SuperCom (SPCB) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2012

VUANCE LTD.

(Translation of Registrant’s name into English)

Nolton House

14, Shenkar Street,

Hertzliya Pituach,

Israel

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  xForm 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes  ¨No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Vuance Ltd. Reports First Half 2012 Financial Result

Hertzliya  Israel – September 21, 2012, Vuance Ltd. (the “Company”, VUNCF), a leading provider of  Wireless Identification, e-ID and Security Solutions, completed its unaudited condensed financial statements for the Three and six month periods ended June 30, 2012.

First Half 2012 Selected Unaudited Financial Results

Revenues for the first half of 2012 decreased 2.5% to $3.94 million compared to $4.04 million in the first half of 2011.

Gross profit increased 19.4% to $2,707 million for the first half of 2012, compared to $2,267 million for the first half of 2011, Gross profit margin for the first half of 2012  was 69% compared to 56% in the first half of 2011.

Total operating expenses decreased 21.6% to $1.8 million for the first half of 2012, compared to $2.3 million for the first half of 2011.  The decrease compared to the first half of 2011 was mainly due to a decrease in S&M expenses recorded in the present half.

The Company Operating income increased by $936,000 to $902,000 for the first half of 2012, compared to an operating loss of $34,000 in the first half of 2011. The Operating income increase was largely driven by the increase in gross profit and a decrease in the operating expenses, as described above.

Net Profit increased 1,021% to $2.758 million for the first half of 2012, or $0.14 profit per basic share (based on a weighted average of 19 million shares) compared to a net profit of $0.246 million or $0.03 profit per basic share (based on a weighted average of 7.28 million shares) in the first half of 2011. The Increase in Net Profit was largely driven by the increase in Operation Profit and the Financial Income related to Bonds Conversion to Equity.

The reported unaudited condensed financial statements are in accordance with United States generally accepted accounting principles, or US GAAP.

VUANCE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

	Jun-30		Jun-30		Dec-31
	2012		2011		2011
	Unaudited				Audited
	U.S. dollars in thousands (except per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		44		28		215
Trade receivables, net		1,176		693		1,542
Other accounts receivable and prepaid expenses		58		275		105
Inventories, net		275		278		269
Total current assets		1,553		1,274		2,131
SEVERANCE PAY FUND		231		269		228
PROPERTY AND EQUIPMENT, NET		90		99		96
Total assets		1,874		1,642		2,455

VUANCE LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

	Jun-30			Jun-30			Dec-31
	2012			2011			2011
	Unaudited						Audited
	U.S. dollars in thousands (except per share data)
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Short-term bank credit		101			100			112
Trade payables		1,715			1,448			2,439
Employees and payroll accruals		121			145			139
advances from customers		-			553			-
Accrued expenses and other liabilities		1,182			1,666			2,164
Convertible bonds		-			1,701			2,519
Short-term loan and others		-			2,967			456
Total current liabilities		3,119			8,580			7,829
LONG-TERM LIABILITIES:
Accrued severance pay		233			286			227
Total long-term liabilities		233			286			227
SHAREHOLDERS' DEFICIT:
Ordinary shares		192			113			192
Additional paid-in capital		33,738			41,761			41,713
Amount of liability extinguished on account of shares		10,160			-			819
Accumulated deficit		(45,568	)		(49,098	)		(48,325	)
Total shareholders' deficit		(1,478	)		(7,224	)		(5,601	)
Total liabilities and shareholders' deficit		1,874			1,642			2,455

VUANCE LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	6 months ended						3 months ended						year ended
	Jun-30						Jun-30						Dec-31
	2012			2011			2012			2011			2011
	Unaudited						Unaudited						Audited
	U.S. dollars in thousands, except share data
REVENUES		3,940			4,038			1,751			2,190			7,922
COST OF REVENUES		1,233			1,771			277			944			3,306
GROSS PROFIT		2,707			2,267			1,474			1,246			4,616
OPERATING EXPENSES:
Research and development		142			280			55			137			462
Selling and marketing		1,464			1,714			730			987			3,505
General and administrative		491			451			178			216			732
Other (income) expense		(292	)		(144	)		(105	)		(37	)		(137	)
Total operating expenses		1,805			2,301			858			1,303			4,562
OPERATING (LOSS) INCOME		902			(34	)		616			(57	)		54
FINANCIAL INCOME , NET		1,869			294			2,045			482			990
INCOME BEFORE INCOME TAX		2,771			260			2,661			425			1,044
INCOME TAX		(13	)		(14	)		(8	)		(6	)		(25	)
NET INCOME FOR THE PEROID		2,758			246			2,653			419			1,019
NET INCOME PER SHARE
Basic		0.14			0.03			0.10			0.06			0.11
Diluted		0.12			0.03			0.09			0.04			0.09
Weighted average number of ordinary shares used
in computing basic income per share		19,046,956			7,280,821			26,058,641			7,280,821			9,126,327
Weighted average number of ordinary shares used in computing diluted  income per share		23,017,550			9,280,432			30,029,235			9,370,588			11,710,254

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Vuance Ltd. (formerly, SuperCom Ltd.)
By:	/s/ Arie Trabelsi
Name:	Arie Trabelsi
Title:	Chief Executive Officer

Date: September 21, 2012