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Cyalume Technologies Holdings, Inc. Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Actual results and events may differ significantly from those projected in the forward-looking statements. Reference is made to Cyalume's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, its quarterly reports on Form 10-Q, and other periodic filings, for a description of the foregoing and other factors that could cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

The footnotes and other disclosures contained in the Company’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and other periodic filings are an integral part of its financial statements and should be read in conjunction with any review of its financial statements.

 
 

Cyalume Technologies Holdings, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(in thousands, except shares and per share information)

                 
For the Three For the Three For the Year For the Year
Months Ended Months Ended Ended Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
Revenues $ 11,630 $ 8,348 $ 38,642 $ 34,703
Cost of revenues   6,069     4,955     21,530     18,568  
Gross profit 5,561 3,393 17,112 16,135
 
Other expenses (income):
Sales and marketing 1,286 1,144 5,515 4,402
General and administrative 2,710 1,578 7,815 6,135
Research and development 539 461 1,963 1,888
Interest expense, net 544 559 2,219 2,330
Interest expense – related party 1 8 19 43
Amortization of intangible assets 438 549 1,858 1,805
Change in fair value of contingent consideration 3,139 59 3,380 59
Impairment loss on equipment 0 0 273 0
Impairment loss on goodwill and intangible assets (1) 0 0 47,369 0
Other (income) loss, net   33     (41 )   (112 )   (489 )
Total other expenses 8,690 4,317 70,299 16,173
 
Loss before income taxes (3,129 ) (924 ) (53,187 ) (38 )
Provision for (benefit from) income taxes   (1,437 )   209     (2,969 )   (365 )
Net income (loss) (1,692 ) (1,133 ) (50,218 ) 327
 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 168 (301 ) 108 (67 )
Unrealized gain (loss) on cash flow hedges, net of taxes of $(15), $(21), $(45) and $(23), respectively   25     36     73     41  
Other comprehensive income (loss)   193     (265 )   181     (26 )
Comprehensive income (loss) $ (1,499 ) $ (1,398 ) $ (50,037 ) $ 301  
 
Net income (loss) per common share:
Basic $ (2.76 ) $ 0.02
Diluted $ (2.76 ) $ 0.02
 
Weighted average shares used to compute net income (loss) per common share:
Basic 18,205,586 16,911,103
Diluted 18,205,586 18,470,638
     

(1)

 

The year ended 12/31/12 includes $47.4 million of non-cash impairment charges related to an acquisition made several years ago.

 
 
 

Cyalume Technologies Holdings, Inc.

Consolidated Balance Sheets

(in thousands, except shares and per share information)

           

 

December 31,

2012

December 31,

2011

Assets
Current assets:
Cash $ 2,695 $ 2,951
Accounts receivable, net of allowance for doubtful accounts of $155 and $206, respectively 3,875 3,339
Inventories, net 9,597 10,843
Income taxes refundable 173 38
Deferred income taxes 652 386
Prepaid expenses and other current assets   558     559  
Total current assets 17,550 18,116
 
Property, plant and equipment, net 9,177 10,417
Goodwill 8,160 55,329
Other intangible assets, net 20,190 22,007
Due from related party 3,972 3,721
Restricted cash 0 600
Debt issuance costs, net of current portion   28     154  
Total assets $ 59,077   $ 110,344  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of notes payable $ 9,734 $ 1,592
Accounts payable 2,934 1,948
Accrued expenses 2,583 2,179
Note payable to related party 0 250
Current portion of capital lease obligation 14 43
Derivatives liability   169     0  
Total current liabilities 15,434 6,012
 
Notes payable, net of current portion 8,394 18,975
Note payable due to related parties 2,100 0
Line of credit due to related party 0 755
Deferred income taxes 3,862 7,145
Contingent consideration 0 3,699
Derivatives liability 0 273
Asset retirement obligation 184 175
Capital lease obligation, net of current portion 22 30
Contingent legal obligation   3,806     3,627  
Total liabilities 33,802 40,691

 

Commitments and contingencies (Note 20)
 
Stockholders' equity
Preferred stock, $0.001 par value; 1,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $0.001 par value; 50,000,000 shares authorized; 20,738,260 and 18,311,228 issued and outstanding, respectively 21 18
Additional paid-in capital 105,990 100,334
Accumulated deficit (80,221 ) (30,003 )
Accumulated other comprehensive loss   (515 )   (696 )
Total stockholders’ equity   25,275     69,653  
Total liabilities and stockholders' equity $ 59,077   $ 110,344  
 

Adjusted EBITDA (a Non-GAAP Financial Measure)

Cyalume defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation, amortization, non-cash stock-based compensation, foreign currency gains or losses and certain other income or expense items. Management uses Adjusted EBITDA for establishing internal budgets, goals and certain performance bonuses. Internal financial reports including those provided to the Board of Directors, focus on Adjusted EBITDA. Since Adjusted EBITDA is not necessarily an indicator of overall cash flows of Cyalume, management reviews capital budgets and cash flow forecasts in parallel with Adjusted EBITDA analysis. Because Adjusted EBITDA eliminates interest expense, income taxes and depreciation, amortization, non-cash stock-based compensation, foreign currency gains or losses and one-time income or expense items, Cyalume considers this financial measure an important indicator of Cyalume's liquidity, operational strength and performance. Investors may find Adjusted EBITDA useful as it illustrates underlying operating trends in Cyalume's business.

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