangible assets (2)
|
0.01
|
|
0.00
|
|
0.04
|
|
0.05
|
Adjustment to
earn-out liabilities (3)
|
0.00
|
|
0.01
|
|
(0.00)
|
|
(0.02)
|
Income taxes
(4)
|
(0.00)
|
|
(0.02)
|
|
(0.01)
|
|
(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
|
|
0.00
|
|
(0.02)
|
|
(0.01)
|
Reorganization
expenses (8)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Capitalization of
technology (9)
|
(0.02)
|
|
0.00
|
|
(0.03)
|
|
0.00
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$ (0.04)
|
|
$(0.02)
|
|
$ (0.11)
|
|
$ (0.11)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
35,205
|
|
29,806
|
|
32,696
|
|
27,646
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$ 15
|
|
$ 15
|
|
$ 48
|
|
$ 40
|
Research and
development
|
73
|
|
82
|
|
210
|
|
229
|
Sales and
marketing
|
63
|
|
72
|
|
199
|
|
216
|
General and
administrative
|
100
|
|
125
|
|
327
|
|
470
|
|
|
|
|
|
|
|
|
|
$ 251
|
|
$ 294
|
|
$ 784
|
|
$ 955
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$ 188
|
|
$ 211
|
|
$ 566
|
|
$ 644
|
Research and
development
|
20
|
|
-
|
|
21
|
|
-
|
Sales and
marketing
|
194
|
|
225
|
|
583
|
|
683
|
|
|
|
|
|
|
|
|
|
$ 402
|
|
$ 436
|
|
$ 1,170
|
|
$ 1,327
|
(3) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$ (701)
|
|
$ (77)
|
|
$ (701)
|
Financial expenses,
net
|
-
|
|
63
|
|
48
|
|
252
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ (638)
|
|
$ (29)
|
|
$ (449)
|
(4) Income
taxes
|
|
|
|
|
|
|
|
Deferred tax asset -
tax benefit
|
$ (82)
|
|
$ (103)
|
|
$ (247)
|
|
$ (317)
|
|
|
|
|
|
|
|
|
|
$ (82)
|
|
$ (103)
|
|
$ (247)
|
|
$ (317)
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 208
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 208
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$ 42
|
|
$ 50
|
|
$ 127
|
|
$ 154
|
|
|
|
|
|
|
|
154
|
|
$ 42
|
|
$ 50
|
|
$ 127
|
|
$ 154
|
(7) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$ -
|
|
$ (628)
|
|
$
-
|
Other
income
|
-
|
|
-
|
|
-
|
|
(200)
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ -
|
|
$ (628)
|
|
$ (200)
|
|
|
|
|
|
|
|
|
(8) Reorganization
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 75
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 75
|
|
|
|
|
|
|
|
|
(9) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$ (557)
|
|
$ -
|
|
$(1,062)
|
|
$
-
|
Financial expenses,
net
|
(14)
|
|
-
|
|
(20)
|
|
-
|
|
|
|
|
|
|
|
|
|
$ (571)
|
|
$ -
|
|
$(1,082)
|
|
$
-
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$18,665
|
|
$11,063
|
Trade receivables,
net
|
3,525
|
|
4,444
|
Prepaid expenses and
other receivables
|
1,464
|
|
1,019
|
Total current
assets
|
23,654
|
|
16,526
|
|
|
|
|
Lease
deposits
|
76
|
|
70
|
Deferred tax
assets
|
-
|
|
13
|
Severance pay
fund
|
593
|
|
594
|
Property and
equipment, net
|
2,206
|
|
2,401
|
Goodwill and
intangible assets, net
|
30,218
|
|
31,869
|
Total long-term
assets
|
33,093
|
|
34,947
|
Total
assets
|
$56,747
|
|
$51,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$ 4,166
|
|
$ 4,900
|
Trade
payables
|
706
|
|
646
|
Employees and payroll
accruals
|
2,257
|
|
2,359
|
Deferred tax
liability
|
106
|
|
120
|
Accrued expenses and
other liabilities
|
951
|
|
1,394
|
Earn-out
consideration
|
2,418
|
|
2,269
|
Deferred
revenues
|
3,288
|
|
4,097
|
Total current
liabilities
|
13,892
|
|
15,785
|
|
|
|
|
Deferred
revenues
|
1,653
|
|
1,042
|
Deferred tax
liability
|
1,639
|
|
1,984
|
Earn-out
consideration
|
-
|
|
837
|
Accrued severance
pay
|
714
|
|
666
|
Other
liabilities
|
92
|
|
100
|
Total long-term
liabilities
|
4,098
|
|
4,629
|
|
|
|
|
Shareholders'
equity
|
38,757
|
|
31,059
|
Total liabilities and
shareholders' equity
|
$56,747
|
|
$51,473
|
CYREN LTD.
|
|
CONDENSED CONSOLIDATED CASH FLOW
DATA
|
(in thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30
|
|
September
30
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
$ (1,330)
|
|
$ (723)
|
|
$ (3,648)
|
|
$ (4,860)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Loss (profit) on
disposal of property and equipment
|
5
|
|
(1)
|
|
5
|
|
(1)
|
Depreciation
|
333
|
|
313
|
|
982
|
|
955
|
Stock-based
compensation
|
251
|
|
294
|
|
784
|
|
955
|
Amortization of
intangible assets
|
401
|
|
436
|
|
1,169
|
|
1,327
|
Accrued interest,
accretion of discount and exchange rate differences on credit
line
|
1
|
|
46
|
|
66
|
|
102
|
Accretion and change
in fair value of earn-out consideration, net
|
0
|
|
(638)
|
|
(29)
|
|
(449)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
67
|
|
823
|
|
1,010
|
|
1,181
|
Deferred
taxes
|
(64)
|
|
(65)
|
|
(188)
|
|
(184)
|
Prepaid expenses and
other receivables
|
620
|
|
(59)
|
|
(469)
|
|
476
|
Trade
payables
|
(229)
|
|
(134)
|
|
(133)
|
|
(392)
|
Change in long-term
lease deposits
|
0
|
|
2
|
|
(8)
|
|
(3)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
114
|
|
(211)
|
|
(578)
|
|
(709)
|
Deferred
revenues
|
388
|
|
(121)
|
|
(219)
|
|
(531)
|
Accrued severance
pay, net
|
7
|
|
(10)
|
|
49
|
|
17
|
Net cash provided
by (used in) operating activities
|
564
|
|
(48)
|
|
(1,207)
|
|
(2,116)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
fixed assets
|
5
|
|
-
|
|
5
|
|
-
|
Capitalization of
technology, net of grants received
|
(571)
|
|
-
|
|
(1,082)
|
|
-
|
Purchase of property
and equipment
|
(218)
|
|
(145)
|
|
(619)
|
|
(703)
|
Net cash used in
investing activities
|
(784)
|
|
(145)
|
|
(1,696)
|
|
(703)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from capital
issuance, net
|
11,785
|
|
10,238
|
|
11,632
|
|
10,238
|
Proceeds from credit
line
|
-
|
|
-
|
|
4,400
|
|
2,000
|
Repayment of credit
line
|
(327)
|
|
-
|
|
(5,200)
|
|
-
|
Payment of earn-out
consideration
|
(457)
|
|
-
|
|
(457)
|
|
(351)
|
Proceeds from options
exercised
|
-
|
|
3
|
|
153
|
|
331
|
Net cash provided
by financing activities
|
11,001
|
|
10,241
|
|
10,528
|
|
12,218
|
Effect of exchange
rate changes on cash and cash equivalents
|
14
|
|
(58)
|
|
(23)
|
|
(62)
|
Increase in cash
and cash equivalents
|
10,795
|
|
9,990
|
|
7,602
|
|
9,337
|
Cash and cash
equivalents at the beginning of the period
|
7,870
|
|
3,104
|
|
11,063
|
|
3,757
|
Cash and cash
equivalents at the end of the period
|
$18,665
|
|
$13,094
|
|
$18,665
|
|
$13,094
|
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SOURCE CYREN