UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
ý Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2004
OR
o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 0-31151
RADVIEW SOFTWARE LTD.
(Exact name of registrant as specified in its charter)
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Israel |
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Not applicable |
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(State or other jurisdiction of |
|
(I.R.S. Employer |
7 New England
Executive Park
Burlington, MA 01803
(Address of principal executive offices)
Telephone Number (781) 238-1111
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
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) Yes ý No o, and (2) has been subject to such filing requirements for the past 90 days: Yes ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 126-2 of the Exchange Act): Yes o No. ý.
As of April 30, 2004, there were 20,414,980 shares of the Registrant’s Ordinary Shares outstanding, excluding 134,000 Ordinary Shares held by the registrant as treasury shares that are “dormant” shares for purposes of Israeli law.
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
Form 10-Q INDEX
2
PART I - FINANCIAL INFORMATION
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
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March 31, |
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December 31, |
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ASSETS |
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Current Assets: |
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|
|
|
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Cash and cash equivalents |
|
$ |
4,025 |
|
$ |
3,075 |
|
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Accounts receivable, net of reserves of $72 at March 31, 2004 and December 31, 2003 |
|
726 |
|
678 |
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Prepaid expenses and other current assets |
|
382 |
|
426 |
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Total Current Assets |
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5,133 |
|
4,179 |
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|
|
|
|
|
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Property and Equipment, net |
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275 |
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333 |
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Other Assets |
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655 |
|
643 |
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|
|
|
|
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Total Assets |
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$ |
6,063 |
|
$ |
5,155 |
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|
|
|
|
|
|
|
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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|
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Current Liabilities: |
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|
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Accounts payable |
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$ |
252 |
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$ |
367 |
|
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Accrued expenses |
|
1,005 |
|
989 |
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Accrued restructuring charge, current portion |
|
231 |
|
225 |
|
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Deferred revenue |
|
1,359 |
|
1,064 |
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Total Current Liabilities |
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2,847 |
|
2,645 |
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||
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|
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Long-term Liabilities: |
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Accrued restructuring charge, less current portion |
|
18 |
|
95 |
|
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Accrued severance |
|
635 |
|
619 |
|
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Total Long-Term Liabilities |
|
653 |
|
714 |
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|
|
|
|
|
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Total Liabilities |
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3,500 |
|
3,359 |
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||
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|
|
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Shareholders’ Equity: |
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|
|
|
|
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Ordinary shares, NIS 0.01 par
value – |
|
50 |
|
43 |
|
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Treasury shares, at cost – 134,000 shares |
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(100 |
) |
(100 |
) |
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Additional paid-in capital |
|
56,832 |
|
55,010 |
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Deferred compensation |
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— |
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(89 |
) |
||
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Accumulated deficit |
|
(54,219 |
) |
(53,068 |
) |
||
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Total Shareholders’ Equity |
|
2,563 |
|
1,796 |
|
||
|
|
|
|
|
|
|
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Total Liabilities and Shareholders’ Equity |
|
$ |
6,063 |
|
$ |
5,155 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
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Three
Months Ended |
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||||
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|
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2004 |
|
2003 |
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Revenues: |
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|
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Software licenses |
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$ |
447 |
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$ |
667 |
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Services |
|
533 |
|
553 |
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Total Revenues |
|
980 |
|
1,220 |
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Cost of Revenues: |
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|
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Software licenses |
|
31 |
|
20 |
|
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Services |
|
80 |
|
119 |
|
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Total Cost of Revenues |
|
111 |
|
139 |
|
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Gross Profit |
|
869 |
|
1,081 |
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Operating Expenses: |
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|
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Sales and marketing |
|
805 |
|
1,230 |
|
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Research and development |
|
632 |
|
850 |
|
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General and administrative |
|
502 |
|
437 |
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Stock-based compensation (1) |
|
84 |
|
111 |
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Total Operating Expenses |
|
2,023 |
|
2,628 |
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Operating loss |
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(1,154 |
) |
(1,547 |
) |
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Interest income, net |
|
3 |
|
14 |
|
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Other expense, net |
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— |
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(8 |
) |
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Net loss |
|
$ |
(1,151 |
) |
$ |
(1,541 |
) |
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|
|
|
|
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Net loss per share – Basic and diluted |
|
$ |
(0.06 |
) |
$ |
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