ITEM 1
STARLIMS Announces
Second Quarter 2009 Financial Results
Hollywood, Florida August 18,
2009
STARLIMS Technologies Ltd. (NASDAQ:LIMS), a leading provider of laboratory
information management systems (LIMS), today announced financial results for the second
quarter of fiscal 2009 ended June 30, 2009.
Total revenue for the second quarter
of 2009 was $6.9 million, an increase of 11.7% from the $6.1 million reported in the
second quarter of 2008. Product revenue for the second quarter of 2009 was $3.8 million,
an increase of 3.6% from $3.7 million reported in the same period a year ago. Services
revenue for the second quarter of 2009 was $3.0 million, up 24.0% from the $2.4 million
reported in the same period a year ago.
Revenue for the first six months of
2009 was $14.3 million, an increase of 8.9% compared to $13.1 million for the first six
months of 2008. Product revenues for the first six months of 2009 were $8.4 million, flat
compared to $8.4 million in the first six months of 2008. Services revenue for the first
six months of 2009 was $5.9 million, an increase of 24.9% compared to $4.7 million for the
first six months of 2008.
We are pleased with our
financial results for the second quarter. During the quarter, we began to see business
conditions stabilize and we remain confident that our efforts to expand our product
offering and geographic presence will enable us to capture market share and growth for the
long term, said Itschak Friedman, CEO of STARLIMS.
GAAP operating income for the second
quarter of 2009 was $1.1 million, or 15.5% of revenue, an increase compared to GAAP
operating income $0.6 million, or 10.6% of revenue, for the second quarter of 2008. GAAP
net income for the second quarter of 2009 was $1.6 million, or $0.19 per diluted share, an
increase compared to $0.8 million and $0.09, respectively, in the second quarter of 2008.
GAAP operating income for the first six months of 2009 was $2.7 million or 18.7% of
revenues, compared to $1.7 million or 13.3% of revenues for the first half of 2008. GAAP
net income for the first six months of 2009 was $3.0 million, or $0.35 per diluted share,
compared to GAAP net income of $2.2 million, or $0.25 per diluted share, for the first six
months of 2008.
Non-GAAP operating income for the
second quarter of 2009 was $1.2 million, or 17.9% of revenue, compared to $0.8 million, or
12.6% of revenue, for the second quarter of 2008. Non-GAAP net income for the second
quarter of 2009 was $1.7 million, or $0.20 per diluted share, an increase from $0.9
million and $0.10, respectively, in the second quarter of 2008. Non-GAAP operating income
for the first six months of 2009 was $3.0 million or 21.0% of revenues, compared to $2.0
million or 15.3% of revenues for the first six months of 2008. Non-GAAP net income for the
first six months of 2009 was $3.2 million, or $0.37 per diluted share, compared to
non-GAAP net income of $2.3 million, or $0.27 per diluted share, for the first six months
of 2008.
The tables at the end of this press
release include a reconciliation of GAAP to non-GAAP income from operations and net income
for the second quarter and first six months of fiscal years 2009 and 2008.
Cash, cash equivalents, deposits and
marketable securities amounted to $30.8 million on June 30, 2009, compared to $31.5
million on March 31, 2009. On April 21, 2009, the Company paid a cash dividend in the
amount of approximately $2.7 million. The Company generated $1.3 million in cash flow from
operations for the second quarter of 2009.
Our ongoing focus on cost
containment and services margin improvement were again evident this quarter, and we
believe we can expand Non-GAAP operating margins for the full year to the mid to high
teens as a percentage of revenue, said Chaim Friedman, chief financial officer of
STARLIMS. Given the strength of our first half 2009 financial results, we have
increased confidence that for the full year we can achieve ongoing growth.
Note on Use of Non-GAAP
Financial Information
To supplement the consolidated
financial statements presented in accordance with generally accepted accounting
principles, or GAAP, STARLIMS uses non-GAAP measures of gross margin, net income and
earnings per share, which are adjustments from results based on GAAP to exclude non
recurring expenses, non-cash equity based compensation in accordance with SFAS 123(R) and
amortization of intangibles related to acquisitions. Our management believes that the
non-GAAP financial information provided in this release can assist investors in
understanding and assessing the Companys on-going core operations and prospects for
the future. The presentation of this non-GAAP financial information is not intended to be
considered in isolation or as a substitute for results prepared in accordance with GAAP.
Our management also uses both GAAP and non-GAAP information in evaluating and operating
business internally and as such deemed it important to provide all this information to
investors. Reconciliation between GAAP to non-GAAP statement of income is provided in the
table below.
Conference Call and
Webcast Information
STARLIMS will host a live webcast of its
second quarter fiscal year 2009 financial results conference call on Tuesday, August 18,
2009 at 8:30 a.m. Eastern Time (15:30 Israeli Time). The listen-only webcast can be
accessed from the Investor Relations page of the companys website at
http://www.starlims.com
. Those interested in participating in the call and the
question and answer session should dial 480-629-9692, or if calling from Israel should
dial 1-809-21-4368.
The webcast will be archived for a
limited time on the STARLIMS Technologies Investor Relations page of the companys
website at
http://www.starlims.com
starting at 11:00 a.m. Eastern Time (18:00
Israeli Time) on Tuesday, August 18, 2009.
About STARLIMS
STARLIMS Technologies Ltd. (NASDAQ:
LIMS) is a leading provider of laboratory information management systems (LIMS), with over
20 years of LIMS experience. The Companys flagship product, STARLIMS®, improves
the reliability of laboratory sampling processes, supports compliance with domestic and
international regulations and industry standards, and provides comprehensive reporting,
monitoring and analysis capabilities. STARLIMS software is used for quality assurance and
control, testing and monitoring, and research and development in government, manufacturing
and life sciences organizations. With operations in the United States, Canada, the United
Kingdom, Israel and Hong Kong, the Company serves over 500 organizations in 40 countries.
For more information, please see
http://www.starlims.com
.
Safe Harbor for
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties
which could cause the actual results, performance or achievements of the Company to be
materially different from those which may be expressed or implied by such statements,
including, among others, changes in general economic and business conditions, changes in
demand for products and services, the timing and amount or cancellation of orders, loss of
market share and other risks detailed in STARLIMSs filings from time to time with
the Securities and Exchange Commission. Such filings contain and identify these and other
important factors that could cause actual results to differ materially from those
contained in our projections or forward-looking statements. Shareholders and other readers
are cautioned not to place undue reliance on these forward-looking statements, which speak
only as of today.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
STARLIMS Technologies Ltd.
(Registrant)
By: /s/ Chaim Friedman
Chaim Friedman
Chief Financial Officer
|
Date: August 18, 2009
STARLIMS TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data and per share data)
|
December 31,
|
June 30,
|
|
2008
|
2009
|
|
Audited
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
Cash and cash equivalents
|
|
|
|
21,942
|
|
|
15,679
|
|
Short-term deposits
|
|
|
|
1,191
|
|
|
1,219
|
|
Restricted short-term deposits
|
|
|
|
338
|
|
|
39
|
|
Marketable securities
|
|
|
|
5,686
|
|
|
12,131
|
|
Accounts receivable (net of allowance
|
|
|
for doubtful accounts of $238 and $228, respectively)
|
|
|
|
10,341
|
|
|
10,649
|
|
Other current assets
|
|
|
|
2,891
|
|
|
3,345
|
|
|
|
|
|
|
Total current assets
|
|
|
|
42,389
|
|
|
43,062
|
|
|
|
|
|
|
|
|
|
Long-Term Assets
|
|
|
Marketable securities held-to-maturity
|
|
|
|
1,608
|
|
|
1,713
|
|
Other long-term assets
|
|
|
|
949
|
|
|
663
|
|
Fixed assets, net
|
|
|
|
1,416
|
|
|
1,286
|
|
Goodwill
|
|
|
|
2,227
|
|
|
2,287
|
|
Other intangible assets, net
|
|
|
|
213
|
|
|
164
|
|
|
|
|
|
|
Total long term assets
|
|
|
|
6,413
|
|
|
6,113
|
|
|
|
|
|
|
Total assets
|
|
|
|
48,802
|
|
|
49,175
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
Trade accounts payable
|
|
|
|
934
|
|
|
406
|
|
Deferred revenues
|
|
|
|
2,876
|
|
|
3,464
|
|
Other current liabilities and accrued expenses
|
|
|
|
2,228
|
|
|
2,432
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
6,038
|
|
|
6,302
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities
|
|
|
Long-term deferred revenues
|
|
|
|
251
|
|
|
101
|
|
Accrued severance pay
|
|
|
|
19
|
|
|
32
|
|
Deferred taxes
|
|
|
|
483
|
|
|
256
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
753
|
|
|
389
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
Ordinary shares, NIS 1.00 par value;
|
|
|
authorized 15,000,000 shares; issued 9,997,919 and 10,019,169
|
|
|
shares, respectively; outstanding 8,407,742 and 8,431,522 shares,
|
|
|
respectively
|
|
|
|
3,152
|
|
|
3,157
|
|
Additional paid-in capital
|
|
|
|
31,355
|
|
|
31,656
|
|
Accumulated other comprehensive income
|
|
|
|
(27
|
)
|
|
(111
|
)
|
Retained earnings
|
|
|
|
12,198
|
|
|
12,415
|
|
Treasury stock, at cost - 1,590,177 and 1,584,177 ordinary shares,
|
|
|
respectively
|
|
|
|
(4,667
|
)
|
|
(4,633
|
)
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
42,011
|
|
|
42,484
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
48,802
|
|
|
49,175
|
|
|
|
|
|
|
STARLIMS TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data and per share data)
(Unaudited)
|
Six Months Ended
|
Three Months Ended
|
|
June 30,
|
June 30,
|
|
2008
|
2009
|
2008
|
2009
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licensing
|
|
|
$
|
6,048
|
|
$
|
5,313
|
|
$
|
2,393
|
|
$
|
2,262
|
|
Maintenance
|
|
|
|
2,323
|
|
|
3,041
|
|
|
1,318
|
|
|
1,582
|
|
|
|
|
|
|
|
|
|
|
Total product revenues
|
|
|
|
8,371
|
|
|
8,354
|
|
|
3,711
|
|
|
3,844
|
|
Services
|
|
|
|
4,744
|
|
|
5,926
|
|
|
2,435
|
|
|
3,019
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
13,115
|
|
|
14,280
|
|
|
6,146
|
|
|
6,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
Cost of products
|
|
|
|
212
|
|
|
98
|
|
|
66
|
|
|
83
|
|
Cost of services
|
|
|
|
4,452
|
|
|
4,769
|
|
|
2,145
|
|
|
2,396
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
|
4,664
|
|
|
4,867
|
|
|
2,211
|
|
|
2,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
8,451
|
|
|
9,413
|
|
|
3,935
|
|
|
4,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
Research and development
|
|
|
|
1,689
|
|
|
1,815
|
|
|
856
|
|
|
918
|
|
Selling and marketing
|
|
|
|
3,279
|
|
|
3,088
|
|
|
1,598
|
|
|
1,489
|
|
General and administrative
|
|
|
|
1,736
|
|
|
1,836
|
|
|
832
|
|
|
910
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
6,704
|
|
|
6,739
|
|
|
3,286
|
|
|
3,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,747
|
|
|
2,674
|
|
|
649
|
|
|
1,067
|
|
|
|
|
Financial income, net
|
|
|
|
866
|
|
|
983
|
|
|
316
|
|
|
899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
2,613
|
|
|
3,657
|
|
|
965
|
|
|
1,966
|
|
|
|
|
Income tax expense
|
|
|
|
448
|
|
|
662
|
|
|
170
|
|
|
334
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,165
|
|
$
|
2,995
|
|
$
|
795
|
|
$
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.25
|
|
$
|
0.36
|
|
$
|
0.09
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing basic earnings per share
|
|
|
|
8,617,385
|
|
|
8,418,685
|
|
|
8,644,414
|
|
|
8,429,628
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
0.25
|
|
$
|
0.35
|
|
$
|
0.09
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing diluted earnings per share
|
|
|
|
8,775,866
|
|
|
8,584,072
|
|
|
8,721,000
|
|
|
8,600,481
|
|
|
|
|
|
|
|
|
|
|
STARLIMS TECHNOLOGIES LTD.
NON-GAAP CONSOLIDATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except share data and per share data)
(Unaudited)
|
Six Months Ended
|
Three Months Ended
|
|
June 30,
|
June 30,
|
|
2008
|
2009
|
2008
|
2009
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licensing
|
|
|
$
|
6,048
|
|
$
|
5,313
|
|
$
|
2,393
|
|
$
|
2,262
|
|
Maintenance
|
|
|
|
2,323
|
|
|
3,041
|
|
|
1,318
|
|
|
1,582
|
|
|
|
|
|
|
|
|
|
|
Total product revenues
|
|
|
|
8,371
|
|
|
8,354
|
|
|
3,711
|
|
|
3,844
|
|
Services
|
|
|
|
4,744
|
|
|
5,926
|
|
|
2,435
|
|
|
3,019
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
13,115
|
|
|
14,280
|
|
|
6,146
|
|
|
6,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
Cost of products
|
|
|
|
212
|
|
|
98
|
|
|
66
|
|
|
83
|
|
Cost of services
|
|
|
|
4,381
|
|
|
4,696
|
|
|
2,110
|
|
|
2,359
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
|
4,593
|
|
|
4,794
|
|
|
2,176
|
|
|
2,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
8,522
|
|
|
9,486
|
|
|
3,970
|
|
|
4,421
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
Research and development
|
|
|
|
1,663
|
|
|
1,775
|
|
|
843
|
|
|
898
|
|
Selling and marketing
|
|
|
|
3,154
|
|
|
2,937
|
|
|
1,539
|
|
|
1,416
|
|
General and administrative
|
|
|
|
1,701
|
|
|
1,775
|
|
|
812
|
|
|
879
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
6,518
|
|
|
6,487
|
|
|
3,194
|
|
|
3,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
2,004
|
|
|
2,999
|
|
|
776
|
|
|
1,228
|
|
|
|
|
Financial income, net
|
|
|
|
866
|
|
|
983
|
|
|
316
|
|
|
899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
2,870
|
|
|
3,982
|
|
|
1,092
|
|
|
2,127
|
|
|
|
|
Income tax expense
|
|
|
|
535
|
|
|
770
|
|
|
236
|
|
|
387
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,335
|
|
$
|
3,212
|
|
$
|
856
|
|
$
|
1,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.27
|
|
$
|
0.38
|
|
$
|
0.10
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
|
|
|
computing basic earnings per share
|
|
|
|
8,617,385
|
|
|
8,418,685
|
|
|
8,644,414
|
|
|
8,429,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
0.27
|
|
$
|
0.37
|
|
$
|
0.10
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
|
|
|
computing diluted earnings per share
|
|
|
|
8,775,866
|
|
|
8,584,072
|
|
|
8,721,000
|
|
|
8,600,481
|
|
|
|
|
|
|
|
|
|
|
STARLIMS TECHNOLOGIES LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENT OF INCOME
(Unaudited)
|
Six Months Ended
|
Three Months Ended
|
|
June 30,
|
June 30,
|
|
2008
|
2009
|
2008
|
2009
|
|
|
|
|
|
GAAP total Cost of revenues
|
|
|
|
4,664
|
|
|
4,867
|
|
|
2,211
|
|
|
2,479
|
|
Stock based compensation expenses
|
|
|
|
(71
|
)
|
|
(73
|
)
|
|
(35
|
)
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
NON-GAAP total cost of revenues
|
|
|
|
4,593
|
|
|
4,794
|
|
|
2,176
|
|
|
2,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and Development expenses
|
|
|
|
1,689
|
|
|
1,815
|
|
|
856
|
|
|
918
|
|
Stock based compensation expenses
|
|
|
|
(26
|
)
|
|
(40
|
)
|
|
(13
|
)
|
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
NON-GAAP Research and Development expenses
|
|
|
|
1,663
|
|
|
1,775
|
|
|
843
|
|
|
898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Selling and marketing expenses
|
|
|
|
3,279
|
|
|
3,088
|
|
|
1,598
|
|
|
1,489
|
|
Stock based compensation expenses
|
|
|
|
(125
|
)
|
|
(151
|
)
|
|
(59
|
)
|
|
(73
|
)
|
|
|
|
|
|
|
|
|
|
NON-GAAP Selling and marketing expenses
|
|
|
|
3,154
|
|
|
2,937
|
|
|
1,539
|
|
|
1,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative expenses
|
|
|
|
1,736
|
|
|
1,836
|
|
|
832
|
|
|
910
|
|
Stock based compensation expenses
|
|
|
|
(13
|
)
|
|
(12
|
)
|
|
(7
|
)
|
|
(6
|
)
|
Issuance related expenses
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Amortization of purchased intangible assets
|
|
|
|
(22
|
)
|
|
(49
|
)
|
|
(13
|
)
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
NON-GAAP General and administrative expenses
|
|
|
|
1,701
|
|
|
1,775
|
|
|
812
|
|
|
879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total tax expenses
|
|
|
|
448
|
|
|
662
|
|
|
170
|
|
|
334
|
|
Stock based compensation expenses
|
|
|
|
87
|
|
|
108
|
|
|
66
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP total tax expenses
|
|
|
|
535
|
|
|
770
|
|
|
236
|
|
|
387
|
|
|
|
|
|
|
|
|
|
|
STARLIMS TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
|
Six Months Ended
|
Three Months Ended
|
|
June 30,
|
June 30,
|
|
2008
|
2009
|
2008
|
2009
|
|
|
|
|
|
CASH FLOWS - OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,165
|
|
$
|
2,995
|
|
$
|
795
|
|
$
|
1,632
|
|
|
|
|
Adjustments to reconcile net income to cash provided by
(used in) operating activities:
|
|
|
Depreciation and amortization
|
|
|
|
282
|
|
|
272
|
|
|
138
|
|
|
134
|
|
Stock-based compensation
|
|
|
|
236
|
|
|
276
|
|
|
114
|
|
|
136
|
|
Gains related to marketable securities
|
|
|
|
(234
|
)
|
|
(686
|
)
|
|
(97
|
)
|
|
(648
|
)
|
Increase (decrease) in accrued severance pay
|
|
|
|
10
|
|
|
13
|
|
|
13
|
|
|
(2
|
)
|
Deferred income taxes
|
|
|
|
(198
|
)
|
|
(27
|
)
|
|
(127
|
)
|
|
198
|
|
The effect of exchange rate changes
|
|
|
|
(172
|
)
|
|
(122
|
)
|
|
(27
|
)
|
|
(143
|
)
|
Changes in assets and liabilities:
|
|
|
Decrease (increase) in trade receivables
|
|
|
|
(1,396
|
)
|
|
(307
|
)
|
|
220
|
|
|
809
|
|
Increase (decrease) in allowance for doubtful accounts
|
|
|
|
43
|
|
|
(22
|
)
|
|
20
|
|
|
(12
|
)
|
Decrease (increase) in other current assets
|
|
|
|
(20
|
)
|
|
(261
|
)
|
|
3
|
|
|
(490
|
)
|
Increase (decrease) in trade accounts payable
|
|
|
|
440
|
|
|
(179
|
)
|
|
31
|
|
|
(267
|
)
|
Increase (decrease) in deferred revenues
|
|
|
|
821
|
|
|
438
|
|
|
298
|
|
|
(64
|
)
|
Increase (decrease) in other current liabilities
|
|
|
|
(1,981
|
)
|
|
(140
|
)
|
|
(784
|
)
|
|
30
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
(4
|
)
|
|
2,250
|
|
|
597
|
|
|
1,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - INVESTING ACTIVITIES
|
|
|
Investments in marketable securities
|
|
|
|
(173
|
)
|
|
(7,996
|
)
|
|
(40
|
)
|
|
(1,646
|
)
|
Proceeds from sale of marketable securities
|
|
|
|
592
|
|
|
2,132
|
|
|
463
|
|
|
1,337
|
|
Investment in held-to-maturity marketable securities
|
|
|
|
(428
|
)
|
|
-
|
|
|
(43
|
)
|
|
-
|
|
Proceeds from redemption of held-to-maturity securities
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Investments in deposits, net
|
|
|
|
44
|
|
|
271
|
|
|
11
|
|
|
(1,060
|
)
|
Loans to employees, net
|
|
|
|
(70
|
)
|
|
132
|
|
|
(81
|
)
|
|
4
|
|
Purchase of fixed assets
|
|
|
|
(243
|
)
|
|
(93
|
)
|
|
(121
|
)
|
|
(66
|
)
|
Acquisition of subsidiaries, net of cash acquired, and
business operation
|
|
|
|
(918
|
)
|
|
(251
|
)
|
|
(918
|
)
|
|
-
|
|
Purchase of other intangible assets
|
|
|
|
(25
|
)
|
|
(25
|
)
|
|
(25
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(1,221
|
)
|
|
(5,830
|
)
|
|
(754
|
)
|
|
(1,431
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS - FINANCING ACTIVITIES
|
|
|
Purchase of treasury stocks by the Company
|
|
|
|
(1,308
|
)
|
|
-
|
|
|
(627
|
)
|
|
-
|
|
Proceeds from issuing of shares against exercise of options
|
|
|
|
-
|
|
|
30
|
|
|
-
|
|
|
30
|
|
Proceeds from sale of treasury stock against exercise of options
|
|
|
|
8
|
|
|
34
|
|
|
8
|
|
|
34
|
|
Dividends paid
|
|
|
|
(2,918
|
)
|
|
(2,681
|
)
|
|
(2,918
|
)
|
|
(2,681
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(4,218
|
)
|
|
(2,617
|
)
|
|
(3,537
|
)
|
|
(2,617
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
THE EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS
|
|
|
|
(48
|
)
|
|
(66
|
)
|
|
(58
|
)
|
|
43
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(5,491
|
)
|
|
(6,263
|
)
|
|
(3,752
|
)
|
|
(2,692
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
31,704
|
|
|
21,942
|
|
|
29,965
|
|
|
18,371
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
$
|
26,213
|
|
$
|
15,679
|
|
$
|
26,213
|
|
$
|
15,679
|
|
|
|
|
|
|
|
|
|
|
NOTE 1 - SEGMENTAL DISCLOSURE
|
Revenues by geographical areas
|
|
Six Months Ended
|
Three Months Ended
|
|
June 30,
|
June 30,
|
|
2008
|
2009
|
2008
|
2009
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
North America
|
|
|
$
|
9,592
|
|
$
|
9,974
|
|
$
|
4,310
|
|
$
|
4,779
|
|
Latin America
|
|
|
|
521
|
|
|
328
|
|
|
313
|
|
|
153
|
|
Europe
|
|
|
|
1,632
|
|
|
2,690
|
|
|
923
|
|
|
1,231
|
|
Asia
|
|
|
|
1,270
|
|
|
1,204
|
|
|
530
|
|
|
641
|
|
Israel
|
|
|
|
100
|
|
|
84
|
|
|
70
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,115
|
|
$
|
14,280
|
|
$
|
6,146
|
|
$
|
6,863
|
|
|
|
|
|
|
|
|
|
|
Starlims Technologies Ltd. (MM) (NASDAQ:LIMS)
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