Dialogic Inc. - FORM 8-K/A - EX-99.2 - CORRECTED BALANCE SHEET AND STATEMENTS

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8-K/A - FORM 8-K AMENDMENT NO. 1 - Dialogic Inc.	d334909d8ka.htm

Exhibit 99.2

DIALOGIC INC.

Consolidated Balance Sheets

(in thousands)


	December 31, 2011
	As Originally Reported			Adjustments			Restated
ASSETS
Current assets:
Cash and cash equivalents	$	10,353					$	10,353
Restricted cash		1,497						1,497
Accounts receivable (net of allowances of $3,622 and $3,721)		49,956						49,956
Inventories		20,127						20,127
Prepaid expenses		3,580						3,580
Other current assets		3,081						3,081

Total current assets		88,594			—			88,594
Property and equipment, net		7,947						7,947
Intangible assets, net		33,267						33,267
Goodwill		31,223						31,223
Deferred debt issuance costs, net		286						286
Deferred tax assets		550						550
Other assets		1,475						1,475

Total assets	$	163,342		$	—		$	163,342

LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Bank indebtedness	$	12,509					$	12,509
Accounts payable		21,569						21,569
Accrued liabilities		23,417						23,417
Deferred revenue		14,872						14,872
Income taxes payable		1,665						1,665
		89,875			(89,875	)		—
Interest payable, related parties		3,452						3,452

Total current liabilities		167,359			(89,875	)		77,484
Long-term debt, related parties		4,800			89,875			94,675
Accrued restructuring		2,471						2,471
Income taxes payable		2,338						2,338
Deferred revenue		1,810						1,810

Total liabilities		178,778			—			178,778
Commitments and contingencies
Stockholders’ equity (deficit):
Undesignated preferred stock, $0.001 par value. 10,000,000 shares authorized; no shares issued and outstanding		—						—
Common shares, $0.001 par value. 200,000,000 shares authorized; 31,476,152 and 31,163,054 issued and outstanding in 2011 and 2010, respectively		31						31
Additional paid-in capital		222,062						222,062
Accumulated other comprehensive loss		(22,206	)					(22,206	)
Accumulated deficit		(215,323	)					(215,323	)

Total stockholders’ (deficit) equity		(15,436	)		—			(15,436	)

Total liabilities and stockholders’ (deficit) equity	$	163,342		$	—		$	163,342

DIALOGIC INC.

Consolidated Statements of Operations

(in thousands, except per share data)


	Twelve Months Ended December 31, 2011
	As Originally Reported			Adjustments			Restated
Revenue
Products	$	157,088					$	157,088
Services		40,996						40,996

Total revenue		198,084			—			198,084
Cost of revenue
Products		59,490			1,500			60,990
Services		21,422						21,422

Total cost of revenue		80,912			1,500			82,412

Gross profit		117,172			(1,500	)		115,672

Operating expenses:
Research and development		54,562						54,562
Sales and marketing		54,293						54,293
General and administrative		35,921						35,921
Acquisition costs		—						—
Restructuring charges		7,214						7,214

Total operating expenses		151,990			—			151,990

Loss from operations		(34,818	)		(1,500	)		(36,318	)

Other income (expense):
Interest and other income (expense), net		(1,427	)		1,500			73
Interest expense		(18,016	)					(18,016	)
Foreign exchange losses, net		(266	)					(266	)

Total other expense		(19,709	)		1,500			(18,209	)

Loss before income taxes		(54,527	)		—			(54,527	)
Income tax provision (benefit)		282						282

Net loss		(54,809	)		—			(54,809	)
Change in redemption value of preferred shares		—			—			—

Net loss attributable to common shareholders	$	(54,809	)	$	—		$	(54,809	)

Net loss attributable to common shareholders per share - basic and diluted	$	(1.75	)				$	(1.75	)

Weighted average shares outstanding used in computing net loss allocable to common shareholders per share - basic and diluted		31,323						31,323

DIALOGIC INC.

Consolidated Statements of Operations

(in thousands, except per share data)


	Three Months ended December 31, 2011
	As Originally Reported			Adjustments			Restated
Revenue
Products	$	38,660					$	38,660
Services		11,352						11,352

Total revenue		50,012			—			50,012
Cost of revenue
Products		14,253			1,500			15,753
Services		5,207						5,207

Total cost of revenue		19,460			1,500			20,960

Gross profit		30,552			(1,500	)		29,052

Operating expenses:
Research and development		12,300						12,300
Sales and marketing		12,464						12,464
General and administrative		8,369						8,369
Acquisition costs		—						—
Restructuring charges		793						793

Total operating expenses		33,926			—			33,926

Loss from operations		(3,374	)		(1,500	)		(4,874	)

Other income (expense):
Interest and other income (expense), net		(1,424	)		1,500			76
Interest expense		(4,789	)					(4,789	)
Foreign exchange gains (losses), net		118						118

Total other expense		(6,095	)		1,500			(4,595	)

Loss before income taxes		(9,469	)		—			(9,469	)
Income tax provision (benefit)		(306	)					(306	)

Net loss		(9,163	)		—			(9,163	)
Change in redemption value of preferred shares		—			—			—

Net loss attributable to common shareholders	$	(9,163	)	$	—		$	(9,163	)

Net loss attributable to common shareholders per share - basic and diluted	$	(0.29	)				$	(0.29	)

Weighted average shares outstanding used in computing net loss allocable to common shareholders per share - basic and diluted		31,444						31,444

Dialogic Inc. - FORM 8-K/A - EX-99.2 - CORRECTED BALANCE SHEET AND STATEMENTS - April 13, 2012

Attached files

Dialogic Inc. Reports