| Quarterly Financial Information (Unaudited) |
13. Quarterly Financial
Information (Unaudited)
The following table sets forth specific unaudited consolidated
quarterly statement of operations data for the eight quarters ended
December 31, 2015 (in thousands). This information is
unaudited, but in the opinion of management, it has been prepared
on the same basis as the audited consolidated financial statements
and all necessary adjustments, consisting only of normal recurring
adjustments, have been included in the amounts stated below to
state fairly the unaudited consolidated quarterly results of
operations. The results of operations for any quarter are not
necessarily indicative of the results of operations for any future
period.
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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| 2015 |
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Revenues
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$ |
8,326 |
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$ |
10,213 |
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$ |
11,455 |
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$ |
7,564 |
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Gross profit
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3,448 |
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|
4,643 |
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|
5,025 |
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|
3,028 |
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Operating expenses
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4,279 |
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|
4,976 |
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|
4,156 |
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|
5,244 |
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(Loss) income from operations
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(831 |
) |
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|
(333 |
) |
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|
869 |
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(2,216 |
) |
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Net (loss) income
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(692 |
) |
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|
(326 |
) |
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|
953 |
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(2,069 |
) |
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(Loss) income per common share:
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Basic
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$ |
(0.06 |
) |
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$ |
(0.03 |
) |
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$ |
0.09 |
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$ |
(0.19 |
) |
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Diluted
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$ |
(0.06 |
) |
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$ |
(0.03 |
) |
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$ |
0.09 |
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$ |
(0.19 |
) |
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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| 2014 |
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Revenues
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$ |
7,016 |
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$ |
6,654 |
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$ |
11,537 |
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$ |
7,259 |
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Gross profit
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2,744 |
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|
2,785 |
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6,437 |
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|
2,811 |
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Operating expenses
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2,852 |
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|
2,706 |
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|
2,851 |
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|
2,551 |
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Income from operations
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(108 |
) |
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|
79 |
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|
3,586 |
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|
260 |
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Change in fair value of common stock warrants
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309 |
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|
70 |
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1 |
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— |
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Net (loss) income
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|
152 |
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(10 |
) |
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3,744 |
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(494 |
) |
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Income (loss) per common share:
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Basic
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$ |
0.01 |
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$ |
(0.00 |
) |
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$ |
0.35 |
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$ |
(0.05 |
) |
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Diluted
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$ |
(0.01 |
) |
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$ |
(0.01 |
) |
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$ |
0.35 |
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|
$ |
(0.05 |
) |
The explanations for major variances from the fourth quarters for
the years ended December 31, 2015 and 2014 are:
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1. |
In the fourth quarter of 2015, the
Company increased personnel and temp labor as a VP of Business
Development, and Two VP’s of Product Development were
hired. |
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2. |
In the fourth quarter of 2014, the
Company recorded an income tax provision for approximately
$0.9 million, associated with recording a valuation allowance
of its net deferred tax assets in the United Kingdom
jurisdiction. |
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