10-Q Filing

COMVERGE, INC. CIK: 1372664 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001372664-11-000068`
Period End Date	20110630
Filing Date	20110809
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	comv-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 72 Cash Flow Statement 68

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.52M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$27.79M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Billed accounts receivable, net	`AccountsReceivableNetCurrent`	$20.12M	USD	Point-in-time
Billed accounts receivable, net	`AccountsReceivableNetCurrent`	$14.43M	USD	Point-in-time
Unbilled accounts receivable	`UnbilledContractsReceivable`	$7.58M	USD	Point-in-time
Unbilled accounts receivable	`UnbilledContractsReceivable`	$17.99M	USD	Point-in-time
Inventory, net	`InventoryNet`	$9.63M	USD	Point-in-time
Inventory, net	`InventoryNet`	$9.18M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$4.50M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$1.71M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.06M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$68.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$82.70M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$835.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$3.73M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.48M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.82M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.65M	USD	Point-in-time
Goodwill	`Goodwill`	$499.00K	USD	Point-in-time
Goodwill	`Goodwill`	$499.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$421.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$927.00K	USD	Point-in-time
Total assets	`Assets`	$114.16M	USD	Point-in-time
Total assets	`Assets`	$98.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.79M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$17.38M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$13.31M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.82M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$12.73M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.73M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.61M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$1.66M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$912.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$21.75M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$20.25M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.75M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.07M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$25.49M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$22.91M	USD	Point-in-time
Common stock	`CommonStockValue`	$25.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$25.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$262.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$264.50M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$306.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$257.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-232.78M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-215.95M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$31.43M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$46.06M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$98.91M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$114.16M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Product	`SalesRevenueGoodsNet`	$10.76M	USD	2 Qtrs
Product	`SalesRevenueGoodsNet`	$12.35M	USD	2 Qtrs
Product	`SalesRevenueGoodsNet`	$5.29M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$7.66M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$38.73M	USD	2 Qtrs
Service	`SalesRevenueServicesNet`	$24.79M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$19.67M	USD	2 Qtrs
Service	`SalesRevenueServicesNet`	$11.75M	USD	1 Quarter
Total revenue	`Revenues`	$17.05M	USD	1 Quarter
Total revenue	`Revenues`	$32.45M	USD	1 Quarter
Total revenue	`Revenues`	$51.08M	USD	2 Qtrs
Total revenue	`Revenues`	$30.43M	USD	2 Qtrs
Product	`CostOfGoodsSold`	$9.82M	USD	2 Qtrs
Product	`CostOfGoodsSold`	$8.01M	USD	2 Qtrs
Product	`CostOfGoodsSold`	$6.36M	USD	1 Quarter
Product	`CostOfGoodsSold`	$4.38M	USD	1 Quarter
Service	`CostOfServices`	$12.35M	USD	2 Qtrs
Service	`CostOfServices`	$14.76M	USD	1 Quarter
Service	`CostOfServices`	$7.31M	USD	1 Quarter
Service	`CostOfServices`	$22.16M	USD	2 Qtrs
Total cost of revenue	`CostOfRevenue`	$20.36M	USD	2 Qtrs
Total cost of revenue	`CostOfRevenue`	$31.97M	USD	2 Qtrs
Total cost of revenue	`CostOfRevenue`	$11.69M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$21.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.11M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.07M	USD	2 Qtrs
Gross profit	`GrossProfit`	$11.34M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$21.39M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.21M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$11.16M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$17.31M	USD	2 Qtrs
Marketing and selling expenses	`SellingAndMarketingExpense`	$5.20M	USD	1 Quarter
Marketing and selling expenses	`SellingAndMarketingExpense`	$8.84M	USD	2 Qtrs
Marketing and selling expenses	`SellingAndMarketingExpense`	$4.07M	USD	1 Quarter
Marketing and selling expenses	`SellingAndMarketingExpense`	$10.29M	USD	2 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$2.10M	USD	2 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$2.91M	USD	2 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.05M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.54M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$536.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$236.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$473.00K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.07M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-6.30M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-15.15M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-10.00M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-20.06M	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$353.00K	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$723.00K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$1.65M	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$291.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-16.80M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-10.29M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.42M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.03M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$55.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$33.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$115.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$18.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.83M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.53M	USD	2 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.83	USD	2 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.42	USD	1 Quarter
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.68	USD	2 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.28	USD	1 Quarter
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.60M	shares	2 Qtrs
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.83M	shares	2 Qtrs
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.62M	shares	1 Quarter
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.88M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-16.83M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.05M	USD	1 Quarter
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-10.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.53M	USD	2 Qtrs
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Depreciation	`Depreciation`	$576.00K	USD	2 Qtrs
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Depreciation	`Depreciation`	$1.10M	USD	2 Qtrs
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.52M	shares	Point-in-time
Amortization of intangible assets and capitalized software	`AmortizationOfIntangibleAssetsAndCapitalizedSoftware`	$1.41M	USD	2 Qtrs
Common stock, shares issued	`CommonStockSharesIssued`	25.36M	shares	Point-in-time
Amortization of intangible assets and capitalized software	`AmortizationOfIntangibleAssetsAndCapitalizedSoftware`	$820.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.16M	USD	2 Qtrs
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.33M	shares	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$1.32M	USD	2 Qtrs
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.49M	shares	Point-in-time
Common stock held in treasury	`TreasuryStockShares`	36,134.00	shares	Point-in-time
Common stock held in treasury	`TreasuryStockShares`	26,105.00	shares	Point-in-time
Other	`OtherNoncashExpense`	$928.00K	USD	2 Qtrs
Other	`OtherNoncashExpense`	$501.00K	USD	2 Qtrs
Billed and unbilled accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-4.72M	USD	2 Qtrs
Billed and unbilled accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$500.00K	USD	2 Qtrs
Inventory, net	`IncreaseDecreaseInInventories`	$1.00M	USD	2 Qtrs
Inventory, net	`IncreaseDecreaseInInventories`	$1.72M	USD	2 Qtrs
Deferred costs and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$776.00K	USD	2 Qtrs
Deferred costs and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.01M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.68M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-665.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-4.58M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-4.40M	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.16M	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$14.60M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.24M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.79M	USD	2 Qtrs
Changes in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-1.11M	USD	2 Qtrs
Changes in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-1.21M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$9.11M	USD	2 Qtrs
Maturities/sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$27.72M	USD	2 Qtrs
Maturities/sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$18.16M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.92M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$22.84M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.35M	USD	2 Qtrs
Borrowings under debt facility	`ProceedsFromIssuanceOfLongTermDebt`	$8.00M	USD	2 Qtrs
Borrowings under debt facility	`ProceedsFromIssuanceOfLongTermDebt`	$18.00M	USD	2 Qtrs
Repayment of debt facility	`RepaymentsOfLongTermDebt`	$19.50M	USD	2 Qtrs
Repayment of debt facility	`RepaymentsOfLongTermDebt`	$9.50M	USD	2 Qtrs
Other	`Otherfinancingactivities`	$62.00K	USD	2 Qtrs
Other	`Otherfinancingactivities`	$-246.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.44M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.75M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.64M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.61M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$315.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$603.00K	USD	2 Qtrs
Recording of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$-320.00K	USD	2 Qtrs
Recording of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$-235.00K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.