December 31, | December 31, | ||||||||
2010 | 2009 | ||||||||
(In thousands, | |||||||||
except share amounts) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 23,397 | $ | 19,227 | |||||
Short-term investments | 6,300 | 1,799 | |||||||
Trade accounts receivable, less allowances of $1,126 and $565, respectively |
26,028 | 22,861 | |||||||
Other current assets | 5,057 | 2,628 | |||||||
Total current assets | 60,782 | 46,515 | |||||||
Property and equipment, net | 7,806 | 7,865 | |||||||
Goodwill | 180,602 | 157,245 | |||||||
Intangibles, net | 22,574 | 20,505 | |||||||
Indefinite-lived intangibles | 30,552 | 29,223 | |||||||
Other assets | 984 | 814 | |||||||
Total assets | $ | 303,300 | $ | 262,167 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued liabilities | $ | 15,344 | $ | 11,060 | |||||
Accrued payroll and related benefits | 4,536 | 3,634 | |||||||
Short term debt | 5,000 | 23,100 | |||||||
Current portion of convertible debt,
net of discount of $56 |
|||||||||
and $706, respectively | 4,944 | 28,681 | |||||||
Current portion of long term debt
and capital lease obligation |
426 | 596 | |||||||
Deferred revenue | 8,610 | 7,754 | |||||||
Other current liabilities | 225 | 272 | |||||||
Total current liabilities | 39,085 | 75,097 | |||||||
Revolving line of credit | 25,000 | — | |||||||
Other long term debt and capital lease obligation, less current portion |
205 | 671 | |||||||
Other liabilities | 2,991 | 2,965 | |||||||
Deferred tax liability, net | 3,534 | 5,147 | |||||||
Put option liability | 537 | 6,596 | |||||||
Deferred revenue | 126 | 269 | |||||||
Deferred rent | 554 | 679 | |||||||
Total liabilities | 72,032 | 91,424 | |||||||
Stockholders' equity: | |||||||||
Convertible Series D Preferred stock,
$.10 par value, 500,000 |
|||||||||
shares authorized, no shares issued and outstanding at |
|||||||||
December 31, 2010 and 2009 | — | — | |||||||
Common stock*, $.10 par value,
60,000,000 shares authorized, |
|||||||||
36,057,791 issued and 36,017,282
outstanding at December 31, |
|||||||||
2010 and 34,474,608 issued and
34,434,099 outstanding at |
|||||||||
December 31, 2009
|
3,602 | 3,443 | |||||||
Additional paid-in capital | 153,221 | 158,404 | |||||||
Treasury stock* (179,235 shares
as of December 31, 2010 and |
|||||||||
December 31, 2009 respectively)
|
(76 | ) | (76 | ) | |||||
Retained earnings (accumulated deficit) | 67,642 | 8,623 | |||||||
Accumulated other comprehensive income (loss) | 6,879 | 349 | |||||||
Total stockholders' equity | 231,268 | 170,743 | |||||||
Total liabilities and stockholders' equity | $ | 303,300 | $ | 262,167 |