Hypercom Corporation Annual Report - CiteSeer

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The Company’s depreciation and amortization of property, plant, and equipment and acquired intangible assets are as follows (dollars in thousands): Year Ended December 31, 2009 2008 2007 Americas $ 6,790 $ 7,452 $ 6,415 NEMEA 9,166 6,793 318 SEMEA 2,376 2,732 171 Asia-Pacific 888 1,663 2,129 $ 19,220 $ 18,640 $ 9,033 The Company’s impairment of goodwill and intangible assets is as follows (dollars in thousands): Year Ended December 31, 2009 2008 2007 Americas $ — $ 6,432 $ — NEMEA — 24,400 — SEMEA — 32,426 — Asia-Pacific — 4,540 — $ — $ 67,798 $ — 23. Supplemental Cash Flow Information (in thousands) Supplemental cash flow information for the years ended December 31, 2009, 2008 and 2007 is as follows (dollars in thousands): 2009 2008 2007 Changes in operating assets and liabilities: Accounts receivable $ 14,981 $ 5,464 $ (19,084 ) Inventories (1,808 ) (7,371 ) 20,683 Income tax receivable 568 761 (1,354 ) Prepaid expenses and other current assets 4,719 (207 ) (4,959 ) Other assets (2,486 ) 5,660 (4,175 ) Accounts payable (1,874 ) (4,333 ) 7,623 Accrued payroll and related expenses (1,559 ) (3,863 ) 3,466 Accrued sales and other tax (1,902 ) 117 (759 ) Accrued liabilities (7,369 ) (4,318 ) 2,465 Deferred revenue (2,256 ) 1,626 3,287 Income taxes payable 696 (817 ) (1,903 ) Other liabilities 2,581 6,533 (481 ) Net increase (decrease) in operating assets and liabilities $ 4,291 $ (748 ) $ 4,809 Cash paid (received) during the year by continuing operations: Interest $ 123 $ 144 $ (74 ) Income taxes $ 2,866 $ 664 $ (2,128 ) Noncash investing activities: Changes in accounts payable related to the purchase of property, plant and equipment $ 639 $ 765 $ 70 Changes in accounts payable related to the software development costs capitalized $ 800 $ — $ — Changes in accrued liabilities related to acquisitions $ 1,030 $ — $ — Discontinued Operations: Year 2009. The net cash provided by operating activities primarily relates to a European lease and service operation and is due to its operating activities for the year. Year 2008. The net cash provided by operating activities relates to the Company’s Australian Courier Business and a European lease and service operation and is due to its operating activities for the year. - 83 -
Year 2007. The net cash provided by operating activities for the year ended December 31, 2007 relates to the U.K. Lease Business and is primarily due to reimbursements of previously paid commissions paid to the Company in the first quarter of 2007 for those leases not reaching full lease term. The net cash provided by operating activities also relates to the Company’s Australian Courier Business and is due to its operating activities for the year. 24. Interim Financial Results (Unaudited) The following tables set forth certain unaudited consolidated financial information for each of the four quarters in the years ended December 31, 2009 and 2008. In management's opinion, this unaudited quarterly information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments that management considers necessary for a fair presentation of the unaudited quarterly results when read in conjunction with the Consolidated Financial Statements and Notes. The results for each of the quarters have been adjusted to reflect the European lease and service operation as a discontinued operation. See Note 6 for additional discussion. The Company believes that quarter-toquarter comparisons of its financial results are not necessarily meaningful and should not be relied upon as an indication of future performance (dollars in thousands, except per share data). First Second Third Fourth Fiscal Quarter Quarter (A) Quarter Quarter Year 2009: Net revenue $ 82,794 $ 105,575 $ 101,161 $ 117,373 $ 406,903 Gross profit Income (loss) before $ 24,241 $ 34,214 $ 33,218 $ 36,761 $ 128,434 discontinued operations Income (loss) from $ (9,854 ) $ 2,003 $ 761 $ 1,146 $ (5,944 ) discontinued operations (71 ) (748 ) 417 (522 ) (924 ) Net income (loss) $ (9,925 ) $ 1,255 $ 1,178 $ 624 $ (6,868 ) Basic income (loss) per share: Continuing operations $ (0.18 ) $ 0.04 $ 0.01 $ 0.02 $ (0.11 ) Discontinued operations (0.01 ) (0.02 ) 0.01 (0.01 ) (0.02 ) Net income (loss) $ (0.19 ) $ 0.02 $ 0.02 $ 0.01 $ (0.13 ) Diluted income (loss) per share: Continuing operations $ (0.18 ) $ 0.04 $ 0.01 $ 0.02 $ (0.11 ) Discontinued operations (0.01 ) (0.02 ) 0.01 (0.01 ) (0.02 ) Net income (loss) $ (0.19 ) $ 0.02 $ 0.02 $ 0.01 $ (0.13 ) - 84 -
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Hypercom Corporation Annual Report
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i. to our StoCkhoLderS, CuStomerS,
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iii. 2009 highLightS January - Febr
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v. iphone SeCure paymentS SoLutionS
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vii. SmartpaymentS wynid Server-baS
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iX. hyperCom Corporation End-to-End
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(This Page Left Blank Intentionally
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Yes � No � Indicate by check ma
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CAUTIONARY STATEMENT REGARDING FORW
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On April 1, 2008, we acquired all o
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solution against payment card fraud
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aggressively transitioning into the
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Trusted Transaction Services — Ou
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and biometric authentication and en
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Proprietary Rights We rely upon pat
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• the type, timing and size of or
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affecting our business. However, if
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Furthermore, we utilize contract ma
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economic climate, the credit market
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Our failure to properly comply with
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espect of the related indebtedness.
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Lisa Shipley v. Hypercom Corporatio
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(e) In September 2006, we completed
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of our stock grants and only recogn
Page 50 and 51: In 2009, we incurred employee sever
Page 52 and 53: Costs of Revenue and Gross Profit C
Page 54 and 55: Net Revenues Net revenues increased
Page 56 and 57: Our products revenues relate primar
Page 58 and 59: Changes in operating assets and lia
Page 60 and 61: significantly impacted by a 100 bas
Page 62 and 63: Report of Independent Registered Pu
Page 64 and 65: Item 13. Certain Relationships and
Page 66 and 67: REPORT OF INDEPENDENT REGISTERED PU
Page 68 and 69: HYPERCOM CORPORATION CONSOLIDATED S
Page 70 and 71: HYPERCOM CORPORATION CONSOLIDATED S
Page 72 and 73: Allowance for Doubtful Accounts Pay
Page 74 and 75: Revenue Recognition Revenue is reco
Page 76 and 77: The Company does not provide for fe
Page 78 and 79: The purchase price consisted of the
Page 80 and 81: and assuming no subsequent impairme
Page 82 and 83: Of the $2.9 million of costs incurr
Page 84 and 85: 7. Leases Sales-Type Leases The Com
Page 86 and 87: 12. Product Warranty Liability The
Page 88 and 89: Long-term debt, which approximates
Page 90 and 91: the issuance of non-qualified stock
Page 92 and 93: 17. Income Taxes Loss before income
Page 94 and 95: enefit obligations as of December 3
Page 96 and 97: In determining the asset allocation
Page 98 and 99: The Company’s cash and cash equiv
Page 102 and 103: First Second Third Fourth Fiscal Qu
Page 104 and 105: EXHIBIT INDEX Exhibit Number Descri
Page 106 and 107: Exhibit Number Description of Exhib
Page 108 and 109: I, Thomas B. Sabol, certify that: C
Page 110 and 111: (This Page Left Blank Intentionally
Page 112 and 113: NOTES HYPERCOM CORPORATION
Page 114 and 115: Xi. StoCk perFormanCe Chart The fol
Page 116: World Headquarters: hypercom Corpor
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