Delaware
|
23-2119058
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
240
Gibraltar Road, Horsham, Pennsylvania
|
19044
|
(Address
of principal executive offices)
|
(Zip
Code)
|
· |
9
Core Applications
|
· |
Mobile
Applications
|
· |
Extended
Portals
|
· |
Reporting
and Business Intelligence
|
· |
Tools
|
· |
FX
Service Center
|
· |
FX
Mobile
|
· |
FX
e-Service
|
· |
FX
Resource Utilization
|
· |
FX
Interchange
|
· |
FX
Interchange for JD Edwards
|
· |
FX
Mobility Express
|
· |
FX
Express for JD Edwards
|
· |
they
compete for the same customers that the Company tries to attract;
|
· |
if
the Company loses customers to its competitors, it may be difficult
or
impossible to win them back;
|
· |
lower
prices and a smaller market share could limit the Company’s revenue
generating ability, reduce its gross margins and restrict its ability
to
become profitable or sustain profitability; and
|
· |
competitors
may be able to devote greater resources to more quickly respond to
emerging technologies and changes in customer requirements or to
the
development, promotion and sales of their
products.
|
· |
require the Company to seek to enter into royalty or licensing agreements,
which may not be available on terms acceptable to the Company, if
at
all.
|
· |
difficulties
in establishing and managing international distribution channels
and in
translating products into foreign
languages;
|
· |
difficulties
finding staff to manage foreign operations and collect accounts
receivable;
|
· |
difficulties
enforcing intellectual property
rights;
|
· |
liabilities
and financial exposure under foreign laws and regulatory
requirements;
|
· |
fluctuations
in the value of foreign currencies and currency exchange rates;
and
|
· |
potentially
adverse tax consequences.
|
2006
|
High
|
|
Low
|
||||
First
quarter
|
$
|
25.71
|
$
|
11.73
|
|||
Second
quarter
|
11.80
|
7.87
|
|||||
Third
quarter
|
9.67
|
4.26
|
|||||
Fourth
quarter
|
8.19
|
4.71
|
2005
|
High
|
|
Low
|
||||
First
quarter
|
$
|
8.45
|
$
|
6.41
|
|||
Second
quarter
|
9.61
|
5.82
|
|||||
Third
quarter
|
8.07
|
5.85
|
|||||
Fourth
quarter
|
18.31
|
7.50
|
Years
ended December 31,
|
2006
|
2005
Restated
|
2004
Restated
|
2003
|
2002
|
|||||||||||
(in
thousands, except per share data)
|
||||||||||||||||
Statement
of Income Data:
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Software license fees
|
$
|
4,670
|
$
|
8,240
|
$
|
7,392
|
$
|
1,935
|
$
|
6,504
|
||||||
Services and maintenance
|
15,614
|
13,914
|
11,315
|
10,906
|
10,294
|
|||||||||||
Total revenues (1)
|
20,284
|
22,154
|
18,707
|
12,841
|
16,798
|
|||||||||||
Cost
and Expenses:
|
||||||||||||||||
Cost of software license fees
|
1,687
|
1,178
|
1,838
|
898
|
1,262
|
|||||||||||
Cost of services and maintenance
|
10,262
|
8,261
|
6,356
|
6,963
|
6,345
|
|||||||||||
Product development
|
3,842
|
2,461
|
1,431
|
2,490
|
1,781
|
|||||||||||
Sales and marketing
|
5,923
|
6,192
|
5,565
|
5,875
|
6,218
|
|||||||||||
General and administrative
|
3,757
|
3,003
|
2,051
|
2,198
|
2,426
|
|||||||||||
Total costs and expenses (2)
|
25,471
|
21,095
|
17,241
|
18,424
|
18,032
|
|||||||||||
Income(loss)
from operations
before interest and taxes
|
(5,187
|
)
|
1,059
|
1,466
|
(5,583
|
)
|
(1,234
|
)
|
||||||||
Interest
income
|
234
|
165
|
58
|
54
|
106
|
|||||||||||
Income(loss)
from
operations before income taxes
|
(4,953
|
)
|
1,224
|
1,524
|
(5,529
|
)
|
(1,128
|
)
|
||||||||
Income
tax expense
|
29
|
7
|
-
|
-
|
200
|
|||||||||||
Net
profit/(loss)
|
$
|
(4,982
|
)
|
$
|
1,217
|
$
|
1,524
|
$
|
(5,529
|
)
|
$
|
(1,328
|
)
|
|||
Basic
income (loss) per share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
$
|
(1.89
|
)
|
$
|
(0.09
|
)
|
|||
Diluted
income (loss) per share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
$
|
(1.89
|
)
|
$
|
(0.09
|
)
|
|||
Shares
used in computing basic income (loss)
per
share (3)
|
3,547
|
3,093
|
2,960
|
2,922
|
2,921
|
|||||||||||
Shares
used in computing diluted income (loss) per share (3)
|
3,547
|
3,116
|
3,001
|
2,922
|
2,921
|
|||||||||||
Balance
Sheet Data:
|
||||||||||||||||
Working
capital (deficit)
|
$
|
(1,289
|
)
|
$
|
5,495
|
$
|
3,969
|
$
|
1,820
|
$
|
6,449
|
|||||
Total
assets
|
18,059
|
21,612
|
13,754
|
10,096
|
16,443
|
|||||||||||
Long-term
debt, less current portion
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Accumulated
deficit
|
(20,343
|
)
|
(15,361
|
)
|
(16,578
|
)
|
(18,100
|
(12,568
|
)
|
|||||||
Total
stockholders’ equity
|
6,106
|
10,648
|
5,461
|
3,734
|
8,998
|
(1) |
Revenues
for 2004 and 2005 have been restated by $610,000 and $611,000,
respectively, to reflect the restatement of revenue associated with
a 2004
contract in the U.K. See Note 2 of the Notes to the Consolidated
Financial
Statements.
|
(2) |
Results
for 2006 include expense of $397,000 for stock compensation plans
as
required under SFAS 123(R), effective at January 1, 2006. Prior years
do
not contain cost of stock compensation
plans.
|
(3) |
Restated
for a 1:5 reverse stock-split occurred in September 2003. See Note
3 of
the Notes to the Consolidated Financial
Statements.
|
Years
ended December 31,
|
2006
|
2005
(restated)
|
2004
(restated)
|
|||||||
Revenues:
|
||||||||||
Software license fees
|
23.0
|
%
|
37.2
|
%
|
39.5
|
%
|
||||
Services and maintenance
|
77.0
|
62.8
|
60.5
|
|||||||
Total revenues
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||
Costs
and expenses:
|
||||||||||
Cost of software license fees
|
8.3
|
%
|
5.3
|
%
|
9.8
|
%
|
||||
Cost of services and maintenance
|
50.6
|
37.3
|
34.0
|
|||||||
Product development
|
19.0
|
11.1
|
7.7
|
|||||||
Sales and marketing
|
29.2
|
27.9
|
29.7
|
|||||||
General and administrative
|
18.5
|
13.6
|
11.0
|
|||||||
Total costs and expenses
|
125.6
|
%
|
95.2
|
%
|
92.2
|
%
|
Payment
Due By Period
|
||||||||||||||||
Total
|
2007
|
2008-2009
|
2010-2011
|
2012
and after
|
||||||||||||
Contractual
Cash
Obligations:
|
||||||||||||||||
Long-term
Debt
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||
Capital
Leases
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Operating
Leases
|
$
|
2,415,000
|
$
|
1,398,000
|
$
|
945,000
|
$
|
55,000
|
$
|
17,000
|
Amounts
of Commitment Expiration Per Period
|
||||||||||||||||
Total
|
2007
|
2008-2009
|
2010
-2011
|
2012
and after
|
||||||||||||
Other
Commercial
Commitments:
|
||||||||||||||||
Letters
of Credit
|
$
|
225,000
|
$
|
225,000
|
$
|
-
|
$
|
-
|
December
31,
|
2006
|
2005
restated
|
|||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash and cash equivalents
|
$
|
3,120,000
|
$
|
9,484,000
|
|||
Restricted cash
|
225,000
|
225,000
|
|||||
Receivables, net of reserves of $163,000 and $310,000
|
6,860,000
|
5,037,000
|
|||||
Prepaid expenses and other
|
423,000
|
485,000
|
|||||
Total current assets
|
10,628,000
|
15,231,000
|
|||||
Property
and equipment, net
|
648,000
|
1,038,000
|
|||||
Intangibles,
net
|
1,719,000
|
1,999,000
|
|||||
Capitalized
software development costs, net
|
3,636,000
|
2,055,000
|
|||||
Goodwill
|
1,253,000
|
1,100,000
|
|||||
Other
long-term assets
|
175,000
|
189,000
|
|||||
Total assets
|
$
|
18,059,000
|
$
|
21,612,000
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts payable and accrued expenses
|
$
|
3,930,000
|
$
|
3,969,000
|
|||
Deferred revenues
|
7,987,000
|
5,767,000
|
|||||
Total current liabilities
|
11,917,000
|
9,736,000
|
|||||
Long-term
liabilities
|
|||||||
Deferred revenues
|
-
|
1,221,000
|
|||||
Deferred tax liability
|
36,000
|
7,000
|
|||||
Total
long-term liabilities
|
36,000
|
1,228,000
|
|||||
Commitments
and Contingencies
|
|||||||
Stockholders’
equity:
|
|||||||
Preferred stock, $.01 par value, 5,000,000 shares
authorized, none issued
|
-
|
-
|
|||||
Common stock, $.01 par value, 25,000,000 shares
authorized, 3,591,000 and 3,585,000 shares issued
respectively
|
36,000
|
36,000
|
|||||
Additional paid-in capital
|
27,532,000
|
27,116,000
|
|||||
Accumulated comprehensive loss -
translation adjustment
|
(911,000
|
)
|
(935,000
|
)
|
|||
Accumulated deficit
|
(20,343,000
|
)
|
(15,361,000
|
)
|
|||
Less: Treasury stock at cost, 42,000 shares
|
(208,000
|
)
|
(208,000
|
)
|
|||
Total stockholders’ equity
|
6,106,000
|
10,648,000
|
|||||
Total liabilities and stockholders' equity
|
$
|
18,059,000
|
$
|
21,612,000
|
Years
ended December 31,
|
2006
|
2005
(restated)
|
2004
(restated)
|
|||||||
Revenues:
|
||||||||||
Software license fees
|
$
|
4,670,000
|
$
|
8,240,000
|
$
|
7,392,000
|
||||
Services and maintenance
|
15,614,000
|
13,914,000
|
11,315,000
|
|||||||
Total revenues
|
20,284,000
|
22,154,000
|
18,707,000
|
|||||||
Costs
and expenses:
|
||||||||||
Cost of software license fees
|
1,687,000
|
1,178,000
|
1,838,000
|
|||||||
Cost of services and maintenance
|
10,262,000
|
8,261,000
|
6,356,000
|
|||||||
Product development
|
3,842,000
|
2,461,000
|
1,431,000
|
|||||||
Sales and marketing
|
5,923,000
|
6,192,000
|
5,565,000
|
|||||||
General and administrative
|
3,757,000
|
3,003,000
|
2,051,000
|
|||||||
Total costs and expenses
|
25,471,000
|
21,095,000
|
17,241,000
|
|||||||
Income
(loss) from operations
|
(5,187,000
|
)
|
1,059,000
|
1,466,000
|
||||||
Interest
income
|
234,000
|
165,000
|
58,000
|
|||||||
Income
(loss) before income taxes
|
(4,953,000
|
)
|
1,224,000
|
1,524,000
|
||||||
Income
tax expense
|
29,000
|
7,000
|
-
|
|||||||
Net
income (loss)
|
$
|
(4,982,000
|
)
|
$
|
1,217,000
|
$
|
1,524,000
|
|||
Basic
net income (loss) per share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
|||
Diluted
net income (loss) per share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
|||
Weighted
average shares used in computing basic net income
(loss)
per share
|
3,547,000
|
3,093,000
|
2,960,000
|
|||||||
Weighted
average shares used in computing diluted net income
(loss)per share
|
3,547,000
|
3,116,000
|
3,001,000
|
ASTEA
INTERNATIONAL INC. AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
|
Common
Stock
|
Additional
Paid-in
Capital
|
Accumulated
Comprehensive
Loss
|
Accumulated
Deficit
|
Treasury
Stock
|
Total
Stockholders'
Equity
|
Comprehensive
Income(loss)
|
||||||||||||||||
Balance,
December 31, 2003
|
30,000
|
22,792,000
|
(776,000
|
)
|
(18,100,000
|
)
|
(212,000
|
)
|
3,734,000
|
|||||||||||||
Issuance of common stock under
employee stock purchase plan
|
-
|
-
|
-
|
(1,000
|
)
|
2,000
|
1,000
|
|||||||||||||||
Exercise of stock options
|
-
|
131,000
|
-
|
-
|
-
|
131,000
|
||||||||||||||||
Options for satisfaction of liability
|
-
|
74,000
|
-
|
-
|
-
|
74,000
|
||||||||||||||||
Currency translation adjustments
|
-
|
-
|
(3,000
|
)
|
-
|
-
|
(3,000
|
)
|
$
|
(3,000
|
)
|
|||||||||||
Net income - restated
|
-
|
-
|
-
|
1,524,000
|
-
|
1,524,000
|
1,524,000
|
|||||||||||||||
Balance,
December 31, 2004 restated
|
30,000
|
22,997,000
|
(779,000
|
)
|
(16,577,000
|
)
|
(210,000
|
)
|
5,461,000
|
1,521,000
|
||||||||||||
Issuance of common stock under
employee stock purchase plan
|
(1,000
|
)
|
2,000
|
1,000
|
||||||||||||||||||
Exercise of stock options
|
2,000
|
787,000
|
789,000
|
|||||||||||||||||||
Stock Issuance - FieldCentrix acquisition
|
4,000
|
3,332,000
|
3,336,000
|
|||||||||||||||||||
Currency translation adjustments
|
(156,000
|
)
|
(156,000
|
)
|
(156,000
|
)
|
||||||||||||||||
Net income - restated
|
1,217,000
|
1,217,000
|
1,217,000
|
|||||||||||||||||||
Balance,
December 31, 2005 restated
|
36,000
|
27,116,000
|
(935,000
|
)
|
(15,361,000
|
)
|
(208,000
|
)
|
$
|
10,648,000
|
1,061,000
|
|||||||||||
Exercise of stock options
|
19,000
|
19,000
|
||||||||||||||||||||
Stock-based compensation
|
397,000
|
397,000
|
||||||||||||||||||||
Currency translation adjustment
|
24,000
|
24,000
|
24,000
|
|||||||||||||||||||
Net loss
|
(4,982,000
|
)
|
(4,982,000
|
)
|
(4,982,000
|
)
|
||||||||||||||||
Balance,
December 31, 2006
|
$
|
36,000
|
$
|
27,532,000
|
$
|
(911,000
|
)
|
$
|
(20,343,000
|
)
|
$
|
(208,000
|
)
|
$
|
6,106,000
|
$
|
(4,958,000
|
)
|
Years
ended December 31,
|
2006
|
2005
(restated)
|
2004
(restated)
|
|||||||
Cash
flows from operating activities:
|
||||||||||
Net
income (loss )
|
$
|
(4,982,000
|
)
|
$
|
1,217,000
|
$
|
1,524,000
|
|||
Adjustments to reconcile net income(loss) to net cash
provided by (used in) operating activities:
|
||||||||||
Depreciation and amortization
|
2,237,000
|
1,640,000
|
1,375,000
|
|||||||
Increase in provision for doubtful accounts
|
67,000
|
227,000
|
84,000
|
|||||||
Stock-based compensation
|
397,000
|
-
|
-
|
|||||||
Deferred tax expense
|
29,000
|
7,000
|
-
|
|||||||
Changes in operating assets and liabilities:
|
||||||||||
Receivables
|
(1,761,000
|
)
|
1,235,000
|
(2,272,000
|
)
|
|||||
Prepaid
expenses and other
|
89,000
|
44,000
|
(61,000
|
)
|
||||||
Accounts
payable and accrued expenses
|
(37,000
|
)
|
54,000
|
121,000
|
||||||
Deferred
revenues
|
999,000
|
954,000
|
1,907,000
|
|||||||
Other
long term assets
|
14,000
|
(124,000
|
)
|
-
|
||||||
Net
cash provided by (used in) operating activities
|
(2,948,000
|
)
|
5,254,000
|
2,678,000
|
||||||
Cash
flows from investing activities:
|
||||||||||
Capitalized
software development costs
|
(2,821,000
|
)
|
(1,555,000
|
)
|
(1,380,000
|
)
|
||||
Purchases
of
property and equipment
|
(291,000
|
)
|
(324,000
|
)
|
(389,000
|
)
|
||||
Net
cash acquired from FieldCentrix acquisition
|
-
|
616,000
|
-
|
|||||||
Payment
of contingent purchase price
|
(153,000
|
)
|
-
|
-
|
||||||
Release
of restricted cash
|
-
|
75,000
|
-
|
|||||||
Net
cash (used in) investing activities
|
(3,265,000
|
)
|
(1,188,000
|
)
|
(1,769,000
|
)
|
||||
Cash
flows from financing activities:
|
||||||||||
Proceeds from exercise of stock options and employee
stock purchase plan
|
19,000
|
791,000
|
131,000
|
|||||||
Net
cash provided by financing activities
|
19,000
|
791,000
|
131,000
|
|||||||
Effect
of exchange rate changes on cash and cash
equivalents
|
(170,000
|
)
|
144,000
|
(37,000
|
)
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(6,364,000
|
)
|
5,001,000
|
1,003,000
|
||||||
Cash
and cash equivalents balance, beginning of year
|
9,484,000
|
4,483,000
|
3,480,000
|
|||||||
Cash
and cash equivalents balance, end of year
|
$
|
3,120,000
|
$
|
9,484,000
|
$
|
4,483,000
|
||||
Supplemental
disclosure of cash flow information:
|
||||||||||
Satisfaction
of
liability with stock options
|
-
|
-
|
$
|
74,000
|
||||||
Cash
paid for interest expense
|
$
|
-
|
$
|
-
|
$
|
1,000
|
See
accompanying notes to the consolidated financial
statements.
|
Years
Ended
December
31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Acquisition
of FieldCentrix Net Assets:
|
||||||||||
Purchase
Price
|
|
|
||||||||
Common stock issued
|
$
|
-
|
$
|
3,336,000
|
$
|
-
|
||||
Assets
acquired:
|
||||||||||
Accounts receivable
|
-
|
(384,000
|
)
|
-
|
||||||
Prepaid Expenses
|
-
|
(80,000
|
)
|
-
|
||||||
Property and equipment
|
-
|
(730,000
|
)
|
-
|
||||||
Software
|
(721,000
|
)
|
||||||||
Customer relationship list
|
-
|
(1,360,000
|
)
|
-
|
||||||
Other assets
|
-
|
(31,000
|
)
|
-
|
||||||
Goodwill
|
-
|
(1,100,000
|
)
|
-
|
||||||
Total
assets acquired:
|
-
|
(4,406,000
|
)
|
-
|
||||||
Liabilities
assumed:
|
||||||||||
Accrued expenses
|
-
|
719,000
|
-
|
|||||||
Deferred revenue
|
-
|
967,000
|
-
|
|||||||
Total
liabilities assumed
|
-
|
1,686,000
|
-
|
|||||||
Net
assets acquired
|
-
|
(2,720,000
|
)
|
-
|
||||||
Net
Cash received from FieldCentrix
acquisition
|
$
|
-
|
$
|
616,000
|
$
|
-
|
December
31,
|
2005
As
previously
reported
|
2005
As
restated
|
|||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash and cash equivalents
|
$
|
9,484,000
|
$
|
9,484,000
|
|||
Restricted Cash
|
225,000
|
225,000
|
|||||
Receivables, net of reserves of $310,000
|
5,037,000
|
5,037,000
|
|||||
Prepaid expenses and other
|
485,000
|
485,000
|
|||||
Total current assets
|
15,231,000
|
15,231,000
|
|||||
Property and equipment, net
|
1,038,000
|
1,038,000
|
|||||
Intangibles, net
|
1,999,000
|
1,999,000
|
|||||
Capitalized software development costs, net
|
2,055,000
|
2,055,000
|
|||||
Goodwill
|
1,100,000
|
1,100,000
|
|||||
Other long-term assets
|
189,000
|
189,000
|
|||||
Total
assets
|
$
|
21,612,000
|
$
|
21,612,000
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts payable and accrued expenses
|
$
|
3,969,000
|
$
|
3,969,000
|
|||
Deferred revenues
|
5,767,000
|
5,767,000
|
|||||
Total
current liabilities
|
9,736,000
|
9,736,000
|
|||||
Long-term
liabilities
|
|||||||
Deferred
revenue
|
-
|
1,221,000
|
|||||
Deferred
tax liability
|
7,000
|
7,000
|
|||||
Total
long-term liabilities
|
7,000
|
1,228,000
|
|||||
Commitments
and contingencies
|
-
|
-
|
|||||
Common
stock, $.01 par value, 25,000,000 shares
authorized, 3,585,000 shares issued
|
36,000
|
36,000
|
|||||
Additional
paid-in capital
|
27,116,000
|
27,116,000
|
|||||
Accumulated
comprehensive loss -
translation
adjustment
|
(935,000
|
)
|
(935,000
|
)
|
|||
Accumulated
deficit
|
(14,140,000
|
)
|
(15,361,000
|
)
|
|||
Less:
Treasury stock at cost,
|
(208,000
|
)
|
(208,000
|
)
|
|||
Total
stockholders’ equity
|
11,869,000
|
10,648,000
|
|||||
Total
liabilities and stockholders' equity
|
$
|
21,612,000
|
$
|
21,612,000
|
Years
ended December 31,
|
2005
|
2004
|
|||||||||||
As
previously reported
|
As
restated
|
As
previously reported
|
As
restated
|
||||||||||
Revenues:
|
|||||||||||||
Software
license fees
|
$
|
8,240,000
|
$
|
8,240,000
|
$
|
7,992,000
|
$
|
7,392,000
|
|||||
Services
and
maintenance
|
14,525,000
|
13,914,000
|
11,325,000
|
11,315,000
|
|||||||||
Total revenues
|
22,765,000
|
22,154,000
|
19,317,000
|
18,707,000
|
|||||||||
Costs
and expenses:
|
|||||||||||||
Cost
of
software license fees
|
1,178,000
|
1,178,000
|
1,838,000
|
1,838,000
|
|||||||||
Cost
of
services and maintenance
|
8,261,000
|
8,261,000
|
6,356,000
|
6,356,000
|
|||||||||
Product
development
|
2,461,000
|
2,461,000
|
1,431,000
|
1,431,000
|
|||||||||
Sales
and marketing
|
6,192,000
|
6,192,000
|
5,565,000
|
5,565,000
|
|||||||||
General
and administrative
|
3,003,000
|
3,003,000
|
2,051,000
|
2,051,000
|
|||||||||
Total costs and expenses
|
21,095,000
|
21,095,000
|
17,241,000
|
17,241,000
|
|||||||||
Income
(loss) from operations
|
1,670,000
|
1,059,000
|
2,076,000
|
1,466,000
|
|||||||||
Interest
income
|
165,000
|
165,000
|
58,000
|
58,000
|
|||||||||
Income
(loss) before income taxes
|
1,835,000
|
1,224,000
|
2,134,000
|
1,524,000
|
|||||||||
Income
tax expense
|
7,000
|
7,000
|
-
|
-
|
|||||||||
Net
income (loss)
|
$
|
1,828,000
|
$
|
1,217,000
|
$
|
2,134,000
|
$
|
1,524,000
|
|||||
Basic
net income (loss) per share
|
$
|
.59
|
$
|
.39
|
$
|
.72
|
$
|
.51
|
|||||
Diluted
net income (loss) per share
|
$
|
.59
|
$
|
.39
|
$
|
.71
|
$
|
.51
|
|||||
Weighted
average shares used in
computing basic net income (loss) per
share
|
3,093,000
|
3,093,000
|
2,960,000
|
2,960,000
|
|||||||||
Weighted
average shares used in
computing diluted net income
(loss)per
share
|
3,116,000
|
3,116,000
|
3,001,000
|
3,001,000
|
Year
Ended December 31
|
Balance
at
beginning
of year
|
Expensed
|
Write
offs
|
Balance
at end of year
|
|||||||||
2006
|
$
|
310,000
|
|
$
|
67,000
|
|
$
|
214,000
|
|
$
|
163,000
|
|
|
2005
|
|
|
411,000
|
|
|
227,000
|
|
|
328,000
|
|
|
310,000
|
|
2004
|
|
|
810,000
|
|
|
84,000
|
|
|
483,000
|
|
|
411,000
|
|
|
(in
thousands, except per share data)
|
|||||||||
Year
Ended December 31,
|
2006
|
2005
(restated)
|
2004
(restated)
|
|||||||
Net
income (loss)
|
$
|
(4,982
|
)
|
$
|
1,217
|
$
|
1,524
|
|||
Basic
weighted average number of common shares outstanding
|
3,547
|
3,093
|
2,960
|
|||||||
Basic
earnings (loss) per common share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
|||
Effect
of dilutive stock options
|
-
|
23
|
41
|
|||||||
Diluted
weighted average number of common shares outstanding
|
3,547
|
3,116
|
3,001
|
|||||||
Diluted
earnings (loss) per common share
|
$
|
(1.40
|
)
|
$
|
.39
|
$
|
.51
|
For
the year ended
|
For
the year ended
|
For
the year ended
|
|
December
31, 2006
|
December
31, 2005
|
December
31, 2004
|
|
Risk-free
interest rate
|
4.77%
|
4.32%
|
4.18%
|
Expected
life (in years)
|
6.15
|
6.25
|
6.25
|
Volatility
|
115%
|
117%
|
121%
|
Expected
dividends
|
-
|
-
|
-
|
Annual
forfeiture rate
|
24.5%
|
-
|
-
|
Year
ended December 31
|
|||||||
2005
|
2004
|
||||||
Net
income - as restated
|
$
|
1,217,000
|
$
|
1,524,000
|
|||
Add:
Stock based compensation
included in net income as reported
|
-
|
-
|
|||||
Deduct
stock based compensation
determined under fair value based
methods for all awards
|
(388,000
|
)
|
(252,000
|
)
|
|||
Net
income - pro forma
|
$
|
829,000
|
$
|
1,272,000
|
|||
Basic
income per share - as reported
|
$
|
.39
|
$
|
.51
|
|||
Diluted
income per share - as reported
|
$
|
.39
|
$
|
.51
|
|||
Basic
income per share - pro forma
|
$
|
.27
|
$
|
.43
|
|||
Diluted
income per share - pro forma
|
$
|
.27
|
$
|
.42
|
December
31,
|
2006
|
|
2005
|
||||
Billed
receivables
|
$
|
5,301,000
|
$
|
4,719,000
|
|||
Unbilled
receivables
|
1,559,000
|
318,000
|
|||||
$
|
6,860,000
|
$
|
5,037,000
|
December
31,
|
||||||||||
Useful
Life
|
2006
|
2005
|
||||||||
Computers
and related equipment
|
3
|
$
|
3,165,000
|
$
|
2,879,000
|
|||||
Furniture
and fixtures
|
10
|
512,000
|
504,000
|
|||||||
Leasehold
improvements
|
*
|
128,000
|
122,000
|
|||||||
Software
|
1-3
|
365,000
|
280,000
|
|||||||
Office
equipment
|
3-7
|
1,234,000
|
1,238,000
|
|||||||
5,404,000
|
5,023,000
|
|||||||||
Less:
Accumulated
depreciation and amortization
|
(4,756,000
|
)
|
(3,985,000
|
)
|
||||||
$
|
648,000
|
$
|
1,038,000
|
December
31,
|
||||||||||
Remaining
Weighted Average
Life
|
2006
|
2005
|
||||||||
Capitalized
software development costs
|
1.42
|
$
|
9,585,000
|
$
|
6,764,000
|
|||||
Less:
Accumulated amortization
|
(5,949,000
|
)
|
(4,709,000
|
)
|
||||||
$
|
3,636,000
|
$
|
2,055,000
|
Accumulated
Amortization
|
Net
Carrying Value
|
||||||||||||||||||
Description
|
Weighted
Avg.
Life
|
Gross
Cost
|
2006
|
2005
|
2006
|
2005
|
|||||||||||||
Software
|
5
years
|
$
|
720,000
|
$
|
186,000
|
$
|
42,000
|
$
|
534,000
|
$
|
678,000
|
||||||||
Customer
Relationship List
|
10
years
|
1,360,000
|
175,000
|
39,000
|
1,185,000
|
1,321,000
|
|
||||||||||||
$
|
2,080,000
|
$
|
361,000
|
$
|
81,000
|
$
|
1,719,000
|
$
|
1,999,000
|
Amortization
Expense
|
|
2007
|
280,000
|
2008
|
280,000
|
2009
|
280,000
|
2010
|
238,000
|
2011
|
136,000
|
December
31,
|
|
2006
|
|
2005
|
|||
Accounts payable
|
$
|
1,025,000
|
$
|
926,000
|
|||
Accrued compensation and related benefits
|
1,568,000
|
1,389,000
|
|||||
Accrued professional services
|
316,000
|
182,000
|
|||||
Sales and payroll taxes
|
403,000
|
695,000
|
|||||
Other accrued liabilities
|
618,000
|
777,000
|
|||||
$
|
3,930,000
|
$
|
3,969,000
|
Years
ended December 31,
|
2006
|
2005
|
2004
|
|||||||
Current:
|
||||||||||
Federal
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
State
|
-
|
-
|
-
|
|||||||
Foreign
|
-
|
-
|
-
|
|||||||
|
- |
-
|
-
|
|||||||
Deferred:
|
||||||||||
Federal
|
$
|
27,000
|
$
|
6,000
|
$
|
-
|
||||
State
|
2,000
|
1,000
|
-
|
|||||||
$
|
29,000
|
$
|
7,000
|
$
|
-
|
December
31,
|
2006
|
2005
|
|||||
Deferred
income tax assets:
|
|||||||
Revenue recognition
|
$
|
40,000
|
$
|
29,000
|
|||
Accruals and reserves not
currently deductible for tax
|
203,000
|
122,000
|
|||||
Benefit of net operating loss carryforward
|
10,201,000
|
8,447,000
|
|||||
Benefit of foreign net operating loss
carryforward
|
2,041,000
|
2,548,000
|
|||||
Depreciation
|
221,000
|
65,000
|
|||||
Alternative minimum tax
|
370,000
|
370,000
|
|||||
Capital loss carryforward
|
-
|
10,000
|
|||||
Non-qualified stock options
|
24,000
|
||||||
13,100,000
|
11,591,000
|
||||||
Deferred
income tax liabilities:
|
|||||||
Capitalized software development costs
|
(1,346,000
|
)
|
(761,000
|
)
|
|||
Amortization of deductible goodwill
|
(36,000
|
)
|
(7,000
|
)
|
|||
(1,382,000
|
)
|
(768,000
|
)
|
||||
Net deferred tax asset before allowance
|
(11,718,000
|
)
|
(10,823,000
|
)
|
|||
Valuation allowance
|
(11,754,000
|
)
|
(10,830,000
|
)
|
|||
Net deferred income tax liability
|
$
|
(36,000
|
)
|
$
|
(7,000
|
)
|
Operating
Leases
|
||||
2007
|
$
|
1,398,000
|
||
2008
|
778,000
|
|||
2009
|
167,000
|
|||
2010
|
37,000
|
|||
2011
|
18,000
|
|||
Thereafter
|
17,000
|
|||
Total
minimum lease payments
|
$
|
2,415,000
|
OPTIONS
OUTSTANDING
|
OPTIONS
EXERCISABLE
|
|||||||||||||||
Shares
Available
for Grant
|
Shares
|
Wtd.
Avg.
Exercise
Price
|
Shares
|
Wtd.
Avg.
Exercise
Price
|
||||||||||||
Balance,
December 31, 2003
|
116,000
|
478,000
|
$
|
5.99
|
213,000
|
$
|
7.91
|
|||||||||
Granted
|
110,000
|
5.65
|
-
|
-
|
||||||||||||
Cancelled
|
(155,000
|
)
|
6.32
|
-
|
-
|
|||||||||||
Exercised
|
(37,000
|
)
|
4.70
|
-
|
-
|
|||||||||||
Expired
|
-
|
-
|
-
|
-
|
||||||||||||
Balance,
December 31, 2004
|
113,000
|
396,000
|
$
|
5.73
|
190,000
|
$
|
7.09
|
|||||||||
Granted
|
205,000
|
7.22
|
-
|
-
|
||||||||||||
Cancelled
|
(129,000
|
)
|
6.95
|
-
|
-
|
|||||||||||
Exercised
|
(162,000
|
)
|
4.88
|
-
|
-
|
|||||||||||
Expired | - | - | - | - | ||||||||||||
Balance,
December 31, 2005
|
36,000
|
310,000
|
$
|
7.04
|
89,000
|
$
|
9.11
|
|||||||||
Authorized
|
-
|
-
|
-
|
|||||||||||||
Granted
|
222,000
|
6.91
|
-
|
-
|
||||||||||||
Cancelled
|
(99,000
|
)
|
6.84
|
-
|
-
|
|||||||||||
Exercised
|
(6,000
|
)
|
3.23
|
-
|
-
|
|||||||||||
Expired
|
-
|
-
|
-
|
|||||||||||||
Balance,
December 31, 2006
|
242,000
|
427,000
|
$
|
6.71
|
118,000
|
$
|
6.59
|
Number
of Shares
|
Weighted
Average
Price
Per
Share
|
Weighted
Average Remaining Contractual Term (in years)
|
Aggregate
Intrinsic
Value
|
||||||||||
Outstanding
Options
|
427,000
|
$
|
6.71
|
8.25
|
$
|
409,569
|
|||||||
Ending
Vested and Expected to Vest
|
309,000
|
$
|
6.70
|
0.95
|
$
|
325,632
|
|||||||
|
|||||||||||||
Options
Exercisable
|
118,000
|
$
|
6.59
|
5.91
|
$
|
186,345
|
|||||||
|
Non
Vested Shares
|
Shares
|
Wtd.
Avg. Grant Date
Fair
Value
|
|||||
Nonvested
at December 31, 2005
|
221,000
|
$
|
6.53
|
||||
Granted
|
222,000
|
$
|
6.91
|
||||
Vested
|
(54,000
|
)
|
$
|
5.32
|
|||
Forfeited
or expired
|
(80,000
|
)
|
$
|
6.84
|
|||
Nonvested
at December 31, 2006
|
309,000
|
$
|
6.70
|
||||
Year
Ended
December
31, 2006
|
||||
Cost
of Revenues
|
$
|
45,000
|
||
Development
|
90,000
|
|||
Sales
& Marketing
|
123,000
|
|||
General
& Administrative
|
139,000
|
|||
Pre-tax
share based compensation
|
$
|
397,000
|
||
Income
tax benefit
|
-
|
|||
Share-based
compensation expense, net
|
$
|
397,000
|
Assets
acquired
|
Total
Allocation
|
|||
Cash
|
$
|
906,000
|
||
Accounts
receivable
|
384,000
|
|||
Prepaid
expenses
|
80,000
|
|||
Property
and
equipment
|
730,000
|
|||
Software
|
721,000
|
|||
Customer
relations
|
1,360,000
|
|||
Other
assets
|
31,000
|
|||
Goodwill
|
1,253,000
|
|||
5,465,000
|
||||
Less
liabilities assumed:
|
||||
Accrued
expenses
|
721,000
|
|||
Deferred
revenue
|
967,000
|
|||
1,688,000
|
||||
Total
purchase price
|
$
|
3,777,000
|
Year
ended
December
31,
|
|||||||
|
2005
(restated)
|
|
2004
(restated)
|
||||
Revenues
|
$
|
26,921,000
|
$
|
27,150,000
|
|||
Net
(loss)
|
$
|
(1,894,000
|
)
|
$
|
(2,568,000
|
)
|
|
Net
(loss) per common share
|
|||||||
Basic
|
$
|
(.56
|
)
|
$
|
(.77
|
)
|
|
Diluted
|
$
|
(.56
|
)
|
$
|
(.77
|
)
|
|
Weighted
shares outstanding
|
|||||||
Basic
|
3,397,000
|
3,318,000
|
|||||
Diluted
|
3,397,000
|
3,318,000
|
Year
ended December 31,
|
2006
|
|
2005
(restated)
|
|
2004
(restated)
|
|||||
Revenues:
|
||||||||||
Software license fees
|
||||||||||
United States
|
||||||||||
Domestic
|
$
|
3,546,000
|
$
|
2,983,000
|
$
|
4,285,000
|
||||
Export
|
-
|
-
|
-
|
|||||||
Total United States
|
||||||||||
software
license fees
|
3,546,000
|
2,983,000
|
4,285,000
|
|||||||
|
||||||||||
United Kingdom
|
589,000
|
4,580,000
|
1,674,000
|
|||||||
Other foreign
|
535,000
|
677,000
|
1,433,000
|
|||||||
Total foreign software
|
||||||||||
license fees
|
1,124,000
|
5,257,000
|
3,107,000
|
|||||||
Total software license fees
|
4,670,000
|
8,240,000
|
7,392,000
|
|||||||
Services
and maintenance
|
||||||||||
United States
|
||||||||||
Domestic
|
10,580,000
|
8,128,000
|
6,719,000
|
|||||||
Export
|
593,000
|
304,000
|
749,000
|
|||||||
Total United States service
|
||||||||||
and maintenance revenue
|
11,173,000
|
8,432,000
|
7,468,000
|
|||||||
|
||||||||||
United Kingdom
|
1,822,000
|
2,248,000
|
1,824,000
|
|||||||
Other foreign
|
2,619,000
|
3,234,000
|
2,023,000
|
|||||||
Total foreign service and
|
||||||||||
maintenance revenue
|
4,441,000
|
5,482,000
|
3,847,000
|
|||||||
Total service and
|
||||||||||
maintenance revenue
|
15,614,000
|
13,914,000
|
11,315,000
|
|||||||
Total
revenue
|
$
|
20,284,000
|
$
|
22,154,000
|
$
|
18,707,000
|
||||
Net
income(loss) from operations
|
||||||||||
United States
|
$
|
(4,107,000
|
)
|
$
|
(62,000
|
)
|
$
|
913,000
|
||
United Kingdom
|
(1,533,000
|
)
|
256,000
|
(657,000
|
)
|
|||||
Other foreign
|
658,000
|
1,023,000
|
1,268,000
|
|||||||
Net income(loss) from
operations
|
$
|
(4,982,000
|
)
|
$
|
1,217,000
|
$
|
1,524,000
|
|||
|
||||||||||
Long
lived assets
|
||||||||||
United States
|
$
|
7,050,000
|
$
|
6,000,000
|
$
|
1,865,000
|
||||
United Kingdom
|
59,000
|
67,000
|
55,000
|
|||||||
Other foreign
|
322,000
|
314,000
|
183,000
|
|||||||
Total
asset
|
$
|
7,431,000
|
$
|
6,381,000
|
$
|
2,103,000
|
2006
Quarter Ended
|
Dec
31,
|
Sep
30,
(restated)
|
Jun
30,
(restated)
|
Mar
31,
(restated)
|
|||||||||
Revenues
|
$
|
5,693,000
|
$
|
6,349,000
|
$
|
4,399,000
|
$
|
3,843,000
|
|||||
Gross
profit
|
2,637,000
|
3,509,000
|
1,497,000
|
692,000
|
|||||||||
Net
income(loss)(1)
|
(713,000
|
)
|
45,000
|
(2,035,000
|
)
|
(2,279,000
|
)
|
||||||
Basic
net income(loss) per share
|
$
|
(.20
|
)
|
$
|
.01
|
$
|
(.57
|
)
|
$
|
(.64
|
)
|
||
Diluted
net income(loss) per share
|
$
|
(.20
|
)
|
$
|
.01
|
$
|
(.57
|
)
|
$
|
(.64
|
)
|
||
Shares
used in computing basic net income(loss) per share (in
thousands)
|
3,549
|
3,549
|
3,547
|
3,543
|
|||||||||
Shares
used in computing diluted net income(loss) per share (in
thousands)
|
3,549
|
3,567
|
3,547
|
3,543
|
2005
Quarter Ended
|
Dec
31,
(restated)
|
Sep
30,
(restated)
|
Jun
30,
(restated)
|
Mar
31,
(restated)
|
|||||||||
Revenues
|
$
|
5,329,000
|
$
|
8,089,000
|
$
|
5,127,000
|
$
|
3,609,000
|
|||||
Gross
profit
|
2,584,000
|
5,757,000
|
2,870,000
|
1,504,000
|
|||||||||
Net
income(loss)
|
(701,000
|
)
|
2,629,000
|
199,000
|
(910,000
|
)
|
|||||||
Basic
net income(loss) per share
|
$
|
(.20
|
)
|
$
|
.89
|
$
|
.07
|
$
|
(.31
|
)
|
|||
Diluted
net income(loss) per share
|
$
|
(.20
|
)
|
$
|
85
|
$
|
.06
|
$
|
(.31
|
)
|
|||
Shares
used in computing basic net income(loss) per share (in
thousands)
|
3,
455
|
2,968
|
2,962
|
2,960
|
|||||||||
Shares
used in computing diluted net income(loss) per share (in
thousands)
|
3,485
|
3,106
|
3,056
|
2,960
|
(1) |
Results
of 2006 include cost of $397,000 for stock compensation plans as
required
under SFAS 123(R), effective at January 1, 2006. Prior years do not
contain cost of stock compensation
plans
|
ii)
|
Consolidated
Statements of Operations for the years ended December 31, 2006, 2005,
and
2004
|
iv)
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2006, 2005,
and
2004
|
Description
|
|
3(i).1
|
Certificate
of Incorporation of the Company (Incorporated herein by reference
to
Exhibit 3.1 to the Company’s Registration Statement on Form S-1, as
amended (File No. 33-92778)).
|
3(ii).1
|
By-Laws
of the Company (Incorporated herein by reference to Exhibit 3.2
to the
Company’s Registration Statement on Form S-1, as amended (File No.
33-92778)).
|
4.1
|
Specimen
certificate representing the Common Stock (Incorporated herein
by
Reference to Exhibit 4.1 to the Company’s Registration Statement on
Form S-1, as amended (File No.
33-92778)).
|
10.1
|
1994
Amended Stock Option Plan (Incorporated herein by reference to
Exhibit
10.1 to the
Company’s Registration Statement on Form S-1, as amended (File No.
33-92778)).
|
10.2
|
Form
of Non-Qualified Stock Option Agreement under the 1994 Amended
Stock
Option Plan (Incorporated herein by reference to Exhibit 10.2 to
the
Company’s Registration Statement on Form S-1, as amended (File No.
33-92778)).
|
10.3
|
Form
of Incentive Stock Option Agreement under the 1994 Amended Stock
Option
Plan (Incorporated herein by reference to Exhibit 10.3 to the Company’s
Registration Statement on Form S-1, as amended (File No.
33-92778)).
|
10.4
|
1991
Amended Non-Qualified Stock Option Plan (Incorporated herein by
reference
to Exhibit 10.4 to the Company’s Registration Statement on Form S-1,
as amended (File No. 33-92778)).
|
10.5
|
Form
of Non-Qualified Stock Option Agreement under the 1991 Amended
Non-Qualified Stock Option Plan (Incorporated herein by reference
to
Exhibit 10.5 to the Company’s Registration Statement on Form S-1, as
amended (File No. 33-92778)).
|
10.6
|
1995
Employee Stock Purchase Plan (Incorporated herein by reference
to Exhibit
10.6 to the Company’s Registration Statement on Form S-1, as amended
(File No. 33-92778)).
|
10.7
|
Amendment
No. 1 to 1995 Employee Stock Purchase Plan (Incorporated herein
by
reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30, 1997).
|
10.8
|
1995
Employee Stock Purchase Plan Enrollment/Authorization Form (Incorporated
herein by reference to Exhibit 4.7 to the Company’s Registration Statement
on Form S-8, filed on September 19, 1995 (File No.
33-97064)).
|
10.9
|
Amended
and Restated 1995 Non-Employee Director Stock Option Plan (Incorporated
herein
by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K
for the year ended December 31, 1997).
|
10.10
|
Form
of Non-Qualified Stock Option Agreement under the 1995 Non-Employee
Director Stock Option Plan (Incorporated herein by reference to
Exhibit
4.5 to the Company’s Registration Statement on Form S-8, filed on
September 19, 1995 (File No. 33-97064)).
|
10.11
|
1997
Stock Option Plan (Incorporated herein by reference to Exhibit
10.10 to
the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 1996).
|
10.12
|
Form
of Non-Qualified Stock Option Agreement under the 1997 Stock Option
Plan.
(Incorporated herein by reference to Exhibit 10.11 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31,
1996).
|
10.13
|
Form
of Incentive Stock Option Agreement under the 1997 Stock Option
Plan
(Incorporated herein by reference to Exhibit 10.12 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31,
1996).
|
10.14
|
1998
Stock Option Plan (Incorporated herein by reference to Exhibit
10.14 to
the Company’s Annual Report on Form 10-K for the year ended December 31,
1997).
|
10.15
|
Form
of Non-Qualified Stock Option Agreement under the 1998 Stock Option
Plan.
(Incorporated
herein by reference to Exhibit 10.15 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 1997).
|
10.16
|
Form
of Incentive Stock Option Agreement under the 1998 Stock Option
Plan.
(Incorporated
herein by reference to Exhibit 10.16 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 1997).
|
10.28
|
2001
Stock Option Plan (Incorporated herein by reference to Exhibit
99.1 to the
Company’s Registration Statement on Form S-8 (File No.
333-107757)).
|
21.1
|
Subsidiaries
of the Registrant.
|
23.1*
|
Consent
of BDO Seidman, LLP.
|
24.1*
|
Powers
of Attorney (See the Signature Page).
|
31.1*
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - President
and
Chief Executive Officer
|
31.2*
|
Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Chief
Financial Officer
|
32.1*
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002 - President and Chief Executive
Officer
|
32.2*
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906
|
ASTEA
INTERNATIONAL INC.
|
|
By:
/s/
Zack Bergreen
|
|
Zack
Bergreen
|
|
Chief
Executive Officer
|
Signature
|
Title
|
Date
|
/s/
Zack Bergreen
|
Chief
Executive Officer
|
April
2, 2007
|
Zack
Bergreen
|
(Principal
Executive Officer)
|
|
/s/
Rick Etskovitz
|
Chief
Financial Officer
|
April
2, 2007
|
Rick
Etskovitz
|
(Principal
Financial and Accounting
|
|
Officer)
|
||
/s/
Eileen Smith
|
Controller
|
April
2, 2007
|
Eileen
Smith
|
||
/s/
Thomas J. Reilly, Jr.
|
Director
|
April
2, 2007
|
Thomas
J. Reilly, Jr.
|
|
|
/s/
Zack Bergreen
|
Director
|
April
2, 2007
|
Zack
Bergreen
|
|
|
/s/
Adrian Peters
|
Director
|
April
2, 2007
|
Adrian
Peters
|
|
|
/s/
Eric Siegel
|
Director
|
April
2, 2007
|
Eric
Siegel
|
|