SCM Microsystems Inc. (INVE, Financial) filed Quarterly Report for the period ended 2012-03-31.
Identive Group has a market cap of $97.4 million; its shares were traded at around $1.57 with and P/S ratio of 1.
Research and development expenses in the first quarter of 2012 were $2.5 million, or 12% of revenue, compared with $1.2 million, or 5% of revenue in the first quarter of 2011, an increase of 115%. First quarter 2012 research and development expenses include $0.6 million from the acquired idOnDemand, polyright and payment solutions businesses. Excluding the impact of these additional expenses, research and development expenses were 60% higher in the first three months of 2012 compared with the same period of 2011. Higher research and development expenses in the 2012 first quarter reflect increased investment in core technology and new products and solutions for emerging markets. Key investment areas include the development of cloud based credential issuance and management solutions in our idOnDemand business unit, next generation software and controllers in our Hirsch Identive business unit, and new contactless, NFC and RFID readers and Transponder products.
Selling and marketing expenses in the first quarter of 2012 were $7.0 million, or 33% of revenue, compared with $5.0 million, or 22% of revenue in the first quarter of 2011, an increase of 40%. First quarter 2012 sales and marketing expenses include $0.5 million from the acquired idOnDemand, polyright and payment solutions businesses. Excluding the impact of these additional expenses, sales and marketing expenses were 30% higher in the first three months of 2012 compared with the same period of 2011. Higher sales and marketing expenses in the 2012 first quarter reflect investments in additional resources and programs to address existing and new market opportunities. In particular we have created two new focused sales teams on NFC Solutions and Converged Access products with expectation of future sales and virtually no associated revenues in the first quarter of 2012, Additionally, we have further expanded our sales resources for Transponders in the U.S.
In the first quarter of 2012, general and administrative expenses were $6.0 million, or 28% of revenue, compared with $5.3 million, or 23% of revenue in the first quarter of 2011, an increase of 13%. First quarter 2012 general and administrative expenses include $0.6 million from the acquired idOnDemand, polyright and payment solutions businesses. Also included in the first quarter of 2012 were approximately $0.2 million of transaction expenses related to the acquisition of the remaining shares of idOnDemand and acquisition of payment solution. Excluding the impact of these additional expenses, general and administrative expenses were 2% lower in the first three months of 2012 compared with the same period of 2011 as a result of ongoing efforts to reduce these overhead expenses.
As of the three months ended March 31, 2012, our working capital, which we have defined as current assets less current liabilities, was approximately $1.4 million, compared to approximately $16.7 million as of December 31, 2011, a decrease of approximately $15.3 million. The decrease in working capital for the first three months of 2012 reflects a $3.9 million decrease in cash and cash equivalents, a $0.1 million decrease in accounts receivable, a $1.9 million increase in accounts payable, a $5.8 million additional liability for unclaimed consumer cards from acquired payment solution, a $1.2 million increase in deferred revenue, an aggregate $1.2 million increase in liability to related party and financial liabilities, an aggregate $2.6 million increase in accrued compensation and related benefits and other accrued expenses and liabilities, offset by a $1.4 million increase in inventories and prepaids and other current assets.
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Identive Group has a market cap of $97.4 million; its shares were traded at around $1.57 with and P/S ratio of 1.
Highlight of Business Operations:
Sales in the Americas. Sales in the Americas were $10.2 million in the first three months of 2012, accounting for 48% of total revenue and up 5% compared with $9.7 million in the first three months of 2011. Sales of products and systems for employee ID programs within various U.S. government agencies comprise a significant proportion of our revenues in the Americas region, which also includes Canada and Latin America.Research and development expenses in the first quarter of 2012 were $2.5 million, or 12% of revenue, compared with $1.2 million, or 5% of revenue in the first quarter of 2011, an increase of 115%. First quarter 2012 research and development expenses include $0.6 million from the acquired idOnDemand, polyright and payment solutions businesses. Excluding the impact of these additional expenses, research and development expenses were 60% higher in the first three months of 2012 compared with the same period of 2011. Higher research and development expenses in the 2012 first quarter reflect increased investment in core technology and new products and solutions for emerging markets. Key investment areas include the development of cloud based credential issuance and management solutions in our idOnDemand business unit, next generation software and controllers in our Hirsch Identive business unit, and new contactless, NFC and RFID readers and Transponder products.
Selling and marketing expenses in the first quarter of 2012 were $7.0 million, or 33% of revenue, compared with $5.0 million, or 22% of revenue in the first quarter of 2011, an increase of 40%. First quarter 2012 sales and marketing expenses include $0.5 million from the acquired idOnDemand, polyright and payment solutions businesses. Excluding the impact of these additional expenses, sales and marketing expenses were 30% higher in the first three months of 2012 compared with the same period of 2011. Higher sales and marketing expenses in the 2012 first quarter reflect investments in additional resources and programs to address existing and new market opportunities. In particular we have created two new focused sales teams on NFC Solutions and Converged Access products with expectation of future sales and virtually no associated revenues in the first quarter of 2012, Additionally, we have further expanded our sales resources for Transponders in the U.S.
In the first quarter of 2012, general and administrative expenses were $6.0 million, or 28% of revenue, compared with $5.3 million, or 23% of revenue in the first quarter of 2011, an increase of 13%. First quarter 2012 general and administrative expenses include $0.6 million from the acquired idOnDemand, polyright and payment solutions businesses. Also included in the first quarter of 2012 were approximately $0.2 million of transaction expenses related to the acquisition of the remaining shares of idOnDemand and acquisition of payment solution. Excluding the impact of these additional expenses, general and administrative expenses were 2% lower in the first three months of 2012 compared with the same period of 2011 as a result of ongoing efforts to reduce these overhead expenses.
As of the three months ended March 31, 2012, our working capital, which we have defined as current assets less current liabilities, was approximately $1.4 million, compared to approximately $16.7 million as of December 31, 2011, a decrease of approximately $15.3 million. The decrease in working capital for the first three months of 2012 reflects a $3.9 million decrease in cash and cash equivalents, a $0.1 million decrease in accounts receivable, a $1.9 million increase in accounts payable, a $5.8 million additional liability for unclaimed consumer cards from acquired payment solution, a $1.2 million increase in deferred revenue, an aggregate $1.2 million increase in liability to related party and financial liabilities, an aggregate $2.6 million increase in accrued compensation and related benefits and other accrued expenses and liabilities, offset by a $1.4 million increase in inventories and prepaids and other current assets.
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