March 31, | December 31, | ||||||
2010 | 2009 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 20,418 | $ | 19,227 | ||||
Short-term investments | 2,732 | 1,799 | |||||
Trade accounts receivable, less allowances
of $508 and $565, respectively |
26,025 | 22,861 | |||||
Other current assets | 4,258 | 2,628 | |||||
Total current assets | 53,433 | 46,515 | |||||
Property and equipment, net |
7,757
|
7,865
|
|||||
Goodwill | 160,455 | 157,245 | |||||
Intangibles, net | 20,641 | 20,505 | |||||
Indefinite-lived intangibles | 29,293 | 29,223 | |||||
Other assets | 836 | 814 | |||||
Total assets | $ 272,415 | $ | 262,167 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ 5,985 | $ | 11,060 | ||||
Accrued payroll and related benefits | 4,100 | 3,634 | |||||
Short term debt | 5,000 | 23,100 | |||||
Convertible debt, net of discount of $601 and $706, respectively | 24,399 | 28,681 | |||||
Current portion of long term debt and capital lease obligation | 524 | 596 | |||||
Deferred revenue | 8,691 | 7,754 | |||||
Other current liabilities | 276 | 272 | |||||
Total current liabilities | 48,975 | 75,097 | |||||
Revolving line of credit
|
15,600 | — | |||||
Long term debt and capital lease obligations, less current portion | 4,128 | 671 | |||||
Other liabilities | 2,966 | 2,965 | |||||
Deferred tax liability, net | 4,729 | 5,147 | |||||
Put option liability | 6,541 | 6,596 | |||||
Deferred revenue | 137 | 269 | |||||
Deferred rent | 702 | 679 | |||||
Total liabilities | 83,778 | 91,424 | |||||
Commitments and Contingencies, Note 6 | |||||||
Stockholders' equity: | |||||||
Preferred stock, $.10 par value, 500,000 shares authorized,
no shares issued and outstanding at March 31, 2010 and December 31, 2009 |
— | — | |||||
Common stock, $.10 par value, 60,000,000 shares authorized,
35,045,192 issued and 35,004,683 outstanding at March 31, 2010 and 34,474,608 issued and 34,434,099 outstanding at December 31, 2009 |
3,500 | 3,443 | |||||
Additional paid-in capital | 162,393 | 158,404 | |||||
Treasury stock (40,509 shares as
of March 31, 2010 and December 31, 2009 |
(76 ) | (76) | |||||
Retained earnings | 21,007 | 8,623 | |||||
Accumulated other comprehensive income | 1,813 | 349 | |||||
Total stockholders' equity | 188,637 | 170,743 | |||||
Total liabilities and stockholders' equity | $ 272,415 | $ | 262,167 |