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 September 30, 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-_______]
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<S> <C> <C> <C> <C> <C> <C>
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US $ in thousands, except share and per share data)
Three months ended Six months ended
30-Sep-98 30-Sep-99 30-Sep-98 30-Sep-99
Revenues............................................................ $16,957 $36,747 $46,038 $ 98,480
Cost of revenues.................................................... 14,075 32,089 38,549 86,234
-------------------------------- -----------------------
Gross profit........................................................ 2,882 4,658 7,489 12,246
Amortization of goodwill...................... 121 208 358 627
Selling, general and administrative expenses.. 1,609 2,348 5,059 7,200
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Operating income .................................................. 1,152 2,102 2,072 4,419
Interest income.................................................... 256 178 880 646
Interest expense................................................... (181) (393) (372) (1,026)
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Income before income taxes and equity in results of affiliates... 1,227 1,887 2,580 4,039
Income Tax (461) (947) (1,181) (2,208)
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Income before equity in results of affiliates..................... 766 940 1,399 1,832
Minority Interest................................................. - (5) - 15
Equity in results of affiliates, net.............................. 72 3 158 45
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Net income........................................................ 838 938 1,557 1,892
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Earning per Common Share - basic 0.13 0.15 0.24 0.30
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Earning per Common Share - assuming dilution 0.13 0.15 0.24 0.30
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Exchange rate differences........................................ (947) (364) (885) 37
Other one-time income (expenses), net............................ (75) (149) (72) (851)
Tax effect ...................................................... 358 177 335 193
-------------------------------- -----------------------
(664) (336) (622) (622)
========================= ================================
Net income....................................................... 174 602 935 1,270
================================ ========================
Other comprehensive income (loss):
Translation adjustments....................................... 2,121 889 1,873 (2,616)
Unrealized losses on marketable securities.................... (181) (329) (182) (77)
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Other comprehensive income (loss)................................ 1,940 560 1,691 (2,693)
======================= ================================
Comprehensive income............................................ 2,114 1,162 2,626 (1,423)
================================ ======================
Earning per Common Share - basic 0.03 0.10 0.14 0.20
================================ ======================
Earning per Common Share - assuming dilution 0.03 0.10 0.14 0.20
================================ =======================
Weighted average of common shares
Outstanding............................................. 6,476,380 6,247,202 6,538,447 6,279,608
Diluted................................................. 6,476,380 6,247,202 6,564,649 6,279,608
EBITDA 1,400 2,325 2,721 4,885
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Highlights of the Consolidated Balance Sheet
(US $ in thousands)
December 31, Sept 30,
1998 1999
--------------------------------
Cash and Cash Equivalents and Time Deposits $16,573 $15,883
Short term Loans and Current Maturities 4,225 4,111
Long term Debt, net 6,174 15,562
Equity before Treasury stock repurchase $32,121 $30,698
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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 : November 12, 1999 By : /s/ Raanan Nir
Name : Raanan Nir
Title: Chief Financial Officer
