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8-K - FORM 8-K - Primo Water Corp | c14617e8vk.htm |
Exhibit 99.1
Contact:
Primo Water Corporation
Mark Castaneda, Chief Financial Officer
(336) 331-4000
Primo Water Corporation
Mark Castaneda, Chief Financial Officer
(336) 331-4000
ICR Inc.
John Mills
Katie Turner
(646) 277-1228
John Mills
Katie Turner
(646) 277-1228
Primo Water Announces Results for the Fourth Quarter and Year Ended December 31, 2010
WINSTON-SALEM, N.C., March 24, 2011 Primo Water Corporation (Nasdaq: PRMW), a rapidly
growing provider of three-and five-gallon purified bottled water, self-serve filtered drinking
water and water dispensers sold through major retailers throughout the United States and Canada
today announced financial results for the fourth quarter and year ended December 31, 2010.
Business Highlights
| Fourth quarter net sales increased 61% compared to the prior year period. |
||
| Fourth quarter GAAP EPS of ($0.96) and Non-GAAP EPS of ($0.13) for 2010. GAAP EPS
includes non-recurring charges of $8.3 million related to recent IPO and acquisition of
Culligan Refill. |
||
| Gross margin increased 730 basis points to 29.6% compared to 22.3% in the fourth quarter
of 2009. |
||
| Exchange same-store unit sales increased 5.1% for the fourth quarter of 2010. |
||
| Full year 2010 dispenser sales at retail to consumers increased 14% to over 235,000
units. |
||
| 12,600 combined locations for Exchange and Refill at year end. |
||
| Successful completion of the Culligan Refill acquisition. |
Fourth Quarter Results
For the fourth quarter of 2010, net sales increased 61% to $12.7 million from $7.9 million in the
fourth quarter of 2009, consistent with previous guidance. The fourth quarter results include the
impact of the Culligan Refill business from the acquisition date of November 10, 2010.
The net loss from continuing operations for the fourth quarter of 2010 was ($10.7) million or
($0.96) per share, compared to ($3.2) million or ($2.22) per share in the same period in the prior
year. Additionally, the fourth quarter of 2010 Non-GAAP pro forma fully-taxed result was a loss of
($0.13) per share and the Company reported Non-GAAP adjusted EBITDA of $0.2 million. The Company
does not expect to pay taxes through 2012 as they have sufficient net operating loss carryforwards
to offset taxable income.
Sales from the water operations, which consists of the three-and five-gallon purified bottled water
exchange service (Exchange) and the self-serve filtered water vending service (Refill), for the
fourth quarter of 2010 increased 70.3% to $9.5 million compared to $5.6 million in the fourth
quarter of 2009. The sales improvement was due to an 11.4% increase in Exchange sales driven by an
increase in bottle units sold to 1.0 million compared to 0.9 million in the same period of 2009.
Exchange same-store unit sales increased 5.1% in the fourth quarter of 2010 compared to the same
period last year. In addition, sales for Refill accounted for $3.3 million of our total sales in
the quarter and the Company began recognizing the sales from the acquisition on November 10, 2010.
At December 31, 2010, the Exchange and Refill services were offered in the United States and in
Canada at approximately a combined 12,600 retail locations.
The Companys water dispenser (Product) sales for the fourth quarter of 2010 increased 38.3% to
$3.2 million compared to $2.3 million in the fourth quarter of 2009. The increase is due to
primarily to the addition of several new water dispenser models, which began shipping in the fourth
quarter of 2010. The sales increase reversed a trend of decreases in sales during the year as
retailers managed their inventory down to clear out older model, higher priced inventory.
Gross profit for the fourth quarter 2010 increased to $3.8 million compared to a gross profit of
$1.8 million in the fourth quarter of 2009. The gross profit margin increased 730 basis points to
29.6% compared to 22.3% in the fourth quarter of 2009. The improvement in gross profit margin is
primarily the result of an increased mix of higher margin Exchange sales and the addition of the
Culligan Refill business. Exchange and Refill sales represented 72.2% of total sales during the
quarter compared to 66.3% of sales in the fourth quarter of 2009. Gross margins for Exchange and
Refill were 27.3% and 54.0%, respectively, for the fourth quarter of 2010.
Selling, general and administrative (SG&A) expenses were $3.8 million or 30.1% of net sales for
the fourth quarter of 2010, compared to $2.5 million or 31.9% of net sales in the fourth quarter of
2009. The increase is the result of increased headcount necessary to operate as a public company,
additional costs related to the Refill acquisition and the costs of operating duplicate back-office
operations. SG&A decreased as a percent of net sales, a trend the Company expects to continue as
they reduce duplicate costs related to the refill acquisition and leverage SG&A expenses with
increased sales growth.
We are pleased to report that Primo Water achieved record results for the fourth quarter of 2010
as we continue our mission of providing great tasting purified water in an environmentally
responsible way, commented Billy D. Prim, Primo Waters President & CEO. We are on track with our
refill acquisition integration efforts and expect to achieve synergy savings over the course of
2011. We are
very encouraged with the rate that consumers continue to add water dispensers to their homes. Our
retailers sold over 230,000 dispenser units (razors) to consumers in 2010, which we expect to
lead to continued growth in our higher margin water sales (razorblades).
Fiscal Year 2010 Results
Net sales for 2010 decreased 5.1% to $44.6 million from $47.0 million for 2009. The decrease in
net sales for 2010 resulted primarily from a 35.4% decrease in Product sales offset by a 23.2%
increase in water sales, which includes the Exchange and Refill businesses. For 2010, net loss
attributable to common shareholders was ($22.7) million or ($5.81) per share compared to ($14.7)
million or ($10.23) per share in 2009. For 2010, the Company reported a Non-GAAP pro forma
fully-taxed loss of ($1.50) per share and Non-GAAP adjusted EBITDA of ($1.5) million.
Exchange sales increased by 10% in 2010 compared to 2009, which was the result of an 11% increase
in water bottle units sold to approximately 4.3 million units. The increase in units sold was
driven by a 14% increase in Exchange selling locations to approximately 8,000 at December 31, 2010
as well as an increase in same store units of approximately 5% for 2010. In addition, sales for
Refill accounted for $3.3 million since the acquisition on November 10, 2010 from approximately
4,600 locations. Product sales decreased $8.1 million or 35.4% to $14.7 million, representing 33.0%
of total net sales for 2010. We believe the decrease in sales is primarily the result of retailers
continuing to manage their inventory levels in anticipation of the new product line, which the
Company began shipping in the fourth quarter of 2010. Product sales in the fourth quarter of 2010
increased 38.3% compared to prior year. Product sales at retail to end consumers increased 14% in 2010
compared to 2009.
The Companys overall gross margin increased to 23.3% in 2010 from 17.5% in 2009, primarily as a
result of a higher mix of high margin water sales, which represented 63.3% of sales in 2010
compared to 48.2% in 2009. SG&A expenses increased $2.7 million or 27.2% to $12.6
million for 2010, which is primarily due to an increase in headcount and related costs associated
with becoming a public company, costs related to the Companys Refill acquisition and costs of
operating duplicate back-office operations.
Balance Sheet Highlights
The IPO and Refill acquisition in November of 2010 resulted in increases across the Companys
balance sheet. First, working capital increased by $7.5 million at December 31, 2010 compared to
the prior year primarily due to increases in accounts receivables and inventory of $4.7 million and
$1.8 million, respectively. Additionally, property and equipment, goodwill and intangibles
increased $20.6 million, $77.4 million and $10.0 million, respectively compared to 2009.
Furthermore, our stockholders equity increased $113.8 million compared to the prior year, primarily
as a result of the IPO and shares issued related to the Refill acquisition. The Company ended the
year with $17.9 million in debt on their $40 million credit facility.
First Quarter and Full Year 2011 Guidance
The Company ended 2010 with approximately 12,600 combined Exchange and Refill locations, excluding
the 600 Exchange locations acquired from Culligan Canada in March, 2011. The Company continues to
expect sales to increase 80% to 85%, or in the range of $15.9 to $16.3 million, in the first
quarter of 2011 compared to the same period last year. Primo expects to end the first quarter with
between 14,500 to 14,900 combined Exchange and Refill locations. The Company expects to achieve
first quarter GAAP loss per diluted share of ($0.07) to ($0.11), non-GAAP pro forma fully-taxed
earnings (loss) per diluted share of ($0.04) to break-even, GAAP loss from operations of ($0.4) to
($1.2) million and Non-GAAP pro forma EBITDA in the range of $1.8 to $2.6 million. The adjustments
from the GAAP to non-GAAP measures consist of adjustments related to stock-based compensation,
non-recurring acquisition related costs and the impact of applying full tax.
For 2011, the Company continues to expect sales to increase 260% to 275%, or in the range of $116
to $123 million, which includes the impact of the previously announced acquisitions. Primo expects
to end the year with between 18,700 to 19,700 retail locations, which is the result of adding
between 5,700 to 6,700 retail locations for the year. The Company also expects to achieve full year
2011 GAAP earnings per diluted share of $0.06 to $0.15, non-GAAP pro forma fully-taxed earnings per
diluted share of $0.16 to $0.24, GAAP income from operations in the range of $5.3 to $7.5 million
and Non-GAAP pro forma EBITDA in the range of $16.5 to $19.5 million. The adjustments from the GAAP
to non-GAAP measures consist of adjustments related to stock-based compensation, non-recurring
acquisition related costs and the impact of applying full tax.
Recent Developments
Single-Serve Cold Carbonated Beverage Market Entry
As previously announced on March 9, 2011, Primo Water entered into an agreement to acquire certain
assets of Omnifrio Beverage Company, LLC, which consist primarily of appliance and intellectual
property related to single-serve cold carbonated beverages, along with consumable flavor cups, or
S-cups, and CO2 canisters used with the appliances to make a variety of cold beverages.
The purchase price for the Omnifrio assets will be approximately $13.1 million, consisting of
approximately $7.0 million in cash and the issuance of 501,080 unregistered shares of the Companys
common stock with a value of approximately $6.1 million (calculated based on the trailing 20-day
average closing price for the Companys common stock preceding the date of the acquisition
agreement). The acquisition is subject to customary conditions to closing and is expected to close
within approximately 30 days.
Primo continues to expect the Omnifrio business to generate $2.0 to $4.0 million in sales and
negatively impact GAAP diluted earnings per share in the range of ($0.23) to ($0.29), non-GAAP pro
forma fully-taxed diluted earnings per share in the range of ($0.14) to ($0.17), GAAP loss from
operations in the range of ($4.6) to ($5.8) million, and non-GAAP EBITDA in the range of ($4.0) to
($5.0) million for 2011. The difference in the GAAP and non-GAAP measures represents an add-back
for intangible amortization
of approximately $0.4 million and application of the full tax effect. Primo expects the acquisition
to be accretive to earnings and contribute to EBITDA in the range of $6.0 to $8.0 million in 2012.
Canadian Market Entry for Exchange
On March 9, 2011, Primo Water also announced the completion of the acquisition of certain assets
relating to Culligan Canadas 18-liter purified bottled water exchange business marketed to
retailers for resale to consumers. This service is provided to over 600 retail locations in
Canada, including Wal-Mart, Home Depot, Zellers and Sobeys. The existing Culligan distribution
network will continue to bottle and deliver water in the Canadian market for Primo.
The purchase price for the acquired assets was approximately $5.4 million, consisting of
approximately $1.6 million in cash and the issuance of 307,217 unregistered shares of the Companys
common stock with a value of approximately $3.8 million (calculated based on the trailing 20-day
average closing price for the Companys common stock preceding the date of the acquisition
agreement). The acquisition is expected to be approximately $0.01 accretive to 2011 earnings per
share on a fully-diluted, fully-taxed basis.
Mr. Prim concluded, We are very excited about our recent acquisitions, which will provide
increased innovation to our line of water dispensers and should create more Primo Water consumer
households. We are also excited about our entry into the Canadian Exchange market and the
opportunity to support many of our existing retailer customers as they expand their Canadian
business. We have only begun to realize the potential of our market-leading position and based on
our compelling business model and long-term growth forecasts we believe we will be able to achieve
strong profitable growth.
Primo Water will continue to execute on our three long-term strategies:
| Increase retail locations to 40,000 50,000; |
||
| Increase same-store sales of water by selling innovative beverage dispensers, which we
believe will lead to greater household penetration; and |
||
| Pursue strategic acquisitions. |
Conference Call
The Company will hold a conference call today, Thursday, March 24, 2011 at 4:30 p.m. The call
will be broadcast live over the Internet, hosted at the Investor Relations section of Primo Waters
website at www.primowater.com, and will be archived online through April 7, 2011. In addition,
listeners may dial (866) 712-2329 in North America, and international listeners may dial (253)
237-1244.
About Primo Water Corporation
Primo Water Corporation is a rapidly growing provider of three-and five-gallon purified bottled
water, self-serve filtered drinking water and water dispensers sold through major retailers
throughout the United States and Canada. The Companys products provide an environmentally
friendly, economical, convenient and healthy solution for consuming purified water.
Forward-Looking Statements
Certain statements contained herein (including our first quarter and full year 2011 guidance) are
not based on historical fact and are forward-looking statements within the meaning of the
applicable securities laws and regulations. Generally, these statements can be identified by the
use of words such as anticipate, believe, could, estimate, expect, feel, forecast,
intend, may, plan,
potential, project, should,
would, will, and similar expressions
intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Owing to the uncertainties inherent in forward-looking statements,
actual results could differ materially from those stated here. Factors that could cause actual
results to differ materially from those in the forward-looking statements include, but are not
limited to, the loss of major retail customers of the Company or the reduction in volume of
purchases by major retail customers, lower than anticipated consumer and retailer acceptance of the
Companys water bottle exchange and water bottle refill services and its water dispensers, changes
in the Companys relationships with its independent bottlers, distributors and suppliers, the entry
of a competitor with greater resources into the marketplace and competition and other business
conditions in the water and water dispenser industry in general, the Companys experiencing product
liability, product recall and higher than anticipated rates of warranty expense or sales returns
associated with a product quality or safety issue, the loss of key Company personnel, changes in
the regulatory framework governing the Companys business, the Companys inability or failure to
close the Omnifrio acquisition, the Companys inability to efficiently and effectively integrate
the Culligan and Omnifrio acquisitions with the Companys historical business, the Companys
inability to efficiently expand operations and capacity to meet growth, the Companys inability to
introduce and produce new product offerings, and the failure of lenders to honor their commitments
under the Companys credit facility, as well as other risks described more fully in the Companys
Prospectus filed with the Securities and Exchange Commission on November 5, 2010. Forward-looking
statements reflect managements analysis as of the date of this press release. The Company does not
undertake to revise these statements to reflect subsequent developments, other than in its regular,
quarterly earnings releases.
Use of Non-GAAP Financial Measures
To supplement its financial statements, the Company also provides investors with non-GAAP net loss
per basic and diluted share and adjusted EBITDA, which are both non-GAAP financial measures. The
Company believes that these non-GAAP measures provide useful information to management and
investors regarding certain financial and business trends relating to its financial condition and
results of operations. Management uses these non-GAAP measures to compare the Companys
performance to that of prior periods for trend analyses and planning purposes. These measures are
also presented to the Companys board of directors.
EBITDA consists of the net earnings (loss) from continuing operations before income taxes plus
depreciation and amortization, interest expense and the provision for income taxes. Adjusted EBITDA
consists of EBITDA plus non-cash share-based compensation expense and acquisition-related costs.
The Company uses adjusted EBITDA as a measure of operating performance because it assists
management in comparing performance on a consistent basis, as it removes from operating results the
impact of the
Companys capital structure, discontinued operations, non-cash charges and non-recurring
acquisition-related costs. Primo believes adjusted EBITDA is useful to an investor in evaluating
the Companys operating performance because it is widely used to measure a Companys operating
performance without regard to items such as depreciation and amortization, which can vary depending
upon accounting methods and the book value of assets, and presents a meaningful measure of
corporate performance exclusive of the Companys capital structure, discontinued operations and the
method by which assets were acquired. Primo also uses adjusted EBITDA for purposes of determining
executive and senior management incentive compensation as well as for determining covenant
compliance under its credit agreement.
Non-GAAP net loss per share consists of loss from continuing operations plus non-cash share-based
compensation expense, non-recurring acquisition-related costs and amortization expense related to
intangible assets divided by the weighted average number of shares of common stock outstanding
during each period. Primo believes non-GAAP net loss per share is useful to an investor because it
is widely used to measure a Companys operating performance.
These non-GAAP measures should not be considered a substitute for, or superior to, financial
measures calculated in accordance with generally accepted accounting principles in the United
States (GAAP). These non-GAAP financial measures exclude significant expenses and income that are
required by GAAP to be recorded in the Companys financial statements and are subject to inherent
limitations.
Primo Water Corporation and Subsidiaries
Non-GAAP Reconciliation
(Unaudited; in thousands, except per share amounts)
Non-GAAP Reconciliation
(Unaudited; in thousands, except per share amounts)
Three months ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2009 | 2010 | 2009 | 2010 | |||||||||||||
Net loss attributable to common shareholders |
$ | (6,140 | ) | $ | (10,717 | ) | $ | (14,866 | ) | $ | (22,724 | ) | ||||
Preferred dividends, beneficial conversion and
warrant modification charges |
760 | 5,771 | 3,042 | 9,831 | ||||||||||||
Net loss |
(5,380 | ) | (4,946 | ) | (11,824 | ) | (12,893 | ) | ||||||||
Loss from discontinued operations, net of income taxes |
2,913 | | 3,650 | | ||||||||||||
Loss from continuing operations |
(2,467 | ) | (4,946 | ) | (8,174 | ) | (12,893 | ) | ||||||||
Depreciation and amortization |
1,064 | 1,646 | 4,205 | 4,759 | ||||||||||||
Interest expense |
650 | 1,031 | 2,258 | 3,431 | ||||||||||||
Provision for income taxes |
| | | | ||||||||||||
EBITDA |
(753 | ) | (2,269 | ) | (1,711 | ) | (4,703 | ) | ||||||||
Non-cash, stock-based compensation expense |
74 | 291 | 298 | 685 | ||||||||||||
Acquisition-related costs |
| 2,184 | | 2,491 | ||||||||||||
Adjusted EBITDA |
$ | (679 | ) | $ | 206 | $ | (1,413 | ) | $ | (1,527 | ) | |||||
Net loss attributable to common shareholders |
$ | (6,140 | ) | $ | (10,717 | ) | $ | (14,866 | ) | $ | (22,724 | ) | ||||
Preferred dividends, beneficial conversion and
warrant modification charges |
760 | 5,771 | 3,042 | 9,831 | ||||||||||||
Net loss |
(5,380 | ) | (4,946 | ) | (11,824 | ) | (12,893 | ) | ||||||||
Loss from discontinued operations, net of income taxes |
2,913 | | 3,650 | | ||||||||||||
Loss from continuing operations |
(2,467 | ) | (4,946 | ) | (8,174 | ) | (12,893 | ) | ||||||||
Non-cash, stock-based compensation expense |
74 | 291 | 298 | 685 | ||||||||||||
Acquisition-related costs |
| 2,184 | | 2,491 | ||||||||||||
Amortization of intangible assets |
102 | 193 | 401 | 417 | ||||||||||||
Pro forma effect of full income tax |
848 | 843 | 2,766 | 3,441 | ||||||||||||
Non-GAAP net loss |
$ | (1,443 | ) | $ | (1,435 | ) | $ | (4,709 | ) | $ | (5,859 | ) | ||||
Basic and Diluted non-GAAP net loss per share |
$ | (0.99 | ) | $ | (0.13 | ) | $ | (3.24 | ) | $ | (1.50 | ) | ||||
Basic and diluted shares used to compute non-GAAP net
income per share |
1,453 | 11,194 | 1,453 | 3,910 | ||||||||||||
Primo Water Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2009 | 2010 | 2009 | 2010 | |||||||||||||
Net sales |
$ | 7,886 | $ | 12,706 | $ | 46,981 | $ | 44,607 | ||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of sales |
6,124 | 8,950 | 38,771 | 34,213 | ||||||||||||
Selling, general and administrative expenses |
2,516 | 3,823 | 9,922 | 12,621 | ||||||||||||
Acquisition-related costs |
| 2,184 | | 2,491 | ||||||||||||
Depreciation and amortization |
1,064 | 1,646 | 4,205 | 4,759 | ||||||||||||
Total operating costs and expenses |
9,704 | 16,603 | 52,898 | 54,084 | ||||||||||||
Loss from operations |
(1,818 | ) | (3,897 | ) | (5,917 | ) | (9,477 | ) | ||||||||
Interest expense |
(650 | ) | (1,031 | ) | (2,258 | ) | (3,431 | ) | ||||||||
Other income, net |
1 | (18 | ) | 1 | 15 | |||||||||||
Loss from continuing operations before income taxes |
(2,467 | ) | (4,946 | ) | (8,174 | ) | (12,893 | ) | ||||||||
Provision for income taxes |
| | | - | ||||||||||||
Loss from continuing operations |
(2,467 | ) | (4,946 | ) | (8,174 | ) | (12,893 | ) | ||||||||
Loss from discontinued operations, net of income taxes |
(2,913 | ) | | (3,650 | ) | - | ||||||||||
Net loss |
(5,380 | ) | (4,946 | ) | (11,824 | ) | (12,893 | ) | ||||||||
Preferred dividends, beneficial conversion and warrant
modification charges |
(760 | ) | (5,771 | ) | (3,042 | ) | (9,831 | ) | ||||||||
Net loss attributable to common shareholders |
$ | (6,140 | ) | $ | (10,717 | ) | $ | (14,866 | ) | $ | (22,724 | ) | ||||
Basic and diluted loss per common share: |
||||||||||||||||
Loss from continuing operations attributable to common
shareholders |
$ | (2.22 | ) | $ | (0.96 | ) | $ | (7.72 | ) | $ | (5.81 | ) | ||||
Loss from discontinued operations attributable to common
shareholders |
(2.00 | ) | | (2.51 | ) | | ||||||||||
Net loss attributable to common shareholders |
$ | (4.22 | ) | $ | (0.96 | ) | $ | (10.23 | ) | $ | (5.81 | ) | ||||
Basic and diluted weighted average common shares outstanding |
1,453 | 11,194 | 1,453 | 3,910 | ||||||||||||
Primo Water Corporation
Consolidated Balance Sheets
(in thousands, except par value data)
Consolidated Balance Sheets
(in thousands, except par value data)
December 31, | ||||||||
2009 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | | $ | 443 | ||||
Accounts receivable, net |
1,888 | 6,605 | ||||||
Inventories |
1,849 | 3,651 | ||||||
Prepaid expenses and other current assets |
1,083 | 1,838 | ||||||
Total current assets |
4,820 | 12,537 | ||||||
Bottles, net |
1,997 | 2,505 | ||||||
Property and equipment, net |
14,321 | 34,890 | ||||||
Intangible assets, net |
1,077 | 11,039 | ||||||
Goodwill |
| 77,415 | ||||||
Other assets |
153 | 1,225 | ||||||
Total assets |
$ | 22,368 | $ | 139,611 | ||||
Liabilities and stockholders equity (deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 2,756 | 4,547 | |||||
Accrued expenses and other current liabilities |
4,144 | 2,923 | ||||||
Current portion of long-term debt, capital leases and notes payable |
426 | 11 | ||||||
Total current liabilities |
7,326 | 7,481 | ||||||
Long-term debt, capital leases and notes payable, net of current portion |
14,403 | 17,945 | ||||||
Other long-term liabilities |
1,048 | 748 | ||||||
Total liabilities |
22,777 | 26,174 | ||||||
Commitments and contingencies |
||||||||
Stockholders (deficit) equity |
||||||||
Common stock, $0.001 par value -70,000 shares authorized,
1,453 and 19,021 shares issued and outstanding
at December 31, 2009 and 2010, respectively |
1 | 19 | ||||||
Preferred stock, $0.001 par value - 65,000 shares authorized
Series A preferred stock, 18,755 and 0 shares issued and
outstanding
at December 31, 2009 and 2010, respectively |
19 | | ||||||
Series B preferred stock, 23,280 and 0 shares issued and
outstanding
at December 31, 2009 and 2010, respectively |
23 | | ||||||
Series C preferred stock, 12,520 and 0 shares issued and
outstanding
at December 31, 2009 and 2010, respectively |
13 | | ||||||
Additional paid-in capital |
86,737 | 220,125 | ||||||
Common stock warrants |
3,797 | 6,966 | ||||||
Accumulated deficit |
(90,999 | ) | (113,723 | ) | ||||
Accumulated other comprehensive income |
| 50 | ||||||
Total stockholders (deficit) equity |
(409 | ) | 113,437 | |||||
Total liabilities and stockholders (deficit) equity |
$ | 22,368 | $ | 139,611 | ||||