Diligent Corp - 10-K/A filing on 2014-04-07

Quarterly data (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

19)

Quarterly data (Unaudited)

As discussed in Note 2, the Company has restated its results of operations for the years ended December 31, 2012 and 2011. This restatement necessitates the restatement of quarterly data included in the Company’s previously filed quarterly reports on Form 10-Q for the first three quarters of 2012 and 2011. The restatements for each of the quarters below are due to a correction in the timing of the recognition of revenue and related commission expense, state sales tax expense, and certain other adjustments, as well as the related tax effects of these adjustments and corrections to the Company’s income tax provisions (see Note 2 for further discussion of the restatement adjustments).

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended September 30, 2012 (unaudited)	Reported		Adjustments		Restated

Revenues	$	11,830	$	(999)	$	10,831
Cost of revenues (excluding depreciation and amortization)		2,648		(172)		2,476
Gross profit		9,182		(827)		8,355

Operating expenses:
Selling and marketing expenses		2,276		48		2,324
General and administrative expenses		2,045		117		2,162
Research and development expenses		576		-		576
Depreciation and amortization		337		(3)		334
Total operating expenses		5,234		162		5,396
Operating income		3,948		(989)		2,959

Other income, net:
Interest income, net		26		(4)		22
Foreign exchange transaction gain		39		-		39
Total other income		65		(4)		61
Income before provision for income taxes		4,013		(993)		3,020
Income tax expense (benefit)		1,110		(5,172)		(4,062)
Net income	$	2,903	$	4,179	$	7,082

Accrued preferred stock dividends		(89)	$	-		(89)
Net income attributable to common stockholders	$	2,814	$	4,179	$	6,993

Earnings per share:
Basic	$	0.03	$	0.03	$	0.06
Diluted	$	0.02	$	0.04	$	0.06

Weighted average shares outstanding:
Basic		82,068		32,667		114,735
Diluted		119,977		(4)		119,973

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended June 30, 2012 (unaudited)	Reported		Adjustments		Restated

Revenues	$	10,118	$	(1,253)	$	8,865
Cost of revenues (excluding depreciation and amortization)		2,428		(90)		2,338
Gross profit		7,690		(1,163)		6,527

Operating expenses:
Selling and marketing expenses		2,079		(27)		2,052
General and administrative expenses		2,606		118		2,724
Research and development expenses		579		-		579
Depreciation and amortization		268		(4)		264
Total operating expenses		5,532		87		5,619
Operating income		2,158		(1,250)		908

Other income, net:
Interest income, net		52		(5)		47
Foreign exchange transaction loss		(20)		-		(20)
Total other income		32		(5)		27
Income before provision for income taxes		2,190		(1,255)		935
Income tax expense		732		(506)		226
Net income	$	1,458	$	(749)	$	709

Accrued preferred stock dividends		(89)	$	-		(89)
Net income attributable to common stockholders	$	1,369	$	(749)	$	620

Earnings per share:
Basic	$	0.02	$	(0.01)	$	0.01
Diluted	$	0.01	$	-	$	0.01

Weighted average shares outstanding:
Basic		81,880		32,667		114,547
Diluted		118,993		1,094		120,087

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended March 31, 2012 (unaudited)	Reported		Adjustments		Restated

Revenues	$	8,214	$	(1,133)	$	7,081
Cost of revenues (excluding depreciation and amortization)		2,165		(157)		2,008
Gross profit		6,049		(976)		5,073

Operating expenses:
Selling and marketing expenses		1,939		3		1,942
General and administrative expenses		1,509		168		1,677
Research and development expenses		474		-		474
Depreciation and amortization		228		(4)		224
Total operating expenses		4,150		167		4,317
Operating income		1,899		(1,143)		756

Other income, net:
Interest income, net		48		(6)		42
Foreign exchange transaction gain		6		-		6
Total other income		54		(6)		48
Income before provision for income taxes		1,953		(1,149)		804
Income tax expense		53		142		195
Net income	$	1,900	$	(1,291)	$	609

Accrued preferred stock dividends		(89)	$	-		(89)
Net income attributable to common stockholders	$	1,811	$	(1,291)	$	520

Earnings per share:
Basic	$	0.02	$	(0.02)	$	0.00
Diluted	$	0.02	$	(0.02)	$	0.00

Weighted average shares outstanding:
Basic		81,806		32,667		114,473
Diluted		119,992		5		119,997

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended September 30, 2011 (unaudited)	Reported		Adjustments		Restated

Revenues	$	4,826	$	(702)	$	4,124
Cost of revenues (excluding depreciation and amortization)		1,360		(67)		1,293
Gross profit		3,466		(635)		2,831

Operating expenses:
Selling and marketing expenses		1,403		-		1,403
General and administrative expenses		1,218		66		1,284
Research and development expenses		387		-		387
Depreciation and amortization		125		25		150
Total operating expenses		3,133		91		3,224
Operating income (loss)		333		(726)		(393)

Other income, net:
Interest income, net		46		(7)		39
Foreign exchange transaction loss		(37)		(1)		(38)
Total other income, net		9		(8)		1
Income before provision for income taxes		342		734		(392)
Income tax expense		17		-		17
Net income (loss)	$	325	$	734	$	(409)

Accrued preferred stock dividends		(89)	$	-		(89)
Net income (loss) attributable to common stockholders	$	236	$	734	$	(498)

Earnings (loss) per share:
Basic	$	0.00	$	-	$	(0.00)
Diluted	$	0.00	$	-	$	(0.00)

Weighted average shares outstanding:
Basic		82,018		32,667		114,685
Diluted		117,247		(2,562)		114,685

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended June 30, 2011 (unaudited)	Reported		Adjustments		Restated

Revenues	$	3,665	$	(416)	$	3,249
Cost of revenues (excluding depreciation and amortization)		1,141		(14)		1,127
Gross profit		2,524		(402)		2,122

Operating expenses:
Selling and marketing expenses		1,152		4		1,156
General and administrative expenses		1,124		67		1,191
Research and development expenses		371		-		371
Depreciation and amortization		124		-		124
Total operating expenses		2,771		71		2,842
Operating loss		(247)		(473)		(720)

Other income, net:
Impairment recovery on note receivable from shareholder		1,200		(1,200)		-
Interest income, net		44		-		44
Foreign exchange transaction gain		17		-		17
Total other income, net		1,261		(1,200)		61
Income before provision for income taxes		1,014		(1,673)		(659)
Income tax expense		5		-		5
Net income (loss)	$	1,009	$	(1,673)	$	(664)

Accrued preferred stock dividends		(89)	$	-		(89)
Net income (loss) attributable to common stockholders	$	920	$	(1,673)	$	(753)

Earnings (loss) per share:
Basic	$	0.01	$	(0.02)	$	(0.01)
Diluted	$	0.01	$	(0.02)	$	(0.01)

Weighted average shares outstanding:
Basic		82,006		32,667		114,673
Diluted		115,791		(1,118)		114,673

Consolidated Statement of Operations	As
(in thousands, except per share amounts)	Previously				As
Three Months Ended March 31, 2011 (unaudited)	Reported		Adjustments		Restated

Revenues	$	2,976	$	(326)	$	2,650
Cost of revenues (excluding depreciation and amortization)		820		(22)		798
Gross profit		2,156		(304)		1,852

Operating expenses:
Selling and marketing expenses		873		2		875
General and administrative expenses		1,052		67		1,119
Research and development expenses		320		-		320
Depreciation and amortization		118		-		118
Total operating expenses		2,363		69		2,432
Operating loss		(207)		(373)		(580)

Other income, net:
Interest income, net		45		-		45
Foreign exchange transaction loss		(12)		-		(12)
Total other income, net		33		-		33
Income before provision for income taxes		(174)		(373)		(547)
Income tax expense		14		-		14
Net loss	$	(188)	$	(373)	$	(561)

Accrued preferred stock dividends		(89)	$	-		(89)
Net loss attributable to common stockholders	$	(277)	$	(373)	$	(650)

Loss per share:
Basic	$	(0.00)	$	(0.01)	$	(0.01)
Diluted	$	(0.00)	$	(0.01)	$	(0.01)

Weighted average shares outstanding:
Basic		81,975		32,667		114,642
Diluted		81,975		32,667		114,642