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Previous: AMERITECH PENSION TRUST, 13F-HR, 1999-08-11 |
Next: WILMINGTON TRUST FSB, 13F-HR, 1999-08-11 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of March 31, 1999
ICTS International N.V.
(Transition of registrant's name into English)
Biesbosch 225, 1181 JC 1185 ZH Amstelveen, The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes ______ No X
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3- 2(b):82-_______]
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
December 31, June 30,
1998 1999
---------------------------------
Cash and cash equivalents $ 11,273 $12,534
Time deposits and Marketable Securities 5,300 7,245
Accounts receivable 10,454 26,213
Other current assets 1,965 4,518
Short-term loans and current maturities 1,080 100
---------------------------------
Total current assets 30,072 50,611
Investment in affiliates 1,156 930
Other investment 10,276 2,121
---------------------------------
11,432 3,051
Cost 3,771 6,666
Less- accumulated depreciation 1,817 2,839
---------------------------------
1,954 3,827
net of discount and current maturities 176 155
and $ 1,435 in 1998 8,582 14,484
1,367 1,295
249 248
---------------------------------
10,198 16,027
---------------------------------
Total assets $53,832 $73,671
=================================
Short-term bank debt $3,663 $3,421
Current maturities of long-term debt 562 734
Account payable-trade 1,421 3,426
Accrued expenses and other liabilities 9,804 18,897
---------------------------------
Total current liabilities 15,450 26,478
6,174 14,758
- 679
1,309 1,577
---------------------------------
Total long-term liabilities 7,483 17,014
---------------------------------
- 2,401
Common shares, par value-NLG 1 per share,
17,000,000 shares authorized; 6,569,480 outstanding
shares in 1999 and 1998 3,564 3,564
Additional paid-in capital 19,090 19,090
Retained earnings 12,435 13,103
Cumulative translation adjustments (2,968) (6,221)
---------------------------------
32,121 29,536
Treasury stock 319,611 and 209,400 common shares,
at cost, in 1999 and 1998 respectivly (1,222) (1,758)
---------------------------------
30,899 27,778
---------------------------------
Total liabilities and shareholders' equity $53,832 $73,671
=================================
<PAGE>
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US $ in thousands, except share and per share data)
Three months ended Six months ended
30 Jun 98 30 Jun 99 30 Jun 98 30 Jun 99
Revenues 15503 36373.119 29081 68449.215
Cost of revenues 12,960 31,175 24,474 58,841
--------------------------- ---------------------------
Gross profit 2,543 5,198 4,607 9,609
Amortization of goodwill 120 213 237 419
Selling, general and administrative expenses 1,743 3,355 3,450 6,758
--------------------------- ---------------------------
Operating income ...................................................680.........1,630.................920 2,431
Interest income.....................................................331............65.............. 624 440
Interest expense....................................................(38).........(297)............ (191) (684)
Exchange rate differences..........................................(427)........ 64 62 402
Other income (expense), net...........................................3.........4,177.... 3 4,162
--------------------------- ---------------------------
-------------- --------------
Income before income taxes and equity in results of affiliates... 549 5,640 1,418 6,752
Income taxes ......................................................(355)...... (2,410) (743) (2,986)
--------------------------- ---------------------------
Income before equity in results of affiliates.......................194.........3,229 675 3,767
Minority Interest - (3,581) - (4,027)
Equity in results of affiliates, net.................................55.............8............. 86 19
--------------------------- ---------------------------
Income (loss) from continuing operations 249 (343) 761 (241)
Discontinued operations - 843 - 1,023
--------------------------- ---------------------------
Income before cumulative effect of change in accounting principle.. 249 500 761 782
Cumulative effect of a change in accounting principle - - - (114)
=========================== ===========================
Net income..........................................................249...........500.................761 668
=========================== ===========================
Other comprehensive loss:
Translation adjustments 637 (1,048) (248) (3,505)
Unrealized (gain) loss on marketable securities (83) (2) (1) 252
--------------------------- ---------------------------
Other comprehensive loss 554 (1,050) (249) (3,253)
=========================== ===========================
Comprehensive income 803 (550) 512 (2,585)
=========================== ===========================
Earning per Common Share - basic 0.04 0.08 0.12 0.11
=========================== ===========================
Earning per Common Share - assuming dilution 0.04 0.08 0.12 0.11
=========================== ===========================
Weighted average of common shares
outstanding.............................................6,569,480.....6,255,010...........6,569,480 6,295,812
Diluted.................................................6,607,888.....6,255,010...........6,612,527 6,295,812
<PAGE>
Six months ended
30 Jun 98 30 Jun 99
Net income for the period...................................................................761...........668
provided by operating activities:
Depreciation and amortization...............................................................429...........753
Deferred income taxes........................................................................45.........1,572
Increase in accrued severance pay.............................................................7...........235
(Gain) loss on sale of equipment (3) -
Realized gain on marketable securities and interest and exchange rate income
on short-term loans and other investments (417) (1,278)
Minority Interest - 4,027
Equity in results of affiliates.............................................................(86)..........(20)
Accounts receivable........................................................................(125).......(3,787)
Other current assets.......................................................................(237).......(1,361)
Accounts payable...........................................................................(107).........(686)
Accrued expenses and other liabilities......................................................475.........1,231
---------------------------
742 1,354
Purchase of time deposits and marketable securities........................................(627).......(2,060)
Proceeds from sale of short-term investments..............................................2,906...........163
Short-term loans (300) -
Collection on short-term loans 324 -
Other investments (1,136) (105)
Purchase of equipment......................................................................(165).........(405)
Acquisition net of cash acquired (divestitures, net of cash sold) (a) (38) 1,741
Proceeds from sale of investment in affiliates................................................-.............-
Investment in affiliates (194) -
Collection on long-term receivable...........................................................-.............-
Proceeds from sale of equipment..............................................................18............24
Increase in other assets.....................................................................(6)...........(3)
---------------------------
Net cash provided by (used in) investing activities.........................................782..........(645)
Repurchases of common stock...................................................................-..........(985)
Proceeds from long-term borrowings...........................................................54.. 4,368
Payments on long-term borrowings...........................................................(171).........(542)
Increase (decrease) in net borrowings under short-term bank facilities......................105 (705)
---------------------------
Net cash provided by financing activities...................................................(12)........2,136
CASH EQUIVALENTS...........................................................................(100).......(1,584)
---------------------------
1,412 1,261
---------------------------
$13,699 $11,273
---------------------------
===========================
$15,111 $12,534
===========================
<PAGE>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(US $ in thousands)
Share capital
---------------------- Additional Accumulated
Common Paid in Retained other
shares Amount capital Earnings comprehensive Treasury Total
income stock
---------------------- --------------------------------------------------------------
Balance at January 1, 1996 4,000,000 $ 2,063 $ 431 $ 743 $ 709 $ 0 $ 3,946
-----------
Changes during 1996:
Initial Public Offering............1,500,000.... 878 7,322 8,200
-----------
Second Public Offering.............1,065,000. 621 11,311 11,932
-----------
Comprehensive Income:
Net income....................................... 6,764 6,764
Other comprehensive income:
Translation adjustments............... (769) (769)
Comprehensive Income 5,995
----------- --------- ---------- --------- -------------- ---------- -----------
Balance at December 31, 1996.....6,565,000 3,562 19,064 7,507 (60) 0 30,073
-----------
Changes during 1997:
Stock options exercised................4,480.. 2 26 28
-----------
Comprehensive Income:
Net income...................................... 4,046 4,046
Other comprehensive income:
Translation adjustments............. (4,035) (4,035)
Unrealized gains on marketable securities.. 20 20
-----------
Comprehensive Income 31
----------- --------- ---------- --------- -------------- ---------- -----------
Balance at December 31, 1997.......6,569,480 3,564 19,090 11,553 (4,075) 0 30,132
-----------
Changes during 1998:
Common stock repurchased (209,400) (1,222) (1,222)
-----------
Comprehensive Income:
Net income...................................... 882 882
Other comprehensive income:
Translation adjustments............... 1,830 1,830
Unrealized losses on marketable securities.. (723) (723)
-----------
Comprehensive Income 1,989
----------- --------- ---------- --------- -------------- ---------- -----------
Balance at December 31, 1998.......6,360,080 $ 3,564 $ 19,090 $ 12,435 $ (2,968)$ (1,222)$ 30,899
-----------
Changes during 1999:
Common stock repurchased (110,211) (536) (536)
-----------
Comprehensive Income:
Net income...................................... 668 668
Other comprehensive income:
Translation adjustments............... (3,505) (3,505)
Unrealized losses on marketable securities.. 252 252
-----------
Comprehensive Income (2,585)
=========== ========= ========== ========= ============== ========== ===========
Balance at June 30, 1999...........6,249,869 $ 3,564 $ 19,090 $ 13,103 $ (6,221)$ (1,758)$ 27,778
=========== ========= ========== ========= ============== ========== ===========
</TABLE>
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by
undersigning, thereunto duly authorized.
ICTS INTERNATIONAL N.V.
Date : August 11, 1999 By : /s/ Raanan Nir
Name : Raanan Nir
Title: Chief Financial Officer
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