10-Q Filing

COMVERGE, INC. CIK: 1372664 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001372664-11-000085`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	comv-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 72 Cash Flow Statement 60

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.40M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.75M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.36M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.48M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$27.79M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.43M	shares	Point-in-time
Billed accounts receivable, net	`AccountsReceivableNetCurrent`	$14.43M	USD	Point-in-time
Billed accounts receivable, net	`AccountsReceivableNetCurrent`	$18.71M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.33M	shares	Point-in-time
Common stock held in treasury	`TreasuryStockShares`	26,105.00	shares	Point-in-time
Unbilled accounts receivable	`UnbilledContractsReceivable`	$17.99M	USD	Point-in-time
Common stock held in treasury	`TreasuryStockShares`	45,415.00	shares	Point-in-time
Unbilled accounts receivable	`UnbilledContractsReceivable`	$16.69M	USD	Point-in-time
Inventory, net	`InventoryNet`	$9.97M	USD	Point-in-time
Inventory, net	`InventoryNet`	$9.18M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$4.87M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$1.71M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.25M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$81.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$82.70M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$719.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$3.73M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.46M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.48M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.57M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.82M	USD	Point-in-time
Goodwill	`Goodwill`	$499.00K	USD	Point-in-time
Goodwill	`Goodwill`	$499.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$464.00K	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`	$113.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.46M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$27.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$17.38M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$14.04M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.82M	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`	$8.28M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$56.26M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$1.66M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$421.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$21.75M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$24.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.07M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$26.08M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$25.49M	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`	$265.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$262.23M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$325.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$257.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-215.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-233.65M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.00K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$31.12M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$46.06M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$114.16M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$113.46M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Product	`SalesRevenueGoodsNet`	$5.80M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$17.77M	USD	3 Qtrs
Product	`SalesRevenueGoodsNet`	$16.55M	USD	3 Qtrs
Product	`SalesRevenueGoodsNet`	$5.41M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$45.94M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$81.92M	USD	3 Qtrs
Service	`SalesRevenueServicesNet`	$65.61M	USD	3 Qtrs
Service	`SalesRevenueServicesNet`	$43.19M	USD	1 Quarter
Total revenue	`Revenues`	$51.73M	USD	1 Quarter
Total revenue	`Revenues`	$99.68M	USD	3 Qtrs
Total revenue	`Revenues`	$82.16M	USD	3 Qtrs
Total revenue	`Revenues`	$48.60M	USD	1 Quarter
Product	`CostOfGoodsSold`	$4.40M	USD	1 Quarter
Product	`CostOfGoodsSold`	$12.59M	USD	3 Qtrs
Product	`CostOfGoodsSold`	$4.59M	USD	1 Quarter
Product	`CostOfGoodsSold`	$14.21M	USD	3 Qtrs
Service	`CostOfServices`	$27.61M	USD	1 Quarter
Service	`CostOfServices`	$43.28M	USD	3 Qtrs
Service	`CostOfServices`	$30.93M	USD	1 Quarter
Service	`CostOfServices`	$49.77M	USD	3 Qtrs
Total cost of revenue	`CostOfRevenue`	$32.01M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$63.98M	USD	3 Qtrs
Total cost of revenue	`CostOfRevenue`	$35.52M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$55.87M	USD	3 Qtrs
Gross profit	`GrossProfit`	$35.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$26.29M	USD	3 Qtrs
Gross profit	`GrossProfit`	$16.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.59M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$27.81M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.50M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$31.80M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.41M	USD	1 Quarter
Marketing and selling expenses	`SellingAndMarketingExpense`	$15.39M	USD	3 Qtrs
Marketing and selling expenses	`SellingAndMarketingExpense`	$4.63M	USD	1 Quarter
Marketing and selling expenses	`SellingAndMarketingExpense`	$5.11M	USD	1 Quarter
Marketing and selling expenses	`SellingAndMarketingExpense`	$13.48M	USD	3 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$4.57M	USD	3 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$3.32M	USD	3 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.66M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.22M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$106.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$536.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$579.00K	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.61M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-15.39M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-245.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-21.18M	USD	3 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$2.26M	USD	3 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$214.00K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$612.00K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$567.00K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.32M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-857.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-17.66M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-21.74M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$55.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$170.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$51.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$18.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-875.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.91M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-17.71M	USD	3 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.71	USD	3 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.89	USD	3 Qtrs
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.91M	shares	1 Quarter
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.86M	shares	3 Qtrs
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.64M	shares	3 Qtrs
Weighted average shares used in computation	`WeightedAverageSharesUsedInComputationBasicAndDiluted`	24.72M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-875.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.91M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-17.71M	USD	3 Qtrs
Depreciation	`Depreciation`	$1.82M	USD	3 Qtrs
Depreciation	`Depreciation`	$966.00K	USD	3 Qtrs
Amortization of intangible assets and capitalized software	`AmortizationOfIntangibleAssetsAndCapitalizedSoftware`	$1.27M	USD	3 Qtrs
Amortization of intangible assets and capitalized software	`AmortizationOfIntangibleAssetsAndCapitalizedSoftware`	$2.12M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.76M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.33M	USD	3 Qtrs
Other	`OtherNoncashExpense`	$1.23M	USD	3 Qtrs
Other	`OtherNoncashExpense`	$1.02M	USD	3 Qtrs
Billed and unbilled accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.93M	USD	3 Qtrs
Billed and unbilled accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$23.28M	USD	3 Qtrs
Inventory, net	`IncreaseDecreaseInInventories`	$1.82M	USD	3 Qtrs
Inventory, net	`IncreaseDecreaseInInventories`	$1.91M	USD	3 Qtrs
Deferred costs and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-52.00K	USD	3 Qtrs
Deferred costs and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.41M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.32M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.85M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$10.54M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$16.90M	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$17.11M	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.98M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.13M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.90M	USD	3 Qtrs
Changes in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-362.00K	USD	3 Qtrs
Changes in restricted cash	`IncreaseDecreaseInRestrictedCash`	$5.00K	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$13.95M	USD	3 Qtrs
Maturities/sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$26.26M	USD	3 Qtrs
Maturities/sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$27.72M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.15M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.76M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$18.57M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.91M	USD	3 Qtrs
Borrowings under debt facility	`ProceedsFromIssuanceOfLongTermDebt`	$18.00M	USD	3 Qtrs
Borrowings under debt facility	`ProceedsFromIssuanceOfLongTermDebt`	$12.50M	USD	3 Qtrs
Repayment of debt facility	`RepaymentsOfLongTermDebt`	$10.25M	USD	3 Qtrs
Repayment of debt facility	`RepaymentsOfLongTermDebt`	$20.25M	USD	3 Qtrs
Other	`Otherfinancingactivities`	$44.00K	USD	3 Qtrs
Other	`Otherfinancingactivities`	$-431.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.29M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.68M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	-	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-26.00K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$17.70M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.67M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.50M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.40M	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`	$25.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.07M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.40M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.35M	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$723.00K	USD	3 Qtrs
Recording of asset retirement obligation	`AssetRetirementObligationPeriodIncreaseDecrease`	$-214.00K	USD	3 Qtrs
Recording of asset retirement obligation	`AssetRetirementObligationPeriodIncreaseDecrease`	$-201.00K	USD	3 Qtrs

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