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8-K - CURRENT REPORT - ISSUER DIRECT CORP | isdr_8k.htm |
Exhibit 99.1
Issuer Direct Reports Fourth Quarter and Full Year 2019
Results
Total Revenue Increases 9% Compared to Fourth Quarter 2018, 14%
Year Over Year, Driven by our Platform and Technology Revenue
Increasing 19% and 24%, respectively, to 66% of Total Revenue for
the Year
RALEIGH, NC / ACCESSWIRE / February 27, 2020 / Issuer
Direct Corporation (NYSE
American: ISDR) (the
"Company"), an industry-leading communications and compliance company, today reported its operating results for
the three months and full year ended December 31,
2019.
Fourth Quarter 2019 Highlights:
●
Total
revenue was $3,959,000, a 9% increase from $3,648,000 in Q4 2018
and a 1% decrease from $4,019,000 in Q3 2019.
●
Platform
and Technology revenue increased 19% from Q4 2018 and decreased 2%
from Q3 2019.
●
Overall
gross margin was 67%, compared to 71% in Q4 2018 and 70% in Q3
2019.
●
Platform
and Technology gross margin was 71%, down from 78% in Q4 2018 and
74% in Q3 2019.
●
GAAP
earnings per diluted share was $0.02 compared to $0.02 in Q4 2018
and $0.05 in Q3 2019.
●
The
Company generated cash flows from operations of $909,000 compared
to $716,000 in Q4 2018 and $1,160,000 in Q3 2019.
●
During
the quarter, the Company repurchased 51,190 of its shares at a
total aggregate value of $534,000, under the Company’s
$1,000,000 share repurchase program announced on August 7,
2019.
Full Year 2019 Highlights:
●
Total
revenue was $16,295,000, a 14% increase from $14,232,000 in
2018.
●
Platform
and Technology revenue increased 24% from 2018.
●
Overall
gross margin was 69%, compared to 71% in 2018.
●
Platform
and Technology gross margin was 73%, compared to 79% in
2018.
●
GAAP
earnings per diluted share was $0.18 compared to $0.24 in
2018.
●
The
Company generated cash flows from operations of $2,864,000 compared
to $2,869,000 in 2018.
●
On
January 3, 2019, the Company completed the acquisition of the
VisualWebcaster Platform from Onstream Media
Corporation.
●
During
the year, the Company repurchased 76,170 of its shares at a total
aggregate value of $769,000, under the Company’s $1,000,000
share repurchase program announced on August 7, 2019.
Customer Count Metrics:
●
During
the quarter, the Company worked with 1,501 publicly traded
customers, compared to 1,416 during the same period last
year.
●
During
the quarter, the Company worked with 1,092 privately held customers
compared to 817 during the same period last year.
Brian Balbirnie, CEO of Issuer Direct, commented, "We had a good
year, total revenue grew 14% compared to 2018, and excluding the
impact of the industry-wide loss of the investment commentary
business, our ACCESSWIRE revenue increased 44% on a year over year
basis. We believe this growth and our distribution expansion,
digital strategy and upgraded platform set us up nicely for
2020.”
Mr. Balbirnie added, "Looking ahead, and as we have mentioned in
prior periods, our conference software business is on track and
with a solid fourth quarter and strong pipeline, we are expecting
increased contribution from this product in the upcoming
year.”
Mr. Balbirnie concluded, “There’s a lot of good coming
out of last year. We made significant investments in people,
partnerships, systems and distribution, which has impacted our
bottom line, but we believe it will benefit us in the long-term.
Lastly, our Platform & Technology segment now accounts for 66%
of our overall revenues. We ended the year with 255 total
Platform id.
subscriptions, or slightly over $2
million in recurring revenues, which we also expect to increase in
2020.”
Financial Results for the Fourth Quarter Ended December 31,
2019:
Total revenue for the fourth quarter of 2019 was $3,959,000,
compared to $3,648,000 for the same period of 2018, an increase of
$311,000, or 9%. Revenue from customers obtained from our
acquisition of the VisualWebcaster Platform (“VWP”)
totaled $451,000 during the fourth quarter of 2019.
Platform and Technology revenue increased $428,000, or 19%, during
the fourth quarter of 2019, as compared to the fourth quarter of
2018. The VWP acquisition generated $314,000 of Platform and
Technology revenue in the fourth quarter of 2019, which contributed
to a significant portion of the increase in Platform and Technology
revenue. Also, we generated increased revenue from additional
subscriptions of Platform id.
During the quarter, we added 36 net,
new Platform id.
subscriptions to new or existing
customers with a total annual contract value of $163,000. This
brings our total Platform id.
subscriptions as of December 31, 2019
to 255, with an annual contract value of $2,033,000. The increases
in overall Platform and Technology revenue were partially offset by
the continued decline of our legacy shareholder outreach offering.
Revenue from our ACCESSWIRE business decreased 2% compared to the
same period of the prior year. Other than the impact of the
investment commentary business, ACCESSWIRE revenue increased 36%
compared to the fourth quarter of 2018. As a percentage of overall
revenue, Platform & Technology revenue increased to 67% of
total revenue for the three months ended December 31, 2019,
compared to 61% for the same period of 2018.
Services revenue decreased $117,000, or 8%, during the fourth
quarter of 2019, as compared to the same period of 2018. The
decrease is due to decreases in our print and proxy fulfillment
services, transfer agent services, as well as, the continued
decline of revenue from our ARS services as we continue to
experience customer attrition for ARS services. These decreases
were partially offset by the acquisition of VWP, which accounted
for $137,000 of Services revenue during the three months ended
December 31, 2019.
Gross margin for the fourth quarter of 2019 was $2,653,000, or 67%
of revenue, compared to $2,577,000, or 71% of revenue, in the
fourth quarter of 2018. Platform and Technology gross margin was
71% during the three months ended December 31, 2019 as compared to
78% for the same period of the prior year. The decrease is
primarily related to the addition of VWP, which generated a lower
gross margin percentage than our legacy offerings as well as
additional distribution and editorial costs related to expanding
the capabilities of our newswire business, coupled with the loss of
the investment commentary business.
Operating income was $17,000 for the three months ended December
31, 2019, as compared to operating income of $134,000 during the
same period of the prior year. Sales and marketing costs increased
$255,000 or 35% during the three months ended December 31, 2019,
compared to the same period of the prior year. This increase is
directly related to investments made in our sales and marketing
team, which increased in headcount by over 20% compared to the
fourth quarter of 2018. Depreciation and amortization increased
over the prior year as well, primarily due to higher amortization
associated with the intangible assets acquired in the VWP
acquisition. These increases were partially offset by a decrease in
product development expense, which decreased $109,000, or 30%, due
to a decrease in headcount and consulting expenses. Income tax
expense decreased during the fourth quarter of 2019 compared to the
same period of the prior year, due in part to lower pre-tax income,
as well as, the benefit associated with additional foreign tax
credits compared to the prior year.
On a GAAP basis, we generated net income of $69,000, or $0.02 per
diluted share, during the three months ended December 31, 2019,
compared to $65,000, or $0.02 per diluted share, during the same
period of 2018.
Fourth quarter 2019 EBITDA was $423,000, or 11% of revenue,
compared to $497,000, or 14% of revenue, during the fourth quarter
of 2018. Non-GAAP net income for the fourth quarter of 2019 was
$261,000, or $0.07 per diluted share, compared to $437,000, or
$0.10 per diluted share, during the fourth quarter of 2018. The
Non-GAAP results exclude amortization of intangible assets,
stock-based compensation, integration and acquisition costs, the
impact of discrete items impacting income tax expense and tax
impact of adjustments. Please refer to the tables below for the
calculation of EBITDA and the reconciliation of GAAP income and
earnings per share to Non-GAAP income and earnings per
share.
Financial Results for the Year Ended December 31,
2019:
Total revenue was $16,295,000 for the year ended December 31, 2019,
compared to $14,232,000 for 2018, an increase of $2,063,000, or
14%. A majority of the increase in revenue is due to revenue from
customers obtained from our VWP acquisition, which totaled
$1,927,000 for the year-ended December 31, 2019. Additional revenue
of approximately $248,000 from our acquisition of FSCwire in July
2018, also contributed to the increase in revenue for the year
ended December 31, 2019.
Platform and Technology revenue increased $2,103,000, or 24%,
during 2019, as compared to 2018. As noted above, a majority of the
increase came from our acquisitions of VWP and FSCwire, which
accounted for $1,600,000 of the increase in Platform and Technology
revenue. We also generated increased revenue from the 150, net new
subscriptions of Platform id.
with annual contract value of
$911,000, which were signed during year. Lastly, we generated
increase revenue from our ACCESSWIRE business, despite the
industry-wide loss of the investment commentary business. Other
than the impact of the industry-wide loss of the investment
commentary business, organic revenue from our ACCESSWIRE business
increased 38% during the year ended December 31, 2019, compared to
the prior year. These increases were partially offset by the
continued decline of our shareholder outreach offering. As a
percentage of overall revenue, Platform & Technology revenue
increased to 66% of total revenue for the year ended December 31,
2019, compared to 60% for 2018.
Services revenue decreased $40,000, or less than 1%, during the
year ended December 31, 2019, as compared to 2018. The decrease is
primarily due to a decline in revenue from our ARS services due to
continued client attrition as customers elect to leave the service,
as well as, a decline in transfer agent services due to less
corporate transactions, directives or actions. These decreases were
partially offset by an increase in Services revenue associated with
the acquisitions of VWP and FSCwire, which accounted for a combined
$575,000 increase in Services revenue during the year ended
December 31, 2019.
Gross margin for the year ended December 31, 2019 was $11,215,000,
or 69% of revenue, compared to $10,129,000, or 71% of revenue,
during of 2018. The decreased gross margin percentage is primarily
related to the addition of VWP, which generated a lower gross
margin percentage than our legacy offerings, as well as, additional
distribution and editorial costs related to expanding the
capabilities of our newswire business.
Operating income was $474,000 for the year ended December 31, 2019,
as compared to $1,163,000 during the same period of the prior year.
Operating income was negatively impacted by increases in general
and administrative and sales and marketing expenses due to
continued investments in increased headcount and personnel expenses
as we position ourselves for growth. Additionally, general and
administrative expenses increased due to an increase in bad debt
expense of $394,000, primarily due to fully reserving accounts
receivable balances related to two former investment commentary
customers. Depreciation and amortization expense also increased due
to higher amortization associated with intangible assets acquired
in the VWP and FSCwire acquisitions.
We experienced an increase in interest income over the prior year
due to interest earned on our cash-on-hand and short-term
investments. Income tax expense for the year ended December 31,
2019 was $109,000 compared to $373,000 during 2018. The decrease is
due in part to lower pre-tax income, as well as, the benefit
associated with additional foreign tax credits compared to the
prior year.
On a GAAP basis, we generated net income of $686,000, or $0.18 per
diluted share, during the year ended December 31, 2019, compared to
$837,000, or $0.24 per diluted share, during 2018. The decrease in
earnings per share was due in part to lower net income as well as
the increase in shares outstanding for the year ended December 31,
2019 due to the secondary offering completed in August
2018.
EBITDA for the year ended December 31, 2019 was $2,141,000, or 13%
of revenue, compared to $2,560,000, or 18% of revenue during 2018.
Non-GAAP net income for the year ended December 31, 2019 was
$1,694,000, or $0.44 per diluted share, compared to $1,969,000, or
$0.57 per diluted share for the same period of 2018. The Non-GAAP
results exclude amortization of intangible assets, stock-based
compensation, integration and acquisition costs, the impact of
discrete items impacting income tax expense and tax impact of
adjustments. Please refer to the tables below for the calculation
of EBITDA and the reconciliation of GAAP income and earnings per
share to Non-GAAP income and earnings per share.
Non-GAAP Information
Certain Non-GAAP financial measures are included in this press
release. In the calculation of these measures, the Company excludes
certain items, such as amortization of intangible assets,
stock-based compensation, integration and acquisition costs, the
impact of discrete items impacting income tax expense and tax
impact of adjustments. The Company believes that excluding such
items provides investors and management with a representation of
the Company's core operating performance and with information
useful in assessing its prospects for the future and underlying
trends in the Company's operating expenditures and continuing
operations. Management uses such Non-GAAP measures to evaluate
financial results and manage operations. The release and the
attachments to this release provide a reconciliation of each of the
Non-GAAP measures referred to in this release to the most directly
comparable GAAP measure. The Non-GAAP financial measures are not
meant to be considered a substitute for the corresponding GAAP
financial statements and investors should evaluate them carefully.
These Non-GAAP financial measures may differ materially from the
Non-GAAP financial measures used by other companies.
CALCULATION OF EBITDA
($ in ‘000’s)
|
Three Months
ended December 31,
|
|
|
2019
|
2018
|
|
Amount
|
Amount
|
|
|
|
Net
income:
|
$69
|
$65
|
Adjustments:
|
|
|
Depreciation and
amortization
|
406
|
363
|
Interest
income
|
(56)
|
(58)
|
Income tax
expense
|
4
|
127
|
EBITDA:
|
$423
|
$497
|
|
Year ended
December 31,
|
|
|
2019
|
2018
|
|
Amount
|
Amount
|
|
|
|
Net
income:
|
$686
|
$837
|
Adjustments:
|
|
|
Depreciation and
amortization
|
1,667
|
1,397
|
Interest
income
|
(321)
|
(47)
|
Income tax
expense
|
109
|
373
|
EBITDA:
|
$2,141
|
$2,560
|
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP
MEASURES
($ in ‘000’s, except per share amounts)
|
Three Months
ended December 31,
|
|||
|
2019
|
2018
|
||
|
Amount
|
Per diluted
share
|
Amount
|
Per diluted
share
|
|
|
|
|
|
Net
income:
|
$69
|
$0.02
|
$65
|
$0.02
|
Adjustments:
|
|
|
|
|
Amortization of
intangible assets (1)
|
144
|
0.04
|
130
|
0.03
|
Stock-based
compensation (2)
|
127
|
0.03
|
140
|
0.05
|
Integration and
acquisition costs (3)
|
—
|
—
|
66
|
0.01
|
Tax impact of
adjustments (4)
|
(57)
|
(0.01)
|
(71)
|
(0.02)
|
Impact of discrete
items impacting income tax expense (5)
|
(22)
|
(0.01)
|
107
|
0.01
|
Non-GAAP net
income:
|
$261
|
$0.07
|
$437
|
$0.10
|
|
Year ended
December 31,
|
|||
|
2019
|
2018
|
||
|
Amount
|
Per diluted
share
|
Amount
|
Per diluted
share
|
|
|
|
|
|
Net
income:
|
$686
|
$0.18
|
$837
|
$0.24
|
Adjustments:
|
|
|
|
|
Amortization of
intangible assets (1)
|
718
|
0.19
|
520
|
0.15
|
Stock-based
compensation (2)
|
523
|
0.13
|
629
|
0.18
|
Integration and
acquisition costs (3)
|
112
|
0.03
|
114
|
0.03
|
Tax impact of
adjustments (4)
|
(284)
|
(0.07)
|
(265)
|
(0.07)
|
Impact of discrete
items impacting income tax expense (5)
|
(61)
|
(0.02)
|
134
|
0.04
|
Non-GAAP net
income:
|
$1,694
|
$0.44
|
$1,969
|
$0.57
|
1)
The adjustments
represent the amortization of intangible assets related to acquired
assets and companies.
2)
The adjustments
represent stock-based compensation expense related to awards of
stock options, restricted stock units or common stock in exchange
for services. Although the Company expects to continue to award
stock in exchange for services, the amount of stock-based
compensation is excluded as it is subject to change as a result of
one-time or non-recurring projects.
3)
The adjustments
represent legal and accounting fees and other non-recurring costs
in connection with the acquisition of Filing Services Canada Inc.
and VisualWebcaster Platform.
4)
This adjustment
gives effect to the tax impact of all non-GAAP adjustments at the
current Federal rate of 21%.
5)
The adjustments
eliminate discrete items impacting income tax expense. For each of
the periods presented, the discrete items relate to either the
shortfall or excess stock-based compensation expense or benefit
recognized in income tax expense during the periods as well as any
return to provision adjustments impacting income tax
expense.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes
before the beginning of the call.
Date:
February
27, 2020
Time:
4:30
PM ET
Participant:
844-602-0380
| 862-298-0970
Live Webcast:
https://www.investornetwork.com/event/presentation/59799
Conference Call Replay Information
The replay will be available beginning approximately 1 hour after
the completion of the live event, ending at midnight eastern on
March 31, 2020.
Toll-free:
877.481.4010
International:
919.882.2331
Reference
ID:
33253
Web replay: http://www.issuerdirect.com/earnings-calls-and-scripts/
About Issuer Direct Corporation
Issuer Direct®
is an
industry-leading communications and compliance company
focusing on the needs of corporate issuers. Issuer Direct's
principal platform, Platform id.
™,
empowers users by thoughtfully integrating the most relevant tools,
technologies, and services, thus eliminating the complexity
associated with producing and distributing financial and business
communications. Headquartered in Raleigh, NC, Issuer Direct serves
thousands of public and private companies globally. For more
information, please visit www.issuerdirect.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") (which Sections were adopted as part of the
Private Securities Litigation Reform Act of 1995). Statements
preceded by, followed by or that otherwise include the words
"believe," "anticipate," "estimate," "expect," "intend," "plan,"
"project," "prospects," "outlook," and similar words or
expressions, or future or conditional verbs, such as "will,"
"should," "would," "may," and "could," are generally
forward-looking in nature and not historical facts. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company's
actual results, performance, or achievements to be materially
different from any anticipated results, performance, or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company's forward-looking statements, please see the Company's
Annual Report on Form 10-K for the year ended December 31, 2019,
including but not limited to the discussion under "Risk Factors"
therein, which the Company will file with the SEC and which may be
viewed at http://www.sec.gov/.
For Further Information:
Issuer Direct Corporation
Brian R. Balbirnie
(919)-481-4000
brian.balbirnie@issuerdirect.com
Hayden IR
Brett Maas
(646)-536-7331
brett@haydenir.com
Hayden IR
James Carbonara
(646)-755-7412
james@haydenir.com
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2019 AND 2018
(in
thousands, except share and per share amounts)
|
December
31,
|
|
|
2019
|
2018
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$15,766
|
$17,222
|
Accounts receivable
(net of allowance for doubtful accounts of $700 and $534,
respectively)
|
2,051
|
1,593
|
Income tax
receivable
|
48
|
90
|
Other current
assets
|
141
|
89
|
Total current
assets
|
18,006
|
18,994
|
Capitalized
software (net of accumulated amortization of $2,153 and $1,310,
respectively)
|
1,134
|
1,957
|
Fixed assets (net
of accumulated depreciation of $181 and $452,
respectively)
|
899
|
132
|
Right-of-use asset
– leases (See Note 9)
|
2,127
|
—
|
Deferred tax
asset
|
256
|
—
|
Other long-term
assets
|
77
|
35
|
Goodwill
|
6,376
|
5,032
|
Intangible assets
(net of accumulated amortization of $4,937 and $4,219,
respectively)
|
3,515
|
2,802
|
Total
assets
|
$32,390
|
$28,952
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$266
|
$371
|
Accrued
expenses
|
1,151
|
577
|
Note payable
– short-term (net of discount of $19 as of December 31, 2019)
(See Note 4)
|
301
|
320
|
Income taxes
payable
|
310
|
83
|
Deferred
revenue
|
1,812
|
1,249
|
Total current
liabilities
|
3,840
|
2,600
|
Note payable
– long-term (net of discount of $45 as of December 31, 2018)
(See Note 4)
|
—
|
276
|
Deferred income tax
liability
|
141
|
413
|
Lease liabilities
– long-term (See Note 9)
|
2,309
|
—
|
Total
liabilities
|
6,290
|
3,289
|
Commitments and
contingencies (see Note 10)
|
|
|
Stockholders'
equity:
|
|
|
Preferred stock,
$0.001 par value, 1,000,000 shares authorized, no shares issued and
outstanding as of December 31, 2019 and 2018,
respectively.
|
—
|
—
|
Common stock $0.001
par value, 20,000,000 shares authorized, 3,786,398 and 3,829,572
shares issued and outstanding as of December 31, 2019 and 2018,
respectively.
|
4
|
4
|
Additional paid-in
capital
|
22,275
|
22,525
|
Other accumulated
comprehensive loss
|
(16)
|
(17)
|
Retained
earnings
|
3,837
|
3,151
|
Total stockholders'
equity
|
26,100
|
25,663
|
Total
liabilities and stockholders’ equity
|
$32,390
|
$28,952
|
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in
thousands, except per share amounts)
|
For the three
months ended
|
For the year
ended
|
||
|
December
31,
2019
|
December
31,
2018
|
December
31,
2019
|
December
31,
2018
|
|
(unaudited)
|
(unaudited)
|
|
|
Revenues
|
$3,959
|
$3,648
|
$16,295
|
$14,232
|
Cost of
revenue
|
1,306
|
1,071
|
5,080
|
4,103
|
Gross
profit
|
2,653
|
2,577
|
11,215
|
10,129
|
Operating costs and
expenses:
|
|
|
|
|
General and
administrative
|
1,174
|
1,189
|
5,086
|
4,085
|
Sales and
marketing
|
985
|
730
|
3,551
|
3,002
|
Product
development
|
251
|
360
|
1,219
|
1,276
|
Depreciation and
amortization
|
226
|
164
|
885
|
603
|
Total operating
costs and expenses
|
2,636
|
2,443
|
10,741
|
8,966
|
Operating
income
|
17
|
134
|
474
|
1,163
|
Interest income,
net
|
56
|
58
|
321
|
47
|
Net income before
income taxes
|
73
|
192
|
795
|
1,210
|
Income tax
expense
|
4
|
127
|
109
|
373
|
Net
income
|
$69
|
$65
|
$686
|
$837
|
Income per share
– basic
|
$0.02
|
$0.02
|
$0.18
|
$0.25
|
Income per share -
diluted
|
$0.02
|
$0.02
|
$0.18
|
$0.24
|
Weighted average
number of common shares outstanding - basic
|
3,796
|
3,984
|
3,839
|
3,415
|
Weighted average
number of common shares outstanding - diluted
|
3,827
|
4,017
|
3,861
|
3,463
|
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands, except share and per share amounts)
|
Years Ended
December 31,
|
|
|
2019
|
2018
|
Cash
flows from operating activities
|
|
|
Net
income
|
$686
|
$837
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
Bad debt
expense
|
753
|
359
|
Depreciation and
amortization
|
1,667
|
1,397
|
Deferred income
taxes
|
(528)
|
(336)
|
Non-cash interest
expense
|
25
|
25
|
Stock-based
compensation expense
|
523
|
629
|
Changes in
operating assets and liabilities:
|
|
|
Decrease (increase)
in accounts receivable
|
(1,210)
|
(645)
|
Decrease (increase)
in deposits and prepaid assets
|
362
|
743
|
Increase (decrease)
in accounts payable
|
(117)
|
(322)
|
Increase (decrease)
in deferred revenue
|
559
|
296
|
Increase (decrease)
in accrued expenses
|
144
|
(114)
|
Net cash provided
by operating activities
|
2,864
|
2,869
|
|
|
|
Cash
flows from investing activities
|
|
|
Purchase of
acquired businesses, net of cash received (See Note 4)
|
(2,788)
|
(1,123)
|
Purchase of fixed
assets
|
(420)
|
(51)
|
Capitalized
software
|
(20)
|
(21)
|
Net cash used in
investing activities
|
(3,228)
|
(1,195)
|
|
|
|
Cash
flows from financing activities
|
|
|
Payment for stock
repurchase and retirement (see Note 7)
|
(773)
|
(2,635)
|
Payment on notes
payable (See Note 4)
|
(320)
|
(288)
|
Proceeds from
secondary stock offering (see Note 7)
|
—
|
13,323
|
Proceeds from
exercise of stock options, net of income taxes
|
—
|
747
|
Payment of
dividend
|
—
|
(460)
|
Net cash provided
by (used in) financing activities
|
(1,093)
|
10,687
|
|
|
|
Net change in
cash
|
(1,457)
|
12,361
|
Cash-
beginning
|
17,222
|
4,917
|
Currency
translation adjustment
|
1
|
(56)
|
Cash-
ending
|
$15,766
|
$17,222
|
|
|
|
Supplemental disclosures:
|
|
|
Cash paid for
income taxes
|
$340
|
$66
|
Non-cash
activities:
|
|
|
Right-of-use assets
obtained in exchange for lease liabilities
|
$2,856
|
$—
|
SOURCE: Issuer Direct
Corporation