Attached files
file | filename |
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10-Q - FORM 10-Q - GLOBAL TRAFFIC NETWORK, INC. | c62735e10vq.htm |
EX-31.1 - EX-31.1 - GLOBAL TRAFFIC NETWORK, INC. | c62735exv31w1.htm |
EX-31.2 - EX-31.2 - GLOBAL TRAFFIC NETWORK, INC. | c62735exv31w2.htm |
EX-10.1 - EX-10.1 - GLOBAL TRAFFIC NETWORK, INC. | c62735exv10w1.htm |
EX-10.2 - EX-10.2 - GLOBAL TRAFFIC NETWORK, INC. | c62735exv10w2.htm |
EX-32.1 - EX-32.1 - GLOBAL TRAFFIC NETWORK, INC. | c62735exv32w1.htm |
Exhibit 99.1
Global Traffic Network, Inc. Reports Fiscal Second Quarter 2011
Operating Results
Achieves Record Revenue, Earnings and Adjusted Operating Income
Quarterly Revenue Up 24% while Adjusted Operating Income Increases $3.65 million
Quarterly Revenue Up 24% while Adjusted Operating Income Increases $3.65 million
New York, NY, February 11, 2011 Global Traffic Network, Inc. (Nasdaq: GNET), a leading
provider of custom traffic and news reports to radio and television stations outside the United
States, today announced its results for the fiscal second quarter ended December 31, 2010.
The Companys revenue for the quarter ended December 31, 2010 was $31.8 million, an increase of 24%
from $25.6 million reported in the second quarter of fiscal 2010. Revenue from the Companys
Australian, Canadian and United Kingdom operations were up 21%, 84% and 11%, respectively, from the
fiscal second quarter of 2010. When measured in local currencies, Australian, Canadian and United
Kingdom revenues increased 11%, 78% and 15%, respectively compared to the prior year quarter.
Adjusted Operating Income more than doubled to $6.9 million for the fiscal second quarter ended
December 31, 2010 compared to $3.2 million for the quarter ended December 31, 2009. The Company
defines Adjusted Operating Income (Loss) as net operating income (loss) plus depreciation and
amortization expense. Adjusted Operating Income includes the impact of non-cash compensation from
the granting of stock options and restricted stock which was $0.35 million for the current quarter
compared to $0.3 million for the previous year quarter.
Net income for the second quarter of fiscal 2011 was $3.75 million compared to $0.8 million for the
same quarter a year ago. In addition to the continued profitability of the Companys Australian
and United Kingdom operations, the Companys Canadian operations were profitable for the first
time. Included in the United Kingdom results were $0.7 million of amortization expense related to
the intangibles of the Companys acquisition of Unique Broadcasting in March 2009.
The Companys revenue for the six months ended December 31, 2010 was $57.1 million, an increase of
24% from $46.0 million reported in the second quarter of fiscal 2010. Revenue from the Companys
Australian, Canadian and United Kingdom operations were up 23%, 97% and 7%, respectively, from the
six month period ended December 31, 2009. When measured in local currencies, Australian, Canadian
and United Kingdom revenues increased 14%, 88% and 12%, respectively compared to the prior year six
month period.
Adjusted Operating Income increased $6.8 million to $10.7 million for the six month period ended
December 31, 2010 compared to $3.9 million for the comparable period ended December 31, 2009.
Adjusted Operating Income includes the impact of non-cash compensation from the
granting of stock options and restricted stock which was $0.7 million for the current period
compared to $0.6 million for the year ago period.
Net income for the first six months of fiscal 2011 was $5.1 million compared to a net loss of $0.2
million in the year ago period. In addition to the continued profitability of the Australian
operations, the Companys United Kingdom operations attained profitability while the Companys
Canadian operations significantly reduced their net loss compared to the six months ended December
31, 2009. Included in the United Kingdom current results were $1.3 million of amortization expense
related to the intangibles of the Companys acquisition of Unique Broadcasting in March 2009.
Commenting on the results, William L. Yde III, Chairman, Chief Executive Officer and President of
Global Traffic Network, said, We have had a very strong first half of fiscal 2011 as we have
increased the momentum that began in the previous fiscal year. Australia, Canada and United
Kingdom sales were significantly higher than the year ago quarter in the local currencies with
Australian revenue increasing 11%, Canadian revenue increasing 78% and United Kingdom revenue
increasing 15%. Revenue for January was strong as well. In addition, currency exchange rates
continued to have a positive impact on our consolidated results and based on the exchange rates to
date appear poised to continue to be a benefit in the third quarter of fiscal 2011.
Mr. Yde continued, Our strong revenue growth resulted in record Adjusted Operating Income for the
quarter. Adjusted Operating Income increased from $3.2 million for the quarter ended December 31,
2009 to $6.9 million for the quarter ended December 31, 2010. Only 8% of our Adjusted Operating
Income was due to favorable currency fluctuations while the remaining increase pertained to
increased performance in our local markets. We are especially pleased with the progress of our
Canadian operations which achieved both positive Adjusted Operating Income and net income on a
quarterly basis for the first time ever. While there is still much to be accomplished in Canada,
this is a significant milestone for the Company.
Mr. Yde concluded, We anticipate solid growth for this quarter and the remainder of the fiscal
year. We believe the investments we made in our company during the economic downturn made us even
stronger and we feel this commitment will ensure the long term success of our Company. We are able
to take advantage of opportunities regardless of the economic climate because of our strong balance
sheet which has no debt and over $1.50 per share in cash. We continue to be well positioned in the
advertising market place, with no significant direct competitors, an extremely effective product
and a seasoned, experienced sales staff.
Third Fiscal Quarter 2011 Outlook
To date, for the Companys fiscal third quarter ending March 31, 2011, revenue reflected in the
Companys internal sales reports is higher compared to the fiscal third quarter ended March 31,
2010. The Companys anticipates that its fixed operating, sales and general and administrative
expenses will increase over fiscal second quarter 2011 as well as the comparable (third) quarter of
fiscal 2010 when measured in local currencies. With the exception of sales commissions and certain
U.K. operating expenses, the vast majority of the Companys costs are fixed and not readily reduced
in the short or intermediate term. The Company also anticipates its variable
costs will be higher due to the anticipated increase in revenue. The U.S. dollar has been weaker
to date during the fiscal third quarter of 2011 when compared to the Australian dollar, Canadian
dollar and British pound for the same period. The impact of a weaker U.S. dollar, all other things
being equal, is to increase the reported revenues and expenses when local currency financial
statements are translated into financial statements reported in U.S. dollars compared to a neutral
exchange rate. Conversely, a stronger U.S. dollar decreases the reported revenues and expenses.
Should foreign exchange rates and revenues from the Companys consolidated operations end fiscal
third quarter 2011 consistent with the exchange rates to date and current sales pacings, the
Company anticipates revenues, Adjusted Operating Income and net income will exceed the fiscal third
quarter ended March 31, 2010.
Conference Call
Global Traffic Network, Inc. will host a conference call at 8:30 a.m. EST on Friday,
February 11, 2011, to discuss its fiscal second quarter 2011 results, as well as other relevant
matters. To listen to the call, dial (877) 303-9131 (domestic), or (408) 337-0141 (international),
and enter the pass code 39899230. The call will also be available live on the Internet at
www.globaltrafficnetwork.com. A replay of the call will be available from 11:30 a.m.
February 11, 2011 through February 18, 2011. To access the replay, please call (800) 642-1687
(domestic) or (706) 645-9291 (international) and enter the following code: 39899230.
About Global Traffic Network
Global Traffic Network, Inc. (Nasdaq: GNET) is a leading provider of custom traffic and news
reports to radio and television stations outside the U.S. The Company operates the largest traffic
and news network in Australia, operates traffic networks in eight Canadian markets and the largest
national radio traffic network across the United Kingdom. In exchange for providing custom traffic
and news reports, television and radio stations provide Global Traffic Network with commercial
airtime inventory that the Company sells to advertisers. As a result, radio and television
stations incur no out-of-pocket costs when contracting to use Global Traffic Networks services.
For more information, visit the Companys website at www.globaltrafficnetwork.com.
This press release contains statements that constitute forward-looking
statements. These statements reflect the Companys current views with respect to future events. These
forward-looking statements involve known and unknown risks, uncertainties and other factors,
including those discussed under the heading Risk Factors and elsewhere in the Companys annual
report 10-K, which may cause the actual results, performance or achievements to be materially
different from any future results, performances or achievements anticipated or implied by these
forward-looking statements. These statements can be recognized by the use of words such as
anticipate, may, will, intend, should, could, can, would, expect, believe,
estimate, predict, potential, plan, is designed to, target or the negative of these
terms, and similar expressions. The Company does not undertake to revise or update any
forward-looking statements to reflect future events or circumstances.
Currency Exchange Rates for Income Statement Information | ||||||||||||
Three Months Ending | Three Months Ending | |||||||||||
December 31, 2010 | December 31, 2009 | Difference | ||||||||||
Australia |
0.9887 | 0.9094 | +8.7 | % | ||||||||
Canada |
0.9873 | 0.9469 | +4.3 | % | ||||||||
United Kingdom |
1.5803 | 1.6344 | (3.3 | )% |
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
Global Traffic Network, Inc. defines Adjusted Operating Income (Loss) as net operating
income (loss) adjusted to exclude depreciation and amortization expense. The Company uses
Adjusted Operating Income (Loss), among other things, to evaluate its operating performance. The
Company believes the presentation of this measure is relevant and useful for investors because it
helps improve their ability to understand the Companys operating performance and makes it easier
to compare the Companys results with other companies that have different financing and capital
structures or tax rates. In addition, the Company believes this measure is among the measures used
by investors, analysts and peers in the media industry for purposes of evaluation and comparing its
operating performance to other companies.
Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with
generally accepted accounting principles (GAAP) and it should not be considered in isolation of,
or as a substitute for, net operating income (loss) as an indicator of operating performance.
Because Adjusted Operating Income (Loss) excludes certain financial information compared with net
operating income (loss), the most directly comparable GAAP financial measure, users of this
financial information should consider the types of events and transactions which are excluded. In
addition, Adjusted Operating Income (Loss) may not be comparable to measures of adjusted operating
income, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA,
operating cash flow or similarly titled measures employed by other companies. Adjusted Operating
Income (Loss) is not necessarily a measure of the Companys ability to fund its cash needs.
The following presents the reconciliation of net operating income to Adjusted Operating Income
for the three and six month periods ended December 31, 2010 and 2009.
Three Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
(In thousands) | (In thousands) | (In thousands) | (In thousands) | |||||||||||||
Net operating income |
$ | 5,393 | $ | 1,923 | $ | 7,784 | $ | 1,321 | ||||||||
Add back: |
||||||||||||||||
Depreciation and amortization expense |
1,486 | 1,310 | 2,913 | 2,557 | ||||||||||||
Adjusted Operating Income |
$ | 6,879 | $ | 3,233 | $ | 10,697 | $ | 3,878 | ||||||||
Global Traffic Network, Inc.
Income Statement Detail
(Unaudited)
Income Statement Detail
(Unaudited)
(In thousands)
Three Months Ended December 31,
2010 | 2010 | 2010 | 2010 | 2010 | 2010 | |||||||||||||||||||
Australia | Canada | UK | Mobile | Corporate | Total | |||||||||||||||||||
Revenues |
$ | 19,189 | $ | 4,631 | $ | 7,991 | $ | | $ | | $ | 31,811 | ||||||||||||
Operating expenses |
||||||||||||||||||||||||
Traffic |
5,881 | 2,685 | 5,585 | 188 | | 14,339 | ||||||||||||||||||
News |
2,842 | | 754 | | | 3,596 | ||||||||||||||||||
TV |
254 | | | | | 254 | ||||||||||||||||||
Selling, G&A |
3,323 | 1,295 | 901 | 15 | | 5,534 | ||||||||||||||||||
Corporate overhead |
438 | | | | 421 | 859 | ||||||||||||||||||
Non-cash compensation |
| | | | 350 | 350 | ||||||||||||||||||
Depreciation/amortization |
284 | 484 | 717 | 1 | | 1,486 | ||||||||||||||||||
Net operating income (loss) |
6,167 | 167 | 34 | (204 | ) | (771 | ) | 5,393 | ||||||||||||||||
Interest expense |
| | | | | | ||||||||||||||||||
Other (income) |
(288 | ) | (4 | ) | (5 | ) | | | (297 | ) | ||||||||||||||
Other expense |
| 4 | | | | 4 | ||||||||||||||||||
Net income (loss) before taxes |
6,455 | 167 | 39 | (204 | ) | (771 | ) | 5,686 | ||||||||||||||||
Income tax expense (benefit) |
1,937 | | (2 | ) | | 1 | 1,936 | |||||||||||||||||
Net income (loss) |
$ | 4,518 | $ | 167 | $ | 41 | $ | (204 | ) | $ | (772 | ) | $ | 3,750 |
2009 | 2009 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||||||
Australia | Canada | UK | Mobile | Corporate | Total | |||||||||||||||||||
Revenues |
$ | 15,925 | $ | 2,498 | $ | 7,200 | $ | 1 | $ | | $ | 25,624 | ||||||||||||
Operating expenses |
||||||||||||||||||||||||
Traffic |
5,056 | 2,422 | 5,688 | 207 | | 13,373 | ||||||||||||||||||
News |
2,579 | | 523 | | | 3,102 | ||||||||||||||||||
TV |
252 | | | | | 252 | ||||||||||||||||||
Selling, G&A |
2,699 | 755 | 998 | 19 | | 4,471 | ||||||||||||||||||
Corporate overhead |
410 | | | | 468 | 878 | ||||||||||||||||||
Non-cash compensation |
| | | | 315 | 315 | ||||||||||||||||||
Depreciation/amortization |
260 | 291 | 734 | 25 | | 1,310 | ||||||||||||||||||
Net operating income (loss) |
4,669 | (970 | ) | (743 | ) | (250 | ) | (783 | ) | 1,923 | ||||||||||||||
Interest expense |
9 | | | | | 9 | ||||||||||||||||||
Other (income) |
(163 | ) | | (39 | ) | | 3 | (199 | ) | |||||||||||||||
Other expense |
| 1 | | 2 | | 3 | ||||||||||||||||||
Net income (loss) before taxes |
4,823 | (971 | ) | (704 | ) | (252 | ) | (786 | ) | 2,110 | ||||||||||||||
Income tax expense (benefit) |
1,460 | | (172 | ) | | | 1,288 | |||||||||||||||||
Net income (loss) |
$ | 3,363 | $ | (971 | ) | $ | (532 | ) | $ | (252 | ) | $ | (786 | ) | $ | 822 |
Global Traffic Network, Inc.
Income Statement Detail
(Unaudited)
Income Statement Detail
(Unaudited)
(In thousands)
Six Months Ended December 31,
Six Months Ended December 31,
2010 | 2010 | 2010 | 2010 | 2010 | 2010 | |||||||||||||||||||
Australia | Canada | UK | Mobile | Corporate | Total | |||||||||||||||||||
Revenues |
$ | 34,518 | $ | 7,484 | $ | 15,112 | $ | | $ | | $ | 57,114 | ||||||||||||
Operating expenses |
||||||||||||||||||||||||
Traffic |
11,350 | 5,039 | 10,797 | 357 | | 27,543 | ||||||||||||||||||
News |
5,264 | | 1,023 | | | 6,287 | ||||||||||||||||||
TV |
491 | | | | | 491 | ||||||||||||||||||
Selling, G&A |
6,045 | 2,053 | 1,598 | 37 | | 9,733 | ||||||||||||||||||
Corporate overhead |
853 | | | | 835 | 1,688 | ||||||||||||||||||
Non-cash compensation |
| | | | 675 | 675 | ||||||||||||||||||
Depreciation/amortization |
533 | 959 | 1,420 | 1 | | 2,913 | ||||||||||||||||||
Net operating income (loss) |
9,982 | (567 | ) | 274 | (395 | ) | (1,510 | ) | 7,784 | |||||||||||||||
Interest expense |
| | | | | | ||||||||||||||||||
Other (income) |
(538 | ) | (4 | ) | (6 | ) | | | (548 | ) | ||||||||||||||
Other expense |
| 6 | | | 1 | 7 | ||||||||||||||||||
Net income (loss) before taxes |
10,520 | (569 | ) | 280 | (395 | ) | (1,511 | ) | 8,325 | |||||||||||||||
Income tax expense |
3,160 | | 65 | | 16 | 3,241 | ||||||||||||||||||
Net income (loss) |
$ | 7,360 | $ | (569 | ) | $ | 215 | $ | (395 | ) | $ | (1,527 | ) | $ | 5,084 |
2009 | 2009 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||||||
Australia | Canada | UK | Mobile | Corporate | Total | |||||||||||||||||||
Revenues |
$ | 28,017 | $ | 3,809 | $ | 14,124 | $ | 31 | $ | | $ | 45,981 | ||||||||||||
Operating expenses |
||||||||||||||||||||||||
Traffic |
9,635 | 4,677 | 11,129 | 302 | | 25,743 | ||||||||||||||||||
News |
4,515 | | 965 | | | 5,480 | ||||||||||||||||||
TV |
464 | | | | | 464 | ||||||||||||||||||
Selling, G&A |
4,997 | 1,148 | 1,847 | 133 | | 8,125 | ||||||||||||||||||
Corporate overhead |
785 | | | | 873 | 1,658 | ||||||||||||||||||
Non-cash compensation |
| | | | 633 | 633 | ||||||||||||||||||
Depreciation/amortization |
499 | 533 | 1,472 | 53 | | 2,557 | ||||||||||||||||||
Net operating income (loss) |
7,122 | (2,549 | ) | (1,289 | ) | (457 | ) | (1,506 | ) | 1,321 | ||||||||||||||
Interest expense |
15 | | | | | 15 | ||||||||||||||||||
Other (income) |
(313 | ) | (9 | ) | (84 | ) | | (102 | ) | (508 | ) | |||||||||||||
Other expense |
| 4 | | 26 | | 30 | ||||||||||||||||||
Net income (loss) before taxes |
7,420 | (2,544 | ) | (1,205 | ) | (483 | ) | (1,404 | ) | 1,784 | ||||||||||||||
Income tax expense (benefit) |
2,241 | | (245 | ) | | | 1,996 | |||||||||||||||||
Net income (loss) |
$ | 5,179 | $ | (2,544 | ) | $ | (960 | ) | $ | (483 | ) | $ | (1,404 | ) | $ | (212 | ) |
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share amounts)
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenues |
$ | 31,811 | $ | 25,624 | $ | 57,114 | $ | 45,981 | ||||||||
Operating expenses (exclusive of
depreciation and amortization shown
separately below) |
18,189 | 16,727 | 34,321 | 31,687 | ||||||||||||
Selling, general and administrative expenses |
6,743 | 5,664 | 12,096 | 10,416 | ||||||||||||
Depreciation and amortization expense |
1,486 | 1,310 | 2,913 | 2,557 | ||||||||||||
Net operating income |
5,393 | 1,923 | 7,784 | 1,321 | ||||||||||||
Interest expense |
| 9 | | 15 | ||||||||||||
Other (income) (including interest income
of $290 and $162 for the three months ended
December 31, 2010 and 2009 and interest
income of $540 and $313 for the six months
ended December 31, 2010 and 2009) |
(297 | ) | (199 | ) | (548 | ) | (508 | ) | ||||||||
Other expense |
4 | 3 | 7 | 30 | ||||||||||||
Net income before income taxes |
5,686 | 2,110 | 8,325 | 1,784 | ||||||||||||
Income tax expense |
1,936 | 1,288 | 3,241 | 1,996 | ||||||||||||
Net income (loss) |
$ | 3,750 | $ | 822 | $ | 5,084 | $ | (212 | ) | |||||||
Income (loss) per common share: |
||||||||||||||||
Basic |
$ | 0.21 | $ | 0.05 | $ | 0.28 | $ | (0.01 | ) | |||||||
Diluted |
$ | 0.20 | $ | 0.05 | $ | 0.27 | $ | (0.01 | ) | |||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
18,178,570 | 18,091,502 | 18,173,925 | 18,091,502 | ||||||||||||
Diluted |
18,742,974 | 18,121,113 | 18,528,757 | 18,091,502 |
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, | June 30, | |||||||
2010 | 2010 | |||||||
(Unaudited) | (Unaudited) | |||||||
ASSETS: |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 29,504 | $ | 19,564 | ||||
Accounts receivable net of allowance for doubtful
accounts of $117 and $69 at December 31, 2010 and
June 30, 2010 |
26,291 | 18,790 | ||||||
Prepaids and other current assets |
1,653 | 1,989 | ||||||
Deferred tax assets |
337 | 239 | ||||||
Total current assets |
57,785 | 40,582 | ||||||
Property and equipment, net |
6,482 | 6,693 | ||||||
Intangibles |
12,269 | 13,013 | ||||||
Goodwill |
4,447 | 4,257 | ||||||
Deferred tax assets |
170 | 129 | ||||||
Other assets |
383 | 414 | ||||||
Total assets |
$ | 81,536 | $ | 65,088 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY: |
||||||||
Current Liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | 15,175 | $ | 11,709 | ||||
Deferred revenue |
339 | 810 | ||||||
Income taxes payable |
2,236 | 1,306 | ||||||
Total current liabilities |
17,750 | 13,825 | ||||||
Deferred tax liabilities |
2,936 | 2,747 | ||||||
Other liabilities |
447 | 349 | ||||||
Total liabilities |
21,133 | 16,921 | ||||||
Preferred stock, $.001 par value; 10,000,000
authorized; 0 issued and outstanding as of December
31, 2010 and June 30, 2010 |
| | ||||||
Common stock, $.001 par value; 100,000,000 shares
authorized; 18,474,731 shares issued and outstanding
as of December 31, 2010 and 18,409,834 shares issued
and outstanding as of June 30, 2010 |
18 | 18 | ||||||
Additional paid in capital |
52,066 | 51,391 | ||||||
Accumulated other comprehensive income |
6,866 | 389 | ||||||
Retained earnings (accumulated deficit) |
1,453 | (3,631 | ) | |||||
Total shareholders equity |
60,403 | 48,167 | ||||||
Total liabilities and shareholders equity |
$ | 81,536 | $ | 65,088 | ||||
GLOBAL TRAFFIC NETWORK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | 5,084 | $ | (212 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
2,913 | 2,557 | ||||||
Allowance for doubtful accounts |
48 | (3 | ) | |||||
Non-cash compensation expense |
675 | 633 | ||||||
Change in deferred taxes |
12 | (274 | ) | |||||
Foreign currency translation income |
| (101 | ) | |||||
Loss on disposal or write down of assets |
92 | 26 | ||||||
Changes in assets and liabilities (net of effects from purchase of controlled entity): |
||||||||
Accounts receivable |
(4,581 | ) | (1,576 | ) | ||||
Prepaid and other current assets and other assets |
566 | 151 | ||||||
Accounts payable and accrued expenses and other liabilities |
1,756 | 1,293 | ||||||
Deferred revenue |
(563 | ) | (782 | ) | ||||
Income taxes payable |
599 | (711 | ) | |||||
Net cash provided by operating activities |
6,601 | 1,001 | ||||||
Cash flows from investing activities: |
||||||||
Purchase of property and equipment |
(737 | ) | (1,072 | ) | ||||
Acquisition of business |
| (3,488 | ) | |||||
Net cash used in investing activities |
(737 | ) | (4,560 | ) | ||||
Cash flows from financing activities: |
||||||||
Repayment of long term debt |
| (414 | ) | |||||
Net cash used in financing activities |
| (414 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents |
4,076 | 1,586 | ||||||
Net increase (decrease) in cash and cash equivalents |
9,940 | (2,387 | ) | |||||
Cash and cash equivalents at beginning of fiscal period |
19,564 | 21,419 | ||||||
Cash and cash equivalents at end of fiscal period |
$ | 29,504 | $ | 19,032 | ||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid during the fiscal period for: |
||||||||
Interest |
$ | | $ | 15 | ||||
Income taxes |
$ | 2,625 | $ | 3,010 | ||||
At KCSA Strategic Communications
Phil Carlson / Marybeth Csaby
212-896-1233/1236
pcarlson@kcsa.com / mcsaby@kcsa.com
or
At Global Traffic Network, Inc.
Scott Cody, 212-896-1255
Chief Financial Officer,
Chief Operating Officer & Treasurer
scott.cody@globaltrafficnet.com
Phil Carlson / Marybeth Csaby
212-896-1233/1236
pcarlson@kcsa.com / mcsaby@kcsa.com
or
At Global Traffic Network, Inc.
Scott Cody, 212-896-1255
Chief Financial Officer,
Chief Operating Officer & Treasurer
scott.cody@globaltrafficnet.com
Source: Global Traffic Network, Inc.
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