Integral Systems, Inc. (Nasdaq:ISYS) ("Company") today reported
financial results for the fourth quarter of fiscal year 2010 and
the full fiscal year ended September 24, 2010. Below are highlights
of the Company's reported results:
- Fiscal year 2010 revenues of $177.9 million, an 11.3 percent
increase over fiscal year 2009 revenues of $159.9 million and
exceeding guidance;
- Fiscal year 2010 gross margin of 38.6 percent, achieving
guidance;
- Fiscal year 2010 Adjusted EBITDA(1) of $8.2 million;
- Record-level fiscal year 2010 Product segment revenues of $97.4
million, a 41.4 percent increase over fiscal year 2009; and
- Strong fourth quarter 2010 bookings of $63.5 million; full
fiscal year 2010 bookings of $188.9 million.
Fiscal Year 2010 Fourth Quarter Results
Revenue for the fourth quarter of fiscal year 2010 was $55.5
million, an increase of 42.7 percent compared to the fourth quarter
of fiscal year 2009. Gross margin for the quarter was 38.6 percent
compared to 32.6 percent for the same period last year. Fourth
quarter fiscal year 2010 income from operations was $1.2 million
compared to a loss from operations of $1.6 million in the fourth
quarter of fiscal year 2009. Adjusted EBITDA for the fourth quarter
of fiscal year 2010 was $3.7 million compared to $0.7 million in
the fourth quarter of fiscal year 2009.
Fourth quarter 2010 results include the impact of a $2.8 million
lease loss reserve resulting from the sublease of a portion of the
Company's former headquarters facility at a lower rental rate than
the original lease and an increased reserve on an adjacent
facility, which was fully vacated by the Company during the fourth
quarter of 2010. Excluding the impact of the lease loss reserve,
fourth quarter Adjusted EBITDA would have been $6.5 million.
Operating results for the fourth quarter of fiscal year 2010
reflect continued investments in research and development and in
starting up Integral Systems Service Solutions (IS3) as well as the
full impact of the lease loss reserve. Diluted earnings per share
for the fourth quarter of 2010 were $0.00 compared to the diluted
loss of $0.06 per share for the fourth quarter of fiscal year
2009.
Fiscal Year 2010 Full Year Results
Revenue for fiscal year 2010 was $177.9 million compared to
$159.9 million reported for fiscal year 2009. Gross margin for
fiscal year 2010 was 38.6 percent compared to 33.6 percent for
fiscal year 2009. Fiscal year 2010 loss from operations was $1.5
million compared to income from operations of $0.1 million reported
for fiscal year 2009. The loss is primarily due to higher than
anticipated selling, general and administrative expenses and a
combined $5.9 million in reserves taken over the course of the
fiscal year for indirect rates on the Company's government programs
and lease loss reserves on our facilities. Adjusted EBITDA for
fiscal year 2010 was $8.2 million compared to $8.0 million for
fiscal year 2009. Fiscal year 2010 diluted loss per share was $0.14
compared to diluted earnings of $0.06 per share in fiscal year
2009.
Fourth Quarter 2010 and Fiscal Year 2010 Full Year
Segment Results
Military & Intelligence Group Segment
The Military and Intelligence segment posted fourth quarter 2010
revenues of $19.1 million, an increase of 13.7 percent over the
fourth quarter of fiscal year 2009. For fiscal year 2010, Military
and Intelligence revenues were $64.1 million, a 19.3 percent
decrease from fiscal year 2009. The decrease in full year revenue
was primarily due to the loss of our GPS-OCX bid in the second
quarter of fiscal year 2010 and a delay in finalizing current and
future work scope on an existing contract with the United States
Air Force.
Civil & Commercial Group Segment
The Civil & Commercial segment contributed revenues of $6.1
million for the fourth quarter of fiscal year 2010, an increase of
61.9 percent over the fourth quarter of fiscal year 2009. For
fiscal year 2010, Civil & Commercial revenues were $24.7
million, an increase of 14.2 percent over fiscal year 2009. The
increase was attributable to a $2.1 million increase from contract
services revenue and a $0.9 million increase from software
maintenance revenue.
Products Group Segment
The Products segment delivered fourth quarter 2010 revenues of
$33.9 million, an increase of 61.6 percent over the fourth quarter
of fiscal year 2009. For fiscal year 2010, Products revenues were
$97.4 million, an increase of 41.4 percent over fiscal year 2009
and representing 54.7 percent of the Company's total revenues for
fiscal year 2010, compared to 43.0 percent for fiscal year 2009.
The year over year increase is attributable to a $15.1 million
increase from product revenue, a $10.7 million increase from
contract services revenue, and a $6.1 million increase from
software maintenance revenue. Product revenue included $13.4
million from the SATCOM Solutions division, which includes CVG,
Inc. and its subsidiary, Avtec Systems, Inc., which the Company
acquired during the second quarter of fiscal year 2010, and the
assets of Sophia Wireless, acquired in the third quarter of fiscal
year 2010. The remaining increase is attributable to the record
growth in Product sales, particularly in the RT Logic and SAT
Corporation divisions.
Selected Fiscal Year 2010 and Recent Business
Highlights
- Completed the acquisition of privately held CVG, Inc. and its
subsidiary, Avtec Systems Inc., now operating as the Integral
Systems SATCOM Solution division, further expanding the reach of
Integral Systems' product line and customer base within the
Department of Defense
- Completed the acquisition of certain assets of Sophia Wireless,
now operating as a product line within Integral Systems' SATCOM
Solutions division, adding a product line of highly compact and
high-performing Ka-band and Ku-band solid-state power amplifiers to
Integral Systems' lines of communications products and
solutions
- Launched Integral Systems Service Solutions (IS3) to provide
SATCOM Network Operations (NetOps) services as part of a broader
Global Managed Network Services offering
- Strengthened the management team with leaders experienced in
government contracting and program management, including the
appointment of Christopher Roberts as Chief Financial Officer and
Colonel (Retired) Robert F. Wright, Jr., as Senior Vice President
and General Manager of Integral Systems Military and Intelligence
Group
- Announced the dismissal or withdrawal of all previously pending
litigation without any findings against the Company or its current
management team, or payment of any settlement amounts
- Received new contract awards in both core and adjacent markets
including:
- $1.5 million contract extension on the U.S. Air Force Command
and Control System – Consolidated (CCS-C) program through 2013
- $14.2 million contract modification to the Command and Control
System – Consolidated (CCS-C) contract to provide contract coverage
to account for launches of Advanced Extremely High Frequency (AEHF)
satellites 1-3 through 2012
- $13.1 million, multi-year contract to RT Logic by the United
States government to modernize a major data communications
network
- A seven-year contract extension to provide continued support to
SKY Perfect JSAT's existing Monics Carrier Monitoring System (CMS)
and satID Geolocation systems
- Announced significant program and customer milestones such
as:
- The successful completion of the Required Asset Available (RAA)
milestone for the Rapid Attack Identification, Detection Reporting
System (RAIDRS) Block 10 (RB-10) Central Operating Location and
first deployable system
- The on-schedule handover of satellite bus operations for the
third Wideband Global SATCOM Space Vehicle (WGS SV-3) to the
Command and Control System – Consolidated (CCS-C)
- Acceptance of GeoMon spectrum supervision system for the
Ukrainian State Centre of Radio-Frequencies (UCRF)
- Awarded Northrop Grumman's Information Systems Sector "Supplier
Excellence Award" and was named a Northrop Grumman corporate "2009
World-Class Team Supplier"
- Launched several new and upgraded industry-leading products
including the RT Logic TS400CS Channel Simulator, SAT Corporation's
SAT-DSP 5000, a new line of satID products (satID Express, satID
Essential, and satID Expert), Integral Systems' SATCOM Solutions
division's Raptor X-45cm X-band Ultra Small Satellite Terminal
(USAT) and Newpoint Technologies' latest version of its
industry-leading COMPASS Network Management System (NMS)
Management's Review of Results
"I am proud of the growth in our operations," commented Paul
Casner, Chief Executive Officer of Integral Systems. "We increased
our backlog to $191 million, the first time in over three years
that we have grown our backlog. I am particularly encouraged by the
results of our Products segment, which delivered a 41 percent
increase in revenue this fiscal year. Even excluding the additive
effect of our newly acquired SATCOM Solutions division, the
Products segment delivered 22 percent growth. That is simply
tremendous execution. As a commercial products-based company, we
deliver not only products but also systems and services based on
those products. Today's results confirm that our operations and
market outlook are solid."
Casner continued, "We continue to work to put the issues that
have plagued this company to rest. We have identified several
opportunities to reduce Integral Systems' operating expenses, which
totaled $70.1 million in fiscal year 2010, including $34.7 million
in corporate expenditures. We are focused on reducing our indirect
costs, including excess facility costs, legal expenses and others,
to position the company for efficient growth. We have taken steps
to achieve over $4 million in net cost reductions in fiscal year
2011 and see room for continued improvement in this area."
Christopher Roberts, Chief Financial Officer of Integral
Systems, commented, "I am encouraged by the fourth quarter results,
but am well aware that we still have a lot of work to do. We remain
committed to reducing corporate costs, meeting our regulatory
obligations and continuing operations growth. I am optimistic that
fiscal year 2011 will reflect the benefits of our focus on cost
reduction and revenue expansion and will provide value to our
shareholders."
Management's Expectation for the Fiscal Year Ending
September 30, 2011
Integral Systems expects the following financial results for
fiscal year 2011:
• Revenue: |
$205.0 -- $215.0 million |
• Gross Margin: |
33% - 35% |
• Earnings per Share
(diluted): |
$0.25 -- $0.30 |
• Adjusted EBITDA: |
$20.0 -- $24.0 million |
Mr. Paul Casner, Chief Executive Officer, and Mr. Christopher
Roberts, Chief Financial Officer, will host the Company's fiscal
2010 fourth quarter and full fiscal year 2010 earnings conference
call on Wednesday, December 8, 2010, at 11:00 AM EST. Interested
parties are invited to participate in the conference call by
dialing 1.877.324.1958. A replay of the conference call can be
heard from 2:00 p.m. EST, Wednesday, December 8, 2010, through
11:59 p.m. EST, Wednesday, December 15, 2010, by dialing
1.800.642.1687 or 1.706.645.9291 and asking for Conference ID
number 27164639. The conference call will also be webcast live on
Integral Systems' website.
Non-GAAP Financial Information
Adjusted EBITDA is a non-GAAP measure, defined as net income
(loss) before interest income, interest expense, provision
(benefit) for income taxes, depreciation, amortization expense and
non-cash stock compensation expense. Adjusted EBITDA does not
represent income or cash flows as defined by GAAP. Integral Systems
discloses Adjusted EBITDA because it is a financial measure
commonly used in the Company's industry. Because management
believes that Adjusted EBITDA facilitates internal comparisons of
the Company's historical financial position and operating
performance on a more consistent basis, the Company also uses
Adjusted EBITDA in measuring performance relative to that of its
competitors and in evaluating acquisition opportunities.
Adjusted EBITDA is not meant to be considered a substitute or
replacement for net income as determined in accordance with GAAP.
Adjusted EBITDA may not be comparable to other similarly titled
measures of other companies.
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. The
Company's management regularly uses supplemental non-GAAP financial
measures internally to understand, manage and evaluate the
Company's business and make operating decisions.
A reconciliation between GAAP net income and Adjusted EBITDA is
provided below:
|
Three Months
Ended |
Twelve Months
Ended |
|
September 24,
2010 |
September 25,
2009 |
September 24,
2010 |
September 25,
2009 |
($ millions) |
|
|
|
|
Net Income |
$ 54 |
$ (1,077) |
$ (2,396) |
$ 1,105 |
Other (Income) Expense, net |
$ 762 |
$ (94) |
$ 1,211 |
$ 31 |
Provision for Income Taxes |
$ 408 |
$ (448) |
$ (300) |
$ (1,033) |
Income From Operations |
$ 1,224 |
$ (1,619) |
$ (1,485) |
$ 103 |
|
|
|
|
|
Non-Cash Stock
Compensation |
$ 458 |
$ 916 |
$ 2,589 |
$ 3,560 |
Depreciation and Amortization |
$ 2,052 |
$ 1,435 |
$ 7,145 |
$ 4,328 |
EBITDA |
$ 3,734 |
$ 732 |
$ 8,249 |
$ 7,991 |
ABOUT INTEGRAL SYSTEMS
Integral Systems, Inc., of Columbia, Md., applies more than 25
years experience to provide integrated technology solutions for
satellite communications-interfaced systems. Customers have relied
on the Integral Systems family of companies (Integral Systems,
Inc., Integral Systems Europe, Lumistar, Inc., Newpoint
Technologies, Inc., RT Logic and SAT Corporation) to deliver on
time and on budget for more than 250 satellite missions. Our
dedication to customer service has solidified long-term
relationships with the U.S. Air Force, NASA, NOAA and nearly every
satellite operator in the world. For more information, visit
www.integ.com.
Except for statements of historical facts, this news release
contains forward-looking statements about the Company, including
but not necessarily limited to the Company's financial projections,
all of which are based on the Company's current expectations. There
can be no assurance that the Company's projections will in fact be
achieved, and these projections do not reflect any acquisitions or
divestitures that may occur in the future. The forward-looking
statements contained in this news release are subject to additional
risks and uncertainties, including the Company's reliance on
contracts and subcontracts funded by the U.S. government and the
results of any governmental agency audit, intense competition in
the ground systems industry, the competitive bidding process to
which the Company's government and commercial contracts are
subject, the Company's dependence on the satellite industry for
most of its revenues, rapid technological changes in the satellite
industry, the Company's acquisition strategy and those other risks
noted in the Company's SEC filings. The Company assumes no
obligation to update or revise any forward-looking statements
appearing in this news release.
(1) Adjusted EBITDA is a non-GAAP measure, which represents net
income before interest income, interest expense, provision
(benefit) for income taxes, depreciation, amortization expense and
non-cash stock compensation expense. Adjusted EBITDA does not
represent income or cash flows as defined by GAAP. A description of
our use of non-GAAP information and a reconciliation of Adjusted
EBITDA to net income is provided below under "Use of Non-GAAP
Financial Information."
INTEGRAL SYSTEMS, INC.
AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(in thousands, except
share and per share amounts) |
|
|
|
|
|
|
|
September 24,
2010 |
September 25,
2009 |
Assets |
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 2,625 |
$ 5,698 |
Accounts receivable, net of allowance for
doubtful accounts |
27,973 |
27,016 |
Unbilled revenues |
41,703 |
37,028 |
Prepaid expenses and other current
assets |
1,854 |
1,256 |
Income tax receivable |
2,563 |
12,361 |
Deferred contract costs |
5,282 |
2,598 |
Inventory |
14,811 |
9,994 |
Total current assets |
96,811 |
95,951 |
|
|
|
Restricted cash |
1,001 |
-- |
Property and equipment, net |
23,374 |
20,368 |
Goodwill |
71,834 |
54,113 |
Intangible assets, net |
21,955 |
6,711 |
Other assets |
2,846 |
1,181 |
Total assets |
$ 217,821 |
$ 178,324 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
Short-term debt |
$ 28,000 |
$ 5,311 |
Accounts payable |
6,479 |
5,771 |
Accrued expenses |
26,162 |
17,941 |
Deferred income taxes |
8,655 |
7,347 |
Deferred revenues |
14,812 |
12,373 |
Total current liabilities |
84,108 |
48,743 |
|
|
|
Deferred rent, non-current |
8,553 |
8,460 |
Deferred income taxes, non-current |
3,464 |
-- |
Obligations under capital leases |
4,181 |
5,163 |
Other non-current liabilities |
991 |
955 |
Total liabilities |
101,297 |
63,321 |
|
|
|
Stockholders' equity: |
|
|
Common stock, $.01 par value, 80,000,000
shares authorized, and 17,572,300 and 17,331,796 shares issued
and outstanding at September 24, 2010 and September 25, 2009,
respectively |
176 |
173 |
Additional paid-in capital |
70,528 |
66,461 |
Retained earnings |
45,958 |
48,354 |
Accumulated other comprehensive income
(loss) |
(138) |
15 |
Total stockholders' equity |
116,524 |
115,003 |
|
|
|
Total liabilities and stockholders'
equity |
$ 217,821 |
$ 178,324 |
|
|
INTEGRAL SYSTEMS, INC.
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
September 24,
2010 |
September 25,
2009 |
September 24,
2010 |
September 25,
2009 |
|
(Unaudited) |
|
|
|
|
|
|
|
Revenue |
$ 55,512 |
$ 38,912 |
$ 177,895 |
$ 159,933 |
|
|
|
|
|
Cost of revenue |
34,081 |
26,246 |
109,289 |
106,149 |
|
|
|
|
|
Gross profit |
21,431 |
12,666 |
68,606 |
53,784 |
|
|
|
|
|
Operating expense: |
|
|
|
|
Selling, general &
administrative |
17,317 |
12,922 |
59,983 |
49,131 |
Research & development |
2,890 |
1,363 |
10,108 |
4,550 |
Total operating expense |
20,207 |
14,285 |
70,091 |
53,681 |
|
|
|
|
|
Income (loss) from operations |
1,224 |
(1,619) |
(1,485) |
103 |
|
|
|
|
|
Other (expense), net |
(762) |
94 |
(1,211) |
(31) |
|
|
|
|
|
Income (loss) before income taxes |
462 |
(1,525) |
(2,696) |
72 |
|
|
|
|
|
Income tax (benefit) |
408 |
(448) |
(300) |
(1,033) |
|
|
|
|
|
Net income (loss) |
$ 54 |
$ (1,077) |
$ (2,396) |
$ 1,105 |
|
|
|
|
|
Comprehensive income (loss): |
|
|
|
|
Cumulative currency
translation adjustment |
489 |
(4) |
(153) |
4 |
|
|
|
|
|
Total comprehensive income (loss) |
$ 543 |
$ (1,081) |
$ (2,549) |
$ 1,109 |
|
|
|
|
|
Weighted average number of common
shares: |
|
|
|
|
Basic |
17,606 |
17,360 |
17,498 |
17,317 |
Diluted |
17,607 |
17,360 |
17,498 |
17,370 |
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
Basic |
$ 0.00 |
$ (0.06) |
$ (0.14) |
$ 0.06 |
Diluted |
$ 0.00 |
$ (0.06) |
$ (0.14) |
$ 0.06 |
|
|
INTEGRAL SYSTEMS, INC.
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(in thousands of dollars) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
September 24,
2010 |
September 25,
2009 |
September 24,
2010 |
September 25,
2009 |
|
(unaudited) |
(unaudited) |
Revenue: |
|
|
|
|
Military and Intelligence Group |
$ 19,116 |
$ 16,808 |
$ 64,132 |
$ 79,457 |
Civil and Commercial Group |
6,095 |
3,766 |
24,680 |
21,618 |
Products Group |
33,858 |
20,952 |
97,353 |
68,848 |
Elimination of intersegment sales |
(3,557) |
(2,614) |
(8,270) |
(9,990) |
Total revenue |
55,512 |
38,912 |
177,895 |
159,933 |
|
|
|
|
|
Cost of revenue: |
|
|
|
|
Military and Intelligence Group |
13,892 |
15,739 |
47,182 |
62,897 |
Civil and Commercial Group |
4,541 |
2,615 |
15,632 |
16,085 |
Products Group |
19,205 |
10,506 |
54,745 |
37,157 |
Elimination of intersegment sales |
(3,557) |
(2,614) |
(8,270) |
(9,990) |
Total cost of revenue |
34,081 |
26,246 |
109,289 |
106,149 |
|
|
|
|
|
Gross profit: |
|
|
|
|
Military and Intelligence Group |
5,224 |
1,069 |
16,950 |
16,560 |
Gross margin |
27.3% |
6.4% |
26.4% |
20.8% |
Civil and Commercial Group |
1,554 |
1,151 |
9,048 |
5,533 |
Gross margin |
25.5% |
30.6% |
36.7% |
25.6% |
Products Group |
14,653 |
10,446 |
42,608 |
31,691 |
Gross margin |
43.3% |
49.9% |
43.8% |
46.0% |
Total gross profit |
21,431 |
12,666 |
68,606 |
53,784 |
Gross margin |
38.6% |
32.6% |
38.6% |
33.6% |
|
|
|
|
|
Operating expense: |
|
|
|
|
Military and Intelligence Group |
4,958 |
5,264 |
17,138 |
20,177 |
Civil and Commercial Group |
1,820 |
1,585 |
8,405 |
5,615 |
Products Group |
13,429 |
7,436 |
44,548 |
27,889 |
Total operating expense |
20,207 |
14,285 |
70,091 |
53,681 |
|
|
|
|
|
Income (loss) from operations: |
|
|
|
|
Military and Intelligence Group |
266 |
(4,195) |
(188) |
(3,617) |
Operating margin |
1.4% |
-25.0% |
-0.3% |
-4.6% |
Civil and Commercial Group |
(266) |
(434) |
643 |
(82) |
Operating margin |
-4.4% |
-11.5% |
2.6% |
-0.4% |
Products Group |
1,224 |
3,010 |
(1,940) |
3,802 |
Operating margin |
3.6% |
14.4% |
-2.0% |
5.5% |
Total income (loss) from
operations |
$ 1,224 |
$ (1,619) |
$ (1,485) |
$ 103 |
Operating margin |
2.2% |
-4.2% |
-0.8% |
0.1% |
|
|
INTEGRAL SYSTEMS, INC.
AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF CASH FLOWS |
(in thousands of dollars) |
|
|
|
|
2010 |
2009 |
Cash flows from operating
activities: |
|
|
Net income (loss) |
$ (2,396) |
$ 1,105 |
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
Depreciation and amortization |
7,145 |
4,328 |
Bad debt expense (recovery) |
(1,047) |
1,060 |
Stock-based compensation |
2,589 |
3,560 |
Tax (benefit) expense on the exercise of
stock options |
-- |
479 |
Provision for deferred income taxes |
(305) |
8,522 |
Changes in operating assets and
liabilities, excluding the net effects of
acquisitions: |
|
|
Accounts receivable |
3,854 |
(10,894) |
Unbilled revenues |
(4,746) |
(12,867) |
Prepaid expenses and other current
assets |
(216) |
(258) |
Lease incentive and leasehold
improvement allowance |
-- |
9,343 |
Deferred contract costs |
(3,149) |
4,070 |
Inventory |
(2,541) |
(2,126) |
Accounts payable |
(346) |
(1,414) |
Accrued expenses |
5,893 |
93 |
Deferred revenue |
1,070 |
(391) |
Income taxes
receivable/payable |
11,569 |
(8,119) |
Other |
368 |
194 |
Net cash provided by (used in)
operating activities |
17,742 |
(3,315) |
Cash flows from investing
activities: |
|
|
Acquisition of fixed assets |
(5,980) |
(12,152) |
Proceeds from the sale of property and
equipment |
-- |
12,515 |
Acquisition of CVG, Incorporated, net of
cash acquired |
(32,256) |
-- |
Acquisition of Sophia Wireless,
Incorporated |
(2,500) |
-- |
Acquisition of satID |
-- |
(10,979) |
Decrease in restricted cash |
-- |
-- |
Proceeds from collections on notes
receivable |
-- |
-- |
Net cash (used in) investing
activities |
(40,736) |
(10,616) |
Cash flows from financing
activities: |
|
|
Proceeds from line of credit
borrowing |
46,500 |
19,811 |
Repayments of line of credit
borrowings |
(23,811) |
(14,500) |
Deferred financing fees incurred |
(1,751) |
-- |
Restricted cash deposit |
(1,001) |
-- |
Payments on capital lease
obligations |
(947) |
(193) |
Proceeds from issuance of common
stock |
460 |
77 |
Tax (benefit) expense of stock option
exercises |
-- |
(479) |
Net cash provided by (used in)
financing activities |
19,450 |
4,716 |
Net decrease in cash and cash
equivalents |
(3,544) |
(9,215) |
Effect of exchange rate changes on cash |
471 |
(113) |
Cash and cash equivalents - beginning of
year |
5,698 |
15,026 |
Cash and cash equivalents - end of
year |
$ 2,625 |
$ 5,698 |
CONTACT: Integral Systems, Inc.
Andrew Miller, Vice President, External Communications
443.539.5124
amiller@integ.com
Investor Relations Contact:
Kathryn Herr, Vice President, Marketing & Communications
443.539.5118
kherr@integ.com
Integral Systems, Inc. (MM) (NASDAQ:ISYS)
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Integral Systems, Inc. (MM) (NASDAQ:ISYS)
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