FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report Of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the Securities
Exchange Act of 1934
For the period ending June 30, 2007
Commission File Number: 0-28542
ICTS International N.V.
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(Translation of registrant's name into English)
Biesbosch 225, 1181 JC Amstelveen, The Netherlands
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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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):________
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
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):______ ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant 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
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
Item 9.01 Financial Statements
1. Consolidated Balance Sheets.
2. Condensed Consolidated Statements of Operations
ICTS INTERNATIONAL N.V
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2007 2006
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(US $ in thousands)
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents .......................... $1,623 $1,743
Restricted cash and short-term investments ......... 665
Accounts receivable - trade ........................ 12,767 13,316
Prepaid expenses ................................... 1,171 1,309
Other current assets ............................... 698 411
Current assets from discontinued operations ........ 75
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Total current assets $16,259 $17,519
INVESTMENTS:
Investment in associated companies ................. 177 2,513
Restricted cash .................................... 5,812 3,500
Other investment and long term receivables ......... 98 380
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6,087 6,393
PROPERTY AND EQUIPMENT:
Cost ............................................... 4,810 4,933
Less-accumulated depreciation ...................... 3,588 3,548
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1,222 1,385
GOODWILL .............................................. 314 314
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OTHER ASSETS
Other assets and intangible assets net
of accumulated amortization ...................... 378 889
Non current assets from discontinued operations .... 55
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378 944
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Total assets $24,260 $26,555
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit ............................. $6,620 $5,132
Current maturities of long-term loans .............. 190 154
Account payable-trade .............................. 4,053 3,749
Accrued expenses and other liabilities ............. 13,463 20,214
Current liabilities from discontinued operations ... 2,507 4,328
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Total current liabilities $26,833 $33,577
LONG-TERM LIABILITIES:
Accrued severance pay .............................. 61 55
Loan from related party ............................ 6,088 2,652
Long term liabilities, net of current maturities ... 90 160
Net current liabilities from discontinued
operations ....................................... 7,772 9,113
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Total long-term liabilities 14,011 11,980
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Total liabilities 40,844 45,557
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SHAREHOLDERS' EQUITY (Deficiency)
Share capital:
Common shares, par value-0.45 Euro per share,
17,000,000 shares authorized; 6,672,980
outstanding shares .............................. 3,605 3,605
Additional paid-in capital ......................... 20,264 20,181
Accumulated defecit ................................ (32,610) (34,300)
Accumulated other comprehensive loss ............... (6,944) (7,589)
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(15,685) (18,103)
Treasury stock, 144,880 common shares, at cost ..... (899) (899)
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(16,584) (19,002)
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Total liabilities and shareholders' equity $24,260 $26,555
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ICTS INTERNATIONAL N.V
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US $ in thousands, except share and per share data)
Six months ended Six months ended
30 June 2007 30 June 2006
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Revenues ...................................... $31,476 $28,383
Cost of revenues .............................. 27,946 26,274
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Gross profit .................................. 3,530 2,109
Impairment and amortization of
intangible assets ........................ 323 316
Selling, general and administrative
expenses ................................. 5,444 5,572
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Operating loss ................................ (2,237) (3,779)
Interest and other financial income ........... 142 170
Interest and other financial expense .......... (613) (537)
Exchange rate differences ..................... (103) (12)
Other income , net ............................ 3,973 227
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Income (Loss) before income taxes ............. 1,162 (3,931)
Income taxes .................................. (56) (32)
Share in profits (losses) of
associated companies ..................... (2,388) 211
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Loss from continuing operations of the
companyand its subsidiaries .............. (1,282) (3,752)
Profit (Loss) from discontinued operations .... 2,972 (1,169)
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Net income (loss) ............................. $1,690 $(4,921)
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Other comprehensive imcome (loss):
Translation adjustments .................... 148 246
Unrealized income (loss) on marketable
securities and others .................... 580 (311)
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Other comprehensive income (loss) ............. 728 (65)
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Comprehensive income (loss) ................... $2,418 $(4,986)
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Profit (Loss) per Common Share:
Loss from continuing operations:
Loss per common share - basic $(0.20) $(0.57)
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Loss per common share - diluted $(0.20) $(0.57)
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Profit (Loss) from discontinued operations:
Profit (Loss) per common
share - basic $ 0.46 $(0.18)
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Profit (Loss) per common
share - diluted $ 0.46 $(0.18)
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Net profit (loss) from:
Profit (Loss) per common
share - basic $ 0.26 $(0.75)
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Profit (Loss) per common
share - diluted $ 0.26 $(0.75)
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Weighted average of common shares
Outstanding ............................ 6,528,100 6,528,100
Diluted ................................ 6,528,100 6,528,100
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.
ICTS INTERNATIONAL N.V.
By: /s/ Avraham Dan
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Avraham Dan, Managing Director
Dated: December 27, 2007