SHOR » Topics » Cash and Cash Equivalents and Investments

This excerpt taken from the SHOR 10-K filed Sep 12, 2008.

Cash and Cash Equivalents and Investments

The following table summarizes our cash and cash equivalents and investments (in thousands):

 

     June 30,
2008
   June 30,
2007
   June 30,
2006

Cash and cash equivalents

   $ 68,672    $ 17,326    $ 12,333

Short-term investments

     34,139          
                    

Total

   $ 102,811    $ 17,326    $ 12,333
                    

As of June 30, 2008, our principal sources of liquidity consisted of cash and cash equivalents and short-term investments of $102.8 million and accounts receivable (net) of $21.9 million. We do not hold any auction rate securities in our cash and cash equivalents and short-term investments portfolio. On July 9, 2007, we closed our initial public offering of 9,085,000 shares of common stock at a price of $9.50 per share, resulting in net proceeds to us of approximately $77 million.

Our principal uses of cash historically have consisted of the purchase of finished goods inventory from our contract manufacturers, payroll and other operating expenses related to the development of new products and purchases of property and equipment.

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We believe that our $102.8 million of cash and cash equivalents and short-term investments at June 30, 2008, together with cash flows from our operations will be sufficient to fund our operating requirements for at least 12 months. Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of our expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of our products and acquisition activities. We may enter into agreements relating to potential investments in, or acquisitions of, complementary businesses or technologies in the future, which could also require us to seek additional equity or debt financing. Additional funds may not be available on terms favorable to us or at all.

The following table shows our cash flows from operating activities, investing activities and financing activities for the stated periods:

 

     Year Ended June 30,  
     2008     2007     2006  
     (In thousands)  

Cash provided by operating activities

   $ 8,153     $ 7,910     $ 7,266  

Cash (used in) investing activities

     (36,519 )     (2,224 )     (1,293 )

Cash provided by (used in) financing activities

     79,712       (693 )     987  
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