ELECTRIC FUEL CORP

CIK:0000916529|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues	$ 23,573,731	$ 23,844,477	$ 67,618,934	$ 72,967,596
Cost of revenues	15,597,611	16,516,663	46,185,133	51,328,827
Research and development expenses	1,110,285	753,792	3,206,207	2,518,787
Selling and marketing expenses	1,870,739	1,837,823	6,214,200	5,647,284
General and administrative expenses	4,193,949	3,201,566	10,579,909	9,413,379
Amortization of intangible assets	280,662	391,831	931,527	1,298,573
Total operating costs and expenses	23,053,246	22,701,675	67,116,976	70,206,850
Operating income	520,485	1,142,802	501,958	2,760,746
Other income (expense), net	(853)	(1,521)	(9,944)	5,878
Financial expense, net	(396,170)	(173,345)	(1,066,027)	(696,232)
Total other expense	(397,023)	(174,866)	(1,075,971)	(690,354)
Income (loss) before income tax expense	123,462	967,936	(574,013)	2,070,392
Income tax expense	186,785	227,380	504,047	650,765
Net income (loss)	(63,323)	740,556	(1,078,060)	1,419,627
Other comprehensive income (loss), net of income tax:
Foreign currency translation adjustment	0	13,100	67,270	(66,162)
Comprehensive income (loss)	$ (63,323)	$ 753,656	$ (1,010,790)	$ 1,353,465
Income (loss) per share of common stock:
Basic net income (loss) per share (in dollars per shares)	$ 0.00	$ 0.03	$ (0.04)	$ 0.05
Diluted net income (loss) per share (in dollars per shares)	$ 0.00	$ 0.03	$ (0.04)	$ 0.05
Weighted average number of shares used in computing basic net income (loss) per share (in shares)	26,547,045	26,486,152	26,547,045	26,466,948
Weighted average number of shares used in computing diluted net income (loss) per share (in shares)	26,547,045	26,486,152	26,547,045	26,466,948

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (1,078,060)	$ 1,419,627
Adjustments required to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation	1,534,133	1,465,716
Amortization of intangible assets	931,527	1,298,573
Stock based compensation	291,023	491,654
Deferred tax provision	355,910	506,544
Changes in operating assets and liabilities:
Trade receivables	(903,979)	4,992,521
Contract assets	(7,103,043)	(3,454,977)
Other accounts receivable and prepaid expenses	2,677,608	(1,195,029)
Inventories	1,008,749	(1,116,401)
Severance pay, net	136,914	(12,886)
Trade payables	1,439,873	319,488
Other accounts payable and accrued expenses	(335,589)	(1,068,136)
Contract liabilities	450,186	(264,212)
Net cash (used in) provided by operating activities	(594,748)	3,382,482
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,124,469)	(1,342,060)
Additions to capitalized software	(1,385,406)	(406,147)
Net cash used in investing activities	(3,509,875)	(1,748,207)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long term debt	1,917,577	0
Repayment of long term debt	(1,642,400)	(1,689,895)
Other financing activities	(118,649)	(54,155)
Change in short term bank credit	4,834,424	(317,730)
Net cash provided by (used in) financing activities	4,990,952	(2,061,780)
INCREASE (DECREASE) IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS	886,329	(427,505)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES	23,294	120,939
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	4,444,958	5,488,754
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	$ 5,354,581	$ 5,182,188

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 5,196,806	$ 4,222,246
Restricted collateral deposits	157,775	222,712
Trade receivables, net	17,163,788	16,259,809
Contract assets	24,970,939	17,867,896
Other accounts receivable and prepaid expenses	3,628,600	5,989,263
Inventories, net	8,905,529	9,912,748
Total current assets	60,023,437	54,474,674
LONG TERM ASSETS:
Contractual and Israeli statutory severance pay fund	3,883,947	3,427,705
Other long term receivables	537,007	543,205
Property and equipment, net	9,504,583	8,914,247
Right of use asset	5,887,243
Other intangible assets, net	4,919,657	4,465,778
Goodwill	46,138,036	46,138,036
Total long term assets	70,870,473	63,488,971
Total assets	130,893,910	117,963,645
CURRENT LIABILITIES:
Trade payables	7,882,797	6,442,919
Other accounts payable and accrued expenses	6,245,907	6,498,045
Current portion of lease obligations	628,294
Current portion of long term debt	2,983,905	2,204,653
Short term bank credit	10,334,840	5,500,416
Contract liabilities	7,504,965	7,054,779
Total current liabilities	35,580,708	27,700,812
LONG TERM LIABILITIES:
Contractual and accrued Israeli statutory severance pay	4,682,611	4,125,675
Long term portion of lease obligations	5,569,696
Long term portion of debt	5,856,494	6,360,569
Deferred income tax liability	3,219,008	2,863,098
Other long term liabilities	42,364	137,774
Total long-term liabilities	19,370,173	13,487,116
Total liabilities	54,950,881	41,187,928
STOCKHOLDERS’ EQUITY:
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2019 and December 31, 2018; Issued and outstanding: 26,665,240 shares and 26,486,152 shares as of September 30, 2019 and December 31, 2018, respectively	266,653	264,862
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2019 and December 31, 2018; No shares issued or outstanding as of September 30, 2019 and December 31, 2018	0	0
Additional paid-in capital	251,727,312	251,551,001
Accumulated deficit	(177,576,117)	(176,498,057)
Notes receivable from stockholders	(908,054)	(908,054)
Accumulated other comprehensive income	2,433,235	2,365,965
Total stockholders’ equity	75,943,029	76,775,717
Total liabilities and stockholders’ equity	$ 130,893,910	$ 117,963,645