UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2015
Commission File Number: 001-33129
Allot Communications Ltd.
(Translation of registrant's name into English)
22 Hanagar Street
Neve Ne’eman Industrial Zone B
Hod-Hasharon 4501317
Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
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): ____
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): ____
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 o No x
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
EXPLANATORY NOTE
On August 4, 2015, Allot Communications Ltd. issued a press release announcing the quarterly results for the second quarter of 2015.
A copy of the press release entitled “Allot Communications Announces Second Quarter 2015 Financial Results” is attached to this Form 6-K as Exhibit 99.1.
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.
|
Allot Communications Ltd.
By: /s/ Shmuel Arvatz
Shmuel Arvatz
Chief Financial Officer
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Date: August 4, 2015
2
EXHIBIT INDEX
The following exhibits have been filed as part of this Form 6-K:
|
Exhibit
99.1
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Description
Allot Communications Announces Second Quarter 2015 Financial Results
|
3
Exhibit 99.1
Allot Communications Announces Second Quarter 2015 Financial Results
HOD HASHARON, Israel, Aug. 4, 2015 /PRNewswire/ -- Allot Communications Ltd. (NASDAQ, TASE: ALLT), a leading global provider of intelligent broadband solutions that empowers communication service providers to optimize and monetize their networks, enterprises to enhance productivity and consumers to improve their digital lifestyle, today announced its second quarter 2015 results.
Q2 2015 – Financial Highlights:
|
|
·
|
Non-GAAP Revenues were $21.6 million, down 23% year over year
|
|
|
·
|
Non-GAAP Gross Margin reached 74%
|
|
|
·
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Non-GAAP Operating loss was 14%
|
|
|
·
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Book-to-bill was above one
|
|
|
·
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The Company recorded negative Operating Cash Flow of $2.3 million
|
|
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·
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Net Cash and cash equivalents as of June 30, 2015 totaled $120.6 million
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Financial results:
On a GAAP basis, total revenues for the second quarter of 2015 were $21.6 million compared to $29.5 million of revenue reported for the first quarter of 2015 and $28.2 million of revenue reported for the second quarter of 2014. Net loss for the second quarter of 2015 was $6.0 million, or $0.18 per basic and diluted share. This compares with a net loss of zero, or $0.00 per basic and diluted share, in the first quarter of 2015 and a net loss of $0.6 million, or $0.02 per basic and diluted share, in the second quarter of 2014.
On a non-GAAP basis, total revenues for the second quarter of 2015 were $21.6 million, compared with $29.5 million of revenue reported for the first quarter of 2015 and $28.2 million of revenue reported for the second quarter of 2014. On a non-GAAP basis, net loss for the second quarter of 2015 was $3.0 million, or $0.09 per basic and diluted share. This compares with non-GAAP net income of $2.9 million, or $0.09 per basic and diluted share, in the first quarter of 2015 and non-GAAP net income of $1.9 million, or $0.06 per basic and diluted share, in the second quarter of 2014.
Q2 2015 - Key Achievements:
|
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·
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During Q2 2015, 21 large orders were received, 9 of which were from new customers
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·
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15 of the large orders came from mobile-service providers and 5 were from fixed-line service providers
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·
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In addition, 1 large order was received for private and public cloud deployments
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·
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During the second quarter Allot received 6 $1 million + deals, compared to 0 in the previous quarter and 5 in the second quarter 2014
|
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|
·
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Allot WebSafe Personal is powering Vodafone Germany's newly launched secure net offering
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·
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Achieving 3 strategic wins totaling $8 million from new tier-1 mobile operators
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"During the second quarter, despite a slower business environment, we achieved 3 wins of new tier 1 mobile service providers which we expect to turn into revenues during the second half of 2015 and the first half of 2016. We continue to make additional progress with our security offering including wins in North America with tier 1 accounts," said Andrei Elefant, President & CEO of Allot Communications. "During the second quarter of 2015 our booking has recovered significantly compared to the level of the first quarter and we undertook a number of efficiency measures to realign our OPEX without compromising our future growth."
2015 Outlook
The Company reiterates its previously provided guidance and expects non-GAAP total revenues to be in the range of $100 million to $105 million for full year 2015.
Share Repurchase Program
Allot further announced separately that the Company's board of directors has authorized a share repurchase program of up to $15 million. The program is subject to certain court approvals in Israel, which Allot expects to obtain during the third or fourth quarter of 2015.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss second quarter 2015 earnings results today at 8:30 AM ET, 3:30 p.m. Israel time. To access the conference call, please dial one of the following numbers: US: +1212 444 0896, UK: +44(0)2033645721, Israel: +97237630147, participant code 1553650.
A replay of the conference call will be available from 12:00 AM ET on August 5 2015 for 30 days. To access the replay, please dial: US: +1 347 366 9565; UK: +44(0)2034270598, access code: 1553650. A live webcast of the conference call can be accessed on the Allot Communications website at www.allot.com. The webcast also will be archived on the website following the conference call.
About Allot Communications
Allot Communications Ltd. (NASDAQ, TASE: ALLT) empowers service providers to monetize and optimize their networks, enterprises to enhance productivity and consumers to enjoy an always-on digital lifestyle. Allot's advanced DPI-based broadband solutions identify and leverage network intelligence to analyze, protect, improve and enrich mobile, fixed and cloud service delivery and user experience. Allot's unique blend of innovative technology, proven know-how and collaborative approach to industry standards and partnerships enables network operators worldwide to elevate their role in the digital lifestyle ecosystem and to open the door to a wealth of new business opportunities. For more information, please visit www.allot.com.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, inventory write-off expenses, regulatory matter expenses, acquisition-related expenses, restructuring costs and compensation expenses related to the acquisitions.
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results are provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company's operating performance.
Safe Harbor Statement
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on third party channel partners for a material portion of our revenues; court approval of the Company's proposed share buy-back program; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Rami Rozen
AVP Corporate Development
International access code +972-52-569-4441
rrozen@allot.com
Public Relations Contact:
Sigalit Orr
Director Corporate Communications
International access code +972-54-268-1500
sorr@allot.com
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TABLE - 1
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|||||||
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ALLOT COMMUNICATIONS LTD.
|
|||||||
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AND ITS SUBSIDIARIES
|
|||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
|
(U.S. dollars in thousands, except share and per share data)
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Revenues
|
$ | 21,592 | $ | 28,166 | $ | 51,124 | $ | 56,450 | ||||||||
| 6,432 | 8,056 | 14,200 | 16,252 | |||||||||||||
|
Gross profit
|
15,160 | 20,110 | 36,924 | 40,198 | ||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development costs, net
|
6,691 | 7,188 | 13,500 | 14,409 | ||||||||||||
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Sales and marketing
|
10,836 | 10,637 | 22,644 | 21,133 | ||||||||||||
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General and administrative
|
3,375 | 2,931 | 6,626 | 5,818 | ||||||||||||
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Total operating expenses
|
20,902 | 20,756 | 42,770 | 41,360 | ||||||||||||
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Operating Loss
|
(5,742 | ) | (646 | ) | (5,846 | ) | (1,162 | ) | ||||||||
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Financial and other income (loss), net
|
(111 | ) | 87 | 94 | 236 | |||||||||||
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Loss before income tax benefit
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(5,853 | ) | (559 | ) | (5,752 | ) | (926 | ) | ||||||||
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Tax expenses
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171 | 61 | 307 | 82 | ||||||||||||
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Net Loss
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(6,024 | ) | (620 | ) | (6,059 | ) | (1,008 | ) | ||||||||
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Basic net loss per share
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$ | (0.18 | ) | $ | (0.02 | ) | $ | (0.18 | ) | $ | (0.03 | ) | ||||
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Diluted net loss per share
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$ | (0.18 | ) | $ | (0.02 | ) | $ | (0.18 | ) | $ | (0.03 | ) | ||||
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Weighted average number of shares
|
||||||||||||||||
|
used in computing basic net
|
||||||||||||||||
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earnings per share
|
33,457,887 | 33,111,197 | 33,408,174 | 33,025,671 | ||||||||||||
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Weighted average number of shares
|
||||||||||||||||
|
used in computing diluted net
|
||||||||||||||||
|
earnings per share
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33,457,887 | 33,111,197 | 33,408,174 | 33,025,671 | ||||||||||||
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TABLE - 2
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ALLOT COMMUNICATIONS LTD.
|
|||||
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AND ITS SUBSIDIARIES
|
|||||
|
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||
|
(U.S. dollars in thousands, except per share data)
|
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||
|
June 30, 2015
|
June 30, 2014
|
|||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
| $ |
% of Revenues
|
$ |
% of Revenues
|
|||||||||||||
|
GAAP Operating Loss
|
$ | (5,742 | ) | (27 | )% | $ | (646 | ) | (2 | )% | ||||||
|
Share-based compensation (1)
|
1,925 | 1,987 | ||||||||||||||
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Amortization of intangible assets (2)
|
786 | 465 | ||||||||||||||
|
Expenses related to M&A activities (3)
|
- | 25 | ||||||||||||||
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Fair value adjustment for acquired deferred revenues write down
|
11 | 11 | ||||||||||||||
|
Non-GAAP Operating income (Loss)
|
$ | (3,020 | ) | (14 | )% | $ | 1,842 | 7 | % | |||||||
|
GAAP Net Loss
|
$ | (6,024 | ) | (28 | )% | $ | (620 | ) | (2 | )% | ||||||
|
Share-based compensation (1)
|
1,925 | 1,987 | ||||||||||||||
|
Amortization of intangible assets (2)
|
786 | 465 | ||||||||||||||
|
Expenses related to M&A activities (3)
|
264 | 25 | ||||||||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
11 | 11 | ||||||||||||||
|
Non-GAAP Net income (Loss)
|
$ | (3,038 | ) | (14 | )% | $ | 1,868 | 7 | % | |||||||
|
GAAP Loss per share (diluted)
|
$ | (0.18 | ) | $ | (0.02 | ) | ||||||||||
|
Share-based compensation
|
0.06 | 0.06 | ||||||||||||||
|
Amortization of intangible assets
|
0.02 | 0.02 | ||||||||||||||
|
Expenses related to M&A activities
|
0.01 | 0.00 | ||||||||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
0.00 | 0.00 | ||||||||||||||
|
Non-GAAP Net income (Loss) per share (diluted)
|
$ | (0.09 | ) | $ | 0.06 | |||||||||||
|
(1) Share-based compensation:
|
||||||||||||||||
|
Cost of revenues
|
$ | 83 | $ | 90 | ||||||||||||
|
Research and development costs, net
|
425 | 487 | ||||||||||||||
|
Sales and marketing
|
739 | 811 | ||||||||||||||
|
General and administrative
|
678 | 599 | ||||||||||||||
| $ | 1,925 | $ | 1,987 | |||||||||||||
|
(2) Amortization of intangible assets
|
||||||||||||||||
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Cost of revenues
|
$ | 627 | $ | 400 | ||||||||||||
|
Sales and marketing
|
159 | 65 | ||||||||||||||
| $ | 786 | $ | 465 | |||||||||||||
|
(3) Expenses related to M&A activities
|
||||||||||||||||
|
General and administrative
|
$ | - | $ | 25 | ||||||||||||
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Research and development costs, net
|
- | - | ||||||||||||||
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Sales and marketing
|
- | - | ||||||||||||||
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Financial expenses
|
264 | - | ||||||||||||||
| $ | 264 | $ | 25 | |||||||||||||
|
TABLE - 2 cont.
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ALLOT COMMUNICATIONS LTD.
|
||||||||||||||||
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AND ITS SUBSIDIARIES
|
||||||||||||||||
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RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
|
(U.S. dollars in thousands, except per share data)
|
||||||||||||||||
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30, 2015
|
June 30, 2014
|
|||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
| $ |
% of Revenues
|
$ |
% of Revenues
|
|||||||||||||
|
GAAP Operating Loss
|
$ | (5,846 | ) | (11 | )% | $ | (1,162 | ) | (2 | )% | ||||||
|
Share-based compensation (1)
|
3,792 | 3,979 | ||||||||||||||
|
Amortization of intangible assets (2)
|
1,297 | 930 | ||||||||||||||
|
Expenses related to M&A activities (3)
|
577 | 33 | ||||||||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
22 | 23 | ||||||||||||||
|
Non-GAAP Operating income (Loss)
|
$ | (158 | ) | 0 | % | $ | 3,803 | 7 | % | |||||||
|
GAAP Net Loss
|
$ | (6,059 | ) | (12 | )% | $ | (1,008 | ) | (2 | )% | ||||||
|
Share-based compensation (1)
|
3,792 | 3,979 | ||||||||||||||
|
Amortization of intangible assets (2)
|
1,297 | 930 | ||||||||||||||
|
Expenses related to M&A activities (3)
|
841 | 33 | ||||||||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
22 | 23 | ||||||||||||||
|
Non-GAAP Net income (Loss)
|
$ | (107 | ) | 0 | % | $ | 3,957 | 7 | % | |||||||
|
GAAP Loss per share (diluted)
|
$ | (0.18 | ) | $ | (0.03 | ) | ||||||||||
|
Share-based compensation
|
0.11 | 0.12 | ||||||||||||||
|
Amortization of intangible assets
|
0.04 | 0.03 | ||||||||||||||
|
Expenses related to M&A activities
|
0.03 | 0.00 | ||||||||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
0.00 | 0.00 | ||||||||||||||
|
Non-GAAP Net income (Loss) per share (diluted)
|
$ | (0.00 | ) | $ | 0.12 | |||||||||||
|
(1) Share-based compensation:
|
||||||||||||||||
|
Cost of revenues
|
$ | 165 | $ | 178 | ||||||||||||
|
Research and development costs, net
|
845 | 956 | ||||||||||||||
|
Sales and marketing
|
1,491 | 1,632 | ||||||||||||||
|
General and administrative
|
1,291 | 1,213 | ||||||||||||||
| $ | 3,792 | $ | 3,979 | |||||||||||||
|
(2) Amortization of intangible assets
|
||||||||||||||||
|
Cost of revenues
|
$ | 1,081 | $ | 799 | ||||||||||||
|
Sales and marketing
|
216 | 131 | ||||||||||||||
| $ | 1,297 | $ | 930 | |||||||||||||
|
(3) Expenses related to M&A activities
|
||||||||||||||||
|
General and administrative
|
$ | 351 | $ | 33 | ||||||||||||
|
Research and development costs, net
|
45 | - | ||||||||||||||
|
Sales and marketing
|
181 | - | ||||||||||||||
|
Financial expenses
|
264 | - | ||||||||||||||
| $ | 841 | $ | 33 | |||||||||||||
|
TABLE - 3
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|
ALLOT COMMUNICATIONS LTD.
|
|||||||
|
AND ITS SUBSIDIARIES
|
|||||||
|
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED REVENUES
|
|||||||
|
(U.S. dollars in thousands, except share and per share data)
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
March 31,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
GAAP Revenues
|
$ | 21,592 | $ | 28,166 | $ | 51,124 | $ | 56,450 | ||||||||
|
Fair value adjustment for acquired deferred revenues write down
|
11 | 11 | $ | 22 | $ | 23 | ||||||||||
|
Non-GAAP Revenues
|
$ | 21,603 | $ | 28,177 | $ | 51,146 | $ | 56,473 | ||||||||
|
TABLE - 4
|
|||
|
ALLOT COMMUNICATIONS LTD.
|
|||
|
AND ITS SUBSIDIARIES
|
|||
|
CONSOLIDATED BALANCE SHEETS
|
|||
|
(U.S. dollars in thousands)
|
|
June 30,
|
December 31,
|
|||||||
|
2015
|
2014
|
|||||||
|
(Unaudited)
|
(Audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$ | 39,218 | $ | 19,180 | ||||
|
Short term deposits
|
21,000 | 59,000 | ||||||
|
Marketable securities and restricted cash
|
60,423 | 54,271 | ||||||
|
Trade receivables, net
|
24,929 | 23,759 | ||||||
|
Other receivables and prepaid expenses
|
5,640 | 5,383 | ||||||
|
Inventories
|
7,454 | 10,109 | ||||||
|
Total current assets
|
158,664 | 171,702 | ||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Severance pay fund
|
282 | 262 | ||||||
|
Deferred taxes
|
1,856 | 1,716 | ||||||
|
Other assets
|
3,542 | 4,948 | ||||||
|
Total long-term assets
|
5,680 | 6,926 | ||||||
|
PROPERTY AND EQUIPMENT, NET
|
5,610 | 5,957 | ||||||
|
GOODWILL AND INTANGIBLE ASSETS, NET
|
45,210 | 28,363 | ||||||
|
Total assets
|
$ | 215,164 | $ | 212,948 | ||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$ | 5,594 | $ | 6,300 | ||||
|
Deferred revenues
|
12,144 | 12,704 | ||||||
|
Other payables and accrued expenses
|
13,361 | 14,524 | ||||||
|
Total current liabilities
|
31,099 | 33,528 | ||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
5,256 | 4,158 | ||||||
|
Accrued severance pay
|
355 | 282 | ||||||
|
Other long term liabilities
|
4,080 | 0 | ||||||
|
Total long-term liabilities
|
9,691 | 4,440 | ||||||
|
SHAREHOLDERS' EQUITY
|
174,374 | 174,980 | ||||||
|
Total liabilities and shareholders' equity
|
$ | 215,164 | $ | 212,948 | ||||
|
TABLE - 5
|
||||
|
ALLOT COMMUNICATIONS LTD.
|
||||
|
AND ITS SUBSIDIARIES
|
||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||
|
(U.S. dollars in thousands)
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net Loss
|
$ | (6,024 | ) | $ | (620 | ) | $ | (6,059 | ) | $ | (1,008 | ) | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation
|
634 | 762 | 1,397 | 1,562 | ||||||||||||
|
Stock-based compensation related to options granted to employees
|
1,923 | 1,987 | 3,772 | 3,979 | ||||||||||||
|
Amortization of intangible assets
|
785 | 465 | 1,234 | 930 | ||||||||||||
|
Capital loss
|
11 | - | 15 | - | ||||||||||||
|
Decrease (Increase) in accrued severance pay, net
|
41 | (7 | ) | 53 | (3 | ) | ||||||||||
|
Decrease (Increase) in other assets
|
(188 | ) | 12 | (366 | ) | (70 | ) | |||||||||
|
Decrease in accrued interest and amortization of premium on marketable securities
|
173 | 37 | 473 | 245 | ||||||||||||
|
Decrease in trade receivables
|
(2,300 | ) | (2,372 | ) | (2,125 | ) | (6,878 | ) | ||||||||
|
Decrease (Increase) in other receivables and prepaid expenses
|
1,378 | 301 | (1,313 | ) | 199 | |||||||||||
|
Decrease (Increase) in inventories
|
(23 | ) | (403 | ) | 1,765 | (79 | ) | |||||||||
|
Increase (Decrease) in long-term deferred taxes, net
|
(236 | ) | 56 | (140 | ) | 56 | ||||||||||
|
Increase in trade payables
|
1,661 | 2,606 | 1,237 | 4,302 | ||||||||||||
|
Increase (Decrease) in employees and payroll accruals
|
260 | (57 | ) | (149 | ) | 1,005 | ||||||||||
|
Increase (Decrease) in deferred revenues
|
283 | (732 | ) | 383 | 364 | |||||||||||
|
Increase (Decrease) in other payables and accrued expenses
|
(727 | ) | (629 | ) | (435 | ) | 247 | |||||||||
|
Net cash provided (used) by operating activities
|
(2,349 | ) | 1,406 | (258 | ) | 4,851 | ||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Redemption of short-term deposits
|
25,500 | 22,000 | 38,000 | 29,500 | ||||||||||||
|
Purchase of property and equipment
|
(418 | ) | (697 | ) | (1,084 | ) | (1,613 | ) | ||||||||
|
Investment in marketable securities
|
(11,548 | ) | (18,081 | ) | (18,275 | ) | (18,981 | ) | ||||||||
|
Proceeds from redemption or sale of marketable securities
|
6,079 | 3,363 | 11,607 | 4,264 | ||||||||||||
|
Acquisitions
|
- | - | (10,052 | ) | - | |||||||||||
|
Loan provided to third party, net
|
- | 170 | - | (2,393 | ) | |||||||||||
|
Net cash provided by investing activities
|
19,613 | 6,755 | 20,196 | 10,777 | ||||||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Exercise of employee stock options
|
24 | 632 | 100 | 1,388 | ||||||||||||
|
Net cash provided by financing activities
|
24 | 632 | 100 | 1,388 | ||||||||||||
|
Increase in cash and cash equivalents
|
17,288 | 8,793 | 20,038 | 17,016 | ||||||||||||
|
Cash and cash equivalents at the beginning of the period
|
21,930 | 51,036 | 19,180 | 42,813 | ||||||||||||
|
Cash and cash equivalents at the end of the period
|
$ | 39,218 | $ | 59,829 | $ | 39,218 | $ | 59,829 | ||||||||