Cyalume Technologies Holdings, Inc.

CIK:0001335293|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 10,746	$ 10,610	$ 21,843	$ 19,852
Cost of revenues	5,689	5,689	11,447	10,201
Gross profit	5,057	4,921	10,396	9,651
Other expenses (income):
Sales and marketing	865	585	1,824	1,178
General and administrative	1,872	2,029	3,911	4,178
Research and development	389	336	872	727
Interest expense, net	655	746	1,297	1,475
Amortization of intangible assets	246	244	485	484
Change in warrant liability fair value	(15)	(10)	23	(23)
Other expenses, net	45	(3)	49	23
Total other expenses, net	4,057	3,927	8,461	8,042
Income before income taxes	1,000	994	1,935	1,609
Provision for income taxes	383	203	603	339
Net income	617	791	1,332	1,270
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	224	(69)	272	49
Other comprehensive income (loss)	224	(69)	272	49
Comprehensive income	841	722	1,604	1,319
Net income	617	791	1,332	1,270
Net income available to common stockholders - basic	357	560	821	814
Series A convertible preferred stock dividends	178	158	350	312
Change in fair value of warrant liability	(15)	(10)	2	(23)
Net income available to common stockholders - diluted	$ 520	$ 708	$ 1,173	$ 1,103
Earnings per common share:
Basic (in dollars per share)	$ 0.02	$ 0.03	$ 0.04	$ 0.04
Diluted (in dollars per share)	$ 0.00	$ 0.01	$ 0.01	$ 0.01
Weighted average shares used to compute earnings per common share:
Basic (in shares)	22,347,549	21,400,244	22,216,842	21,400,244
Diluted (in shares)	115,010,040	105,310,495	115,432,352	105,354,931
Series A Convertible Preferred Stock [Member]
Other comprehensive income (loss), net of tax:
Preferred stock dividends	$ (178)	$ (158)	$ (350)	$ (312)
Series C Preferred Stock [Member]
Other expenses (income):
Net income			0
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss)			0
Net income			0
Preferred stock dividends	$ (82)	$ (73)	$ (161)	$ (144)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 1,332	$ 1,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	467	435
Amortization of intangible assets, debt issuance costs and debt discount	993	976
Share-based compensation expense	187	168
Change in fair value of warrant liability	23	(23)
Loss on disposal of property, plant and equipment	4	30
Other non-cash (income) expenses	(4)	12
Changes in operating assets and liabilities:
Accounts receivable	(1,346)	(155)
Inventories	705	(286)
Prepaid expenses and other current assets	(534)	(492)
Restricted cash	0	153
Accounts payable and accrued liabilities	(1,753)	(446)
Deferred revenue and deferred rent	(14)	(62)
Income taxes payable	208	266
Net cash provided by operating activities	268	1,846
Cash flows from investing activities:
Purchases of long-lived assets	(360)	(210)
Payments for intangibles	(123)	(126)
Payment of asset retirement obligation	(9)	0
Net cash used in investing activities	(492)	(336)
Cash flows from financing activities:
Repayment on Monroe line of credit, net	0	(500)
Repayment on Monroe long term notes payable, net	(1,305)	(1,131)
Payment in connection with legal settlement agreement	(107)	(107)
Net cash used in financing activities	(1,412)	(1,738)
Effect of exchange rate changes on cash	60	5
Net decrease in cash	(1,576)	(223)
Cash, beginning of period	2,753	1,526
Cash, end of period	$ 1,177	$ 1,303

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash	$ 1,177	$ 2,753
Accounts receivable, net of allowance for doubtful accounts of $6 and $8, respectively	4,773	3,379
Inventories, net	7,782	8,384
Income taxes refundable	30	187
Prepaid expenses and other current assets	1,552	1,078
Total current assets	15,314	15,781
Property, plant and equipment, net	6,986	7,036
Goodwill	7,992	7,992
Other intangible assets, net	4,665	4,951
Total assets	34,957	35,760
Current liabilities:
Current portion of notes payable	1,289	1,066
Accounts payable	1,230	1,643
Accrued expenses	2,927	4,236
Deferred revenue and deferred rent	23	37
Income taxes payable	134	82
Warrants liability	32	72
Total current liabilities	5,635	7,136
Notes payable, net of current portion	10,557	11,752
Deferred income taxes	651	626
Asset retirement obligation	223	226
Other noncurrent liabilities	96	88
Total liabilities	17,162	19,828
Commitments and contingencies (Note 12)
Stockholders’ equity:
Series B convertible preferred stock, $0.001 par value; 1,000,000 preferred shares authorized; 1,000 shares issued and outstanding	1,401	1,401
Common stock, $0.001 par value; 150,000,000 shares authorized; 22,347,549 and 21,400,244 shares issued and outstanding, respectively	22	21
Additional paid-in capital	101,778	102,031
Accumulated deficit	(96,286)	(97,618)
Accumulated other comprehensive loss	(831)	(1,103)
Total stockholders’ equity	6,084	4,732
Total liabilities and stockholders' equity	34,957	35,760
Series A Convertible Preferred Stock [Member]
Temporary Equity
Temporary Equity	6,134	5,784
Series C Preferred Stock [Member]
Temporary Equity
Temporary Equity	2,826	2,665
Series D Convertible Preferred Stock [Member]
Temporary Equity
Temporary Equity	$ 2,751	$ 2,751