UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number 0-22871 |
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OMTOOL, LTD. |
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(Exact Name of Registrant as Specified in Its Charter) |
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Delaware |
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02-0447481 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer |
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8A Industrial Way, Salem, NH |
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03079 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(603) 898-8900 |
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(Registrant’s Telephone Number Including Area Code) |
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Indicate by check mark whether the Registrant has: (1) 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
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
Yes o No ý
There were 3,840,592 shares of the Company’s Common Stock, par value $0.01, outstanding on May 12, 2004.
OMTOOL, LTD. AND SUBSIDIARIES
FORM 10-Q
For the Quarter Ended March 31, 2004
CONTENTS
2
Item 1. Consolidated Financial Statements
OMTOOL, LTD. AND SUBSIDIARIES
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March 31, |
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December
31, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
9,948,312 |
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$ |
8,242,067 |
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Accounts receivable, less reserves of $212,000 at March 31, 2004 and $367,000 at December 31, 2003 |
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1,780,250 |
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1,535,540 |
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Inventories, net |
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27,501 |
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37,632 |
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Prepaid expenses and other current assets |
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327,828 |
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268,112 |
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Total current assets |
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12,083,891 |
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10,083,351 |
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Property and equipment, net |
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329,877 |
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394,623 |
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Other assets |
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13,962 |
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13,962 |
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Total assets |
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$ |
12,427,730 |
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$ |
10,491,936 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
918,769 |
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$ |
883,583 |
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Accrued liabilities |
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1,336,662 |
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1,202,359 |
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Accrued restructuring |
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300,057 |
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443,830 |
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Accrued state sales tax |
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1,034,176 |
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1,010,496 |
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Deferred revenue |
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3,301,802 |
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3,306,474 |
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Total current liabilities |
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6,891,466 |
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6,846,742 |
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Long term liabilities: |
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Deferred revenue, long-term |
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180,865 |
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205,967 |
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Total liabilities |
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7,072,331 |
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7,052,709 |
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Stockholders’ equity: |
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Preferred Stock, $.01 par value — |
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— |
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— |
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Common Stock, $.01 par value — |
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43,678 |
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37,169 |
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Additional paid-in capital |
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35,395,259 |
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31,936,038 |
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Accumulated deficit |
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(27,237,844 |
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(27,617,599 |
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Treasury stock, at cost (551,786 shares at March 31, 2004 and 216,378 shares at December 31, 2003) |
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(2,831,257 |
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(877,934 |
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Accumulated other comprehensive loss |
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(14,437 |
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(38,447 |
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Total stockholders’ equity |
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5,355,399 |
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3,439,227 |
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Total liabilities and stockholders’ equity |
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$ |
12,427,730 |
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$ |
10,491,936 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
OMTOOL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three
months ended |
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2004 |
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2003 |
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Revenues: |
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Software license |
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$ |
1,171,898 |
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$ |
877,491 |
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Hardware |
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1,167,551 |
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506,208 |
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Service and other |
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1,688,629 |
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1,598,456 |
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Total revenues |
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4,028,078 |
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2,982,155 |
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Cost of revenues: |
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Software license |
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31,525 |
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54,035 |
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Hardware |
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674,243 |
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348,190 |
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Service and other |
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747,227 |
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791,754 |
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Total cost of revenues |
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1,452,995 |
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1,193,979 |
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Gross profit |
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2,575,083 |
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1,788,176 |
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Operating expenses: |
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Sales and marketing |
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1,043,287 |
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1,331,848 |
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Research and development |
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471,175 |
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584,605 |
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General and administrative |
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699,391 |
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731,800 |
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Total operating expenses |
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2,213,853 |
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