[May 04, 2015] |
|
Interactive Intelligence Reports First-Quarter 2015 Financial Results
Interactive Intelligence Group Inc. (Nasdaq: ININ), a global provider of
collaboration, communications and customer engagement software and cloud
services, has announced financial results for the first quarter ended
March 31, 2015.
"We hit our marks in the first quarter and expect to continue doing so
for the year," said Dr. Donald E. Brown, Interactive Intelligence
founder and CEO. "In addition to steady growth in revenues from our
cloud solutions, we saw improved efficiencies in our cloud delivery
operations, increased sales to new customers, growth in the number of
large transactions, healthy expansion sales, and an up-tick in orders
for our on-premises technology.
"The launch in March of our new PureCloud Collaborate?
offering was enthusiastically received. We are proceeding with
additional rollouts that extend this new PureCloud" multitenant platform
as capabilities for unified communications and customer engagement are
set for release in the next ninety days. Based on the large and growing
pipeline of opportunities globally, we are reaffirming our guidance for
contracted annual recurring revenue growth of 40 percent for 2015.
"Our strategy is to meet the developing demand for integrated business
collaboration, communications and customer engagement solutions. We've
been successfully gaining share in the contact center market for years.
Now we're moving aggressively to also pursue adjacent opportunities that
we believe will enable us to significantly expand our total addressable
market. Our approach, however, will remain the same: develop superior
innovative technology and continually build the capacity of a global
sales and support network," Brown concluded.
First-Quarter 2015 Financial Highlights:
-
Revenues: Total revenues were $89.5 million, an increase of 13
percent from the 2014 first quarter. Recurring revenues, which include
cloud subscriptions and support fees from on-premises licenses,
increased 25 percent to $54.2 million and accounted for 61 percent of
total revenues, up from 55 percent last year. Revenues from cloud
subscriptions were $21.0 million, an increase of 61 percent from $13.1
million in the first quarter of 2014. Licenses and hardware revenues
were $21.6 million and services revenues $13.6 million, compared to
$22.8 million and $13.2 million, respectively, in the same quarter
last year.
-
Orders: During the first quarter of 2015, Interactive
Intelligence added 61 new customers, including 26 new cloud customers,
compared to 54 new customers during the first quarter of last year.
Contracts signed over $250,000 increased to 40 in the first quarter of
2015 from 34 in the first quarter of last year. Contracted annual
recurring revenue for cloud contracts was down year-over-year because
of two very large orders received in the 2014 first quarter. Excluding
these two contracts, growth in contracted annual recurring revenue was
44 percent year-over-year. Orders for on-premises licenses increased
by 20 percent from the same quarter last year.
-
Operating Loss: GAAP operating loss was $4.8 million in the
first quarters of 2015 and 2014. Non-GAAP* operating loss was $1.1
million, compared to a loss of $1.0 million in the same quarter last
year.
-
Net Loss: GAAP net loss was $3.5 million, or $0.16 per diluted
share based on 21.4 million weighted average diluted shares
outstanding, compared to GAAP net loss of $2.6 million, or $0.12 per
diluted share based on 20.7 million weighted average diluted shares
outstanding in the same quarter of 2014. The first quarter 2015 GAAP
results included certain non-recurring tax credits of $1.8 million.
Non-GAAP
net loss was $863,000, or $0.04 per diluted share for the first
quarter, compared to a non-GAAP net loss of $393,000, or $0.02 per
diluted share, in the same quarter last year. Pro forma income taxes
are based on a long-term projected effective tax rate of 35 percent.
-
Balance sheet: As of March 31, 2015, the company had cash and
cash equivalents and investments of $64.9 million, up from $61.7
million as of Dec. 31, 2014. Total deferred revenue increased to
$111.6 million from $110.7 million at the end of last year.
-
Cash Flows: The company generated $13.3 million from operating
activities in the first quarter, compared to $5.3 million in the 2014
quarter. Capital expenditures totaled $6.3 million, primarily for
office space expansion, office equipment, and data center
infrastructure, and $5.6 million of PureCloud? development
costs were capitalized.
* A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included with this press
release. An explanation of these measures is also included below under
the heading "Non-GAAP Measures."
Additional First-Quarter 2015 and Recent
Highlights:
-
The company launched PureCloud Collaborate?, new collaboration cloud
services designed to reduce costs, increase productivity and improve
the user experience.
-
Interactive Intelligence featured in eWEEK, No Jitter and TheStreet.
-
Interactive Intelligence expanded its presence in Canada with the
opening of an office in Toronto and a data center in Montreal.
The company will host a conference call today at 4:30 p.m. Eastern time
(EDT) featuring Dr. Brown and the company's CFO, Stephen R. Head. A live
Q&A session will follow opening remarks.
To access the teleconference, dial 1 877.324.1969 at least five minutes
prior to the start of the call. Ask for the teleconference by the
following name: "Interactive Intelligence first-quarter earnings call."
The teleconference will also be broadcast live on the company's investor
relations' page at http://investors.inin.com/.
An archive of the teleconference will be posted following the call.
About Interactive Intelligence
Interactive Intelligence (Nasdaq: ININ) is a global provider of
enterprise-grade collaboration, communications and customer engagement
software and cloud services that help customers improve service,
increase productivity and reduce costs. Backed by a 21-year history of
industry firsts, 22 patents and more than 6,000 global customer
deployments, Interactive offers customers a fast return on investment,
along with robust reliability and security. The company gives even the
largest organizations an alternative to unproven solutions from
start-ups and inflexible solutions from legacy vendors. Interactive has
been among Software Magazine's Top 500 Global Software and Services
Suppliers for 14 consecutive years, has received Frost & Sullivan's
Company of the Year Award for five consecutive years, and is one of
Mashable's 2014 Seven Best Tech Companies to Work For. The company is
headquartered in Indianapolis, Indiana and has more than 2,000 employees
worldwide. For more information, visit www.inin.com.
Non-GAAP Measures
The non-GAAP measures shown in this release include revenue which was
not recognized on a GAAP basis due to purchase accounting adjustments,
exclude non-cash stock-based compensation expense, certain
acquisition-related expenses, the amortization of certain intangible
assets related to acquisitions by the company, non-cash expense related
to establishing the valuation allowance for our deferred tax assets, and
adjustment for non-GAAP income tax expense. Reconciliations of these
non-GAAP measures to the most directly comparable GAAP measures are
included with the financial information included in this press release.
These measures are not in accordance with, or an alternative for, GAAP
and may be different from non-GAAP measures used by other companies.
Stock-based compensation expense, amortization of intangibles related to
acquisitions, and expenses related to the valuation allowance for our
deferred tax assets are non-cash and non-GAAP income tax expense is pro
forma based on non-GAAP earnings. Management believes that the
presentation of non-GAAP results, when shown in conjunction with
corresponding GAAP measures, provides useful information to management
and investors regarding financial and business trends related to the
company's results of operations. Further, our management believes that
these non-GAAP measures improve management's and investors' ability to
compare the company's financial performance with other companies in the
technology industry. Because stock-based compensation expense, certain
acquisition-related expenses and amortization of intangibles related to
acquisitions amounts can vary significantly between companies, it is
useful to compare results excluding these amounts. Our management also
reviews financial statements that exclude stock-based compensation
expense, certain acquisition-related expenses, amortization of
intangibles amounts related to acquisitions, expense related to the
valuation allowance for our deferred tax assets and pro forma income tax
expense for its internal budgets.
Forward Looking Statements
This release may contain certain forward-looking statements that involve
a number of risks and uncertainties. Among the factors that could cause
actual results to differ materially are the following: rapid
technological changes and competitive pressures in the industry;
worldwide economic conditions and their impact on customer purchasing
decisions; the company's ability to maintain profitability; to manage
successfully its growth; to manage successfully its increasingly complex
third-party relationships resulting from the software and hardware
components being licensed or sold with its solutions; to maintain
successful relationships with certain suppliers which may be impacted by
the competition in the technology industry; to maintain successful
relationships with its current and any new partners; to maintain and
improve its current products; to develop new products; to protect its
proprietary rights and sensitive customer information adequately; to
improve the company's brand and name recognition; to successfully
integrate acquired businesses; and other factors described in the
company's SEC filings, including the company's latest annual report on
Form 10-K.
Interactive Intelligence is the owner of the marks INTERACTIVE
INTELLIGENCE, its associated LOGO and numerous other marks. All other
trademarks mentioned in this document are the property of their
respective owners.
Interactive Intelligence Group, Inc.
|
Condensed Consolidated Statements of Operations
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Revenues:
|
|
|
|
|
Recurring
|
|
$
|
54,212
|
|
|
$
|
43,409
|
|
Licenses and hardware
|
|
|
21,621
|
|
|
|
22,846
|
|
Services
|
|
|
13,642
|
|
|
|
13,193
|
|
Total revenues
|
|
|
89,475
|
|
|
|
79,448
|
|
Costs of revenues (1)(2):
|
|
|
|
|
Costs of recurring
|
|
|
18,744
|
|
|
|
14,058
|
|
Costs of licenses and hardware
|
|
|
6,529
|
|
|
|
6,833
|
|
Costs of services
|
|
|
11,251
|
|
|
|
10,517
|
|
Total costs of revenues
|
|
|
36,524
|
|
|
|
31,408
|
|
Gross profit
|
|
|
52,951
|
|
|
|
48,040
|
|
Operating expenses (1)(2):
|
|
|
|
|
Sales and marketing
|
|
|
31,109
|
|
|
|
28,155
|
|
Research and development
|
|
|
13,837
|
|
|
|
13,799
|
|
General and administrative
|
|
|
12,776
|
|
|
|
10,899
|
|
Total operating expenses
|
|
|
57,722
|
|
|
|
52,853
|
|
Operating loss
|
|
|
(4,771
|
)
|
|
|
(4,813
|
)
|
Other income (expense):
|
|
|
|
|
Interest income, net
|
|
|
148
|
|
|
|
282
|
|
Other expense
|
|
|
(327
|
)
|
|
|
(196
|
)
|
Total other income (expense)
|
|
|
(179
|
)
|
|
|
86
|
|
Loss before income taxes
|
|
|
(4,950
|
)
|
|
|
(4,727
|
)
|
Income tax benefit
|
|
|
1,491
|
|
|
|
2,163
|
|
Net loss
|
|
$
|
(3,459
|
)
|
|
$
|
(2,564
|
)
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
Basic
|
|
$
|
(0.16
|
)
|
|
$
|
(0.12
|
)
|
Diluted
|
|
|
(0.16
|
)
|
|
|
(0.12
|
)
|
|
|
|
|
|
Shares used to compute net loss per share:
|
|
|
|
|
Basic
|
|
|
21,447
|
|
|
|
20,689
|
|
Diluted
|
|
|
21,447
|
|
|
|
20,689
|
|
|
|
|
|
|
(1) Amounts include amortization of purchased intangibles from
business combinations, as follows:
|
Costs of licenses and hardware
|
|
$
|
177
|
|
|
$
|
49
|
|
General and administrative
|
|
|
449
|
|
|
|
472
|
|
Total intangible amortization expense
|
|
$
|
626
|
|
|
$
|
521
|
|
|
|
|
|
|
(2) Amounts include stock-based compensation expense, as follows:
|
Costs of recurring revenues
|
|
$
|
454
|
|
|
$
|
307
|
|
Costs of services revenues
|
|
|
129
|
|
|
|
106
|
|
Sales and marketing
|
|
|
561
|
|
|
|
1,096
|
|
Research and development
|
|
|
819
|
|
|
|
954
|
|
General and administrative
|
|
|
1,030
|
|
|
|
777
|
|
Total stock-based compensation expense
|
|
$
|
2,993
|
|
|
$
|
3,240
|
|
|
|
|
|
|
|
|
|
|
Interactive Intelligence Group, Inc. Reconciliation
of Supplemental Financial Information (in thousands,
except per share amounts) (unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
GAAP recurring revenue gross profit, as reported
|
|
$
|
35,468
|
|
|
$
|
29,351
|
|
Purchase accounting adjustments
|
|
|
3
|
|
|
|
5
|
|
Non-cash stock-based compensation expense
|
|
|
454
|
|
|
|
307
|
|
Non-GAAP recurring revenue gross profit
|
|
$
|
35,925
|
|
|
$
|
29,663
|
|
Non-GAAP recurring revenue gross margin
|
|
|
66.3
|
%
|
|
|
68.3
|
%
|
|
|
|
|
|
GAAP licenses and hardware revenue gross profit, as reported
|
|
$
|
15,092
|
|
|
$
|
16,013
|
|
Acquired technology
|
|
|
177
|
|
|
|
49
|
|
Non-GAAP licenses and hardware revenue gross profit
|
|
$
|
15,269
|
|
|
$
|
16,062
|
|
Non-GAAP licenses and hardware revenue gross margin
|
|
|
70.6
|
%
|
|
|
70.3
|
%
|
|
|
|
|
|
GAAP services revenue gross profit as reported
|
|
$
|
2,391
|
|
|
$
|
2,676
|
|
Non-cash stock-based compensation expense
|
|
|
129
|
|
|
|
106
|
|
Non-GAAP services revenue gross profit
|
|
$
|
2,520
|
|
|
$
|
2,782
|
|
Non-GAAP services revenue gross margin
|
|
|
18.5
|
%
|
|
|
21.1
|
%
|
|
|
|
|
|
GAAP Gross Profit, as reported
|
|
$
|
52,951
|
|
|
$
|
48,040
|
|
Revenue adjustments
|
|
|
3
|
|
|
|
5
|
|
Acquired technology
|
|
|
177
|
|
|
|
49
|
|
Non-cash stock-based compensation expense
|
|
|
583
|
|
|
|
413
|
|
Non-GAAP gross profit
|
|
$
|
53,714
|
|
|
$
|
48,507
|
|
Non-GAAP gross margin
|
|
|
60.0
|
%
|
|
|
61.1
|
%
|
|
|
|
|
|
GAAP Operating loss, as reported
|
|
$
|
(4,771
|
)
|
|
$
|
(4,813
|
)
|
Purchase accounting adjustments
|
|
|
629
|
|
|
|
526
|
|
Non-cash stock-based compensation expense
|
|
|
2,993
|
|
|
|
3,240
|
|
Non-GAAP operating loss
|
|
$
|
(1,149
|
)
|
|
$
|
(1,047
|
)
|
Non-GAAP operating margin
|
|
|
-1.3
|
%
|
|
|
-1.3
|
%
|
|
|
|
|
|
GAAP Net loss, as reported
|
|
|
(3,459
|
)
|
|
|
(2,564
|
)
|
Purchase accounting adjustments
|
|
|
629
|
|
|
|
526
|
|
Non-cash stock-based compensation expense
|
|
|
2,993
|
|
|
|
3,240
|
|
Non-GAAP income tax expense adjustment
|
|
|
(1,026
|
)
|
|
|
(1,595
|
)
|
Non-GAAP net loss
|
|
$
|
(863
|
)
|
|
$
|
(393
|
)
|
|
|
|
|
|
GAAP Diluted loss per share, as reported
|
|
$
|
(0.16
|
)
|
|
$
|
(0.12
|
)
|
Purchase accounting adjustments
|
|
|
0.03
|
|
|
|
0.02
|
|
Non-cash stock-based compensation expense
|
|
|
0.14
|
|
|
|
0.16
|
|
Non-GAAP income tax expense adjustment
|
|
|
(0.05
|
)
|
|
|
(0.08
|
)
|
Non-GAAP diluted loss per share
|
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
Interactive Intelligence Group, Inc.
|
Reconciliation of Net Loss to Adjusted EBITDA
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
Reconciliation of Net Loss to Adjusted EBITDA
|
|
|
|
|
Net loss
|
|
$
|
(3,459
|
)
|
|
$
|
(2,564
|
)
|
Depreciation
|
|
|
4,736
|
|
|
|
3,402
|
|
Amortization
|
|
|
626
|
|
|
|
521
|
|
Interest income, net
|
|
|
(148
|
)
|
|
|
(282
|
)
|
Income tax benefit
|
|
|
(1,491
|
)
|
|
|
(2,163
|
)
|
Stock-based compensation expense
|
|
|
2,993
|
|
|
|
3,240
|
|
Acquisition-related expenses
|
|
|
1
|
|
|
|
-
|
|
Other expense
|
|
|
327
|
|
|
|
196
|
|
Adjusted EBITDA
|
|
$
|
3,585
|
|
|
$
|
2,350
|
|
|
|
|
|
|
|
|
|
|
Interactive Intelligence Group, Inc.
|
Comprehensive Loss
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net loss
|
|
$
|
(3,459
|
)
|
|
$
|
(2,564
|
)
|
Other comprehensive loss:
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
(3,262
|
)
|
|
|
559
|
|
Net unrealized investment gain (loss) - net of tax
|
|
|
59
|
|
|
|
(17
|
)
|
Comprehensive loss
|
|
$
|
(6,662
|
)
|
|
$
|
(2,022
|
)
|
|
|
|
|
|
|
|
|
|
Interactive Intelligence Group, Inc.
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
Assets
|
|
(unaudited)
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
54,277
|
|
|
$
|
36,168
|
|
Short-term investments
|
|
|
6,169
|
|
|
|
20,041
|
|
Accounts receivable, net
|
|
|
74,988
|
|
|
|
87,413
|
|
Prepaid expenses
|
|
|
29,295
|
|
|
|
29,417
|
|
Other current assets
|
|
|
15,706
|
|
|
|
14,655
|
|
Total current assets
|
|
|
180,435
|
|
|
|
187,694
|
|
Long-term investments
|
|
|
4,497
|
|
|
|
5,495
|
|
Property and equipment, net
|
|
|
45,755
|
|
|
|
44,785
|
|
Capitalized software, net
|
|
|
39,344
|
|
|
|
33,598
|
|
Goodwill
|
|
|
42,429
|
|
|
|
43,732
|
|
Intangible assets, net
|
|
|
15,615
|
|
|
|
16,517
|
|
Other assets, net
|
|
|
6,741
|
|
|
|
6,902
|
|
Total assets
|
|
$
|
334,816
|
|
|
$
|
338,723
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
10,435
|
|
|
$
|
10,236
|
|
Accrued liabilities
|
|
|
15,843
|
|
|
|
18,299
|
|
Accrued compensation and related expenses
|
|
|
17,078
|
|
|
|
19,211
|
|
Deferred licenses and hardware revenues
|
|
|
6,252
|
|
|
|
5,945
|
|
Deferred recurring revenues
|
|
|
75,584
|
|
|
|
76,647
|
|
Deferred services revenues
|
|
|
9,469
|
|
|
|
9,925
|
|
Total current liabilities
|
|
|
134,661
|
|
|
|
140,263
|
|
Long-term deferred revenues
|
|
|
20,327
|
|
|
|
18,158
|
|
Deferred tax liabilities, net
|
|
|
2,277
|
|
|
|
2,437
|
|
Other long-term liabilities
|
|
|
7,760
|
|
|
|
7,135
|
|
Total liabilities
|
|
|
165,025
|
|
|
|
167,993
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Common stock
|
|
|
215
|
|
|
|
213
|
|
Additional paid-in-capital
|
|
|
202,412
|
|
|
|
196,691
|
|
Accumulated other comprehensive loss
|
|
|
(8,764
|
)
|
|
|
(5,561
|
)
|
Accumulated deficit
|
|
|
(24,072
|
)
|
|
|
(20,613
|
)
|
Total shareholders' equity
|
|
|
169,791
|
|
|
|
170,730
|
|
Total liabilities and shareholders' equity
|
|
$
|
334,816
|
|
|
$
|
338,723
|
|
|
|
|
|
|
|
|
|
|
Interactive Intelligence Group, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(3,459
|
)
|
|
$
|
(2,564
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
Depreciation
|
|
|
4,736
|
|
|
|
3,402
|
|
Amortization
|
|
|
626
|
|
|
|
521
|
|
Other non-cash items
|
|
|
(1,352
|
)
|
|
|
(96
|
)
|
Stock-based compensation expense
|
|
|
2,993
|
|
|
|
3,240
|
|
Excess tax benefit from stock-based payment arrangements
|
|
|
-
|
|
|
|
(814
|
)
|
Deferred income taxes
|
|
|
(160
|
)
|
|
|
(2,194
|
)
|
Amortization (accretion) of investment premium (discount)
|
|
|
124
|
|
|
|
(289
|
)
|
Loss on disposal of fixed assets
|
|
|
5
|
|
|
|
29
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
12,425
|
|
|
|
9,655
|
|
Prepaid expenses
|
|
|
122
|
|
|
|
(5,680
|
)
|
Other current assets
|
|
|
(1,051
|
)
|
|
|
554
|
|
Accounts payable
|
|
|
199
|
|
|
|
2,444
|
|
Accrued liabilities
|
|
|
(1,483
|
)
|
|
|
2,309
|
|
Accrued compensation and related expenses
|
|
|
(2,133
|
)
|
|
|
(4,185
|
)
|
Deferred licenses and hardware revenues
|
|
|
2,174
|
|
|
|
564
|
|
Deferred recurring revenues
|
|
|
(1,199
|
)
|
|
|
(883
|
)
|
Deferred services revenues
|
|
|
(18
|
)
|
|
|
(119
|
)
|
Other assets and liabilities
|
|
|
785
|
|
|
|
(610
|
)
|
Net cash provided by operating activities
|
|
|
13,334
|
|
|
|
5,284
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Sales of available-for-sale investments
|
|
|
14,805
|
|
|
|
14,385
|
|
Purchases of available-for-sale investments
|
|
|
-
|
|
|
|
(25,135
|
)
|
Purchases of property and equipment
|
|
|
(6,260
|
)
|
|
|
(8,144
|
)
|
Capitalized software
|
|
|
(5,872
|
)
|
|
|
(2,466
|
)
|
Unrealized loss on investment
|
|
|
-
|
|
|
|
15
|
|
Net cash provided by (used in) investing activities
|
|
|
2,673
|
|
|
|
(21,345
|
)
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Proceeds from stock options exercised
|
|
|
1,497
|
|
|
|
3,701
|
|
Proceeds from issuance of common stock
|
|
|
388
|
|
|
|
269
|
|
Tax withholding on restricted stock awards
|
|
|
(2,306
|
)
|
|
|
(2,614
|
)
|
Issuance of retirement plan shares
|
|
|
2,523
|
|
|
|
-
|
|
Excess tax benefit from stock-based payment arrangements
|
|
|
-
|
|
|
|
814
|
|
Net cash provided by financing activities
|
|
|
2,102
|
|
|
|
2,170
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
18,109
|
|
|
|
(13,891
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
36,168
|
|
|
|
65,881
|
|
Cash and cash equivalents, end of period
|
|
$
|
54,277
|
|
|
$
|
51,990
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
7
|
|
Income taxes
|
|
|
120
|
|
|
|
363
|
|
|
|
|
|
|
Other non-cash item:
|
|
|
|
|
Purchases of property and equipment payable at end of period
|
|
|
746
|
|
|
|
640
|
|
|
|
|
|
|
|
|
|
|
ININ-G
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