COMVERGE, INC.

CIK:0001372664|SEC Filings

Condensed Consolidated Statements of Operations Statement (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Product	$ 8,095	$ 4,691
Service	24,486	13,934
Total revenue	32,581	18,625
Product	6,125	3,462
Service	9,942	7,396
Total cost of revenue	16,067	10,858
Gross profit	16,514	7,767
General and administrative expenses	11,362	10,234
Marketing and selling expenses	5,034	5,089
Research and development expenses	1,133	1,049
Amortization of intangible assets	66	237
Operating loss	(1,081)	(8,842)
Interest and other expense, net	1,385	929
Loss before income taxes	(2,466)	(9,771)
Provision for income taxes	252	15
Net loss	$ (2,718)	$ (9,786)
Net loss per share (basic and diluted)	$ (0.10)	$ (0.39)
Weighted average shares used in computation	26,167,484	24,790,385

Condensed Consolidated Statements of Cash Flows Statement (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net loss	$ (2,718)	$ (9,786)
Depreciation	1,281	529
Amortization of intangible assets and capitalized software	256	410
Stock-based compensation	746	1,136
Other	382	537
Billed and unbilled accounts receivable, net	608	9,547
Inventory, net	1,181	(1,457)
Deferred costs and other assets	(473)	(234)
Accounts payable	1,558	238
Accrued expenses and other liabilities	(5,642)	(9,539)
Deferred revenue	6,442	2,768
Net cash used in operating activities	3,621	(5,851)
Changes in restricted cash	(6,809)	918
Maturities/sales of marketable securities	0	27,724
Purchases of property and equipment	(2,903)	(2,830)
Capitalized software costs	(283)	(323)
Net cash provided by investing activities	(9,995)	25,489
Borrowings under Peak Corp. debt facility, net of debt discount	11,104	0
Repayment of debt facility	(11,250)	(750)
Proceeds from issuance of common stock, net	1,239	0
Other	(293)	54
Net cash used in financing activities	800	(696)
Effect of exchange rate changes on cash and cash equivalents	(14)	0
Net change in cash and cash equivalents	(5,588)	18,942
Cash and cash equivalents at beginning of period	23,641	7,800
Cash and cash equivalents at end of period	18,053	26,742
Cash paid for interest	490	257
Recording of asset retirement obligation	$ (261)	$ (222)

Condensed Consolidated Balance Sheets Statement (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Cash and cash equivalents	$ 18,053	$ 23,641
Restricted cash	2,192	4,051
Billed accounts receivable, net	18,988	18,481
Unbilled accounts receivable	11,660	12,730
Inventory, net	8,632	10,377
Deferred costs	2,566	1,804
Other current assets	1,547	1,313
Total current assets	63,638	72,397
Restricted cash	9,000	332
Property and equipment, net	27,755	26,865
Intangible assets, net	3,662	3,635
Goodwill	499	499
Other assets	1,642	1,681
Total assets	106,196	105,409
Accounts payable	6,707	5,123
Accrued expenses	14,691	20,347
Deferred revenue	13,542	7,094
Current portion of long-term debt	26,147	9,188
Other current liabilities	7,194	7,561
Total current liabilities	68,281	49,313
Deferred revenue	484	490
Long-term debt	0	17,062
Other liabilities	1,256	1,563
Total long-term liabilities	1,740	19,115
Common stock	27	26
Additional paid-in capital	268,083	266,090
Treasury stock	(400)	(338)
Accumulated deficit	(231,490)	(228,772)
Accumulated other comprehensive income	(45)	(25)
Total shareholders' equity	36,175	36,981
Total liabilities and shareholders' equity	$ 106,196	$ 105,409