LOJACK CORP

CIK:0000355777|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 129,552	$ 133,568	$ 140,207
Cost of goods sold	59,106	73,446	63,037
Gross profit	70,446	60,122	77,170
Costs and expenses:
Product development	5,072	5,730	5,434
Sales and marketing	28,843	32,663	32,005
General and administrative	28,742	35,155	35,840
Legal settlement	0	0	(623)
Depreciation and amortization	4,077	3,419	3,881
Total	66,734	76,967	76,537
Operating income (loss)	3,712	(16,845)	633
Other income (expense):
Interest income	17	8	97
Interest expense	(884)	(816)	(943)
Other, net	1,713	(124)	1,008
Total	846	(932)	162
Income (loss) before provision (benefit) for income taxes and net income (loss) attributable to the noncontrolling interest	4,558	(17,777)	795
Provision (benefit) for income taxes	1,281	176	(2,518)
Net income (loss)	3,277	(17,953)	3,313
Less: Net income (loss) attributable to the noncontrolling interest	80	(29)	146
Net income (loss) attributable to LoJack Corporation	$ 3,197	$ (17,924)	$ 3,167
Income (loss) per share attributable to LoJack Corporation:
Basic (in usd per share)	$ 0.17	$ (0.99)	$ 0.18
Diluted (in usd per share)	$ 0.17	$ (0.99)	$ 0.18
Weighted average shares:
Basic (in shares)	18,414,398	18,017,286	17,712,002
Diluted (in shares)	18,675,846	18,017,286	18,051,090

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 3,277	$ (17,953)	$ 3,313
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	1,494	1,682	1,681
Depreciation and amortization	4,556	3,713	4,131
Non cash revenue from warrants	(274)	(547)	(547)
Allowance for doubtful accounts	(124)	218	561
Deferred income taxes	0	0	145
(Gain) loss on disposal of property and equipment	15	12	(15)
Gain on sale of marketable securities	0	0	(591)
Increase (decrease) in cash from changes in assets and liabilities, net of acquired assets and liabilities:
Accounts receivable	(838)	2,635	(5,936)
Inventories	939	(1,179)	(119)
Prepaid expenses and other	1,202	(1,234)	657
Prepaid income taxes	201	(147)	1,134
Other assets	218	(45)	113
Accounts payable	(1,321)	(526)	888
Accrued and other liabilities	28	5,252	(7,640)
Deferred revenue, net of deferred cost of goods sold	(112)	(1,906)	(3,984)
Net cash provided by (used in) provided by operating activities	9,509	(10,461)	(7,331)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(3,304)	(8,031)	(5,176)
Proceeds from sale of marketable securities	0	0	2,468
Other	59	5	122
(Increase) decrease in restricted cash	(490)	47	178
Net cash used in investing activities	(3,735)	(7,979)	(2,408)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options	1,871	489	264
Repayment of debt	(10,000)	0	(19,560)
Repurchase of common stock	0	0	(111)
Proceeds from debt	7,000	4,204	12,704
Payment of tax withholding obligations related to stock compensation	(105)	(340)	(68)
Payments of Debt Issuance Costs	387	161	0
Capital Lease Obligations Incurred	86	0	0
Net cash provided by (used in) financing activities	(1,535)	4,192	(6,771)
Effect of exchange rate changes on cash and cash equivalents	(199)	(147)	(99)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	4,040	(14,395)	(16,609)
BEGINNING CASH AND CASH EQUIVALENTS	17,588	31,983	48,592
ENDING CASH AND CASH EQUIVALENTS	21,628	17,588	31,983
Supplemental cash flow information:
Income taxes paid	75	333	43
Interest paid	$ 884	$ 816	$ 943

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 21,628	$ 17,588
Restricted cash	490	0
Accounts receivable, net of allowances of $1,904 and $1,781, respectively	24,528	23,963
Inventories	7,290	8,323
Prepaid expenses and other	2,254	3,480
Prepaid and receivable income taxes	132	333
Deferred income taxes	587	463
Total current assets	56,909	54,150
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $46,147 and $45,468, respectively	15,372	16,791
INTANGIBLE ASSETS — NET	70	80
GOODWILL	1,245	1,245
OTHER ASSETS — NET	4,409	3,994
TOTAL	78,005	76,260
CURRENT LIABILITIES:
Short term debt	86	3,500
Accounts payable	4,918	6,295
Accrued and other liabilities	9,994	12,657
Current portion of deferred revenue	6,516	7,535
Accrued compensation	8,414	5,777
Total current liabilities	29,928	35,764
LONG TERM DEBT	7,478	6,978
DEFERRED REVENUE	9,815	9,609
DEFERRED INCOME TAXES	587	463
OTHER ACCRUED LIABILITIES	984	1,056
ACCRUED COMPENSATION	1,351	1,945
Total liabilities	$ 50,143	$ 55,815
COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 10)
EQUITY:
Preferred stock — $.01 par value; authorized, 10,000,000 shares	$ 0	$ 0
Common stock — $.01 par value; authorized, 35,000,000 shares; issued and outstanding, 19,588,656 shares at December 31, 2015 and 18,755,731 shares at December 31, 2014	196	187
Additional paid-in capital	30,106	26,855
Accumulated other comprehensive income	8,311	7,431
Accumulated deficit	(10,823)	(14,020)
Total LoJack Corporation equity	27,790	20,453
Noncontrolling interest in subsidiary	72	(8)
Total equity	27,862	20,445
TOTAL	$ 78,005	$ 76,260