Asure Software Inc.
ASURE SOFTWARE INC (Form: 8-K, Received: 08/15/2016 10:35:11)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 

 
FORM 8-K
 

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):   August 15, 2016
 
ASURE SOFTWARE, INC.
(Exact name of registrant as specified in charter)
 
Delaware
0-20008
74-2415696
(State or other jurisdiction of incorporation or organization)
(Commission File No.)
(IRS Employer Identification No.)
 
110 Wild Basin Road, Suite 100, Austin, Texas 78746
(Address of principal executive offices)
 
512-437-2700
(Registrant's telephone number, including area code)
 
N/A
(Former Name and Address)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
              Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
              Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
              Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
              Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


Item 2.02. Results of Operations and Financial Condition.

On August 15, 2016, Asure Software, Inc. (the "Company") issued a press release announcing its financial results for its second quarter ended June 30, 2016. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information contained in this Item 2.02 of this Current Report (including the press release furnished as an exhibit hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01. Financial Statements and Exhibits.

  (d)           Exhibits
 
EXHIBIT NUMBER
 
DESCRIPTION
99.1
 
 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASURE SOFTWARE, INC.
 
Dated: August 15, 2016                                                  By        /s/ Brad Wolfe                                                      
                                                                                  Brad Wolfe, Chief Financial Officer
 

Exhibit 99.1
 
Asure Software Reports Record Second Quarter 2016 Financial Results

  Company Raises Guidance for Full Year

AUSTIN, TX – August 15, 2016   Asure Software, Inc. (NASDAQ: ASUR), a leading provider of Human Capital Management (HCM) and workplace management software, reported results for the second quarter ended June 30, 2016. The company also reported pro forma unaudited results, which included results from the acquisition of Mangrove Software as if it was completed on January 1, 2015.

Second Quarter 2016 Financial Summary
 
Actual Results
   
Pro Forma Results
 
(in millions except per share data and percentages)
   
Q2 2016
     
Q2 2015
   
Change (%)
     
Q2 2016
     
Q2 2015
   
Change (%)
 
Revenue
 
$
9.7
   
$
7.2
     
35
%
 
$
9.7
   
$
9.0
     
8
%
                                                 
Gross Margin
 
$
7.5
   
$
5.3
     
42
%
 
$
7.5
   
$
6.7
     
11
%
Gross Margin   (as a % of revenue)
   
77.5
%
   
73.8
%
   
5
%
   
77.5
%
   
75.2
%
   
3
%
                                                 
EBITDA (excluding one-time expenses)
 
$
2.6
   
$
1.4
     
90
%
 
$
2.6
   
$
1.4
     
87
%
                                                 
Net Income (Loss)
 
$
0.1
   
$
0.1
     
43
%
 
$
0.1
   
$
(0.5
)
   
128
%
Net Income (Loss) per Diluted Share ,   Excluding one-time expenses
 
$
0.15
   
$
0.04
     
275
%
 
$
0.15
   
$
(0.06
)
   
350
%
                                                 
 
Year to Date 2016 Financial Summary
 
Actual Results 
   
Pro Forma Results
 
(in millions except per share data and percentages)
 
YTD 2016
   
YTD 2015
   
Change (%)
   
YTD 2016
   
YTD 2015
   
Change (%)
 
Revenue
 
$
16.4
   
$
13.5
     
21
%
 
$
18.5
   
$
17.4
     
7
%
                                                 
Gross Margin
 
$
12.5
   
$
10.0
     
25
%
 
$
14.2
   
$
13.1
     
9
%
Gross Margin   (as a % of revenue)
   
76.2
%
   
73.8
%
   
3
%
   
76.7
%
   
75.3
%
   
2
%
                                                 
EBITDA (excluding one-time expenses)
 
$
3.0
   
$
2.4
     
28
%
 
$
3.5
   
$
2.7
     
28
%
                                                 
Net Income (Loss)
 
$
(1.4
)
 
$
(0.4
)
   
-265
%
 
$
(0.6
)
 
$
(1.2
)
   
46
%
Net Income (Loss) per Diluted Share ,   Excluding one-time expenses
 
$
0.04
   
$
-
     
-
   
$
0.06
   
$
(0.13
)
   
146
%

Second Quarter 2016 Operational Highlights
·
Deepened European market presence through partnership with Payscape, a leading payroll provider based in the UK, who will offer Asure's time and labor management solutions.
·
Formed a technology partnership with Quora to provide Asure's clients with real-time analytics to help them optimize and enable change in their workplace environment and workforce .
·
Cloud bookings in the quarter decreased 28% year-over-year due to a large customer win in Q2 2015, while total bookings were up 17% year-over-year.
·
Backlog totaled $2.6 million, a 3% decrease compared to the prior quarter and a 18% decrease from the year-ago quarter. The company continues to expect many enterprise clients to move through the implementation process throughout the rest of fiscal 2016, which will result in conversion from backlog to reported revenue growth.
·
S ecured several new wins across a range of industry verticals, including MetLife, Procter & Gamble, Allstate Insurance Company, ECI Electronic Commerce, Rogers Communications, ABM, ExxonMobil, and State Street Corporation .
·
Named the winner of a Bronze Stevie® Award in the Best New Product or Service of the Year category in The 14th Annual American Business Awards

Second Quarter 2016 Financial Results
·
Revenue for the quarter increased 35% to $9.7 million from $7.2 million in the same year-ago quarter. On a pro forma basis, including the results from Mangrove Software as if the acquisition was completed on January 1, 2015, revenue increased 8% to $9.7 million from $9.0 million in the same year-ago quarter.
·
Recurring revenue for the quarter as a percent of total revenue was 72 . 1%, an improvement from 69.9% in the second quarter of 2015.
·
Cloud revenue increased 58%, hardware revenue increased 22%, on premise software revenue increased 43% , and professional services revenue increased 62% from the second quarter of 2015.
·
Gross margin for the quarter was $7.5 million (77.5% of total revenue), a 42% increase from $5.3 million (73.8% of total revenue) in the second quarter of 2015.
·
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)* excluding one-time items* for the quarter was approximately $2.6 million an increase of 90% compared to $1.4 million in the second quarter of 2015.
·
Net income per share (excluding one-times*) for the second quarter totaled $0.15, compared to net income per share (excluding one-times*) of $0.04 in the second quarter of 2015. On a pro forma basis, including the results from Mangrove Software as if the acquisition was completed on January 1, 2015, net income per share (excluding one-times*) totaled $0.15, an improvement from a net loss per share (excluding one-times*) of $(0.06) in the same year-ago quarter.
 
Financial Outlook
On a proforma basis, including the company's acquisition of Mangrove on March 21, 2016 and under the condition that Mangrove and Asure had been combined as a single company on January 1, 2016, Asure management increased its guidance for fiscal 2016 ending December 31:

2016 Financial Guidance
Fiscal 2016 (vs. Fiscal 2015)
Revenue
$37.75 million to $38.75 million (+0.6% to +0.7% vs. previous guidance and +40.3% TO +44.0% vs. YTD 2015 actual)
EBITDA, excluding one-time items
$7.75 million to $8.25 million (+3.1% to +3.3% vs. previous guidance and +107.6% to +120.9% vs. YTD 2015 actual )
Net income per share, excluding one-time items
$0.22 to $0.30 (+50.0% to +83.3% vs. previous guidance and vs. a loss of $0.17 YTD 2015 actual)

Management Commentary
"We entered Q2 having just completed the acquisition of Mangrove Software, but exited the quarter as a more complete, unified, and stronger organization," said Pat Goepel, CEO of Asure Software. "During the quarter, we not only were able to fully integrate Mangrove into our operations, but also began to realize some of the cost-saving synergies and cross-selling activity we forecasted prior to the acquisition. In fact, our HCM solution has already begun to gain traction with some of our existing customers, demonstrating the immediate benefits of having a more well-rounded solution to address the full spectrum of today's workforce challenges.

"Looking beyond Mangrove, our core workspace and time and labor management solutions continued to drive strong growth during Q2. On a pro-forma basis, revenue was up 8%, gross margin up 11%, and EBITDA excluding one-time expenses up 87%—all over the same year-ago period. We also realized a profit during the quarter, despite a considerable amount of one-time expenses related to the acquisition, which we expect to largely disappear during the third quarter. While our cloud bookings were down year-over-year, due to a significant win we secured in Q2 of last year, our cloud revenue continued to grow appreciably, mainly because of our continued success in migrating our on-premise clients to the cloud.



"To add to that, we experienced a more streamlined backlog conversion process. With the acquisition behind us, we were able to put the right measures in place to more quickly and effectively convert our backlog into realized revenue. In Q2, we experienced some of the fruits of that labor, with backlog decreasing on both a sequential and year-over-year basis. Combining this improved backlog system with a reorganized sales force to focus on larger and more meaningful deals, we believe our sales pipeline is on track to grow at an accelerated rate moving forward.

"Along those lines, we continue to be optimistic about our financial performance for the full year. Because of the strong performance we've had so far, along with the fact that we've experienced faster-than-expected realization of cost synergies and backlog conversion, we believe it is necessary to raise our full year guidance for 2016.

"Overall, Q2 was a great quarter for us, concluding with the full integration of an acquisition that we feel is truly transformational to how we do business. Going forward, we will continue to execute on our key initiatives, including bringing our HCM customers live, continuing to realize the cost synergies from the acquisition, and using our integrated suite of solutions to secure new wins that can build on our progress and position us to scale even further."

Conference Call Details
Asure management will host a conference call today at 11:00 a.m. Eastern time (10:00 a.m. Central time) to discuss these financial results and outlook. Asure CEO Pat Goepel and CFO Brad Wolfe will host the presentation, followed by a question and answer period.

Date: Monday, August 15, 2016
Time: 11:00 a.m. Eastern time (10:00 a.m. Central time)
U.S. dial-in: (877) 853-5636
International dial-in: (631) 291-4544
Conference ID: 48723708

Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 949-574-3860.

The conference call will be broadcasted live and available for replay via the investor section of the company's website .



About Asure Software
Asure Software, Inc. , (NASDAQ: ASUR) is headquartered in Austin, Texas with regional headquarters in London, England. Asure helps companies better manage their global, mobile workforces with cloud-based and mobile solutions that bring people, time, space and assets together in a meaningful way. The company serves approximately 7,000 clients worldwide with workplace and workforce management solutions that offer innovative ways to help meet the needs of an agile workforce. For more information, please visit www.asuresoftware.com .
 
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Asure's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such risks and uncertainties could cause actual results to differ from those contained in the forward-looking statements.

Company Contact:
Brad Wolfe, CFO
Asure Software, Inc.
888-323-8835
bwolfe@asuresoftware.com

Investor Relations Contact:
Matt Glover and Najim Mostamand
Liolios Group, Inc.
949-574-3860
ASUR@liolios.com


ASURE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
 
  
 
June 30,
2016
(Unaudited)
   
December 31,
2015
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
283
   
$
1,158
 
Accounts and note receivable, net of allowance for doubtful accounts of $113 and       $145 at June 30, 2016 and December 31, 2015, respectively
   
6,180
     
4,671
 
Inventory
   
516
     
784
 
Prepaid expenses and other current assets
   
1,422
     
1,072
 
Total current assets before funds held for clients
   
8,401
     
7,685
 
Funds held for clients
   
24,525
     
-
 
Total current assets
   
32,926
     
7,685
 
Property and equipment, net
   
2,003
     
2,212
 
Goodwill
   
26,265
     
17,436
 
Intangible assets, net
   
13,510
     
6,026
 
Other assets
   
100
     
458
 
Total assets
 
$
74,804
   
$
33,817
 
Liabilities and stockholders' equity
               
Current liabilities:
               
Current portion of notes payable, net of debt issuance cost
 
$
4,901
   
$
909
 
Accounts payable
   
2,418
     
2,670
 
Accrued compensation and benefits
   
1,099
     
715
 
Other accrued liabilities
   
1,489
     
1,181
 
Deferred revenue
   
9,341
     
10,803
 
  Total current liabilities before client fund obligations
   
19,248
     
16,278
 
Client fund obligations
   
24,525
     
-
 
Total current liabilities
   
43,773
     
16,278
 
Long-term liabilities:
               
Deferred revenue
   
1,545
     
947
 
Notes payable, net of debt issuance cost
   
26,074
     
12,384
 
Other liabilities
   
363
     
490
 
Total long-term liabilities
   
27,982
     
13,821
 
Total liabilities
   
71,755
     
30,099
 
Stockholders' equity:
               
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding
   
-
     
-
 
Common stock, $.01 par value; 11,000 shares authorized; 6,901 and 6,674 shares issued, 6,517 and 6,290 shares outstanding at June 30, 2016 and December 31, 2015, respectively
   
69
     
67
 
Treasury stock at cost, 384 shares at June 30, 2016 and December 31, 2015
   
(5,017
)
   
(5,017
)
Additional paid-in capital
   
280,280
     
279,649
 
Accumulated deficit
   
(272,321
)
   
(270,903
)
Accumulated other comprehensive income (loss)
   
38
     
(78
)
Total stockholders' equity
   
3,049
     
3,718
 
Total liabilities and stockholders' equity
 
$
74,804
   
$
33,817
 



ASURE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except share and per share data)
(Unaudited)
 
 
 
FOR THE
THREE MONTHS ENDED
June 30,
   
FOR THE
SIX MONTHS ENDED
June 30,
 
 
 
2016
   
2015
   
2016
   
2015
 
Revenues:
                       
Cloud revenue
 
$
5,389
   
$
3,417
   
$
9,251
   
$
6,788
 
Hardware revenue
   
1,275
     
1,047
     
1,968
     
1,632
 
Maintenance and support revenue
   
1,192
     
1,541
     
2,431
     
3,107
 
On premise software license revenue
   
458
     
321
     
598
     
487
 
Professional services revenue
   
1,350
     
833
     
2,138
     
1,477
 
Total revenues
   
9,664
     
7,159
     
16,386
     
13,491
 
Cost of sales
   
2,176
     
1,879
     
3,906
     
3,531
 
Gross margin
   
7,488
     
5,280
     
12,480
     
9,960
 
 
                               
Operating expenses
                               
Selling, general and administrative
   
5,480
     
3,612
     
9,807
     
7,061
 
Research and development
   
645
     
743
     
1,456
     
1,481
 
Amortization of intangible assets
   
626
     
504
     
1,003
     
1,009
 
Total operating expenses
   
6,751
     
4,859
     
12,266
     
9,551
 
 
                               
Income from operations
   
737
     
421
     
214
     
409
 
 
                               
Other income (loss)
                               
Interest income
   
-
     
-
     
10
     
-
 
Loss on lease termination
   
-
     
-
     
-
     
(110
)
Foreign currency gain (loss)
   
1
     
3
     
2
     
(8
)
Interest expense and other
   
(560
)
   
(279
)
   
(852
)
   
(561
)
Interest expense- amortization of original issue discount (OID)
   
-
     
(8
)
   
-
     
(16
)
Acquisition costs
   
-
     
-
     
(706
)
   
-
 
Total other loss, net
   
(559
)
   
(284
)
   
(1,546
)
   
(695
)
 
                               
Income (loss) from operations before income taxes
   
178
     
137
     
(1,332
)
   
(286
)
Income tax provision
   
(42
)
   
(42
)
   
(86
)
   
(102
)
Net income (loss)
 
$
136
   
$
95
   
$
(1,418
)
 
$
(388
)
Other comprehensive income (loss)
                               
Foreign currency gain (loss)
   
81
     
(41
)
   
116
     
(35
)
Other comprehensive income (loss)
 
$
217
     
54
   
$
(1,302
)
 
$
(423
)
 
                               
Basic and diluted net income (loss) per share
                               
Basic
 
$
0.02
   
$
0.02
   
$
(0.23
)
 
$
(0.06
)
Diluted
 
$
0.02
   
$
0.02
   
$
(0.23
)
 
$
(0.06
)
Weighted average basic and diluted shares
                               
Basic
   
6,294,000
     
6,066,000
     
6,292,000
     
6,061,000
 
Diluted
   
6,429,000
     
6,231,000
     
6,292,000
     
6,061,000
 



 ASURE SOFTWARE, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
 
 
 
FOR THE
SIX MONTHS ENDED
JUNE 30,
 
 
 
2016
   
2015
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss
 
$
(1,418
)
 
$
(388
)
Adjustments to reconcile net loss to net cash (used in) provided by operations:
               
Depreciation and amortization
   
1,706
     
1,553
 
Provision for doubtful accounts
   
10
     
40
 
Share-based compensation
   
106
     
98
 
Other
   
-
     
26
 
Changes in operating assets and liabilities:
               
Accounts receivable
   
(1,059
)
   
96
 
Inventory
   
268
     
(143
)
Prepaid expenses and other assets
   
86
     
(922
)
Accounts payable
   
(316
)
   
572
 
Accrued expenses and other long-term obligations
   
397
     
(196
)
Deferred revenue
   
(864
)
   
126
 
         Net cash (used in) provided by operating activities
   
(1,084
)
   
862
 
 
               
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Acquisitions net of cash acquired
   
(12,000
)
   
-
 
Purchases of property and equipment
   
(24
)
   
(989
)
Disposals of property and equipment
   
-
     
18
 
Collection of note receivable
   
64
     
-
 
Net change in funds held for clients
   
(8,106
)
   
-
 
         Net cash used in investing activities
   
(20,066
)
   
(971
)
 
               
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from notes payable
   
15,335
     
2,500
 
Payments on notes payable
   
(3,274
)
   
(2,875
)
Payments on amendment of senior notes payable
   
-
     
(75
)
Debt financing fees
   
(438
)
   
-
 
Payments on capital leases
   
(106
)
   
(97
)
Net proceeds from exercise of stock options
   
528
     
585
 
Net change in client fund obligations
   
8,106
     
-
 
        Net cash provided by financing activities
   
20,151
     
38
 
 
               
Effect of foreign exchange rates
   
124
     
(36
)
 
               
Net decrease in cash and cash equivalents
   
(875
)
   
(107
)
Cash and cash equivalents at beginning of period
   
1,158
     
320
 
Cash and cash equivalents at end of period
 
$
283
   
$
213
 
 
               
SUPPLEMENTAL INFORMATION:
               
Cash paid for:
               
Interest
 
$
456
   
$
586
 
 
               
Non-cash Investing and Financing Activities:
               
Note receivable from customer
   
-
     
601
 
Subordinated notes payable – Mangrove acquisition
   
6,000
     
-
 

*Non-GAAP Financial Measures
This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: EBITDA and GAAP Net Income/(Loss) excluding one-time items. These supplemental financial measures are not required by GAAP, nor is the presentation of this financial information intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with Asure's earnings results as determined in accordance with GAAP. However, for the reasons described below, management uses these non-GAAP measures to evaluate the performance of Asure's business. Asure's management believes that it is important to provide investors with these same tools, together with reconciliation to GAAP, for evaluating the performance of Asure's business, as it may provide additional insight into Asure's financial results. See the "Reconciliation of GAAP Net Income/(Loss) to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA)" and the "Reconciliation of GAAP Net Income/(Loss) to Net Earnings Excluding One-Time Items" tables included in this press release for further information regarding these non-GAAP financial measures. In addition, these measures are presented because management believes they are frequently used by securities analysts, investors and others in the evaluation of companies. EBITDA is calculated by adding income taxes, interest expense, depreciation and amortization and stock compensation expense to net earnings. EBITDA is not defined under GAAP and should not be considered in isolation or as a substitute for net earnings and other consolidated earnings data prepared in accordance with GAAP or as a measure of Asure's profitability.

Net Earnings Excluding One-Time Items is calculated by combining the company's GAAP Net Earnings, or earnings per share, with items that are one time in nature and are not expected to recur on a dollar or per share basis.
 
Free Cash Flow is computed by subtracting capital expenditures from cash flow from operations, each as determined in accordance with GAAP and as reflected in the statement of cash flows.

Non-GAAP Revenue is computed by adding back the deferred revenue fair market valuation to GAAP revenue.

Reconciliation of GAAP Net Earnings to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA) and EBITDA Excluding One-time items.

FOR THE THREE MONTHS ENDED

$000s
 
June 30,
2016
   
June 30,
2015
 
Net Income (loss)
   
136
     
95
 
Interest and amortization of OID
   
560
     
287
 
Tax
   
42
     
42
 
Depreciation
   
259
     
158
 
Amortization
   
732
     
610
 
Stock Compensation
   
67
     
12
 
EBITDA
   
1,796
     
1,253
 
One-time items
   
831
     
132
 
EBITDA excluding one-time items
   
2,627
     
1,385
 

FOR THE SIX MONTHS ENDED
 
$000s
 
June 30,
2016
   
June 30,
2015
 
Net Loss
   
(1,418
)
   
(388
)
Interest and amortization of OID
   
852
     
577
 
Tax
   
86
     
102
 
Depreciation
   
490
     
332
 
Amortization
   
1,216
     
1,221
 
Stock Compensation
   
106
     
98
 
EBITDA
   
1,332
     
1,942
 
One-time items
   
1,683
     
415
 
EBITDA excluding one-time items
   
3,015
     
2,357
 


Reconciliation of GAAP Net Earnings to Net Earnings Excluding One-time items
 
FOR THE THREE MONTHS ENDED
 
$000s  
June 30,
2016
   
June 30,
2016
 
Net Income (loss)
   
136
     
95
 
Legal & Professional Services
   
175
     
10
 
Severance, Recruitment & Relocation
   
584
     
-
 
Other one-time items (net)
   
72
     
122
 
Sub-total excluding Taxes
   
831
     
132
 
Sub-total one-time items
   
831
     
132
 
Net Income (loss) excluding one-time items
   
967
     
227
 
                 

FOR THE SIX MONTHS ENDED
 
$000s  
June 30,
2016
   
June 30,
2015
 
Net Loss
   
(1,418
)
   
(388
)
Legal & Professional Services
   
857
     
18
 
Severance, Recruitment & Relocation
   
722
     
55
 
Other one-time items (net)
   
104
     
342
 
Sub-total excluding Taxes
   
1,683
     
415
 
Sub-total one-time items
   
1,683
     
415
 
Net Income excluding one-time items
   
265
     
27