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BluePhoenix Solutions 6-K 2012

Documents found in this filing:

  1. 6-K
  2. 6-K
zk1211569.htm


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
of the Securities Exchange Act of 1934
 
For the month of June 2012
 
Commission File Number: 333-06208

BLUEPHOENIX SOLUTIONS LTD.
(Translation of Registrant's Name into English)

8 Maskit Street, Herzliya 46733, Israel
(Address of Principal Executive Offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x   Form 40-F o

Indicate by check mark whether the Registrant by furnishing the information contained in this Form 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-.....................

This report on Form 6-K is hereby incorporated by reference in the Registration Statements on Form F-3 (Registration No. 333-116044, 333-133330, 333-148504 and 333-150015) as amended, filed by the Registrant under the Securities Act of 1933, to the extent not superseded by documents or reports subsequently filed by the Registrant under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Attached hereto as exhibits to this report on Form 6-K and incorporated by reference herein are the Registrant’s immediate report dated June 4, 2012.
 
 
 

 

SIGNATURE
 
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.
 
 
BLUEPHOENIX SOLUTIONS LTD.
 
 
(Registrant)
 
 
 
By:
/s/ Nir Peles  
    Nir Peles  
    CFO  
       
Dated: June 4, 2012
 
 
 

 

BluePhoenix Solutions Reports First Quarter 2012 Results
 
Q1 Revenues of $6.8 million, Non-GAAP EPS of $(0.27)
 
HERZLIYA, Israel — June 4, 2012 — BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced financial results for the first quarter of 2012. Revenues for the first quarter of 2012 were $6.8 million compared to $9.5 million in the previous quarter, and compared to $10 million in the first quarter of 2011.

Net loss on a non-GAAP basis for the first quarter of 2012 was $(1.7) million or $(0.27) per diluted share, compared to non-GAAP net loss of $(2.2) million or $(0.35) per diluted share in the previous quarter, and compared to a non-GAAP net income of $0.4 million or $0.06 per diluted share in the first quarter of 2011.
 
On a GAAP basis for the first quarter of 2012 the net loss was $(3.2) million or (0.50) per diluted share, compared to net loss of $(21.3) million or (3.39) per diluted share in the previous quarter, and compared to net loss of $(4.2) million or $(0.71) per share for the first quarter of 2011.
 
“In the first quarter of 2012, the company continued to sign substantial new contracts in Legacy Modernization and Knowledge Management businesses. Progress was also made in restructuring efforts to achieve positive cash-flow before year end” commented Shimon Bar Kama, CEO of BluePhoenix. “Looking forward, The Company’s management is optimistic the continuous reduction in operating cost will soon show improvements in the results”.
 
Non-GAAP Results >(in thousands US$)
    Q1/2012       Q4/2011       Q1/2011  
Sales
    6,776       9,538       10,003  
Operating profit (loss)
    (1,955 )     1,452       842  
Net (Loss) Income
    (1,747 )     (2,166 )     380  
Earnings (Loss) per share, diluted*
    (0.27 )     (0.35 )     0.06  
                         
GAAP Results >(in thousands US$)
    Q1/2012       Q4/2011**       Q1/2011  
Sales
    6,776       9,538       10,003  
Operating loss
    (3,201 )     (17,489 )     (3,977 )
Net loss
    (3,249 )     (21,274 )     (4,242 )
Loss per share, diluted*
    (0.50 )     (3.39 )     (0.71 )

Notes:
*On December 28, 2011 the company performed a one-for-four reverse split of its outstanding shares.

**Including goodwill impairment recognized in 2011 annual report at the amount of $9.6 million.

At present, following the completion of the sale of AppBuilder business, an amount of $3 million is held in escrow accounts to secure certain company obligations under the sale agreement.
 
 
 

 

Non-GAAP financial measures

The release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including non-GAAP operating income and non-GAAP net income. These non-GAAP measures exclude the following items:

 
·
Amortization of intangible assets;
 
·
Goodwill impairment
 
·
Stock-based compensation;
 
·
One time expenses related to cost saving plan and one time charges;
 
·
Revaluation of warrants and discount amortization; and
 
·
A profit related to sale of subsidiaries and AppBuilder business.

The presentation of these non-GAAP financial measures should be considered in addition to BluePhoenix' GAAP results and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. BluePhoenix' management believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain charges and gains that may not be indicative of BluePhoenix' core business operating results. BluePhoenix believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing BluePhoenix' performance. These non-GAAP financial measures also facilitate comparisons to BluePhoenix' historical performance. BluePhoenix includes these non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. Non-GAAP measures are reconciled to comparable GAAP measures in the table entitled "Unaudited Reconciliation of GAAP to Non-GAAP."

About BluePhoenix Solutions
 
BluePhoenix Solutions, Ltd. (NASDAQ: BPHX) is the leading provider of value-driven legacy IT modernization solutions. The BluePhoenix portfolio includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting, and renewal. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime.
 
BluePhoenix provides modernization solutions to companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing, and retail. BluePhoenix has 10 offices in the USA, UK, Italy, Romania, Russia and Israel.
 
Cautionary Statement Regarding Forward-Looking Statements
 
Certain statements contained in this release may be deemed forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal Securities laws. You can identify these and other forward-looking statements by the use of words such as “may,” “will,” “plans,” “believes,” “estimates,” “expects’, “predicts”, “intends,”  the negative of such terms, or other comparable terminology. Because such statements deal with future events, plans, projections, or future performance of the Company, they are subject to various risks and uncertainties that could cause actual results to differ materially from the Company’s current expectations. These risks and uncertainties include but are not limited to: the inability to obtain a satisfactory equity infusion, working capital facility or debt restructuring; the failure to successfully defend claims brought against the Company; the effects of the global economic and financial crisis; market demand for the Company’s products; successful implementation of the Company’s products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; the ability to develop new business lines; and such other risks and uncertainties as identified in BluePhoenix’s most recent Annual Report on Form 20-F and other reports filed by it with the SEC. Except as otherwise required by law, BluePhoenix undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
 
This press release is also available at www.bphx.com. All names and trademarks are their owners’ property.
 
Company Contact:
 
Nir Peles
BluePhoenix Solutions
+972-9-9526110
 NPeles@bphx.com
 
 
 

 
 
BluePhoenix Solutions Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
   
Three months ended
 
   
March 31,
 
   
2012
    2011*  
   
Unaudited
 
               
Revenues
  $ 6,776     $ 10,003  
                 
Cost of revenues
    6,661       8,675  
Gross profit
    115       1,328  
                 
Research and development costs
    491       1,151  
                 
Selling, general and administrative expenses
    2,913       4,154  
                 
Gain on sale of subsidiary and Appbuilder
    88       -  
                 
Total operating expenses
    3,316       5,305  
                 
Operating loss
    (3,201 )     (3,977 )
                 
Financial expenses, net
    484       192  
                 
Other income
    580       -  
                 
Loss before taxes
    (3,105 )     (4,169 )
                 
Taxes on income
    88       138  
                 
Net loss
    (3,193 )     (4,307 )
                 
Net income (Loss) attributable to noncontrolling interests
    56       (65 )
Net loss attributable to BluePhoenix
  $ (3,249 )   $ (4,242 )
                 
Net loss per share:
               
Basic and diluted
  $ (0.50 )   $ (0.71 )
                 
Shares used in per share calculation:
               
Basic and diluted**
    6,434       6,012  
                 
* Derived from audited financial statements
               
** On December 28, 2011 the company performed a one-for-four reverse split of its outstanding shares.
 
 
 
 

 
 
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share data)
 
   
Three months ended
 
   
March 31,
 
   
2012
   
2011
 
   
Unaudited
 
             
GAAP Gross Profit
  $ 115     $ 1,328  
                 
Amortization of intangible assets
    563       1,027  
Expenses related to cost saving plan and one time charges
    36       1,639  
Non-GAAP gross profit
  $ 714     $ 3,994  
                 
GAAP operating loss
  $ (3,201 )   $ (3,977 )
                 
Amortization of intangible assets
    563       1,027  
Expenses related to cost saving plan and one time charges
    87       3,414  
Stock-based compensation
    684       378  
Gain on sale of subsidiary and Appbuilder
    (88 )     -  
Non-GAAP operating income (Loss)
  $ (1,955 )   $ 842  
                 
GAAP Net loss attributable to BluePhoenix
  $ (3,249 )   $ (4,242 )
                 
Amortization of intangible assets
    563       1,027  
Expenses related to cost saving plan and one time charges
    87       3,414  
Stock-based compensation
    684       378  
Gain on sale of subsidiary and Appbuilder
    (88 )     -  
Revaluation of warrants and discount amortization
    255       (197 )
Non-GAAP Net income (loss) attributable to BluePhoenix
  $ (1,747 )   $ 380  
                 
Shares used in diluted earnings per share calculation
    6,434       6,070  
                 
Non - GAAP Diluted Earnings per share
  $ (0.27 )   $ 0.06  
 
 
 

 
 
BluePhoenix Solutions Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
     
March 31,
   
December 31,
 
     
2012
    2011*  
     
Unaudited
 
ASSETS
             
                 
 
Current Assets:
             
                 
 
Cash and cash equivalents
  $ 2,080     $ 3,997  
 
Restricted cash
    2,746       -  
 
Trade accounts receivable, net
    7,323       7,675  
 
Other current assets
    1,522       1,041  
                   
 
Total Current Assets
    13,671       12,713  
                   
 
Non-Current Assets:
               
                   
 
Restricted cash
    -       3,428  
 
Property and equipment, net
    882       1,021  
 
Goodwill**
    14,238       14,238  
 
Intangible assets and other, net
    2,437       3,000  
                   
 
Total Non-Current Assets
    17,557       21,687  
                   
TOTAL ASSETS
  $ 31,228     $ 34,400  
                   
LIABILITIES AND EQUITY
               
                   
 
Current Liabilities:
               
                   
 
Short-term bank credit
  $ 10,357     $ 6,983  
 
Trade accounts payable
    2,955       3,403  
 
Deferred revenues
    1,028       739  
 
Other current liabilities
    3,223       3,272  
                   
 
Total Current Liabilities
    17,563       14,397  
                   
 
Non-Current Liabilities
               
                   
 
Accrued severance pay, net
    361       410  
 
Loans from banks and others
    201       3,945  
 
Derivative liabilities - Warrants
    12       53  
                   
 
Total Non-Current Liabilities
    574       4,408  
                   
 
Total Equity
    13,091       15,595  
TOTAL LIABILITIES AND EQUITY
  $ 31,228     $ 34,400  
                   
*
Derived from audited financial statements
               
 
 
 

 
 
BluePhoenix Solutions Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
   
Three months ended
 
   
March 31,
 
   
2012
    2011*  
   
Unaudited
 
CASH FLOWS FROM OPERATING ACTIVITIES:
             
Net loss
  $ (3,193 )   $ (4,307 )
Adjustments to reconcile net loss to net cash provided by operating activities:
               
Depreciation and amortization
    694       1,180  
Decrease in accrued severance pay, net
    (49 )     (329 )
Stock–based compensation
    684       378  
Change in fair value of warrants and discount amortization
    255       (197 )
Gain on sale of subsidiary and Appbuilder
    (88 )     -  
Loss on sale of property and equipment
    12       -  
Deferred income taxes, net
    -       6  
Changes in operating assets and liabilities:
               
Decrease in trade receivables
    344       211  
Increase in other current assets
    (1,052 )     (203 )
Increase (decrease) in trade payables
    (358 )     102  
Increase in other current liabilities and deferred revenues
    272       190  
Net cash provided by (used in) operating activities
    (2,479 )     (2,969 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Restricted cash
    682       3,428  
Receipt of debt
    200       -  
Purchase of property and equipment
    (45 )     (103 )
Proceeds from sale of property and equipment
    41       -  
Additional consideration of previously acquired subsidiaries and activities
    -       (1,163 )
Proceeds from sale of subsidiary and Appbuilder
    350       -  
Net cash provided by (used in) investing activities
    1,228       2,162  
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Repayment short term bank credit, net
    -       (2,535 )
Repayment of long-term loans
    (666 )     -  
Net cash used in financing activities
    (666 )     (2,535 )
                 
TOTAL NET DECREASE IN CASH AND CASH EQUIVALENTS
    (1,917 )     (3,342 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
    3,997       12,295  
CASH AND CASH EQUIVALENTS AT END OF PERIOD
  $ 2,080     $ 8,953  
                 
* Derived from audited financial statements.
               
 


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