Titanium Asset Management Corp

CIK:0001407161|SEC Filings

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating revenues	$ 5,984,000	$ 5,567,000	$ 11,899,000	$ 10,951,000
Operating expenses:
Administrative	5,675,000	5,008,000	10,975,000	10,158,000
Amortization of intangible assets	242,000	2,401,000	485,000	4,802,000
Total operating expenses	5,917,000	7,409,000	11,460,000	14,960,000
Operating income (loss)	67,000	(1,842,000)	439,000	(4,009,000)
Other income
Interest income	9,000	20,000	10,000	37,000
Net realized gains (losses) on investments	0	(5,000)	21,000	(7,000)
Income from equity investees	14,000	55,000	111,000	275,000
Income (loss) before income taxes	90,000	(1,772,000)	581,000	(3,704,000)
Income tax expense	0	0	0	0
Net income (loss)	$ 90,000	$ (1,772,000)	$ 581,000	$ (3,704,000)
Earnings (loss) per share
Basic	$ 0.00	$ (0.09)	$ 0.03	$ (0.18)
Diluted	$ 0.00	$ (0.09)	$ 0.03	$ (0.18)
Weighted average number of common shares outstanding:
Basic	19,744,824	20,634,232	19,927,647	20,634,232
Diluted	19,744,824	20,634,232	19,927,647	20,634,232

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net income (loss)	$ 581,000	$ (3,704,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	485,000	4,802,000
Depreciation	74,000	63,000
Net realized losses (gains) on investments	(21,000)	7,000
Income from equity investees	(111,000)	(275,000)
Income distributions from equity investees	0	131,000
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	867,000	(75,000)
Decrease (increase) in other current assets	(204,000)	228,000
Increase (decrease) in accounts payable	(35,000)	53,000
Decrease in other current liabilities	(39,000)	(320,000)
Net cash provided by operating activities	1,597,000	910,000
Cash flows from investing activities
Purchases of investments	(2,101,000)	(3,111,000)
Sales and redemptions of investments	3,303,000	2,314,000
Redemption of equity investee	1,000,000	0
Purchases of property and equipment	(28,000)	(36,000)
Net cash provided by (used in) investing activities	2,174,000	(833,000)
Cash flows from financing activities
Repurchase of common stock	(744,000)	0
Net cash used for financing activities	(744,000)	0
Net increase in cash and cash equivalents	3,027,000	77,000
Cash and cash equivalents:
Beginning	3,092,000	2,787,000
Ending	$ 6,119,000	$ 2,864,000

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 6,119,000	$ 3,092,000
Investments	4,438,000	5,644,000
Accounts receivable	4,148,000	5,015,000
Other current assets	1,058,000	854,000
Total current assets	15,763,000	14,605,000
Investments in equity investee	3,081,000	3,970,000
Property and equipment, net	437,000	483,000
Goodwill	13,264,000	13,264,000
Intangible assets, net	4,824,000	5,309,000
Total assets	37,369,000	37,631,000
Current liabilities
Accounts payable	131,000	166,000
Other current liabilities	2,207,000	2,246,000
Total current liabilities and total liabilities	2,338,000	2,412,000
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 54,000,000 shares authorized; 19,744,824 shares issued and outstanding at June 30, 2013 and 20,634,232 issued and outstanding at December 31, 2012	2,000	2,000
Restricted common stock, $0.0001 par value; 720,000 shares authorized; none issued	0	0
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued	0	0
Additional paid-in capital	100,227,000	100,971,000
Accumulated deficit	(65,130,000)	(65,711,000)
Other comprehensive loss	(68,000)	(43,000)
Total stockholders’ equity	35,031,000	35,219,000
Total liabilities and stockholders’ equity	$ 37,369,000	$ 37,631,000