DE
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0-20008
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74-2415696
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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110 Wild Basin Rd., Suite 100, Austin, TX
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78746
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(Address of principal executive offices)
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(Zip Code)
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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:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Asure Software, Inc.
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Date: November 8, 2011
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By:
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/s/ DAVID SCOGLIO | |
David Scoglio
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CFO | |||
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·
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Q3 Earnings of $0.06 per share excluding one-time items*, exceeding pre-announcement
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·
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Q3 EBITDA of $462,000, excluding one-time items*, exceeding pre-announcement
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·
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Cash and Equivalents, excluding acquisition funding, grew $700,000 sequentially.
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·
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Raising Fourth quarter EBITDA guidance range to $540,000 to 630,000 excluding one-time items*
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Guidance
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|||||||
Q4 '11
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FY '12
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||||||
Revenue ($000s)
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$ | 3,530 - $3,630 | 15,500 | ||||
EBITDA Gain ($000s)
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n/a | 2,800 | |||||
Net Earnings Per Share
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Positive for Q4 & '11
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tba
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|||||
EBITDA Gain ($000s) excl. 1Time
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540 -- 630 | n/a |
Reconciliation of GAAP Net Earnings to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Compensation Expense (EBITDA) and EBITDA excluding One-Time Costs
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|||||||||||||
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|||||||||||||
FOR THE THREE MONTHS ENDING
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|||||||||||||
$000s |
September 30, 2011
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September 30, 2010
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Inc/Dec
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||||||||||
Net Gain/(Loss)
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29 | 0 | 29 | ||||||||||
Interest
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9 | 12 | (3 | ) | |||||||||
Tax
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9 | (42 | ) | 51 | |||||||||
Depreciation
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33 | 59 | (26 | ) | |||||||||
Amortization
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195 | 195 | 0 | ||||||||||
Stock Compensation
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27 | 13 | 14 | ||||||||||
EBITDA Gain
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302 | 237 | 65 | ||||||||||
One-Time Costs
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160 | 14 | 146 | ||||||||||
EBITDA Gain excl. One-Time Costs
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462 | 251 | 211 | ||||||||||
FOR THE NINE MONTHS ENDING
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|||||||||||||
$000s |
September 30, 2011
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September 30, 2010
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Inc/Dec
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||||||||||
Net Gain/(Loss)
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(4 | ) | (1,203 | ) | 1,199 | ||||||||
Interest
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31 | 53 | (22 | ) | |||||||||
Tax
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30 | (14 | ) | 44 | |||||||||
Depreciation
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114 | 192 | (78 | ) | |||||||||
Amortization
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585 | 584 | 1 | ||||||||||
Stock Compensation
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55 | 28 | 27 | ||||||||||
EBITDA Gain/(Loss)
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811 | (360 | ) | 1,171 | |||||||||
One-Time Costs
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276 | 1,261 | (985 | ) | |||||||||
EBITDA Gain excl. One-Time Costs
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1,087 | 901 | 186 |
September 30, 2011
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December 31, 2010
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$
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6,082
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$
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1,070
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||||
Accounts receivable, net of allowance for doubtful accounts of $17 and $46 at
September 30, 2011 and December 31, 2010, respectively
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979
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1,239
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||||||
Notes receivable
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120
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62
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||||||
Inventory
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6
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25
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||||||
Prepaid expenses and other current assets
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227
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255
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||||||
Total Current Assets
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7,414
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2,651
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||||||
Notes receivable
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-
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60
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||||||
Property and equipment, net
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221
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281
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||||||
Intangible assets, net
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2,258
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2,844
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||||||
Total Assets
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$
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9,893
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$
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5,836
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$
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686
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$
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560
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||||
Notes payable
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500
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-
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||||||
Accrued compensation and benefits
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72
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95
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||||||
Other accrued liabilities
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399
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361
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||||||
Deferred revenue
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2,522
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1,955
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||||||
Total Current Liabilities
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4,179
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2,971
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||||||
Long-term deferred revenue
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150
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116
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||||||
Notes payable
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2,850
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-
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||||||
Other long-term obligations
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4
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25
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||||||
Total Liabilities
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7,183
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3,112
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||||||
Stockholders’ Equity:
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||||||||
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding
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—
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—
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||||||
Common stock, $.01 par value; 6,500 shares authorized; 3,341 and 3,341 shares
issued; 3,085 and 3,085 shares outstanding at September 30, 2011 and December 31, 2010, respectively
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334
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334
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||||||
Treasury stock at cost, 256 shares at September 30, 2011 and December 31, 2010, respectively
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(5,017
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)
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(5,017
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)
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Additional paid-in capital
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271,033
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270,978
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Accumulated deficit
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(263,545
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)
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(263,541
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)
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Accumulated other comprehensive loss
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(95
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)
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(30
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)
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Total Stockholders’ Equity
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2,710
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2,724
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||||||
Total Liabilities and Stockholders’ Equity
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$
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9,893
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$
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5,836
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FOR THE
THREE MONTHS ENDED
SEPTEMBER 30,
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FOR THE
NINE MONTHS ENDED
SEPTEMBER 30,
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2011
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2010
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2011
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2010
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Revenues
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$
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2,502
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$
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2,542
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$
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7,293
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$
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7,627
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||||||||
Cost of Sales
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(486
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)
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(601
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)
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(1,363
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)
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(1,741
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)
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||||||||
Gross Margin
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2,016
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1,941
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5,930
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5,886
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Operating Expenses:
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Selling, general and administrative
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1,526
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1,507
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4,340
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4,391
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||||||||||||
Research and development
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366
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394
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1,150
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1,100
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||||||||||||
Amortization of intangible assets
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150
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150
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449
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448
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||||||||||||
Loss on lease amendment
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-
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-
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-
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1,203
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||||||||||||
Total Operating Expenses
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2,042
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2,051
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5,939
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7,142
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||||||||||||
Loss From Operations
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(26
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)
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(110
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)
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(9
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)
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(1,256
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)
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Other Income (Expenses):
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Interest income
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2
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-
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8
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2
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||||||||||||
Foreign currency translation gain (loss)
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67
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(24
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)
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47
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(41
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)
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||||||||||
Loss (gain) on sale of assets
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-
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(18
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)
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-
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5
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|||||||||||
Interest expense and other
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(5
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)
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(20
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)
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(20
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)
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(57
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)
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||||||||
Gain on sale of investment
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-
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130
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-
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130
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||||||||||||
Total Other Income (Expense)
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64
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68
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35
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39
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||||||||||||
Income (Loss) Before Income Taxes
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38
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(42
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)
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26
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(1,217
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)
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||||||||||
Provision For Income Taxes
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(9
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)
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42
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(30
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)
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14
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||||||||||
Net Income (Loss)
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$
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29
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$
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0
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$
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(4
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)
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$
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(1,203
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)
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||||||
Basic Income (Loss) Per Share
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$
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0.01
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$
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0
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$
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(0.00
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)
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$
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(0.39
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)
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||||||
Diluted Income (Loss) Per Share
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$
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0.01
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$
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0
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$
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(0.00
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)
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$
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(0.39
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)
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||||||
Shares Used In Computing Basic Income (Loss) Per Share
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3,085
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3,085
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3,085
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3,088
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||||||||||||
Shares Used In Computing Diluted Income (Loss) Per Share
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3,094
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3,085
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3,085
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3,088
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