| |
|
Consolidated
Balance Sheets
(In thousands, except share amounts)
|
| |
|
|
|
|
|
|
| |
|
March 31,
2009 |
|
|
December 31,
2008 |
|
| |
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,772 |
|
|
$ |
9,475 |
|
|
|
Short-term investments |
|
|
477 |
|
|
|
1,536 |
|
|
|
Accounts receivable, less allowance of $453 and $453, respectively
|
|
|
15,918 |
|
|
|
13,562 |
|
|
|
Other current assets |
|
|
1,042 |
|
|
|
951 |
|
|
|
Total current assets |
|
|
29,209 |
|
|
|
25,524 |
|
|
|
Property and equipment, net |
|
|
4,143 |
|
|
|
3,774 |
|
|
|
Goodwill |
|
|
91,359 |
|
|
|
88,488 |
|
|
|
Intangible assets, net |
|
|
9,765 |
|
|
|
10,235 |
|
|
|
Indefinitelived intangible assets |
|
|
11,581 |
|
|
|
11,589 |
|
|
|
Other assets |
|
|
522 |
|
|
|
1,557 |
|
|
|
Total assets |
|
$ |
146,579 |
|
|
$ |
141,167 |
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
4,361 |
|
|
|
8,245 |
|
|
|
Accrued payroll and related benefits |
|
|
3,380 |
|
|
|
2,709 |
|
|
|
Short term debt |
|
|
24,945 |
|
|
|
24,945 |
|
|
|
Current portion of convertible debt (Also see Note 14) |
|
|
11,518 |
|
|
|
11,518 |
|
|
|
Current portion of long term debt and capital lease obligations
|
|
|
325 |
|
|
|
912 |
|
|
|
Deferred revenue |
|
|
6,228 |
|
|
|
5,383 |
|
|
|
Other current liabilities |
|
|
176 |
|
|
|
142 |
|
|
|
Total current liabilities |
|
|
50,933 |
|
|
|
53,854 |
|
|
|
Convertible debt |
|
|
15,000 |
|
|
|
15,000 |
|
|
|
Other long term debt and capital lease obligation, less
current portion |
|
|
254 |
|
|
|
290 |
|
|
|
Other liabilities |
|
|
2,611 |
|
|
|
941 |
|
|
|
Deferred Revenue |
|
|
168 |
|
|
|
330 |
|
|
|
Deferred rent |
|
|
574 |
|
|
|
610 |
|
|
|
Total liabilities |
|
|
69,540 |
|
|
|
71,025 |
|
|
|
Commitments and Contingencies,
Note 5 |
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
|
Convertible Series D Preferred stock, $.10 par value, 500,000
shares authorized, no shares issued and outstanding |
|
|
|
|
|
|
|
|
|
Common stock, $.10 par value, 20,000,000 shares authorized,
9,994,052 issued and 9,923,657 outstanding at March 31,
2009
and 10,218,702 issued and 10,192,032 outstanding at December
31, 2008 |
|
|
979 |
|
|
|
981 |
|
|
|
Additional paid-in capital |
|
|
111,586 |
|
|
|
111,641 |
|
|
Treasury stock (70,395 and 59,745 shares repurchased
as of March 31, 2009 and December 31, 2008, respectively)
|
|
|
(1,383 |
) |
|
|
(1,178 |
) |
|
|
Accumulated deficit |
|
|
(21,864 |
) |
|
|
(30,199 |
) |
|
|
Accumulated other comprehensive income |
|
|
(12,279 |
) |
|
|
(11,103 |
) |
|
|
Total stockholders equity |
|
|
77,039 |
|
|
|
70,142 |
|
|
|
Total liabilities and stockholders equity |
|
$ |
146,579 |
|
|
$ |
141,167 |
|
|
|
