Micronet Enertec Technologies,
Inc. (1)
|
Vehicle business(2)
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Pro forma
Adjustments
|
Pro forma
consolidated
|
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Assets
|
||||||||||||||||
Current assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 11,959 | - | $ | (2,046 | )(b) | 9,913 | |||||||||
Marketable securities
|
6,964 | - | - | 6,964 | ||||||||||||
Trade account receivables
|
11,454 | - | - | 11,454 | ||||||||||||
Inventories
|
4,417 | 1,360 | - | 5,777 | ||||||||||||
Other account receivables
|
1,326 | - | - | 1,326 | ||||||||||||
Call option
|
532 | - | - | 532 | ||||||||||||
Total current assets
|
36,652 | 1,360 | (2,046 | ) | 35,966 | |||||||||||
Property and equipment, net
|
2,369 | 47 | - | 2,416 | ||||||||||||
Long term deposit
|
139 | - | - | 139 | ||||||||||||
Intangible assets, net
|
1,000 | 4,232 | - | 5,232 | ||||||||||||
Goodwill
|
- | 1,466 | 1,466 | |||||||||||||
Total long term assets
|
3,508 | 5,745 | - | 9,253 | ||||||||||||
Total assets
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$ | 40,160 | $ | 7,105 | $ | (2,046 | ) | $ | 45, 219 | |||||||
Liabilities and equity
|
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Current liabilities:
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||||||||||||||||
Short term bank loans and current portion of long term loans
|
5,080 | - | 3,233 | (a) | 8,313 | |||||||||||
Trade account payables
|
3,645 | - | - | 3,645 | ||||||||||||
Current portion of long term notes, net of discount
|
983 | - | - | 983 | ||||||||||||
Other account payables
|
2,352 | - | 209 | (c) | 2,561 | |||||||||||
Total current liabilities
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12,060 | - | 3,442 | 15,502 | ||||||||||||
Long term loans from banks and others
|
2,374 | - | 1,617 | (a) | 3,991 | |||||||||||
Accrued severance pay, net
|
138 | - | - | 138 | ||||||||||||
Finance lease
|
97 | - | - | 97 | ||||||||||||
Deferred tax liability
|
99 | - | - | 99 | ||||||||||||
Total long term liabilities
|
2,708 | - | 1,617 | 4,325 | ||||||||||||
Equity
|
||||||||||||||||
Common stock
|
6 | - | - | 6 | ||||||||||||
Additional Paid in capital
|
8,059 | - | - | 8,059 | ||||||||||||
Accumulated other comprehensive income
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1,440 | - | - | 1,440 | ||||||||||||
Retained earnings
|
8,090 | - | - | 8,090 | ||||||||||||
Micronet Enertec stockholder's equity
|
17,595 | - | - | 17,595 | ||||||||||||
Non controlling interests
|
7,797 | - | - | 7,797 | ||||||||||||
Total equity
|
25,392 | - | - | 25,392 | ||||||||||||
total liability and equity
|
$ | 40,160 | - | $ | 5,059 | $ | 45,219 |
(1)
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As reported in the Company’s unaudited quarterly report on Form 10-Q for the three months ended March 31, 2014 filed with the SEC on May 15, 2014.
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(2)
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Acquired assets of the Vehicle business as described in note 1.
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Micronet Enertec Technologies,
Inc. (1)
|
Vehicle business (2)
|
Pro froma Adjustments
|
Consolidated
|
|||||||||||||
Revenues
|
$ | 5,567 | $ | 2,551 | - | $ | 8,118 | |||||||||
Cost of revenues
|
3,515 | 1,871 | - | 5,386 | ||||||||||||
Gross profit
|
2,052 | 680 | - | 2,732 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling and marketing
|
391 | 185 | - | 576 | ||||||||||||
Administrative and general
|
884 | 265 | - | 1,149 | ||||||||||||
Research and development
|
744 | 187 | - | 931 | ||||||||||||
Amortization of intangible assets
|
93 | - | 212 | (e) | 305 | |||||||||||
Total operating expenses
|
2,112 | 637 | 212 | 2,961 | ||||||||||||
Income (loss) from operations
|
(60 | ) | 43 | (212 | ) | (229 | ) | |||||||||
Financial expenses, net
|
46 | - | 41 | (f) | 87 | |||||||||||
Income (loss) before provision for income taxes
|
(106 | ) | 43 | (253 | ) | (316 | ) | |||||||||
Taxes on Income
|
79 | - | - | 79 | ||||||||||||
Net income (loss)
|
(185 | ) | 43 | (253 | ) | (395 | ) | |||||||||
Net income (loss) attribute to non-controlling interests
|
147 | - | (101 | )(g) | 46 | |||||||||||
Net income (loss) attribute to Micronet Enertec Technologies
|
$ | (332 | ) | $ | 43 | $ | (152 | ) | $ | (441 | ) | |||||
Loss per share attributable to Micronet Enertec
|
||||||||||||||||
Basic and Diluted
|
$ | (0.06 | ) | (0.07 | ) | |||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic and Diluted
|
5,831,246 | 5,831,246 |
(1)
|
As reported inthe Company’s unaudited quarterly report on Form 10-Q for the three months ended March 31, 2014 filed with the SEC on May 15, 2014.
|
(2)
|
As reported in the Vehicle business financial statements appearing elsewhere in this Current Report on 8- K/A.
|
Micronet Enertec Technologies,
Inc. (1)
|
Vehicle business (2)
|
Pro forma Adjustments
|
Consolidated
|
|||||||||||||
Revenues
|
$ | 35,571 | $ | 10,732 | - | $ | 46,303 | |||||||||
Cost of revenues
|
22,298 | 8,890 | 413 | (d) | 31,601 | |||||||||||
Gross profit
|
13,273 | 1,842 | (413 | ) | 14,702 | |||||||||||
operating expenses:
|
||||||||||||||||
Research and development
|
2,675 | 1,437 | - | 4,112 | ||||||||||||
Selling and marketing
|
1,170 | 745 | - | 1,915 | ||||||||||||
Administrative and general
|
4,179 | 676 | - | 4,855 | ||||||||||||
Amortization of intangible assets
|
657 | - | 848 | (e) | 1,505 | |||||||||||
Total operating expenses
|
8,681 | 2,858 | 848 | 12,387 | ||||||||||||
Income (loss) from operations
|
4,592 | (1,016 | ) | (1,261 | ) | 2,315 | ||||||||||
Interest expenses, net
|
2,293 | - | 165 | (f) | 2,458 | |||||||||||
Other expense
|
2 | - | - | 2 | ||||||||||||
Income (loss) before provision for income taxes
|
2,297 | (1,016 | ) | (1,426 | ) | (145 | ) | |||||||||
Provision for income taxes
|
496 | - | - | 496 | ||||||||||||
Net Income (loss)
|
1,801 | (1,016 | ) | (1,426 | ) | (641 | ) | |||||||||
Net income (loss) attribute to non-controlling interests
|
2,296 | - | (1,172 | )(g) | 1,124 | |||||||||||
Net loss attribute to Micronet Enertec Technologies
|
$ | (495 | ) | $ | (1,016 | ) | $ | (254 | ) | $ | (1,765 | ) | ||||
Loss per share attributable to Micronet Enertec Technologies:
|
||||||||||||||||
Basic and Diluted
|
(0.097 | ) | (0.35 | ) | ||||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic and Diluted
|
5,089,122 | 5,089,122 |
|
(1)
|
As reported in the Company’s audited annual report on Form 10-K for the year ended December 31, 2013 as filed with the SEC on March 19, 2014.
|
(2)
|
As reported in the Vehicle business financial statements appearing in this Current Report on 8- K/A.
|
March 31, 2014
(in Thousands)
|
||||
Inventories
|
$ | 1,360 | ||
Property and equipment
|
47 | |||
Identifiable intangible assets:
|
||||
Customer relations
|
2,552 | |||
Core technology
|
1,680 | |||
Goodwill
|
1,466 | |||
Total assets acquired
|
$ | 7,105 |
a.
|
Adjusted to record the borrowing of $4,850 ($3,233 - were recorded as current portion) of the Loan from the bank.
|
b.
|
Adjustment to record the cash payment of the acquisition of $2,046.
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c.
|
Adjusted to record the amount which will be paid 90 days following the closing of $209.
|
d.
|
Adjusted to record the decrease in the inventory step up follow the acquisition of $413 for the year ended December 31, 2013.
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e.
|
Adjusted to record the amortization of intangibles assets amounting to $212 for the three months ended in March 31, 2014 and $848 for the year ended December 31, 2013. Customer relations and Core technology are amortized over 5 years.
|
f.
|
Adjusted to record the interest expenses derived from the $4,850 Loan to finance the acquisition of $41 for three months ended March 31, 2014 and $165 for the year ended December 31, 2013.
|
g.
|
Adjusted to record the 48% non-controlling interests hold in Micronet Ltd.
|