 | EXHIBIT 99.1 Tier Technologies, Inc. 10780 Parkridge Blvd., Suite 400 Reston, VA 20191 CONTACT: Ronald W. Johnston, Chief Financial Officer rjohnston@tier.com (571) 382-1000 |
Tier Reports Fiscal 2009 Fourth Quarter and Year End Results
RESTON, VA, November 10, 2009 – Tier Technologies, Inc. (Nasdaq: TIER) today announced results for the quarter and year ended September 30, 2009 and provided updates on continuing strategic growth initiatives.
Results of Operations
Fourth Quarter Fiscal 2009 Results
For the quarter ended September 30, 2009, Tier reported revenues from Continuing Operations of $25.7 million, a 12.9% increase over the same quarter last year. Net loss from Continuing Operations was ($1.3) million, or ($0.06) per fully diluted share.
Continuing Operations include Electronic Payment Solutions, or EPS, and certain wind-down businesses. On a standalone basis, our core EPS business reported quarterly revenues of $24.8 million, or a 17.3% increase over the same quarter last year. Our general, administrative, selling and marketing expenses, which support our Continuing Operations, were $6.4 million, down $3.2 million over the same quarter last year.
Fiscal Year 2009 Results
For the year ended September 30, 2009, Tier reported revenues from Continuing Operations of $128.2 million, a 4.6% increase over the last year. Net loss from Continuing Operations was ($5.5) million, or ($0.28) per fully diluted share.
Continuing Operations include Electronic Payment Solutions, or EPS, and certain wind-down businesses. On a standalone basis, our core EPS business reported annual revenues of $123.2 million, or a 5.7% increase over last year. Our general, administrative, selling and marketing expenses, which support our Continuing Operations, were $32.2 million, down $4.5 million over the last year. We expect to see a continued decrease in these types of expenses as we streamline our operations in the future.
Management’s Comments
Ronald L. Rossetti, Chairman and Chief Executive Officer of Tier Technologies stated, “I am pleased to report adjusted EBITDA from Continuing Operations for FY2009, of $3.0 million as compared with an adjusted EBITDA loss of ($7.0) million in FY2008, and for the quarter ended September 30, 2009, adjusted EBITDA from Continuing Operations of $1.1 million compared to an adjusted EBITDA loss of ($3.4) million for the quarter ended September 30, 2008.”
“Our concentration today in our core “biller direct” business is to continue increasing Net Revenue growth over a fixed cost platform,” said Rossetti. “Even in these difficult economic conditions, where over 60% of our EPS revenue is directly tied to tax collections which have experienced steep revenue declines, we believe that our strategy is beginning to prove itself, as we were able to generate significant increases in both Net Revenue and adjusted EBITDA. This improvement is the result of increasing our profitability per transaction and driving substantial transaction growth while reducing overhead and holding platform costs relatively flat, thereby creating margin expansion in both Net Revenue and adjusted EBITDA. For the year ended September 30, 2009 our EPS transactions grew by 44.5% and our EPS gross margin (gross sales less direct and other costs) by 245 basis points, and for the fourth quarter by 70.4% and 176 basis points, respectively.”
Tier defines Net Revenue as revenue after discount fees, processing and interchange costs. Tier defines adjusted EBITDA as net income from Continuing Operations before interest expense net of interest income, taxes, depreciation and amortization and stock-based compensation expense, both cash and non-cash.
The following table shows a reconciliation of Gross Revenue to Net Revenue for the three and twelve months ended September 30, 2009 and 2008 (in thousands):
| | | Three months ended | | | Twelve months ended | |
| | | September 30, | | | September 30, | |
| | | 2009 | | | 2008 | | | Change | | | 2009 | | | 2008 | | | Change | |
| | | | | | | | | | | | | | | | | | | |
| Revenue | | $ | 25,685 | | | $ | 22,759 | | | $ | 2,926 | | | $ | 128,246 | | | $ | 122,571 | | | $ | 5,675 | |
| Less Wind-down Revenue | | | 902 | | | | 1,623 | | | | (721 | ) | | | 5,013 | | | | 5,930 | | | | (917 | ) |
| EPS Gross Revenue | | | 24,783 | | | | 21,136 | | | | 3,647 | | | | 123,233 | | | | 116,641 | | | | 6,592 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Discount Fees, Interchange & Processing Costs | | | 17,367 | | | | 15,213 | | | | 2,154 | | | | 88,657 | | | | 87,082 | | | | 1,575 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| EPS Net Revenue | | $ | 7,416 | | | $ | 5,923 | | | $ | 1,493 | | | $ | 34,576 | | | $ | 29,559 | | | $ | 5,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Revenue Percentage Increase | | | | | | | | | | | 25.2 | % | | | | | | | | | | | 17.0 | % |
The following table shows a reconciliation of net income from Continuing Operations to adjusted EBITDA for the three and twelve months ended September 30, 2009 and 2008 (in thousands):
| | | Three months ended | | | Twelve months ended | |
| | | September 30, | | | September 30, | |
| | | 2009 | | | 2008 | | | Change | | | 2009 | | | 2008 | | | Change | |
| | | | | | | | | | | | | | | | | | | |
| Net Income from Continuing Operations | | $ | (1,265 | ) | | $ | (4,914 | ) | | $ | 3,649 | | | $ | (5,471 | ) | | $ | (12,045 | ) | | $ | 6,574 | |
| Add back: | | | | | | | | | | | | | | | | | | | | | | | | |
| Depreciation/Amortization | | | 1,630 | | | | 1,383 | | | | 247 | | | | 6,642 | | | | 5,418 | | | | 1,224 | |
| Stock Based Equity Compensation | | | 356 | | | | 531 | | | | (175 | ) | | | 1,483 | | | | 2,236 | | | | (753 | ) |
| Taxes | | | 38 | | | | 35 | | | | 3 | | | | 40 | | | | 87 | | | | (47 | ) |
| Less: | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Income, Net | | | 115 | | | | 437 | | | | (322 | ) | | | 723 | | | | 2,731 | | | | 2,008 | |
| EBITDA | | | 644 | | | | (3,402 | ) | | | 4,046 | | | | 1,971 | | | | (7,035 | ) | | | 9,006 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Add back: | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Based Equity Compensation | | | 450 | | | | — | | | | 450 | | | | 1,032 | | | | — | | | | 1,032 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted EBITDA | | $ | 1,094 | | | $ | (3,402 | ) | | $ | 4,496 | | | $ | 3,003 | | | $ | (7,035 | ) | | $ | 10,038 | |
Adjusted EBITDA and Net Revenues are non-GAAP financial measures. Tier’s management believes these measures are useful for evaluating performance against peer companies within its industry, and
provide investors with additional transparency with respect to financial measures used by management in its financial and operational decision-making. Non-GAAP financial measures should not be considered a substitute for the reported results prepared in accordance with US GAAP. Tier’s definition used to calculate non-GAAP financial measures may differ from those used by other companies.
Liquidity
As of September 30, 2009, Tier had $57.6 million in cash and marketable securities, and $7.4 million in restricted investments. Tier currently holds $31.2 million in auction rate securities as long-term investments. These investments are revenue bonds and asset-backed notes issued by state agencies. The investments are AAA-rated and collateralized with student loans and guaranteed under the Federal Family Education Loan Program. Tier has no short-term or long-term debt.
Conference Call
Tier will host a conference call Thursday, November 10, 2009 at 5:00 p.m. Eastern Time to discuss these results. To access the conference call, please dial (888)335-3240 and provide conference ID # 39918898. The conference call is also available live via the Internet at www.tier.com. A replay will be available at 8:00 p.m. Eastern Time at www.tier.com or by calling (800) 642-1687 and entering conference ID # 39918898. The replay will be available until 11:59 p.m. Eastern Time on November 24, 2009.
About Tier Technologies, Inc.
Tier Technologies, Inc. is a leading provider of electronic payment solutions in the biller direct market. Headquartered in Reston, Virginia, the company provides over 3,900 electronic payment clients in all 50 states and the District of Columbia with enhanced payment services that include multiple payment choices, payment channels, and bill payment products and services. Tier serves clients in multiple markets including federal, state, and local governments, educational institutions, utilities and commercial clients through its subsidiary, Official Payments Corporation. For more information, see www.tier.com and www.officialpayments.com.
Statements made in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or Tier’s future financial and/or operating performance and generally can be identified as such because the context of the statement includes words such as “may,” “will,” “intends,” “plans,” “believes,” “anticipates,” “expects,” “estimates,” “shows,” “predicts,” “potential,” “continue,” or “opportunity,” the negative of these words or words of similar import. Tier undertakes no obligation to update any such forward-looking statements. Each of these statements is made as of the date hereof based only on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including, but not limited to: the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; the timing, initiation, completion, renewal, extension or early termination of client projects; the Company’s ability to realize revenues from its business development opportunities; the impact of governmental investigations or litigations; and unanticipated claims as a result of project performance, including due to the failure of software providers or subcontractors to satisfactorily complete engagements. For a discussion of these and other factors which may cause our actual events or results to differ from those projected, please refer to the Company's annual report on Form 10-K for the fiscal year ended September 30, 2009 filed with the SEC.
TIER TECHNOLOGIES, INC.
| (in thousands) | | September 30, 2009 | | | September 30, 2008 | |
| ASSETS: | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 21,969 | | | $ | 47,735 | |
| Investments in marketable securities | | | 4,499 | | | | 2,415 | |
| Restricted investments | | | 1,361 | | | | — | |
| Accounts receivable, net | | | 4,790 | | | | 4,209 | |
| Settlements receivable, net | | | 6,272 | | | | — | |
| Unbilled receivables | | | — | | | | 532 | |
| Prepaid expenses and other current assets | | | 2,239 | | | | 1,331 | |
| Current assets—held-for-sale | | | — | | | | 11,704 | |
| Total current assets | | | 41,130 | | | | 67,926 | |
| | | | | | | | | |
| Property, equipment and software, net | | | 7,990 | | | | 4,479 | |
| Goodwill | | | 17,329 | | | | 14,526 | |
| Other intangible assets, net | | | 12,038 | | | | 13,455 | |
| Investments in marketable securities | | | 31,169 | | | | 28,821 | |
| Restricted investments | | | 6,000 | | | | 7,861 | |
| Other assets | | | 571 | | | | 283 | |
| Total assets | | $ | 116,227 | | | $ | 137,351 | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 84 | | | $ | 918 | |
| Settlements payable | | | 9,591 | | | | — | |
| Accrued compensation liabilities | | | 3,213 | | | | 4,289 | |
| Accrued discount fees | | | 5,343 | | | | 5,243 | |
| Other accrued liabilities | | | 3,425 | | | | 4,667 | |
| Deferred income | | | 861 | | | | 1,790 | |
| Current liabilities—held-for-sale | | | — | | | | 9,061 | |
| Total current liabilities | | | 22,517 | | | | 25,968 | |
| Other liabilities | | | 1,121 | | | | 136 | |
| Total liabilities | | | 23,638 | | | | 26,104 | |
| | | | | | | | | |
| Commitments and contingencies | | | | | | | | |
| | | | | | | | | |
| Shareholders’ equity: | | | | | | | | |
Preferred stock, no par value; authorized shares: 4,579; no shares issued and outstanding | | | — | | | | — | |
Common stock and paid-in capital; shares authorized: 44,260; shares issued: 20,687 and 20,619; shares outstanding: 18,238 and 19,735 | | | 192,030 | | | | 190,099 | |
| Treasury stock—at cost, 2,449 and 884 shares | | | (20,271 | ) | | | (8,684 | ) |
| Accumulated other comprehensive loss | | | — | | | | (2,504 | ) |
| Accumulated deficit | | | (79,170 | ) | | | (67,664 | ) |
| Total shareholders’ equity | | | 92,589 | | | | 111,247 | |
| Total liabilities and shareholders’ equity | | $ | 116,227 | | | $ | 137,351 | |
TIER TECHNOLOGIES, INC.
| | | Year ended September 30, | |
| (in thousands, except per share data) | | 2009 | | | 2008 | | | 2007 | |
| | | | | | | | | | |
| Revenues | | $ | 128,246 | | | $ | 122,571 | | | $ | 108,306 | |
| | | | | | | | | | | | | |
| Costs and expenses: | | | | | | | | | | | | |
| Direct costs | | | 95,594 | | | | 95,234 | | | | 82,668 | |
| General and administrative | | | 25,529 | | | | 28,020 | | | | 26,372 | |
| Selling and marketing | | | 6,708 | | | | 8,677 | | | | 7,950 | |
| Depreciation and amortization | | | 6,569 | | | | 5,328 | | | | 4,573 | |
| Write-down of goodwill and intangible assets | | | — | | | | — | | | | 9,161 | |
| Total costs and expenses | | | 134,400 | | | | 137,259 | | | | 130,724 | |
| | | | | | | | | | | | | |
| Loss from continuing operations before other income and income taxes | | | (6,154 | ) | | | (14,688 | ) | | | (22,418 | ) |
| | | | | | | | | | | | | |
| Other income: | | | | | | | | | | | | |
| Income from investments: | | | | | | | | | | | | |
| Equity in net income of unconsolidated affiliate | | | — | | | | — | | | | 475 | |
| Realized foreign currency gain | | | — | | | | — | | | | 239 | |
| Gain on sale of unconsolidated affiliate | | | — | | | | — | | | | 80 | |
| | | | | | | | | | | | | |
| Interest income, net | | | 754 | | | | 2,731 | | | | 3,300 | |
| Loss on investment | | | (31 | ) | | | — | | | | — | |
| Total other income | | | 723 | | | | 2,731 | | | | 4,094 | |
| | | | | | | | | | | | | |
| Loss from continuing operations before income taxes | | | (5,431 | ) | | | (11,957 | ) | | | (18,324 | ) |
| Income tax provision | | | 40 | | | | 87 | | | | 76 | |
| | | | | | | | | | | | | |
| Loss from continuing operations | | | (5,471 | ) | | | (12,044 | ) | | | (18,400 | ) |
| (Loss) income from discontinued operations, net | | | (6,035 | ) | | | (15,401 | ) | | | 15,366 | |
| | | | | | | | | | | | | |
| Net loss | | $ | (11,506 | ) | | $ | (27,445 | ) | | $ | (3,034 | ) |
| | | | | | | | | | | | | |
| (Loss) earnings per share—Basic and diluted: | | | | | | | | | | | | |
| From continuing operations | | $ | (0.28 | ) | | $ | (0.61 | ) | | $ | (0.94 | ) |
| From discontinued operations | | $ | (0.31 | ) | | $ | (0.79 | ) | | $ | 0.78 | |
| Loss per share—Basic and diluted | | $ | (0.59 | ) | | $ | (1.40 | ) | | $ | (0.16 | ) |
| | | | | | | | | | | | | |
| Weighted average common shares used in computing: | | | | | | | | | | | | |
| Basic and diluted loss per share | | | 19,438 | | | | 19,616 | | | | 19,512 | |
TIER TECHNOLOGIES, INC.
| | | Year ended September 30, | |
| (In thousands) | | 2009 | | | 2008 | | | 2007 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | |
| Net loss | | $ | (11,506 | ) | | $ | (27,445 | ) | | $ | (3,034 | ) |
| Less: (Loss) income from discontinued operations, net | | | (6,035 | ) | | | (15,401 | ) | | | 15,366 | |
| Loss from continuing operations, net | | | (5,471 | ) | | | (12,044 | ) | | | (18,400 | ) |
| Non-cash items included in net loss from continuing operations: | | | | | | | | | | | | |
| Depreciation and amortization | | | 6,642 | | | | 5,497 | | | | 4,744 | |
| Provision for doubtful accounts | | | 417 | | | | 239 | | | | (42 | ) |
| Accrued forward loss on contracts | | | (28 | ) | | | (12 | ) | | | 25 | |
| Equity in net income of unconsolidated affiliate | | | — | | | | — | | | | (475 | ) |
| Gain on sale of unconsolidated affiliate | | | — | | | | — | | | | (80 | ) |
| Foreign currency translation gain realized on sale of unconsolidated affiliate | | | — | | | | — | | | | (239 | ) |
| Settlement of pension contract | | | — | | | | — | | | | 1,254 | |
| Share-based compensation | | | 2,522 | | | | 2,224 | | | | 1,514 | |
| Write-down of goodwill and intangible assets | | | — | | | | — | | | | 9,192 | |
| Loss on trading investments | | | 31 | | | | — | | | | — | |
| Other | | | 9 | | | | 465 | | | | 8 | |
| Net effect of changes in assets and liabilities: | | | | | | | | | | | | |
| Accounts receivable and unbilled receivables | | | (6,510 | ) | | | 473 | | | | (1,413 | ) |
| Prepaid expenses and other assets | | | (89 | ) | | | 261 | | | | 3,050 | |
| Accounts payable and accrued liabilities | | | 5,399 | | | | 311 | | | | (142 | ) |
| Income taxes receivable | | | 1 | | | | 19 | | | | 3 | |
| Deferred income | | | (929 | ) | | | (859 | ) | | | 129 | |
| Cash provided by (used in) operating activities from continuing operations | | | 1,994 | | | | (3,426 | ) | | | (872 | ) |
| Cash (used in) provided by operating activities from discontinued operations | | | (5,187 | ) | | | 3,955 | | | | 14,645 | |
| Cash (used in) provided by operating activities | | | (3,193 | ) | | | 529 | | | | 13,773 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | |
| Purchases of available-for-sale securities | | | (38,455 | ) | | | (7,325 | ) | | | (21,012 | ) |
| Sales and maturities of available-for-sale securities | | | 36,371 | | | | 33,815 | | | | 3,550 | |
| Sales of trading securities | | | 125 | | | | — | | | | — | |
| Purchases of restricted investments | | | — | | | | — | | | | (22,611 | ) |
| Sales and maturities of restricted investments | | | 500 | | | | 1,250 | | | | 20,098 | |
| Purchase of equipment and software | | | (3,889 | ) | | | (1,951 | ) | | | (931 | ) |
| Repayment of notes and accrued interest from related parties | | | — | | | | — | | | | 4,401 | |
| ChoicePay asset purchase net of cash acquired | | | (6,927 | ) | | | — | | | | — | |
| Proceeds from sale of discontinued operations and equity investment | | | 1,255 | | | | 8,735 | | | | 4,784 | |
| Collection of note receivable | | | 71 | | | | — | | | | — | |
| Other investing activities | | | — | | | | — | | | | (164 | ) |
| Cash (used in) provided by investing activities for continuing operations | | | (10,949 | ) | | | 34,524 | | | | (11,885 | ) |
| Cash used in investing activities for discontinued operations | | | (437 | ) | | | (5,057 | ) | | | (4,010 | ) |
| Cash (used in) provided by investing activities | | | (11,386 | ) | | | 29,467 | | | | (15,895 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | |
| Net proceeds from issuance of common stock | | | 421 | | | | 1,283 | | | | 213 | |
| Purchase of company stock | | | (11,587 | ) | | | — | | | | — | |
| Capital lease obligations and other financing arrangements | | | (21 | ) | | | (56 | ) | | | (26 | ) |
| Cash (used in) provided by financing activities from continuing operations | | | (11,187 | ) | | | 1,227 | | | | 187 | |
| Cash used in financing activities for discontinued operations | | | — | | | | (4 | ) | | | (6 | ) |
| Cash (used in) provided by financing activities | | | (11,187 | ) | | | 1,223 | | | | 181 | |
| Effect of exchange rate changes on cash | | | — | | | | — | | | | (11 | ) |
| Net (decrease) increase in cash and cash equivalents | | | (25,766 | ) | | | 31,219 | | | | (1,952 | ) |
| Cash and cash equivalents at beginning of period | | | 47,735 | | | | 16,516 | | | | 18,468 | |
| Cash and cash equivalents at end of period | | $ | 21,969 | | | $ | 47,735 | | | $ | 16,516 | |
TIER TECHNOLOGIES, INC.
Consolidated Statement of Operations—Continuing Operations
| (in thousands) | | EPS | | | Wind- down | | | Total | |
| Fiscal year ended September 30, 2009: | | | | | | | | | |
| Revenues | | $ | 123,233 | | | $ | 5,013 | | | $ | 128,246 | |
| Costs and expenses: | | | | | | | | | | | | |
| Direct costs | | | 93,434 | | | | 2,160 | | | | 95,594 | |
| General and administrative | | | 24,509 | | | | 1,020 | | | | 25,529 | |
| Selling and marketing | | | 6,697 | | | | 11 | | | | 6,708 | |
| Depreciation and amortization | | | 4,885 | | | | 1,684 | | | | 6,569 | |
| Total costs and expenses | | | 129,525 | | | | 4,875 | | | | 134,400 | |
(Loss) income from continuing operations before other income and income taxes | | | (6,292 | ) | | | 138 | | | | (6,154 | ) |
| Other income (expense): | | | | | | | | | | | | |
| Interest income (expense) | | | 754 | | | | — | | | | 754 | |
| Loss on investment | | | (31 | ) | | | — | | | | (31 | ) |
| Total other income | | | 723 | | | | — | | | | 723 | |
| (Loss) income from continuing operations before taxes | | | (5,569 | ) | | | 138 | | | | (5,431 | ) |
| Income tax provision | | | 40 | | | | — | | | | 40 | |
| (Loss) income from continuing operations | | $ | (5,609 | ) | | $ | 138 | | | $ | (5,471 | ) |
| | | | | | | | | | |
| Fiscal year ended September 30, 2008: | | | | | | | | | | | | |
| Revenues | | $ | 116,641 | | | $ | 5,930 | | | $ | 122,571 | |
| Costs and expenses: | | | | | | | | | | | | |
| Direct costs | | | 91,290 | | | | 3,944 | | | | 95,234 | |
| General and administrative | | | 26,932 | | | | 1,088 | | | | 28,020 | |
| Selling and marketing | | | 8,486 | | | | 191 | | | | 8,677 | |
| Depreciation and amortization | | | 3,900 | | | | 1,428 | | | | 5,328 | |
| Total costs and expenses | | | 130,608 | | | | 6,651 | | | | 137,259 | |
Loss from continuing operations before other income and income taxes | | | (13,967 | ) | | | (721 | ) | | | (14,688 | ) |
| Other income (expense): | | | | | | | | | | | | |
| Interest income (expense) | | | 2,733 | | | | (2 | ) | | | 2,731 | |
| Total other income (expense) | | | 2,733 | | | | (2 | ) | | | 2,731 | |
| Loss from continuing operations before taxes | | | (11,234 | ) | | | (723 | ) | | | (11,957 | ) |
| Income tax provision | | | 87 | | | | — | | | | 87 | |
| Loss from continuing operations | | $ | (11,321 | ) | | $ | (723 | ) | | $ | (12,044 | ) |
| (in thousands) | | EPS | | | Wind- down | | | Total | |
| Fiscal year ended September 30, 2007: | | | | | | | | | |
| Revenues | | $ | 99,048 | | | $ | 9,258 | | | $ | 108,306 | |
| Costs and expenses: | | | | | | | | | | | | |
| Direct costs | | | 76,388 | | | | 6,280 | | | | 82,668 | |
| General and administrative | | | 23,088 | | | | 3,284 | | | | 26,372 | |
| Selling and marketing | | | 6,859 | | | | 1,091 | | | | 7,950 | |
| Depreciation and amortization | | | 3,810 | | | | 763 | | | | 4,573 | |
| Write down of goodwill and intangible assets | | | — | | | | 9,161 | | | | 9,161 | |
| Total costs and expenses | | | 110,145 | | | | 20,579 | | | | 130,724 | |
Loss from continuing operations before other income and income taxes | | | (11,097 | ) | | | (11,321 | ) | | | (22,418 | ) |
| Other income: | | | | | | | | | | | | |
| Interest income | | | 3,300 | | | | — | | | | 3,300 | |
| Income from equity investments | | | 794 | | | | — | | | | 794 | |
| Other income | | | 4,094 | | | | — | | | | 4,094 | |
| Loss from continuing operations before taxes | | | (7,003 | ) | | | (11,321 | ) | | | (18,324 | ) |
| Income tax provision | | | 76 | | | | — | | | | 76 | |
| Loss from continuing operations | | $ | (7,079 | ) | | $ | (11,321 | ) | | $ | (18,400 | ) |
