Published: August 04, 2011
AuthenTec Reports Second Quarter Financial Results
MELBOURNE, Fla. - (BUSINESS WIRE) - AuthenTec (NASDAQ:AUTH), a leading provider of security and identity
management solutions, today reported financial results for the second
quarter ended July 1, 2011.
Highlights:
-
Second quarter revenue of $16.2 million exceeded guidance and was up 5
percent sequentially
-
Smart Sensor revenue grew 5 percent sequentially and 43 percent year
over year
-
Embedded Security revenue grew 4 percent sequentially and 75 percent
year over year
-
Forecast third quarter revenue of $18.2 million to $19.2 million and a
return to non-GAAP profitability
Revenue for the second quarter of 2011 was $16.2 million, which was
above the Company's guidance of $15.0 million to $16.0 million. Second
quarter revenue included $11.3 million from Smart Sensor Solutions
(SSS), and $4.9 million from Embedded Security Solutions (ESS). This
compares to revenue of $15.5 million in the first quarter of 2011, which
consisted of $10.8 million of SSS revenue and $4.7 million of ESS
revenue, and $10.7 million in the second quarter of 2010, which
consisted of $7.9 million of SSS revenue and $2.8 million of ESS revenue.
GAAP Results:
Under Generally Accepted Accounting Principles in the United States of
America (GAAP), consolidated net loss for the second quarter of 2011 was
$4.8 million, or $0.11 per diluted share. This compares to a GAAP net
loss of $5.6 million, or $0.13 per diluted share, in the first quarter
of 2011 and a GAAP net loss of $3.9 million, or $0.13 per diluted share,
in the second quarter of 2010.
GAAP gross margin in the second quarter of 47.8 percent was in line with
the 48.0 percent in the first quarter of 2011 and compares to 51.4
percent in the second quarter of 2010. The year over year decrease in
GAAP gross margin was due to increased sales mix of certain PC products
acquired in connection with the UPEK transaction along with increased
amortization of purchased intangibles. This impact was partially offset
by higher margins in the Embedded Security Segment from increased
licensing and royalty revenue in the quarter. Total operating expenses
on a GAAP basis were $12.3 million, compared to $12.6 million in the
first quarter of 2011 and $10.1 million in the second quarter of 2010.
The $0.3 million sequential decrease in operating expenses was due to
lower Selling and Marketing, General and Administrative and
restructuring costs, which were slightly offset by higher R&D spending
in the quarter.
Non-GAAP Results:
On a non-GAAP basis, consolidated net loss for the second quarter of
2011 was $1.9 million, or $0.04 per diluted share, which exceeded the
Company's guidance of a non-GAAP loss of $0.05 to $0.07 per share.
Non-GAAP results exclude certain legal and other costs as well as
stock-based compensation, the amortization of acquired intangible assets
and severance. The second quarter loss compares to a non-GAAP net loss
of $2.6 million, or $0.06 per diluted share, in the first quarter of
2011 and a non-GAAP net loss of $2.5 million, or $0.08 per diluted
share, in the second quarter of 2010.
Non-GAAP gross margin in the second quarter was 53.7 percent, compared
to 52.6 percent in the first quarter of 2011 and 54.6 percent in the
second quarter of 2010. The sequential increase in gross margin was due
primarily to the higher mix of Government and Access Control revenue and
the year-over-year decrease can be attributed to increased sales mix of
certain PC products in the Smart Sensor business in the quarter.
Total operating expenses on a non-GAAP basis were $10.4 million, which
were in line with the first quarter of 2011 and up from $8.3 million in
the second quarter of 2010. Operating expenses reflect higher R & D
expenses within the Embedded Security business partially offset by lower
General and Administrative expenses in the quarter. A reconciliation of
second quarter GAAP to non-GAAP results is provided in Table 2 following
the text of this press release.
As of July 1, 2011, AuthenTec had approximately $20.2 million in cash
and investments, compared to $24.4 million in cash and investments at
the end of the first quarter of 2011. AuthenTec had no debt as of July
1, 2011 and April 1, 2011.
Business Update:
"Our strong second quarter results reflect continued growth across both
of our business segments, driven by increased demand for our portfolio
of mobile and network security solutions. This growth, combined with the
cost synergies realized as a result of the UPEK acquisition, contributed
to revenue and EPS exceeding our guidance for the quarter," said
AuthenTec CEO Larry Ciaccia.
"During this past quarter, we increased sales of our TrueSuite identity
management software which is now being shipped on HP consumer notebooks
and is available on our new Web store. As the year continues, we expect
versions of our software to be integrated on many more consumer notebook
models. Also during the quarter, we secured several new sensor design
wins for both the remainder of 2011 and into the 2012 production cycle,
including a new laptop design win from a major OEM that should start
volume production later this year.
"In our Embedded Security business, we posted our fifth consecutive
quarter of sequential revenue growth while also securing new customer
wins in mobile and network security applications. Our products now
provide security from the device to the cloud by securing data and
communications, and by protecting content and streaming programming.
Highlighting these expanding capabilities in mobile security, our
content protection services are being utilized in the popular HBO GO
application which has registered nearly 4 million downloads on iPhones,
iPads and Android phones. During the quarter we also secured additional
design wins around our IPsec solutions for VPN applications on mobile
phones. At the device level, we announced new wins in the quarter with
semiconductor chip providers who are incorporating our SafeXcel
security engines in new gateway and multi-core processor chipsets.
Companies are integrating our IP security (IPsec) into new chip designs
to enhance the security and high-speed networking compatibility of their
offerings.
"To leverage what is expected to be a growth opportunity for our sensors
in Near Field Communication (NFC)-based mobile commerce, we recently
joined forces with several of the leading technology providers in the
NFC mobile payment space. This week we announced collaboration with NXP
and DeviceFidelity to create secure NFC mobile payment solutions, one of
which was used to complete the first biometrically-enabled NFC mobile
payment transaction in the U.S. We believe AuthenTec-enabled NFC
reference designs created through these and other development efforts
will help mobile phone OEMs and wireless carriers address the tremendous
growth opportunity as the mobile payment ecosystem continues to mature."
Business Outlook:
Mr. Ciaccia concluded, "For the third quarter, revenue is expected to
sequentially increase 12 to 18 percent to a range of $18.2 million to
$19.2 million. I am pleased to note, given this continued growth and
cost management, we also expect to achieve non-GAAP profitability during
the third quarter. Non-GAAP operating expenses are expected to be in a
range between $9.7 million and $10.3 million. We exceeded our goal of
achieving $10 million in annualized cost synergies with full realization
of those synergies expected in the third quarter. Looking ahead, I am
very excited about the opportunities before us. Our unique portfolio of
solutions address growing markets around mobile and network security,
and we strongly believe that AuthenTec is on the right course for
revenue growth, profitability and continued success in the second half
of 2011."
Second Quarter 2011 Financial Results Webcast and Conference Call:
AuthenTec will host a conference call to discuss its second quarter
financial results and other information that may be material to
investors at 5:00 p.m. Eastern Time (ET) today, August 4, 2011.
Investors and analysts may join the conference call by dialing
800-215-2410 and providing the participant pass code 83712978.
International callers may join the teleconference by dialing
+1-617-597-5410 and using the same pass code. A replay of the conference
call will be available beginning at 8:00 p.m. ET and will remain
available until midnight ET on Thursday, August 11, 2011. The U.S.
replay number is 888-286-8010, with a confirmation code of 96242881.
International callers should dial +1-617-801-6888, with the same
confirmation code. A live web cast of the conference call will be
accessible from the Investor section of the Company's web site at http://investors.authentec.com.
Following the live webcast, an archived version will be made available
on AuthenTec's web site.
Use of GAAP and Non-GAAP Financial Metrics:
To supplement AuthenTec's consolidated financial statements presented in
accordance with GAAP, the Company uses non-GAAP financial measures that
exclude from the statement of operations the effects of stock-based
compensation, certain acquisition-related charges, amortization of
certain intangible assets, impairments on investments, and costs related
to a reduction in workforce. AuthenTec uses the above non-GAAP financial
measures internally to understand, manage and evaluate the business.
Management believes it is useful for itself and investors to review, as
applicable, both GAAP information and the non-GAAP measures in order to
assess the performance of continuing operations and for planning and
forecasting in future periods. The presentation of these non-GAAP
measures is intended to provide investors with an understanding of the
Company's operational results and trends that enables them to analyze
the base financial and operating performance and facilitate
period-to-period comparisons and analysis of operational trends.
AuthenTec believes the presentation of these non-GAAP financial measures
is useful to investors in allowing for greater transparency with respect
to supplemental information used by management in its financial and
operational decision-making. Non-GAAP financial measures should be
considered in addition to results prepared in accordance with GAAP, but
should not be considered substitutes for or superior to GAAP results. In
addition, our non-GAAP financial measures may not be comparable to
similarly titled measures utilized by other companies since such other
companies may not calculate such measures in the same manner as we do.
Investors are encouraged to review the reconciliation of these non-GAAP
financial measures to the comparable GAAP results, which is provided in
Table 2 after the text of this release. For additional information
regarding these non-GAAP financial measures, and management's
explanation of why it considers such measures to be useful, refer to the
filings made from time to time with the Securities and Exchange
Commission.
Forward Looking Statements:
This press release contains statements that may relate to expected
future results and business trends that are based upon AuthenTec's
current estimate, expectations, and projections about the industry, and
upon management's beliefs, and certain assumptions it has made that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995, including, without limitation, statements
relating to integration of our TrueSuite identity management software on
additional consumer notebook models by year end, the timing of volume
production from design wins for 2011 and 2012, our growth opportunities
in the NFC market, revenue, operating expenses and non-GAAP net income
in our third quarter, growth opportunities for our technologies and
software, annual cost-savings from the UPEK acquisition and revenue
growth, profitability and continued success in the second half of 2011.
Words such as "anticipates," "guidance," "expects," "intends," "plans,"
"believes," "seeks," "estimates," "may," "should," "will," "prospects,"
"outlook," "forecast," and variations of these words or similar
expressions are intended to identify "forward-looking statements." In
addition, any statements that refer to expectations, projections, or
other characterizations of future events or circumstances, including any
underlying assumptions, are "forward-looking statements." Such
statements are not guarantees of future performance and are subject to
certain risks, uncertainties, and assumptions that are difficult to
predict. Therefore, the Company's actual results may differ materially
and adversely from those expressed in any "forward-looking statement" as
a result of various factors. These factors include, but are not limited
to: the Company's ability to integrate the UPEK business, the Company's
ability to operate the acquired business profitably, demand for, and
market acceptance of, new and existing fingerprint sensors, identity
management software and embedded security products, the Company's
ability to secure design wins for enterprise and consumer laptops,
wireless devices and products aimed at Government markets, customer
design wins materializing into production programs, the timely
introduction of new products, the rate at which the Company increases
its activity and opportunities in the wireless market, and additional
opportunities in various markets for applications that might use
AuthenTec's products, the Company's ability to develop and capitalize on
its NFC solutions and changes in product mix, as well as other risks
detailed from time to time in its SEC filings, including those described
in AuthenTec's annual report on Form 10-K filed with the SEC on March
17, 2011. These "forward-looking statements" are made only as of the
date hereof, and the Company undertakes no obligation to update or
revise the "forward-looking statements," whether as a result of new
information, future events or otherwise.
About AuthenTec
AuthenTec is the world's #1 provider of fingerprint sensors, identity
management software, and embedded security solutions. AuthenTec
solutions address enterprise, consumer and government applications for a
growing base of top tier global customers. Already shipped on hundreds
of millions of devices, the Company's smart sensor products, software
and embedded security solutions are used virtually everywhere, from the
PC on your desk to the mobile device in your hand to the server in the
cloud. AuthenTec offers developers and users secure and convenient ways
to manage today's rapidly evolving digital identities and security
needs. For more information, visit www.authentec.com
or follow us at twitter.com/authentecnews.
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AuthenTec, Inc.
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Consolidated Statements of Operations
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(In thousands, except per share amounts)
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(Unaudited)
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Table 1
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Three months ended
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Six months ended
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July 1,
|
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April 1,
|
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July 2,
|
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July 1,
|
|
July 2,
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|
|
|
2011
|
|
|
2011
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|
2010
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|
|
2011
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2010
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|
|
|
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|
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|
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Revenue
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$
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|
16,211
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|
$
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|
15,476
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$
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|
10,721
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|
$
|
|
31,687
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$
|
|
19,897
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
8,464
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|
|
|
|
8,051
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|
|
|
|
5,210
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|
|
|
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16,515
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9,936
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Gross profit
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|
7,747
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|
|
|
|
7,425
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|
|
|
|
5,511
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|
|
|
|
15,172
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|
|
|
|
9,961
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|
|
|
|
|
|
47.8
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%
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|
|
|
48.0
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%
|
|
|
|
51.4
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%
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|
|
|
47.9
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%
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|
|
50.1
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%
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Operating expenses:
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|
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|
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|
|
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Research and development
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6,477
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5,887
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|
|
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4,742
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|
|
|
|
12,364
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|
|
|
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8,728
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Selling and marketing
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|
|
4,077
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|
|
|
|
3,990
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|
|
|
|
3,306
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|
|
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8,067
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|
|
|
|
5,572
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General and administrative
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1,740
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|
|
|
|
2,457
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|
|
|
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2,073
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|
|
|
|
4,198
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|
|
|
|
5,026
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|
|
Restructuring and impairment related charges
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|
|
39
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|
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|
|
283
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-
|
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|
|
322
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-
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Total operating expenses
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12,333
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|
|
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12,617
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10,121
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|
|
|
24,951
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|
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|
|
19,326
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|
|
|
|
|
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|
|
|
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Operating loss
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|
|
|
(4,586
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)
|
|
|
|
(5,192
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)
|
|
|
|
(4,610
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)
|
|
|
|
(9,779
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)
|
|
|
|
(9,365
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)
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|
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Other income (expense):
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|
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Other expenses
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(146
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)
|
|
|
|
(303
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)
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-
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|
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(449
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)
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-
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Earnout adjustment
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-
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-
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|
729
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-
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729
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Interest income
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29
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29
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44
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58
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|
|
84
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Total other income (expense), net
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(117
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)
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(274
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)
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773
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|
|
|
(391
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)
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|
|
813
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|
|
|
|
|
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|
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Provision for income taxes
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|
|
141
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|
|
|
|
136
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|
|
|
|
63
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|
|
|
|
276
|
|
|
|
|
63
|
|
|
|
|
|
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Net Loss
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$
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|
(4,844
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)
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$
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(5,602
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)
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$
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(3,900
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)
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$
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(10,446
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)
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$
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(8,615
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)
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Net loss per share:
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Basic
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$
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(0.11
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)
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$
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(0.13
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)
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$
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(0.13
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)
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$
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(0.24
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)
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$
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(0.29
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)
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Diluted
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$
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(0.11
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)
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$
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(0.13
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)
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$
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(0.13
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)
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$
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(0.24
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)
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$
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(0.29
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)
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Shares used in computing net loss per common share:
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Basic
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43,753
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43,600
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29,912
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|
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43,677
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|
|
|
|
29,532
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Diluted
|
|
|
|
43,753
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|
|
|
|
43,600
|
|
|
|
|
29,912
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|
|
|
|
43,677
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|
|
|
|
29,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
July 1,
|
|
April 2,
|
|
July 2,
|
|
July 1,
|
|
July 2,
|
|
|
|
2011
|
|
|
2010
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
Other Financial Metrics:
|
|
|
|
|
|
|
|
|
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|
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Stock-based compensation expense:
|
|
|
|
|
|
|
|
|
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Cost of revenue
|
|
|
|
21
|
|
|
|
|
153
|
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|
|
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50
|
|
|
|
|
174
|
|
|
|
|
114
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|
|
Research and development
|
|
|
|
164
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|
|
|
|
339
|
|
|
|
|
173
|
|
|
|
|
503
|
|
|
|
|
402
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|
|
Selling and marketing
|
|
|
|
135
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|
|
|
|
274
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|
|
|
|
200
|
|
|
|
|
409
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|
|
|
|
448
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|
|
General and administrative
|
|
|
|
90
|
|
|
|
|
378
|
|
|
|
|
202
|
|
|
|
|
468
|
|
|
|
|
447
|
|
|
Costs related to reduction in workforce
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|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
50
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
50
|
|
|
|
|
-
|
|
|
Research and development
|
|
|
|
370
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
370
|
|
|
|
|
-
|
|
|
Selling and marketing
|
|
|
|
102
|
|
|
|
|
-
|
|
|
|
|
415
|
|
|
|
|
102
|
|
|
|
|
415
|
|
|
Legal and acquisition related costs
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
|
72
|
|
|
|
|
83
|
|
|
|
|
|
|
155
|
|
|
|
|
General and administrative
|
|
|
|
309
|
|
|
|
|
249
|
|
|
|
|
601
|
|
|
|
|
558
|
|
|
|
|
1,937
|
|
|
Amortization of purchased tangible and intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
895
|
|
|
|
|
569
|
|
|
|
|
291
|
|
|
|
|
1,464
|
|
|
|
|
380
|
|
|
Research and development
|
|
|
|
234
|
|
|
|
|
236
|
|
|
|
|
65
|
|
|
|
|
470
|
|
|
|
|
96
|
|
|
Selling and marketing
|
|
|
|
464
|
|
|
|
|
465
|
|
|
|
|
130
|
|
|
|
|
929
|
|
|
|
|
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and impairment related charges
|
|
|
|
39
|
|
|
|
|
283
|
|
|
|
|
-
|
|
|
|
|
322
|
|
|
|
|
-
|
|
|
Earnout adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(729
|
)
|
|
|
|
-
|
|
|
|
|
(729
|
)
|
|
AuthenTec, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information - Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
July 1,
|
|
April 1,
|
|
July 2,
|
|
July 1,
|
|
July 2,
|
|
|
|
2011
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss on GAAP basis:
|
|
$
|
(4,844
|
)
|
|
$
|
(5,602
|
)
|
|
$
|
(3,900
|
)
|
|
$
|
(10,446
|
)
|
|
$
|
(8,615
|
)
|
|
Stock-based compensation expense
|
|
|
410
|
|
|
|
1,144
|
|
|
|
625
|
|
|
|
1,554
|
|
|
|
1,411
|
|
|
Costs related to reduction in workforce
|
|
|
522
|
|
|
|
-
|
|
|
|
415
|
|
|
|
522
|
|
|
|
415
|
|
|
Legal and acquisition related costs
|
|
|
381
|
|
|
|
332
|
|
|
|
601
|
|
|
|
713
|
|
|
|
1,937
|
|
|
Amortization of purchased tangible and intangible assets
|
|
|
1,593
|
|
|
|
1,270
|
|
|
|
486
|
|
|
|
2,863
|
|
|
|
631
|
|
|
Earnout adjustment
|
|
|
-
|
|
|
|
-
|
|
|
|
(729
|
)
|
|
|
-
|
|
|
|
(729
|
)
|
|
Restructuring and impairment related charges
|
|
|
39
|
|
|
|
283
|
|
|
|
-
|
|
|
|
322
|
|
|
|
-
|
|
|
Net loss on non-GAAP basis:
|
|
$
|
(1,899
|
)
|
|
$
|
(2,573
|
)
|
|
$
|
(2,502
|
)
|
|
$
|
(4,472
|
)
|
|
$
|
(4,950
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic earnings per share
|
|
$
|
(0.04
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.17
|
)
|
|
Non-GAAP diluted earnings per share
|
|
$
|
(0.04
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
July 1,
|
|
April 1,
|
|
July 2,
|
|
July 1,
|
|
July 2,
|
|
|
|
2011
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit on GAAP basis:
|
|
$
|
7,747
|
|
|
$
|
7,425
|
|
|
$
|
5,511
|
|
|
$
|
15,172
|
|
|
$
|
9,961
|
|
|
Stock-based compensation expense
|
|
|
21
|
|
|
|
153
|
|
|
|
50
|
|
|
|
174
|
|
|
|
114
|
|
|
Costs related to reduction in workforce
|
|
|
50
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50
|
|
|
|
-
|
|
|
Amortization of purchased tangible and intangible assets
|
|
|
895
|
|
|
|
569
|
|
|
|
291
|
|
|
|
1,464
|
|
|
|
380
|
|
|
Gross profit on non-GAAP basis:
|
|
$
|
8,713
|
|
|
$
|
8,147
|
|
|
$
|
5,852
|
|
|
$
|
16,860
|
|
|
$
|
10,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross margin
|
|
|
53.7
|
%
|
|
|
52.6
|
%
|
|
|
54.6
|
%
|
|
|
53.2
|
%
|
|
|
52.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
July 1,
|
|
April 1,
|
|
July 2,
|
|
July 1,
|
|
July 2,
|
|
|
|
|
2011
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses on GAAP basis:
|
|
$
|
12,333
|
|
|
$
|
12,617
|
|
|
$
|
10,121
|
|
|
$
|
24,951
|
|
|
$
|
19,326
|
|
|
Stock-based compensation expense
|
|
|
(389
|
)
|
|
|
(991
|
)
|
|
|
(575
|
)
|
|
|
(1,380
|
)
|
|
|
(1,297
|
)
|
|
Costs related to reduction in workforce
|
|
|
(472
|
)
|
|
|
-
|
|
|
|
(415
|
)
|
|
|
(472
|
)
|
|
|
(415
|
)
|
|
Legal and acquisition related costs
|
|
|
(381
|
)
|
|
|
(332
|
)
|
|
|
(601
|
)
|
|
|
(713
|
)
|
|
|
(1,937
|
)
|
|
Amortization of purchased tangible and intangible assets
|
|
|
(698
|
)
|
|
|
(701
|
)
|
|
|
(195
|
)
|
|
|
(1,399
|
)
|
|
|
(251
|
)
|
|
Restructuring and impairment related charges
|
|
|
(39
|
)
|
|
|
(283
|
)
|
|
|
-
|
|
|
|
(322
|
)
|
|
|
-
|
|
|
Operating expenses on non-GAAP basis:
|
|
$
|
10,354
|
|
|
$
|
10,310
|
|
|
$
|
8,335
|
|
|
$
|
20,665
|
|
|
$
|
15,426
|
|
|
AuthenTec, Inc.
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Table 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
July 1,
|
|
|
December 31,
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
6,965
|
|
|
$
|
13,280
|
|
|
Short-term investments
|
|
|
9,875
|
|
|
|
15,176
|
|
|
Accounts receivable, net of allowances of $276 and $150, respectively
|
|
11,539
|
|
|
|
9,678
|
|
|
Inventory
|
|
|
7,054
|
|
|
|
5,460
|
|
|
Other current assets
|
|
|
1,932
|
|
|
|
1,993
|
|
|
Total current assets
|
|
|
37,365
|
|
|
|
45,587
|
|
|
Long-term investments
|
|
|
3,393
|
|
|
|
3,323
|
|
|
Purchased intangible assets
|
|
|
21,245
|
|
|
|
24,033
|
|
|
Goodwill
|
|
|
2,729
|
|
|
|
2,729
|
|
|
Property and equipment, net
|
|
|
4,083
|
|
|
|
4,430
|
|
|
Total assets
|
|
$
|
68,815
|
|
|
$
|
80,102
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
7,277
|
|
|
$
|
6,907
|
|
|
Accrued compensation and benefits
|
|
|
3,546
|
|
|
|
3,640
|
|
|
Accrued litigation related legal fees
|
|
|
1,078
|
|
|
|
1,802
|
|
|
Other accrued liabilities
|
|
|
2,988
|
|
|
|
4,002
|
|
|
Deferred revenue
|
|
|
3,382
|
|
|
|
4,678
|
|
|
Total current liabilities
|
|
|
18,271
|
|
|
|
21,029
|
|
|
Deferred rent
|
|
|
472
|
|
|
|
546
|
|
|
Total liabilities
|
|
|
18,743
|
|
|
|
21,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
Common stock
|
|
|
438
|
|
|
|
436
|
|
|
Additional paid-in capital
|
|
|
190,802
|
|
|
|
189,205
|
|
|
Other comprehensive income
|
|
|
446
|
|
|
|
54
|
|
|
Accumulated deficit
|
|
|
(141,614
|
)
|
|
|
(131,168
|
)
|
|
Total stockholders' equity
|
|
$
|
50,072
|
|
|
$
|
58,527
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
68,815
|
|
|
$
|
80,102
|
|
For AuthenTec
Investor Contact:
Shelton Group
Brett
L Perry, +1-972-239-5119 ext 159
Director of Investor Relations
E:
bperry@sheltongroup.com
or
Media
Contact:
AuthenTec
Brent Dietz, +1-321-308-1320
Director
of Communications
E: brent.dietz@authentec.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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