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Identive Group Announces First Quarter 2013 Results

– FINANCIALS FOLLOW –

IDENTIVE GROUP, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
       
  Three Months Ended
  March 31, 2013 December 31, 2012 March 31, 2012 (A)
Net revenues:      
Products  $ 16,890  $ 22,598  $ 17,501
Services  4,174  3,994  3,705
Total net revenues  21,064  26,592  21,206
Cost of revenues:      
Products  10,343  13,689  10,446
Services  2,550  2,525  2,022
Total cost of revenues  12,893  16,214  12,468
Gross profit  8,171  10,378  8,738
Operating expenses:      
Research and development  2,010  1,771  2,491
Selling and marketing  5,719  5,010  7,008
General and administrative  4,604  3,681  5,524
Impairment of goodwill  --  655  --
Remeasurement of contingent consideration  --  --  429
Restructuring  --  47  --
Total operating expenses   12,333  11,164  15,452
Loss from operations  (4,162)  (786)  (6,714)
Other income, net  --  29  --
Interest expense, net  (687)  (579)  (291)
Foreign currency (losses) gains, net  (221)  396  220
Loss before income taxes and noncontrolling interest  (5,070)  (940)  (6,785)
Benefit for income taxes  114  1,409  179
Consolidated net (loss) income  (4,956)  469  (6,606)
Less: net loss (income) attributable to noncontrolling interest  175  (292)  377
Net (loss) income attributable to Identive Group, Inc. stockholders' equity  $ (4,781)  $ 177  $ (6,229)
Basic and diluted (loss) income per share attributable to Identive Group, Inc. stockholders' equity  $ (0.08)  $ 0.00  $ (0.11)
Weighted average shares used to compute basic and diluted loss per share  60,233  60,165  58,599
       
(A) Results for the three months ended March 31, 2012 include the operating results of payment solution since its date of acquisition. Results of other periods presented in the table above are not comparable.
 
IDENTIVE GROUP, INC.
Condensed Consolidated Balance Sheets
(In thousands)
 
  March 31, 2013 December 31, 2012
ASSETS (unaudited) (B)
Current assets:    
Cash and cash equivalents  $ 5,485  $ 7,378
Accounts receivable, net of allowances  15,188   17,261
Inventories  10,498  8,892
Prepaid expenses and other current assets   3,590   3,659
Total current assets  34,761  37,190
Property and equipment, net   9,141  8,892
Goodwill  44,711  45,270
Intangible assets, net  11,439  11,882
Other assets  1,396  1,671
Total Assets  $ 101,448 $ 104,905
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 13,336  $ 12,926
Liability to related party  1,548  1,552
Liability for consumer cards  5,705   5,811
Financial liabilities 5,046 4,532
Deferred revenue 3,164 2,843
Accrued compensation and related benefits 3,307 3,164
Other accrued expenses and liabilities  7,565  6,490
Total current liabilities  39,671  37,318
Long-term liability to related party  6,063  6,177
Long-term financial liabilities  8,590  9,795
Other long-term liabilities  2,238   2,025
Total liabilities  56,562  55,315
Total stockholders' equity  44,886  49,590
Total liabilities and stockholders' equity  $ 101,448  $ 104,905
 
(B) The condensed consolidated balance sheet has been derived from the audited consolidated financial statements at December 31, 2012 but does not include all the information and footnotes required by U.S. GAAP for complete financial statements.
       
IDENTIVE GROUP, INC.
Reconciliation of GAAP and Non-GAAP Financial Information (C)
(In thousands)
(unaudited) 
 
  Three Months Ended
  March 31, 2013 December 31, 2012 March 31, 2012
Reconciliation of GAAP gross profit margin and non-GAAP gross profit margin      
GAAP cost of revenue $ 12,893 $ 16,214 $ 12,468
Reconciling items included in GAAP cost of revenue:      
Stock-based compensation expense (19) (11) (8)
Transition and integration costs -- (1) (10)
Amortization and depreciation (543) (505) (508)
Total reconciling items included in GAAP cost of revenue (562) (517) (526)
Non-GAAP cost of revenue  $ 12,331 $ 15,697 $ 11,942
Non-GAAP gross profit margin  41% 41% 44%
Reconciliation of GAAP and non-GAAP operating expenses      
GAAP operating expenses $ 12,333 $ 11,164 $ 15,452
Impairment of goodwill -- (655) --
Stock-based compensation expense (456) (311) (496)
Re-measurement of contingent consideration -- -- (429)
Re-measurement of liability to related party -- 743 --
Pension expense (105) (289) --
Loss on disposal of fixed assets -- (59) --
Amortization and depreciation  (452) (483) (966)
Acquisition costs  --  -- (177)
Transition and integration costs (255) (339) (579)
Restructuring -- (47) --
Total reconciling items included in GAAP operating expenses (1,268) (1,440) (2,647)
Non-GAAP operating expenses $ 11,065 $ 9,724 $ 12,805
Reconciliation of GAAP net loss to adjusted EBITDA loss      
Net income (loss) attributable to Identive Group, Inc. stockholders' equity  $ (4,781) $ 177  $ (6,229)
Reconciling items included in GAAP net income (loss):      
Benefit from income taxes (114) (1,409) (179)
Net loss attributable to noncontrolling interest  (175) 292 (377)
Interest expense, net 687 579 291
Foreign currency losses (gains), net 221 (396) (220)
Other income, net --  (29)  --
Impairment of goodwill  --  655 --
Stock-based compensation expense 475 322 504
Re-measurement of contingent consideration  --  -- 429
Re-measurement of liability to related party -- (743) --
Pension expense 105 289 --
Amortization and depreciation  995 988 1,474
Acquisition costs --  --  177
Transition and integration costs  255 340 589
Loss on disposal of fixed assets -- 59 --
Restructuring -- 47 --
Total reconciling items included in GAAP net income (loss) 2,449 994 2,688
Adjusted EBITDA gain (loss) $ (2,332) $ 1,171 $ (3,541)
       
(C) Non-GAAP figures in the table above differ from GAAP results as they exclude some or all of the following: stock-based compensation expense, transition and integration costs, amortization and depreciation expense, impairment charges, acquisition costs, restructuring costs, re-measurement of contingent consideration, re-measurement of liability to a related party, pension expense and gain/loss on disposal of fixed assets. Adjusted EBITDA additionally excludes provision/benefit for income taxes, net loss attributable to noncontrolling interest, net interest expense/income, net foreign currency losses/gains, and other net expense/income. Prior year comparisons have been updated to remove overhead allocations which are no longer relevant. 
       
-- Continued on next page --
 
IDENTIVE GROUP, INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands)
(unaudited)
 
-- Continued --
       
  Three Months Ended
  March 31, 2013 December 31, 2012 March 31, 2012
Reconciliation of GAAP net loss to non-GAAP net income (loss)       
Net income (loss) attributable to Identive Group, Inc. stockholders' equity  $ (4,781) $ 177  $ (6,229)
Net income (loss) per share  $ (0.08) $ 0.00  $ (0.11)
Reconciling items included in GAAP net income (loss):      
Impairment of goodwill -- 655 --
Impairment related tax benefit -- (636) --
Re-measurement of contingent consideration -- -- 429
Amortization expense 435 433 935
Total reconciling items included in GAAP income (loss) 435 452 1,364
Non-GAAP net income (loss)   $ (4,346) $ 629  $ (4,865)
Non-GAAP net income (loss) per share   $ (0.07) $ 0.01  $ (0.08)
Weighted average shares used to compute basic and diluted income (loss) per share 60,233 60,165 58,599
CONTACT: Darby Dye
         +1 949 553-4251
         ddye@identive-group.com
         
         Lennart Streibel
         +49 89 9595 5195
         lstreibel@identive-group.com

Identive Group, Inc. Logo

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