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COMVERGE, INC.

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

COMVERGE, INC.
INDEX TO FORM 10-Q


		Page
PartI- Financial Information

Item1.	Unaudited Condensed Consolidated Financial Statements

	Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009	1

	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2010 and 2009	2

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009	3

	Notes to Unaudited Condensed Consolidated Financial Statements	4

Item2.	Managements Discussion and Analysis of Financial Condition and Results of Operations	15

Item3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item4.	Controls and Procedures	28

PartII- Other Information

Item1.	Legal Proceedings	29

Item1A.	Risk Factors	29

Item2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item6.	Exhibits	31

COMVERGE, INC. CIK:1372664

Item2.		15
Item3.		28
Item4.		28
PartII- Other Information
Item1.		29
Item1A.		29
Item2.		30
Item6.		31

Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2009 or 2010 or 2009)
Data column 1: "month" is ambiguous (6 or 12 or 6 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 31 or 30 or 30)
Data column 1: Unable to interpret date in column header
Data column 2: Unable to interpret date in column header
Row "PartII- Other Information": Multi-column field in a numeric row

Table 1

Financial table in standard format

Index to Form 10-Q
COMVERGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

	June 30,			December 31,
	2010			2009
Assets
Current assets
Cash and cash equivalents	$	10,432		$	16,069
Restricted cash		1,584			3,000
Marketable securities		24,953			34,409
Billed accounts receivable, net		13,544			8,119
Unbilled accounts receivable		7,064			11,873
Inventory, net		8,167			6,605
Deferred costs		6,102			1,715
Other current assets		1,484			938
Total current assets		73,330			82,728

Restricted cash		2,838			2,636
Property and equipment, net		19,575			18,340
Intangible assets, net		7,352			8,779
Goodwill		8,179			8,179
Other assets		270			235
Total assets	$	111,544		$	120,897

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	8,392		$	6,874
Accrued expenses		6,159			11,574
Deferred revenue		19,785			5,890
Current portion of long-term debt		3,000			3,000
Other current liabilities		6,579			5,648
Total current liabilities		43,915			32,986

Long-term liabilities
Deferred revenue		1,911			1,203
Long-term debt		8,250			9,750
Other liabilities		2,613			2,914
Total long-term liabilities		12,774			13,867

Shareholders' equity
Common stock, $0.001 par value per share, authorized 150,000,000 shares;issued 25,286,220 and outstanding 25,267,835 shares as of June 30, 2010 and issued 25,072,764 and outstanding 25,067,102 shares as of December 31, 2009		25			25
Additional paid-in capital		260,153			258,660
Common stock held in treasury, at cost, 18,385 and 5,662 shares as of June 30, 2010 and December 31, 2009, respectively		(203	)		(63	)
Accumulated deficit		(205,128	)		(184,596	)
Accumulated other comprehensive income		8			18
Total shareholders' equity		54,855			74,044
Total liabilities and shareholders' equity	$	111,544		$	120,897

COMVERGE, INC. CIK:1372664
	2010-06-30	2009-12-31
Assets
Current assets
Cash and cash equivalents	$10,432	$16,069
Restricted cash	1,584	3,000
Marketable securities	24,953	34,409
Billed accounts receivable, net	13,544	8,119
Unbilled accounts receivable	7,064	11,873
Inventory, net	8,167	6,605
Deferred costs	6,102	1,715
Other current assets	1,484	938
Total current assets	73,330	82,728
Restricted cash	2,838	2,636
Property and equipment, net	19,575	18,340
Intangible assets, net	7,352	8,779
Goodwill	8,179	8,179
Other assets	270	235
Total assets	$111,544	$120,897
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$8,392	$6,874
Accrued expenses	6,159	11,574
Deferred revenue	19,785	5,890
Current portion of long-term debt	3,000	3,000
Other current liabilities	6,579	5,648
Total current liabilities	43,915	32,986
Long-term liabilities
Deferred revenue	1,911	1,203
Long-term debt	8,250	9,750
Other liabilities	2,613	2,914
Total long-term liabilities	12,774	13,867
Shareholders' equity
Common stock, $0.001 par value per share, authorized 150,000,000 shares;issued 25,286,220 and outstanding 25,267,835 shares as of June 30, 2010 and issued 25,072,764 and outstanding 25,067,102 shares as of December 31, 2009	25	25
Additional paid-in capital	260,153	258,660
Common stock held in treasury, at cost, 18,385 and 5,662 shares as of June 30, 2010 and December 31, 2009, respectively	(203)	(63)
Accumulated deficit	(205,128)	(184,596)
Accumulated other comprehensive income	8	18
Total shareholders' equity	54,855	74,044
Total liabilities and shareholders' equity	$111,544	$120,897

Table 2

Financial table in standard format

Index to Form 10-Q
COMVERGE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Revenue
Product	$	5,294		$	5,077		$	10,755		$	9,913
Service		11,753			8,188			19,673			14,932
Total revenue		17,047			13,265			30,428			24,845
Cost of revenue
Product		4,382			2,982			8,006			6,086
Service		7,308			4,445			12,350			8,503
Total cost of revenue		11,690			7,427			20,356			14,589
Gross profit		5,357			5,838			10,072			10,256
Operating expenses
General and administrative expenses		9,214			8,101			17,312			15,990
Marketing and selling expenses		4,066			4,683			8,844			8,442
Research and development expenses		1,543			1,209			2,908			2,325
Amortization of intangible assets		536			552			1,072			1,104
Operating loss		(10,002	)		(8,707	)		(20,064	)		(17,605	)
Interest and other expense, net		291			369			353			564
Loss before income taxes		(10,293	)		(9,076	)		(20,417	)		(18,169	)
Provision for income taxes		55			65			115			107
Net loss	$	(10,348	)	$	(9,141	)	$	(20,532	)	$	(18,276	)

Net loss per share (basic and diluted)	$	(0.42	)	$	(0.43	)	$	(0.83	)	$	(0.85	)

Weighted average shares used in computation		24,618,730			21,403,508			24,598,205			21,385,061

COMVERGE, INC. CIK:1372664
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Revenue
Product	$5,294	$5,077	$10,755	$9,913
Service	11,753	8,188	19,673	14,932
Total revenue	17,047	13,265	30,428	24,845
Cost of revenue
Product	4,382	2,982	8,006	6,086
Service	7,308	4,445	12,350	8,503
Total cost of revenue	11,690	7,427	20,356	14,589
Gross profit	5,357	5,838	10,072	10,256
Operating expenses
General and administrative expenses	9,214	8,101	17,312	15,990
Marketing and selling expenses	4,066	4,683	8,844	8,442
Research and development expenses	1,543	1,209	2,908	2,325
Amortization of intangible assets	536	552	1,072	1,104
Operating loss	(10,002)	(8,707)	(20,064)	(17,605)
Interest and other expense, net	291	369	353	564
Loss before income taxes	(10,293)	(9,076)	(20,417)	(18,169)
Provision for income taxes	55	65	115	107
Net loss	$(10,348)	$(9,141)	$(20,532)	$(18,276)
Net loss per share (basic and diluted)	$(0.42)	$(0.43)	$(0.83)	$(0.85)
Weighted average shares used in computation	24,618,730	21,403,508	24,598,205	21,385,061

Table 3

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1.
Description of Business and Basis of Presentation
Description of Business
Comverge, Inc., a Delaware corporation, and its subsidiaries (collectively, the Company), provide demand management solutions to electric utilities, grid operators and associated electricity markets in the form of peaking and base load capacity. The Company provides capacity to its customers either through long-term contracts or through open markets in which it actively manages electrical demand or by selling its demand management systems to customers for their operation. The Company has three operating segments: the Utility Products & Services segment, the Residential Business segment, and the Commercial & Industrial Business segment.
Basis of Presentation
The condensed consolidated financial statements of the Company include the accounts of its subsidiaries. These unaudited condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Article 10 of Regulation S-X.
In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the Companys financial position as of June 30, 2010 and the results of operations for the three and six months ended June 30, 2010 and 2009, and cash flows for the six months ended June 30, 2010 and 2009, consisting only of normal and recurring adjustments. All significant intercompany transactions have been eliminated in consolidation. Operating results for the three and six months ended June, 2010 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2010. The interim condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, refer to the Companys consolidated financial statements and footnotes thereto for the year ended December 31, 2009 on Form 10-K filed on March 8, 2010.
The condensed consolidated balance sheet as of December 31, 2009 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States.

Significant Accounting Policies and Recent Accounting Pronouncements

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    [2..2)   [1..1] (stub): 'Significant Accounting Policies and Recent Accounting Pronouncements'



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Table attributes: balancesheet,date,cash

Table 4

Table column format standardization was unsuccessful.

Index to Form 10-Q
Goodwill
The Company performs its annual impairment test of goodwill as of December 31
st
. Goodwill is tested for impairment using the two-step approach. Step 1 of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill.The Company bases its fair value estimates on projected financial information which it believes to be reasonable.If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test would be performed to measure the amount of impairment, if any. As of June 30, 2010, the goodwill balance of $7,680 is related to the Energy Efficiency reporting unit in the Residential Business segment.
This reporting unit is experiencing a decline in installations in its service territories, resulting in revenue from the reporting unit being less than expected.As of June 30, 2010, the Company does not believe an event or change in circumstance has occurred that would more likely than not reduce the fair value of the reporting unit below its carrying amount.If the decline in revenue and associated cash flows continues, it may impact the fair value of the reporting unit, causing its carrying value to exceed its fair value.Also, materially different assumptions regarding future performance of the reporting unit or a change in the strategic direction of the reporting unit could result in significant impairment losses.
Recent Accounting Pronouncements
In October 2009, the Financial Accounting Standards Board, or FASB, issued amendments to the accounting and disclosure for revenue recognition. These amendments, effective for fiscal years beginning on or after June 15, 2010 (early adoption is permitted), modify the criteria for recognizing revenue in multiple element arrangements and the scope of what constitutes a non-software deliverable. The Company is currently assessing the impact of the adoption on its consolidated financial position and results of operations.
In January 2010, the FASB issued Accounting Standards Update, or ASU, No. 2010-06
Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements.
The guidance requires previous fair value hierarchy disclosures to be further disaggregated by class of assets and liabilities. A class is often a subset of assets or liabilities within a line item in the statement of financial position. In addition, significant transfers between Levels 1 and 2 of the fair value hierarchy are required to be disclosed. These additional requirements became effective January1, 2010 for quarterly and annual reporting. These amendments did not have an impact on the consolidated financial results as this guidance relates only to additional disclosures.
In February 2010, the FASB issued ASU No. 2010-09
Subsequent Events: Amendments to Certain Recognition and Disclosure Requirements.
The update removes the requirement to disclose a date through which subsequent events have been evaluated.The update is effective for interim or annual periods ending after June 15, 2010.The change in disclosure did not have a material impact on the Companys financial position, results of operation or cash flows.

Net Loss Per Share

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    [2..2)   [1..1] (stub): 'Net Loss Per Share'



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Table attributes: assets,balancesheet,date,liabilities,cash

Table 5

Financial table in standard format

4.
Marketable Securities
The amortized cost and fair value of marketable securities, with gross unrealized gains and losses, as well as the balance sheet classification as of June 30, 2010 and December 31, 2009 is presented below.

	June 30, 2010
	Amortized		Unrealized		Unrealized			Fair		Cash and		Restricted		Marketable
	Cost		Gains		Losses			Value		Equivalents		Cash		Securities
Money market funds	$	13,811	$	-	$	-		$	13,811	$	7,480	$	4,331	$	2,000
Commercial paper		1,400		-		-			1,400		-		-		1,400
Corporate debentures/bonds		21,545		23		(15	)		21,553		-		-		21,553
Total marketable securities		36,756		23		(15	)		36,764		7,480		4,331		24,953
Cash in operating accounts		3,043		-		-			3,043		2,952		91		-
Total	$	39,799	$	23	$	(15	)	$	39,807	$	10,432	$	4,422	$	24,953

COMVERGE, INC. CIK:1372664
	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2010-06-30
Amortized
Cost
Money market funds	$13,811			$13,811	$7,480	$4,331	$2,000
Commercial paper	1,400			1,400			1,400
Corporate debentures/bonds	21,545	23	(15)	21,553			21,553
Total marketable securities	36,756	23	(15)	36,764	7,480	4,331	24,953
Cash in operating accounts	3,043			3,043	2,952	91
Total	$39,799	$23	$(15)	$39,807	$10,432	$4,422	$24,953

Original filing from SEC EDGAR system.