ChyronHego Corp

CIK:0000020232|SEC Filings

Note 9 - Other Comprehensive Income

9 Months Ended

Sep. 30, 2014

Comprehensive Income (Loss) Note [Text Block]

9. OTHER COMPREHENSIVE INCOME

Components and activity related to accumulated other comprehensive income (loss) is as follows (in thousands):

	Foreign						Accumulated
	Currency			Pension			Other
	Translation			Benefit			Comprehensive
	Adjustment			Costs			Income (Loss)
January 1, 2014	$	131		$	(552	)	$	(421	)
Change for period		(503	)		-			(503	)
Amounts re-classed from accumulated other comprehensive income (loss)		-			-			-
September 30, 2014	$	(372	)	$	(552	)	$	(924	)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,819)	$ (4,041)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,178	1,755
Deferred income taxes	(317)	27
Inventory provisions	125	50
Share-based payment arrangements	982	2,641
Shares issued for 401(k) match	162	179
Change in fair value of contingent consideration	4,176	933
Other	131	427
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(4,349)	(1,649)
Inventories	626	(784)
Prepaid expenses and other assets	162	(472)
Accounts payable and accrued expenses	(174)	1,828
Deferred revenue	348	432
Other liabilities	(105)	410
Net cash provided by operating activities	1,126	1,736
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment, net	(1,349)	(1,648)
Acquisition of business, net of cash acquired	866	14
Net cash used in investing activities	(483)	(1,634)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on revolving credit facilities, net	1	315
Repayments on debt	(357)	(399)
Proceeds from borrowings	55	280
Payments on capital lease obligations	(195)	(134)
Proceeds from exercise of stock options	499	6
Net cash provided by financing activities	3	68
Effect of exchange rates on cash and cash equivalents	(38)	48
Change in cash and cash equivalents	608	218
Cash and cash equivalents at beginning of period	5,266	2,483
Cash and cash equivalents at end of period	5,874	2,701
SUPPLEMENTAL CASH FLOW INFORMATION:
Common stock and warrants issued for acquisitions	6,586	16,591
Common stock issued in settlement of contingent consideration (in Shares)	6,488
Common stock issued in settlement of awards under the
Management Incentive Compensation Plan and Severance Agreements	846
Debt incurred for acquisition		1,044
At Acquisition Date [Member] \| Fair Value, Inputs, Level 3 [Member]
SUPPLEMENTAL CASH FLOW INFORMATION:
Contingent consideration for acquisition	$ 1,557	$ 7,500

Consolidated Balance Sheets (Current Period Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 5,874	$ 5,266
Accounts receivable, net	12,227	7,781
Inventories, net	2,216	2,816
Prepaid expenses and other current assets	2,683	2,525
Total current assets	23,000	18,388
Property and equipment, net	3,906	4,145
Intangible assets, net	11,390	8,968
Goodwill	23,799	18,948
Deferred tax asset	42	56
Other assets	132	147
TOTAL ASSETS	62,269	50,652
Current liabilities:
Accounts payable and accrued expenses	8,091	9,240
Deferred revenue	5,398	4,660
Short-term debt	1,113	1,532
Due to related parties	587	716
Current portion of pension liability	327	518
Deferred tax liability	301	271
Capital lease obligations	137	215
Total current liabilities	15,954	17,152
Pension liability	2,431	2,197
Deferred revenue	764	923
Long-term debt	733	772
Deferred tax liability	1,806	1,195
Other liabilities	552	686
Total liabilities	33,746	35,185
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $1.00, without designation	0	0
Issued and outstanding - 36,901,406 at September 30, 2014 and 30,788,251 at December 31, 2013	369	308
Additional paid-in capital	119,156	103,642
Accumulated deficit	(91,098)	(88,243)
Accumulated other comprehensive loss	(924)	(421)
Total ChyronHego Corporation shareholders' equity	27,503	15,286
Non-controlling interests	1,020	181
Total shareholders' equity	28,523	15,467
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	62,269	50,652
Fair Value, Inputs, Level 3 [Member]
Current liabilities:
Contingent consideration	$ 11,506	$ 12,260