|
Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited) |
| |
|
|
|
| |
|
Three Months Ended March 31, |
|
| |
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
8,335 |
|
|
$ |
5,670 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
743 |
|
|
|
819 |
|
|
Stock-based compensation |
|
|
52 |
|
|
|
13 |
|
|
Restricted stock compensation |
|
|
191 |
|
|
|
87 |
|
|
Provision for doubtful accounts |
|
|
|
|
|
|
30 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,356 |
) |
|
|
(4,559 |
) |
|
Other assets |
|
|
(72 |
) |
|
|
(64 |
) |
|
Accounts payable and accrued expenses |
|
|
326 |
|
|
|
583 |
|
|
Accrued payroll and related benefits |
|
|
672 |
|
|
|
572 |
|
|
Deferred revenue |
|
|
773 |
|
|
|
494 |
|
|
Deferred rent |
|
|
(36 |
) |
|
|
(29 |
) |
|
Deferred taxes |
|
|
(766 |
) |
|
|
|
|
|
Other current liabilities |
|
|
(46 |
) |
|
|
|
|
|
Net cash provided by operating activities |
|
|
7,816 |
|
|
|
3,616 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Investment in Telstra eBusiness Services, net of cash acquired
|
|
|
|
|
|
|
(42,956 |
) |
|
Investment in IDS |
|
|
(1,000 |
) |
|
|
|
|
|
Investment in ConfirmNet |
|
|
(3,094 |
) |
|
|
|
|
|
(Purchases)/maturities of marketable securities, net |
|
|
1,059 |
|
|
|
(4,306 |
) |
|
Capital expenditures |
|
|
(727 |
) |
|
|
(181 |
) |
|
Net cash used in investing activities |
|
|
(3,762 |
) |
|
|
(47,443 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from line of credit |
|
|
|
|
|
|
4,295 |
|
|
Repurchase of common stock |
|
|
(505 |
) |
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
|
|
|
|
271 |
|
|
Payments for capital lease obligations |
|
|
(38 |
) |
|
|
(2 |
) |
|
Principal payments of debt obligations |
|
|
(587 |
) |
|
|
(493 |
) |
|
Net cash provided/(used) in financing activities
|
|
|
(1,130 |
) |
|
|
4,071 |
|
|
Effect of foreign exchange rates on cash |
|
|
(627 |
) |
|
|
(451 |
) |
|
Net change in cash and cash equivalents |
|
|
2,297 |
|
|
|
(40,207 |
) |
|
Cash and cash equivalents at the beginning of the period
|
|
|
9,475 |
|
|
|
48,437 |
|
|
Cash and cash equivalents at the end of the period
|
|
$ |
11,772 |
|
|
$ |
8,230 |
|
| |
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
226 |
|
|
$ |
221 |
|
|
Income taxes paid |
|
$ |
247 |
|
|
$ |
410 |
|
