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TheStreet Open House

SuperCom Reports Record Profit For 4Q And FY 2012 Financial Results

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                                               December 31,
                                                            2012        2011
    ASSETS

    CURRENT ASSETS:
    Cash and cash equivalents                               $ 225       $ 215
    Trade receivables (net of allowance for doubtful
    accounts of $ 1,686
    and $ 134 as of December 31, 2012 and 2011,
    respectively)                                           1,598       1,542
    Deferred tax short term                                   516          -
    Other accounts receivable and prepaid expenses            311         105
    Inventories, net                                          280         269

    Total current assets                                    2,930       2,131

    SEVERANCE PAY FUND                                        203         228
    Deferred tax long term                                    517           -

    PROPERTY AND EQUIPMENT, NET                                93          96

    Total assets                                          $ 3,743     $ 2,455

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands, except share data

                                                             December 31,
                                                           2012         2011
    LIABILITIES AND SHAREHOLDERS'

    CURRENT LIABILITIES:
    Short-term bank credit                               $ 101        $ 112
    Trade payables                                       1,780        2,439
    Employees and payroll accruals                         138          139
    Accrued expenses and other liabilities                 777        2,164
    Convertible bonds                                        -        2,519
    Short-term loan and others                               -          456

    Total current liabilities                            2,796        7,829

    LONG-TERM LIABILITIES:

    Accrued severance pay                                  236          227

    Total long-term liabilities                            236          227

    COMMITMENTS AND CONTINGENT LIABILITIES

    SHAREHOLDERS':
    Share capital:

    Ordinary shares of NIS 0.0588235 par value -
    Authorized 52,000,000 shares as of December 31,
    2012;
    Issued and outstanding: 36,769,757 and 12,035,272
    shares as of December 31, 2012 and 2011,
    respectively                                           574          192
    Additional paid-in capital                          43,518       41,713
    Amount of liability extinguished on account of
    shares                                                 127          819
    Accumulated deficit                                (43,508)     (48,325)

    Total shareholders' equity (deficiency)                711       (5,601)

    Total liabilities and shareholders'                $ 3,743      $ 2,455
                                                      Year ended

                                                     December 31,
                                            2012          2011         2010

    Revenues                             $ 8,940       $ 7,922       $ 7,389
    Cost of revenues                       1,619         3,306         2,057
    Gross profit                           7,321         4,616         5,332

    Operating expenses:
    Research and development                 313           462           386
    Selling and marketing                  3,060         3,505         4,405
    General and administrative               857           732         1,985
    Other (income) expenses                1,085          (137)         (396)
    Total operating expenses               5,315         4,562         6,380

    Operating (loss) income                2,006            54        (1,048)
    Financial (expenses) income, net       1,805           990          (678)

    Income (loss) before income tax        3,811         1,044        (1,726)
    Income tax                             1,006           (25)          (50)

    Net income (loss) from continuing
    operations                             4,817         1,019        (1,776)
    Loss from discontinued operations          -             -          (189)

    Net income (loss)                    $ 4,817       $ 1,019      $ (1,965)

    Earnings (loss) per share from
    continuing operations:
    Basic                                 $ 0.18        $ 0.11       $ (0.29)
    Diluted                               $ 0.13        $ 0.09       $ (0.29)

    Loss per share from discontinued
    operations basic and diluted:              -             -       $ (0.03)

    Net earnings (loss) per share:
    Basic                                 $ 0.18        $ 0.11       $ (0.32)
    Diluted                               $ 0.13        $ 0.09       $ (0.32)

    Weighted average number of ordinary
    shares used in computing basic
    earnings (loss) per share         27,475,448     9,126,327     6,177,862
    Weighted average number of ordinary
    shares used in computing diluted
    earnings (loss) per share         34,664,459    11,710,254     6,177,862
                                      3 months ended           3 months ended
                                          Dec-31                   Sep-30
                                  2012             2011        2012     2011
                                   U.S. dollars in thousands, except share data

    REVENUES                       3,214          1,942       1,786       1,942
    COST OF REVENUES                  (2)           800         489         735

    GROSS PROFIT                   3,216          1,142       1,297       1,207
    OPERATING EXPENSES:
    Research and development          98             90          73          92
    Selling and marketing          1,073            884         523         907
    General and administrative       193            111         173         170
    Other (income) expense         1,272            784           -           -
    Total operating expenses       2,636          1,869         769       1,169

    OPERATING (LOSS) INCOME          580           (727)        528          38
    FINANCIAL (EXPENSES)
    INCOME , NET                     (54)         1,734         (13)       (259)
    INCOME BEFORE INCOME TAX         526          1,007         515        (221)

    INCOME TAX                     1,024             (2)         (5)         (9)
    NET INCOME (LOSS) FROM
    CONTINUING OPERATIONS          1,550          1,005         510        (230)
    LOSS FROM DISCONTINUED
    OPERATIONS                         -              -           -           -

    NET INCOME (LOSS) FOR THE
    PERIOD                         1,550          1,005         510        (230)

    NET INCOME (LOSS) PER
    SHARE:
    Basic                           0.04           0.08        0.02       (0.02)
    Diluted                         0.04           0.07        0.02       (0.02)

    Weighted average number of
    ordinary shares used in
    computing basic income
    (loss) per share             35,932,478  12,027,005  22,265,685   9,807,753

    Weighted average number of
    ordinary shares used in
    computing diluted income
    (loss) per share             40,703,682  15,300,482  26,299,289   9,807,753

Corporate relations Contacts: Taly Gudovich Corporate Relations, SuperCom Ltd. Tel: +972-9-889-0850 taly@supercom.com Investor Relations Contacts: Ehud Helft & Kenny Green CCG Investor Relations Tel: +1-646-201-9246 supercom@ccgisrael.com

SOURCE SuperCom Ltd.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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