BIOCLINICA INC

CIK:0000822418|SEC Filings

Foreign Operations

12 Months Ended

Dec. 31, 2012

14. Foreign Operations

The Company’s service revenue by customer location is as follows:

(in thousands)	2012	2011	2010

United States	$ 65,167	$ 55,662	$ 49,204
United Kingdom	1,550	1,923	3,390
Continental Europe	9,350	8,700	8,219
Canada	495	381	519
Asia/Pacific	1,990	1,065	1,297
Other	450	262	85
	$ 79,002	$ 67,993	$ 62,714

The Company maintains principal offices in Newtown and Audubon, Pennsylvania, Leiden, the Netherlands and Lyon, France. Net fixed assets located in the United States were $9.5 million and $6.5 million at December 31, 2012 and 2011, respectively. Net fixed assets located in Leiden, the Netherlands, were $638,000 and $830,000 at December 31, 2012 and 2011, respectively. Net fixed assets located in Lyon, France were $586,000 and $546,000 at December 31, 2012 and 2011, respectively.

Consolidated Statements Of Cash Flows (USD $)	12 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 3,727,000	$ 2,798,000	$ 2,753,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,251,000	4,550,000	3,443,000
Provision for deferred income taxes	1,676,000	295,000	341,000
Excess tax benefit related to stock options	(99,000)	(20,000)	(46,000)
Bad debt recovery	10,000	22,000	15,000
Stock based compensation expense	1,846,000	1,369,000	1,080,000
Accretion of acquisition earn-out		114,000	302,000
Gain on sale/leaseback	147,000	47,000	9,000
Changes in operating assets and liabilities:
Increase in accounts receivable	(6,277,000)	(4,507,000)	(605,000)
(Increase) decrease in prepaid expenses and other current assets	(143,000)	761,000	(667,000)
Increase in other assets	(260,000)	(91,000)	(67,000)
Increase (decrease) in accounts payable	2,540,000	355,000	(1,848,000)
Increase (decrease) in accrued expenses and other current liabilities	31,000	1,294,000	(251,000)
Increase (decrease) in deferred revenue	1,469,000	42,000	(855,000)
(Decrease) increase in other liabilities	(65,000)	697,000	388,000
Net cash provided by operating activities	9,853,000	7,726,000	3,992,000
Cash flows from investing activities:
Purchases of property and equipment	(3,918,000)	(1,859,000)	(2,916,000)
Capitalized software development costs	(4,986,000)	(3,908,000)	(4,277,000)
Net cash paid for acquisition earn-out	(2,000,000)		(1,257,000)
Net cash used in investing activities	(10,904,000)	(5,767,000)	(8,450,000)
Cash flows from financing activities:
Proceeds from sale/leaseback	3,893,000	1,335,000	195,000
Payments under equipment lease obligations	(727,000)	(253,000)
Purchase of treasury stock	(1,353,000)	(1,110,000)	(15,000)
Excess tax benefits related to stock options	99,000	20,000	46,000
Proceeds from exercise of stock options	466,000	205,000	122,000
Net cash provided by financing activities	2,378,000	197,000	348,000
Effect of exchange rate changes on cash	13,000	(24,000)	(17,000)
Net increase (decrease) in cash and cash equivalents	1,340,000	2,132,000	(4,127,000)
Cash and cash equivalents at beginning of period	12,575,000	10,443,000	14,570,000
Cash and cash equivalents at end of period	13,915,000	12,575,000	10,443,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	112,000	47,000	3,000
Cash paid during the period for income taxes	1,334,000	871,000	1,775,000
Non cash investing and financing activities:
Increase in property, plant and equipment acquisitions in accounts payable	664,000	354,000	20,000
Equipment purchases under capital lease obligations	3,893,000	1,335,000	892,000
Accounts receivable			309,000
Property and equipment			91,000
Other assets			58,000
Intangible assets and goodwill			2,469,000
Current liabilities assumed			(459,000)
Common stock issued			$ (2,468,000)

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 13,915	$ 12,575
Accounts receivable, net	22,620	16,353
Prepaid expenses and other current assets	1,858	1,743
Deferred income taxes	4,519	5,637
Total current assets	42,912	36,308
Property and equipment, net	21,463	16,186
Intangibles, net	1,274	1,808
Goodwill	34,302	34,302
Deferred income tax		1,021
Other assets	1,055	796
Total assets	101,006	90,421
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	5,630	2,422
Accrued expenses and other current liabilities	6,807	5,944
Deferred revenue	14,907	13,438
Deferred income tax		526
Current maturities of capital lease obligations	1,176	423
Current liability for acquisition earn-out		2,000
Total current liabilities	28,520	24,753
Long-term capital lease obligations	3,948	1,535
Deferred income tax	4,562	4,499
Other liabilities	1,512	1,574
Total liabilities	38,542	32,361
Stockholders' equity
Preferred stock- $.00025 par value; authorized 3,000,000 shares, none issued and outstanding at December 31, 2012 and December 31, 2011
Common stock - $0.00025 par value; authorized 36,000,000 shares, issued and outstanding 15,656,146 shares at December 31, 2012 and 15,649,994 shares at December 31, 2011	4	4
Treasury stock - at cost, shares held: 483,613 at December 31, 2012 and 233,913 at December 31, 2011	(2,479)	(1,126)
Additional paid-in capital	51,599	49,564
Retained earnings	13,317	9,590
Accumulated other comprehensive income	23	28
Total stockholders' equity	62,464	58,060
Total liabilities and stockholders' equity	$ 101,006	$ 90,421