UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2002
Commission file number 000-25475
LATITUDE COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3177392 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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2121 Tasman Drive, Santa Clara, CA 95054 |
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(Address of principal executive offices, including zip code) |
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(408) 988-7200 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
As of July 31, 2002, there were 19,378,000 shares of the registrant’s Common Stock outstanding.
INDEX
2
LATITUDE COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
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June 30, |
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December
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
8,392 |
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$ |
15,370 |
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Short-term investments |
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18,952 |
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9,352 |
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Accounts receivable, net |
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8,988 |
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5,732 |
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Inventory |
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1,061 |
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1,724 |
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Prepaids and other assets |
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2,525 |
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2,074 |
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Deferred tax assets |
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1,240 |
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1,240 |
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Total current assets |
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41,158 |
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35,492 |
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Property and equipment, net |
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4,073 |
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4,548 |
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Long-term investments |
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— |
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7,607 |
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Deferred tax assets |
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7,739 |
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6,257 |
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Deposits and other long-term assets |
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1,056 |
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988 |
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Total assets |
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$ |
54,026 |
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$ |
54,892 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,161 |
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$ |
887 |
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Accrued liabilities |
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4,079 |
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5,028 |
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Deferred revenue |
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5,134 |
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3,825 |
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Current portion of long-term debt |
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62 |
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110 |
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Total current liabilities |
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11,436 |
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9,850 |
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Other non-current liabilities |
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243 |
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189 |
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Total liabilities |
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11,679 |
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10,039 |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value |
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— |
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— |
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Common stock, $0.001 par value |
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19 |
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19 |
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Additional paid-in capital |
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57,764 |
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57,641 |
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Deferred stock compensation |
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(86 |
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(212 |
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Accumulated other comprehensive income |
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32 |
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93 |
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Accumulated deficit |
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(15,382 |
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(12,688 |
) |
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Total stockholders’ equity |
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42,347 |
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44,853 |
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Total liabilities and stockholders’ equity |
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$ |
54,026 |
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$ |
54,892 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
LATITUDE COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
(Unaudited)
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Three
Months Ended |
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Six Months
Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenue: |
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Product |
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$ |
3,498 |
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$ |
2,984 |
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$ |
6,924 |
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$ |
9,140 |
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Service |
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6,517 |
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5,269 |
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12,563 |
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9,329 |
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Total revenue |
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10,015 |
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8,253 |
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19,487 |
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18,469 |
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Cost of revenue: |
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Product |
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1,356 |
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661 |
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2,408 |
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1,677 |
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Service (includes non-cash stock compensation of $0, $2, $1 and $4, respectively) |
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3,335 |
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2,642 |
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6,763 |
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5,154 |
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Total cost of revenue |
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4,691 |
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3,303 |
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9,171 |
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6,831 |
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Gross profit |
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5,324 |
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4,950 |
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10,316 |
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11,638 |
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Operating expenses: |
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Research and development (includes non-cash stock compensation of $10, $17, $22 and $35, respectively) |
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1,510 |
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1,413 |
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2,930 |
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3,171 |
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Marketing and sales (includes non-cash stock compensation of $8, $11, $18 and $22, respectively) |
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4,800 |
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5,150 |
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9,710 |
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10,766 |
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General and administrative (includes non-cash stock compensation of $39, $65, $85 and $130, respectively) |
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1,150 |
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