Numerex Corp. Contact:
Alan Catherall
770 485-2527
Investor Relations Contact:
Brett Maas
646 536-7331
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
NUMEREX REPORTS SECOND QUARTER 2008 FINANCIAL RESULTS
Company Grows M2M Service Revenues by 49% Year over Year,
Ends Quarter with Record 617,000 Network Connections
ATLANTA, August 5, 2008 - Numerex Corp. (NASDAQ: NMRX), a leading provider of full-service, highly secure machine-to-machine (M2M) network services and solutions, today announced financial results for the second quarter 2008 reporting a net loss of $183,000 or $0.01 per basic and diluted share. This compares to a net loss of $323,000 or $0.02 per basic and diluted share for the comparable period in 2007. Net loss for the second quarter of 2008 excluding non-cash stock based compensation and the amortization expense related to acquisitions (“non-GAAP earnings) was $101,000 compared to a loss of $118,000 for the same quarter in 2007 using the equivalent non-GAAP earnings measurement. Basic and diluted earnings per share using non-GAAP earnings would have been ($0.01) for the second quarter of 2008. All non-GAAP information is reconciled to U.S. GAAP in the Non-GAAP Condensed Consolidated Statement of Operations table attached.
M2M service revenues grew 49% in the quarter to $6.2 million from the $4.2 million reported in the second quarter of 2007. The Company ended the second quarter with 617,000 network connections, a 68% increase over the second quarter of last year. For the first six months of this year, M2M service revenues grew to $12.3 million, a 52% improvement over the same period last year. Overall, the Company posted a 32% growth rate in its M2M business for the six months and 13% for the second quarter when compared to the same periods last year. This includes hardware sales that were essentially flat year over year in a quarterly comparison and grew 23% for the comparable year over year six-month period. This was primarily due to the near-completion of an analog to digital technology transition that began early last year and continues, but at a much slower pace, as anticipated.
Total net revenues for the quarter were $17.4 million compared to $15.2 million reported for the same quarter last year, representing 15% year over year growth and $37.9 million for the first six months of 2008, a growth rate of 29% over the same period last year. M2M comprised almost 90% of the Company’s total revenues for the quarter and 93% for the six-month period with the balance derived from the Company’s Digital Multimedia and Networking Group.
“We are pleased with the growth in our core M2M network services and connection base,” said Stratton Nicolaides, Numerex chairperson and CEO. “While we continue to experience strong demand in our M2M business, we have taken measures to safeguard our balance sheet during this period of economic uncertainty and volatile capital markets by tightening credit, particularly for hardware-only sales, while we intensify our efforts to increase our network connections and recurring service revenues. We believe the heightened demand for low-margin hardware created by the analog to digital transition during 2007 and this year is substantially behind us. And, even though demand for certain hardware and module components has softened, our opportunity funnel and sales pipeline for our core M2M network services remains solid.”
Key financial results for the second quarter of 2008 and 2007 are as follows:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenues (‘000) | $ | 17,425 | $ | 15,170 | $ | 37,880 | $ | 29,356 | ||||||||
Net earnings (loss) (‘000) | $ | (183 | ) | $ | (323 | ) | $ | (400 | ) | $ | 104 | |||||
Net EPS | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.01 | |||||
Non-GAAP earnings (loss) (‘000) | $ | (101 | ) | $ | (118 | ) | $ | (61 | ) | $ | 368 | |||||
Non-GAAP EPS | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.00 | $ | 0.03 | ||||||
Key business highlights include:
· | The launch of a portal to simplify device management and network provisioning for the Company’s SMSXpress and GPRSXpress services. This web-based portal significantly eases the deployment and management of devices deployed on Numerex’s digital M2M networks. |
· | The only M2M provider to receive three gold Value Chain awards at the recent industry leading M2M United conference. These awards were for the provision of both network services and, in certain cases, hardware to three enterprises, which enabled and maximized their M2M applications. |
· | The announcement by GE Security that they ended the quarter with more than 170,000 Active Key devices in use with additional deployments forecast through the balance of the year. |
The Company’s satellite division improved its performance in the second quarter of 2008 generating a pre-tax loss of over $400,000 in the second quarter of 2008, which compared to a loss of $750,000 in the first quarter of this year. The Company added personnel late in the second quarter to replace management and improve the division’s performance during the second half of this year.
Gross margins for the second quarter of 2008 were 36.0% percent compared to 31.1% for the comparable period in 2007 and 31.6% for the first quarter of 2008. The year-over-year as well as the sequential quarterly improvement in gross margins is due to two factors. The first is a change in the overall revenue mix. In the prior sequential quarter as well as the second quarter in 2007, service revenues were 33% of total revenues compared to 40% in the second quarter of 2008. This increase drives an overall margin improvement since service revenues have a significantly higher gross margin than those achieved through the sale of hardware. In addition, hardware margins improved in the second quarter because of significantly lower unit sales of low-margin hardware related to the analog-to-digital transition and an increase in higher margin digital multimedia and satellite unit sales.
Operating expenses were $6.4 million for the current quarter compared to $4.9 million incurred during the second quarter of 2007 and $6.4 million for the first quarter of 2008. Operating expenses increased year-over-year primarily due to both the acquisition of the satellite business as well as increases in marketing expenses and costs associated with hiring new salespeople. The satellite M2M unit operating expenses were $1.0 million for the second quarter of 2008 including legal fees incurred in connection with an action filed by the division’s former manager, more fully described in the Company’s SEC filings. In accordance with Financial Accounting Standard No. 123 (R), the Company recorded non-cash stock option compensation costs of $284,000 in the second quarter of 2008 compared to $237,000 in the same quarter in 2007.
The Company’s balance sheet remains solid with $6.2 million in cash and $17.4 million in working capital. The current ratio as of June 30, 2008 was 2.1 to 1, which improved from the prior sequential quarter of 1.9 to 1. Shareholder’s equity increased 3.5% to $48.9 million compared to $46.9 as of December 31, 2007.
Mr. Nicolaides continued, “Despite the continued growth in our business, it is becoming increasingly difficult to forecast M2M revenues. At this time, we cannot affirm our overall M2M revenue growth estimates of 30 to 40% until we can more clearly determine the potential impact of current economic conditions. Yet, in spite of this uncertainty, we expect improved financial performance in the second half of the year as a result of a change in the mix of hardware and service revenues, a reduction in overhead and continued cost control.”
Conference Call and Web cast Information
Numerex will conduct a conference call on August 5th at 11:00 A.M., Eastern Daylight Time, accessible from the US & Canada by calling (866) 885-0439 or fir international callers, (904) 596-2360. A live web cast of the call will also be available via the Numerex web site at http://www.numerex.com, under the Investor Relations section. A replay of the conference call will be available on Numerex web site beginning two hours after the call.
About Numerex
Numerex Corp. (NASDAQ: NMRX) offers the broadest choice of secure machine-to-machine (M2M) network services and solutions. Numerex delivers a depth of expertise and excellence through its M2M service platforms - Networx, Techworx, and Flexworx - that leading companies choose to power their M2M solutions. Numerex is the first M2M Company in North American to carry ISO/IEC 27001:2005 certification – ISO’s highest information security benchmark to ensure data integrity and security. The Company offers its M2M products and services through a variety brands including Uplink and Orbit One. Numerex is headquartered in Atlanta, Georgia. For additional information, visit http://www.numerex.com
This press release contains, and other statements may contain, forward-looking statements with respect to Numerex future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding growth trends and activities in the wireless data business. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "assume," "strategy," "plan," "outlook," "outcome," "continue," "remain," "trend," and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Numerex cautions that these forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. These forward-looking statements speak only as of the date of this press release, and Numerex assumes no duty to update forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements and future results could differ materially from historical performance.
The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: our inability to reposition our platform to capture greater recurring service revenues, difficulties associated with integrating Orbit One’s business, the risks that a substantial portion of Orbit One's revenues are derived from government contracts that may be terminated by the government at any time, variations in quarterly operating results, delays in the development, introduction, integration and marketing of new wireless services; customer acceptance of services; economic conditions; changes in financial and capital markets; the inability to attain revenue and earnings growth in our wireless data business; changes in interest rates; inflation; the introduction, withdrawal, success and timing of business initiatives and strategies; competitive conditions; the inability to realize revenue enhancements; and extent and timing of technological changes. Numerex SEC reports identify additional factors that can affect forward-looking statements.
Numerex Corp. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
2008 | 2007 | Change | % Change | 2008 | 2007 | Change | % Change | |||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||
Hardware | $ | 10,490 | $ | 10,113 | $ | 377 | 4 | % | $ | 24,113 | $ | 19,388 | $ | 4,725 | 24 | % | ||||||||||||||||
Service | 6,935 | 5,057 | 1,878 | 37 | % | 13,767 | 9,968 | 3,799 | 38 | % | ||||||||||||||||||||||
Total net sales | 17,425 | 15,170 | 2,255 | 15 | % | 37,880 | 29,356 | 8,524 | 29 | % | ||||||||||||||||||||||
Cost of hardware sales | 9,014 | 9,168 | (154 | ) | -2 | % | 21,175 | 16,777 | 4,398 | 26 | % | |||||||||||||||||||||
Cost of services | 2,143 | 1,282 | 861 | 67 | % | 3,982 | 2,485 | 1,497 | 60 | % | ||||||||||||||||||||||
Gross Profit | 6,268 | 4,720 | 1,548 | 33 | % | 12,723 | 10,094 | 2,629 | 26 | % | ||||||||||||||||||||||
36.0 | % | 31.1 | % | 33.6 | % | 34.4 | % | |||||||||||||||||||||||||
Selling, general, and administrative expenses | 5,047 | 3,866 | 1,181 | 31 | % | 10,062 | 7,480 | 2,582 | 35 | % | ||||||||||||||||||||||
Research and development expenses | 485 | 334 | 151 | 45 | % | 1,015 | 622 | 393 | 63 | % | ||||||||||||||||||||||
Bad Debt Expense | 125 | 162 | (37 | ) | -23 | % | 263 | 249 | 14 | 6 | % | |||||||||||||||||||||
Depreciation and amortization | 766 | 530 | 236 | 44 | % | 1,516 | 1,020 | 496 | 49 | % | ||||||||||||||||||||||
Operating earnings (loss) | (155 | ) | (172 | ) | 17 | -10 | % | (133 | ) | 723 | (856 | ) | -118 | % | ||||||||||||||||||
Interest expense | (407 | ) | (356 | ) | (51 | ) | Nm | (810 | ) | (502 | ) | (308 | ) | nm | ||||||||||||||||||
Other income (expense) | (1 | ) | (9 | ) | 8 | Nm | (3 | ) | (17 | ) | 14 | nm | ||||||||||||||||||||
Earnings (loss) before tax | (563 | ) | (537 | ) | (26 | ) | Nm | (946 | ) | 204 | (1,150 | ) | nm | |||||||||||||||||||
Provision (benefit) for income tax | (380 | ) | (214 | ) | (166 | ) | Nm | (546 | ) | 100 | (646 | ) | nm | |||||||||||||||||||
Net earnings (loss) | $ | (183 | ) | $ | (323 | ) | $ | 140 | -43 | % | $ | (400 | ) | $ | 104 | $ | (504 | ) | -485 | % | ||||||||||||
Basic earnings per common share | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.01 | |||||||||||||||||||||
Diluted earnings per common share | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.01 | |||||||||||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||||||||||
Basic | 13,736 | 13,156 | 13,731 | 13,081 | ||||||||||||||||||||||||||||
Diluted | 13,736 | 13,156 | 13,731 | 13,780 |
Supplemental Sales Information | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
Net Sales: | 2008 | 2007 | Change | 2008 | 2007 | Change | ||||||||||||||||||||
M2M | ||||||||||||||||||||||||||
Hardware | $ | 9,442 | $ | 9,661 | $ | (219 | ) | $ | 22,862 | $ | 18,574 | $ | 4,288 | |||||||||||||
Service | 6,212 | 4,176 | 2,036 | 12,345 | 8,133 | 4,212 | ||||||||||||||||||||
Subtotal | 15,654 | 13,837 | 1,817 | 35,207 | 26,707 | 8,500 | ||||||||||||||||||||
Digital Multimedia, Networking and Wireline Security | ||||||||||||||||||||||||||
Hardware | 1,048 | 452 | 596 | 1,251 | 813 | 438 | ||||||||||||||||||||
Service | 723 | 881 | (158 | ) | 1,422 | 1,836 | (414 | ) | ||||||||||||||||||
Subtotal | 1,771 | 1,333 | 438 | 2,673 | 2,649 | 24 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Hardware | 10,490 | 10,113 | 377 | 24,113 | 19,387 | 4,726 | ||||||||||||||||||||
Service | 6,935 | 5,057 | 1,878 | 13,767 | 9,969 | 3,798 | ||||||||||||||||||||
Total net sales | $ | 17,425 | $ | 15,170 | $ | 2,255 | $ | 37,880 | $ | 29,356 | $ | 8,524 |
Numerex Corp. | ||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, 2008 | June 30, 2008 | |||||||||||||||||||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||||||||||||||
Results | Adjustments | Results | Results | Adjustments | Results | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Hardware | $ | 10,490 | $ | 10,490 | $ | 24,113 | $ | 24,113 | ||||||||||||||||
Service | 6,935 | 6,935 | 13,767 | 13,767 | ||||||||||||||||||||
Total net sales | 17,425 | 17,425 | 37,880 | 37,880 | ||||||||||||||||||||
Cost of hardware sales | 9,014 | 9,014 | 21,175 | 21,175 | ||||||||||||||||||||
Cost of services | 2,143 | 2,143 | 3,982 | 3,982 | ||||||||||||||||||||
Gross Profit | 6,268 | - | 6,268 | 12,723 | - | 12,723 | ||||||||||||||||||
36.0 | % | 36.0 | % | 33.6 | % | 33.6 | % | |||||||||||||||||
Selling, general, and administrative expenses | 5,047 | (284 | ) | 4,763 | 10,062 | (577 | ) | 9,485 | ||||||||||||||||
Research and development expenses | 485 | 485 | 1,015 | 1,015 | ||||||||||||||||||||
Bad debt expense | 125 | 125 | 263 | 263 | ||||||||||||||||||||
Earnings before interest, depreciation and amortization | 611 | 284 | 895 | 1,383 | 577 | 1,960 | ||||||||||||||||||
Depreciation and amortization | 766 | (130 | ) | 636 | 1,516 | (260 | ) | 1,256 | ||||||||||||||||
Operating earnings (loss) | (155 | ) | 414 | 259 | (133 | ) | 837 | 704 | ||||||||||||||||
Interest expense | (407 | ) | (407 | ) | (810 | ) | (810 | ) | ||||||||||||||||
Other income | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Earnings (loss) before tax | (563 | ) | 414 | (149 | ) | (946 | ) | 837 | (109 | ) | ||||||||||||||
Provision (benefit) for income tax | (380 | ) | 332 | (48 | ) | (546 | ) | 498 | (48 | ) | ||||||||||||||
Net earnings (loss) | $ | (183 | ) | $ | 82 | $ | (101 | ) | $ | (400 | ) | $ | 339 | $ | (61 | ) | ||||||||
Basic earnings (loss) per common share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.00 | ) | ||||||||||||
Diluted earnings (loss) per common share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.00 | ) | ||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||
Basic | 13,736 | 13,736 | 13,731 | 13,731 | ||||||||||||||||||||
Diluted | 13,736 | 13,736 | 13,731 | 13,731 |
(a) These Unaudited non-GAAP Consolidated Statements of Operations are for informational purposes only and are not presented in accordance with U.S. GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the U.S. GAAP Statement of Operations exclude stock option expense and amortization expense related to the acquisitions of Airdesk Inc. and Orbit One Communications Inc.
Numerex Corp. | ||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, 2007 | June 30, 2007 | |||||||||||||||||||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||||||||||||||||
Results | Adjustments | Results | Results | Adjustments | Results | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||||
Hardware | $ | 10,113 | $ | 10,113 | $ | 19,388 | $ | 19,388 | ||||||||||||||||
Service | 5,057 | 5,057 | 9,968 | 9,968 | ||||||||||||||||||||
Total net sales | 15,170 | 15,170 | 29,356 | 29,356 | ||||||||||||||||||||
Cost of hardware sales | 9,168 | 9,168 | 16,777 | 16,777 | ||||||||||||||||||||
Cost of services | 1,282 | 1,282 | 2,485 | 2,485 | ||||||||||||||||||||
Gross Profit | 4,720 | - | 4,720 | 10,094 | - | 10,094 | ||||||||||||||||||
31.1 | % | 31.1 | % | 34.4 | % | 34.4 | % | |||||||||||||||||
Selling, general, and administrative expenses | 3,866 | (237 | ) | 3,629 | 7,480 | (410 | ) | 7,070 | ||||||||||||||||
Research and development expenses | 334 | 334 | 622 | 622 | ||||||||||||||||||||
Bad debt expense | 162 | 162 | 249 | 249 | ||||||||||||||||||||
Earnings before interest, depreciation and amortization | 358 | 237 | 595 | 1,743 | 410 | 2,153 | ||||||||||||||||||
Depreciation and amortization | 530 | (35 | ) | 495 | 1,020 | (56 | ) | 964 | ||||||||||||||||
Operating earnings (loss) | (172 | ) | 272 | 100 | 723 | 466 | 1,189 | |||||||||||||||||
Interest expense | (356 | ) | (356 | ) | (502 | ) | (502 | ) | ||||||||||||||||
Other income | (9 | ) | (9 | ) | (17 | ) | (17 | ) | ||||||||||||||||
Earnings (loss) before tax | (537 | ) | 272 | (265 | ) | 204 | 466 | 670 | ||||||||||||||||
Provision (benefit) for income tax | (214 | ) | 67 | (147 | ) | 100 | 202 | 302 | ||||||||||||||||
Net earnings (loss) | $ | (323 | ) | $ | 205 | $ | (118 | ) | $ | 104 | $ | 264 | $ | 368 | ||||||||||
Basic earnings (loss) per common share | $ | (0.02 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.03 | ||||||||||||||
Diluted earnings (loss) per common share | $ | (0.02 | ) | $ | (0.01 | ) | $ | 0.01 | $ | 0.03 | ||||||||||||||
Number of shares used in per share calculation | ||||||||||||||||||||||||
Basic | 13,156 | 13,156 | 13,081 | 13,081 | ||||||||||||||||||||
Diluted | 13,156 | 13,156 | 13,780 | 13,780 |
(a) These Unaudited non-GAAP Consolidated Statements of Operations are for informational purposes only and are not presented in accordance with GAAP. The adjustments necessary to provide a direct reconciliation of the non-GAAP to the GAAP Statement of Operations exclude stock option expense and amortization expense related to the acquisitions of Airdesk Inc.
NUMEREX CORP. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
(In thousands) | ||||||||
June 30, | December 31, | |||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 6,165 | $ | 7,425 | ||||
Accounts receivable, less allowance for doubtful accounts of $1,252 at June 30, 2008 | ||||||||
and $1,009 at December 31, 2007: | 14,018 | 16,396 | ||||||
Inventory | 10,468 | 10,059 | ||||||
Prepaid expenses and other current assets | 2,350 | 1,885 | ||||||
Deferred tax asset | 770 | 770 | ||||||
TOTAL CURRENT ASSETS | 33,771 | 36,535 | ||||||
Property and equipment, net | 1,969 | 2,003 | ||||||
Goodwill, net | 26,115 | 22,603 | ||||||
Other intangibles, net | 6,515 | 6,940 | ||||||
Software, net | 3,354 | 3,486 | ||||||
Other assets - long-term | 404 | 526 | ||||||
Deferred tax asset - long-term | 2,489 | 2,005 | ||||||
TOTAL ASSETS | $ | 74,617 | $ | 74,098 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 8,994 | $ | 10,299 | ||||
Other current liabilities | 2,041 | 2,311 | ||||||
Notes payable | 2,568 | 2,568 | ||||||
Deferred revenues | 2,750 | 1,328 | ||||||
Obligations under capital leases | 40 | 44 | ||||||
TOTAL CURRENT LIABILITIES | 16,393 | 16,550 | ||||||
LONG TERM LIABILITIES | ||||||||
Obligations under capital leases and other long-term liabilities | 445 | 486 | ||||||
Notes payable | 8,913 | 10,197 | ||||||
TOTAL LONG TERM LIABILITIES | 9,358 | 10,683 | ||||||
COMMITMENTS AND CONTIGENCIES | - | - | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock - no par value; authorized 3,00,000; none issued | - | - | ||||||
Class A common stock - no par value, authorized 30,000,000, issued 14,917,305 | ||||||||
shares at June 30, 2008 and 14,706,101 shares at December 31, 2007 | 49,264 | 47,455 | ||||||
Class B common stock – no par value; authorized 5,000,000; none issued | - | - | ||||||
Additional paid-in-capital | 4,005 | 3,427 | ||||||
Treasury stock, at cost, 1,185,809 shares on June 30, 2008 and | ||||||||
December 31, 2007 | (5,053 | ) | (5,053 | ) | ||||
Accumulated other comprehensive income (loss) | 8 | (6 | ) | |||||
Accumulated earnings | 642 | 1,042 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 48,866 | 46,865 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 74,617 | $ | 74,098 |
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