CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
U.S. dollars in thousands | |||||||||||||||||
Three months ended March 31, |
Year ended December 31, |
||||||||||||||||
2016 | 2015 | 2015 | |||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||
Revenues | $ | 8,067 | $ | 5,827 | $ | 25,599 | |||||||||||
Cost of revenues | 6,516 | 4,640 | 20,462 | ||||||||||||||
Gross profit | 1,551 | 1,187 | 5,137 | ||||||||||||||
Operating costs and expenses: | |||||||||||||||||
Sales and marketing | 791 | 678 | 2,768 | ||||||||||||||
General and administrative | 458 | 409 | 1,681 | ||||||||||||||
Total operating costs and expenses | 1,249 | 1,087 | 4,449 | ||||||||||||||
Operating Income | 302 | 100 | 688 | ||||||||||||||
Financial expenses, net | (82 | ) | (123 | ) | (376 | ) | |||||||||||
Income (loss) before taxes on income | 220 | (23 | ) | 312 | |||||||||||||
Taxes on income (tax benefit) | - | 1 | (22 | ) | |||||||||||||
Net income (loss) | 220 | (24 | ) | 334 | |||||||||||||
Basic and diluted net income (loss) per share | $ | 0.09 | $ | (0.01 | ) | $ | 0.17 | ||||||||||
Weighted average number of shares used in computing basic and diluted net income (loss) per share | 2,379 | 1,816 | 1,970 |
CONSOLIDATED BALANCE SHEETS | ||||||
(U.S. dollars in thousands) | ||||||
March 31, 2016 |
December 31, 2015 |
|||||
(Unaudited) | (Audited) | |||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ | 723 | $ | 1,419 | ||
Restricted bank deposits | 177 | 195 | ||||
Trade receivables | 8,303 | 7,071 | ||||
Other accounts receivable and prepaid expenses | 712 | 725 | ||||
Inventories | 2,351 | 2,503 | ||||
Total current assets | 12,266 | 11,913 | ||||
LONG-TERM ASSETS | 52 | 303 | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 551 | 480 | ||||
OTHER INTANGIBLE ASSETS, NET | 238 | 7 | ||||
GOODWILL | 4,676 | 4,122 | ||||
Total assets | $ | 17,783 | $ | 16,825 | ||
CONSOLIDATED BALANCE SHEETS | ||||||||
(U.S. dollars in thousands) | ||||||||
March 31, 2016 |
December 31, 2015 |
|||||||
(Unaudited) | (Audited) | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long term loans | 400 | 400 | ||||||
Trade payables | 4,668 | 4,671 | ||||||
Employees and payroll accruals | 655 | 480 | ||||||
Deferred revenues | 718 | 796 | ||||||
Accrued expenses and other liabilities | 462 | 320 | ||||||
Total current liabilities | 6,903 | 6,667 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term loans, net of current maturities | 3,349 | 3,458 | ||||||
Liability related to acquisition of business | 187 | - | ||||||
Accrued severance pay | 163 | 155 | ||||||
Deferred gain | 34 | 40 | ||||||
Total long-term liabilities | 3,733 | 3,653 | ||||||
SHAREHOLDERS' EQUITY | 7,147 | 6,505 | ||||||
Total liabilities and shareholders' equity | $ | 17,783 | $ | 16,825 |
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS | |||||||||
(U.S. dollars in thousands) | |||||||||
Three months ended | Year ended | ||||||||
March 31, | December 31, | ||||||||
2016 | 2015 | 2015 | |||||||
(Unaudited) | (Unaudited) | ||||||||
Net Income (loss) as reported | $ | 220 | $ | (24 | ) | $ | 334 | ||
Adjustments: | |||||||||
Amortization of intangible assets | 30 | 16 | 63 | ||||||
Stock based compensation | 34 | 41 | 130 | ||||||
Acquisition expenses | 30 | - | 49 | ||||||
Total Adjustments | 94 | $ | 57 | $ | 242 | ||||
Net Income on a Non-GAAP basis | $ | 314 | $ | 33 | $ | 576 | |||
CONDENSED CONSOLIDATED EBITDA | ||||||||||||
(U.S. dollars in thousands) | ||||||||||||
Three months ended March 31, |
Year ended December 31, |
|||||||||||
2016 | 2015 | 2015 | ||||||||||
Operating income | $ | 302 | $ | 100 | $ | 688 | ||||||
Add: | ||||||||||||
Amortization of intangible assets | 30 | 16 | 63 | |||||||||
Stock based compensation | 34 | 41 | 130 | |||||||||
Depreciation | 47 | 35 | 142 | |||||||||
EBITDA | $ | 413 | $ | 192 | $ | 1,023 | ||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||
(U.S. dollars in thousands) | ||||||||||||||||||||||||||||||||
RFID and | Supply | RFID and | Supply | |||||||||||||||||||||||||||||
Mobile | Chain | Mobile | Chain | |||||||||||||||||||||||||||||
Solutions | Solutions | Intercompany | Consolidated | Solutions | Solutions | Intercompany | Consolidated | |||||||||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
Revenues | $ | 3,450 | $ | 4,618 | $ | (1 | ) | $ | 8,067 | $ | 2,230 | $ | 3,597 | $ | - | $ | 5,827 | |||||||||||||||
Gross profit | $ | 812 | $ | 739 | $ | - | $ | 1,551 | $ | 589 | $ | 598 | $ | - | $ | 1,187 | ||||||||||||||||
RFID and | Supply | |||||||||||||||||||||||||||||||
Mobile | Chain | |||||||||||||||||||||||||||||||
Solutions | Solutions | Intercompany | Consolidated | |||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||
Revenues | $ | 9,270 | $ | 16,336 | $ | (7 | ) | $ | 25,599 | |||||||||||||||||||||||
Gross profit | $ | 2,608 | $ | 2,529 | $ | - | $ | 5,137 | ||||||||||||||||||||||||
For more information: Eyal Cohen CFO +972-542525925
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
U.S. dollars in thousands | |||||||||||||||||
Three months ended March 31, |
Year ended December 31, |
||||||||||||||||
2016 | 2015 | 2015 | |||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||
Revenues | $ | 8,067 | $ | 5,827 | $ | 25,599 | |||||||||||
Cost of revenues | 6,516 | 4,640 | 20,462 | ||||||||||||||
Gross profit | 1,551 | 1,187 | 5,137 | ||||||||||||||
Operating costs and expenses: | |||||||||||||||||
Sales and marketing | 791 | 678 | 2,768 | ||||||||||||||
General and administrative | 458 | 409 | 1,681 | ||||||||||||||
Total operating costs and expenses | 1,249 | 1,087 | 4,449 | ||||||||||||||
Operating Income | 302 | 100 | 688 | ||||||||||||||
Financial expenses, net | (82 | ) | (123 | ) | (376 | ) | |||||||||||
Income (loss) before taxes on income | 220 | (23 | ) | 312 | |||||||||||||
Taxes on income (tax benefit) | - | 1 | (22 | ) | |||||||||||||
Net income (loss) | 220 | (24 | ) | 334 | |||||||||||||
Basic and diluted net income (loss) per share | $ | 0.09 | $ | (0.01 | ) | $ | 0.17 | ||||||||||
Weighted average number of shares used in computing basic and diluted net income (loss) per share | 2,379 | 1,816 | 1,970 |
CONSOLIDATED BALANCE SHEETS | ||||||
(U.S. dollars in thousands) | ||||||
March 31, 2016 |
December 31, 2015 |
|||||
(Unaudited) | (Audited) | |||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ | 723 | $ | 1,419 | ||
Restricted bank deposits | 177 | 195 | ||||
Trade receivables | 8,303 | 7,071 | ||||
Other accounts receivable and prepaid expenses | 712 | 725 | ||||
Inventories | 2,351 | 2,503 | ||||
Total current assets | 12,266 | 11,913 | ||||
LONG-TERM ASSETS | 52 | 303 | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 551 | 480 | ||||
OTHER INTANGIBLE ASSETS, NET | 238 | 7 | ||||
GOODWILL | 4,676 | 4,122 | ||||
Total assets | $ | 17,783 | $ | 16,825 | ||
CONSOLIDATED BALANCE SHEETS | ||||||||
(U.S. dollars in thousands) | ||||||||
March 31, 2016 |
December 31, 2015 |
|||||||
(Unaudited) | (Audited) | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long term loans | 400 | 400 | ||||||
Trade payables | 4,668 | 4,671 | ||||||
Employees and payroll accruals | 655 | 480 | ||||||
Deferred revenues | 718 | 796 | ||||||
Accrued expenses and other liabilities | 462 | 320 | ||||||
Total current liabilities | 6,903 | 6,667 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term loans, net of current maturities | 3,349 | 3,458 | ||||||
Liability related to acquisition of business | 187 | - | ||||||
Accrued severance pay | 163 | 155 | ||||||
Deferred gain | 34 | 40 | ||||||
Total long-term liabilities | 3,733 | 3,653 | ||||||
SHAREHOLDERS' EQUITY | 7,147 | 6,505 | ||||||
Total liabilities and shareholders' equity | $ | 17,783 | $ | 16,825 |
RECONCILIATION OF NON-GAAP FINANCIAL RESULTS | |||||||||
(U.S. dollars in thousands) | |||||||||
Three months ended | Year ended | ||||||||
March 31, | December 31, | ||||||||
2016 | 2015 | 2015 | |||||||
(Unaudited) | (Unaudited) | ||||||||
Net Income (loss) as reported | $ | 220 | $ | (24 | ) | $ | 334 | ||
Adjustments: | |||||||||
Amortization of intangible assets | 30 | 16 | 63 | ||||||
Stock based compensation | 34 | 41 | 130 | ||||||
Acquisition expenses | 30 | - | 49 | ||||||
Total Adjustments | 94 | $ | 57 | $ | 242 | ||||
Net Income on a Non-GAAP basis | $ | 314 | $ | 33 | $ | 576 | |||
CONDENSED CONSOLIDATED EBITDA | ||||||||||||
(U.S. dollars in thousands) | ||||||||||||
Three months ended March 31, |
Year ended December 31, |
|||||||||||
2016 | 2015 | 2015 | ||||||||||
Operating income | $ | 302 | $ | 100 | $ | 688 | ||||||
Add: | ||||||||||||
Amortization of intangible assets | 30 | 16 | 63 | |||||||||
Stock based compensation | 34 | 41 | 130 | |||||||||
Depreciation | 47 | 35 | 142 | |||||||||
EBITDA | $ | 413 | $ | 192 | $ | 1,023 | ||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||
(U.S. dollars in thousands) | ||||||||||||||||||||||||||||||||
RFID and | Supply | RFID and | Supply | |||||||||||||||||||||||||||||
Mobile | Chain | Mobile | Chain | |||||||||||||||||||||||||||||
Solutions | Solutions | Intercompany | Consolidated | Solutions | Solutions | Intercompany | Consolidated | |||||||||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||
Revenues | $ | 3,450 | $ | 4,618 | $ | (1 | ) | $ | 8,067 | $ | 2,230 | $ | 3,597 | $ | - | $ | 5,827 | |||||||||||||||
Gross profit | $ | 812 | $ | 739 | $ | - | $ | 1,551 | $ | 589 | $ | 598 | $ | - | $ | 1,187 | ||||||||||||||||
RFID and | Supply | |||||||||||||||||||||||||||||||
Mobile | Chain | |||||||||||||||||||||||||||||||
Solutions | Solutions | Intercompany | Consolidated | |||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||
Revenues | $ | 9,270 | $ | 16,336 | $ | (7 | ) | $ | 25,599 | |||||||||||||||||||||||
Gross profit | $ | 2,608 | $ | 2,529 | $ | - | $ | 5,137 | ||||||||||||||||||||||||
For more information: Eyal Cohen CFO +972-542525925