SuperCom Ltd — Regulatory Filings 2012

Sep 21, 2012

6-K 1 zk1212049.htm 6-K zk1212049.htm Licensed to: ZK Goldberg Document Created using EDGARizer 2020 5.4.0.0 Copyright 1995 - 2009 Thomson Reuters. All rights reserved.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2012

VUANCE LTD.

(Translation of Registrant’s name into English)

Nolton House

14, Shenkar Street,

Hertzliya Pituach,

Israel

(Address of principal executive office)

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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

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-

Vuance Ltd. Reports First Half 2012 Financial Result

Hertzliya Israel – September 21, 2012, Vuance Ltd. ( the “Company”, VUNCF ), a leading provider of Wireless Identification, e-ID and Security Solutions, completed its unaudited condensed financial statements for the Three and six month periods ended June 30, 2012.

First Half 2012 Selected Unaudited Financial Results

Revenues for the first half of 2012 decreased 2.5% to $3.94 million compared to $4.04 million in the first half of 2011.

Gross profit increased 19.4% to $ 2,707 million for the first half of 2012, compared to $2 ,267 million for the first half of 2011, Gross profit margin for the first half of 2012 was 69% compared to 56% in the first half of 2011.

Total operating expenses decreased 21.6% to $1.8 million for the first half of 2012, compared to $2.3 million for the first half of 2011. The decrease compared to the first half of 2011 was mainly due to a decrease in S&M expenses recorded in the present half.

The Company Operating income increased by $936,000 to $902,000 for the first half of 2012, compared to an operating loss of $34,000 in the first half of 2011. The Operating income increase was largely driven by the increase in gross profit and a decrease in the operating expenses, as described above.

Net Profit increased 1,021% to $2.758 million for the first half of 2012, or $0.14 profit per basic share (based on a weighted average of 19 million shares) compared to a net profit of $0.246 million or $0.03 profit per basic share (based on a weighted average of 7.28 million shares) in the first half of 2011. The Increase in Net Profit was largely driven by the increase in Operation Profit and the Financial Income related to Bonds Conversion to Equity.

The reported unaudited condensed financial statements are in accordance with United States generally accepted accounting principles, or US GAAP.

VUANCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

2012	2011	2011
Unaudited		Audited
U.S. dollars in thousands (except per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	44	28	215
Trade receivables, net	1,176	693	1,542
Other accounts receivable and prepaid expenses	58	275	105
Inventories, net	275	278	269
Total current assets	1,553	1,274	2,131
SEVERANCE PAY FUND	231	269	228
PROPERTY AND EQUIPMENT, NET	90	99	96
Total assets	1,874	1,642	2,455

VUANCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

2012		2011		2011
Unaudited				Audited
U.S. dollars in thousands (except per share data)
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Short-term bank credit	101		100		112
Trade payables	1,715		1,448		2,439
Employees and payroll accruals	121		145		139
advances from customers	-		553		-
Accrued expenses and other liabilities	1,182		1,666		2,164
Convertible bonds	-		1,701		2,519
Short-term loan and others	-		2,967		456
Total current liabilities	3,119		8,580		7,829
LONG-TERM LIABILITIES:
Accrued severance pay	233		286		227
Total long-term liabilities	233		286		227
SHAREHOLDERS' DEFICIT:
Ordinary shares	192		113		192
Additional paid-in capital	33,738		41,761		41,713
Amount of liability extinguished on account of shares	10,160		-		819
Accumulated deficit	(45,568	)	(49,098	)	(48,325	)
Total shareholders' deficit	(1,478	)	(7,224	)	(5,601	)
Total liabilities and shareholders' deficit	1,874		1,642		2,455

VUANCE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Jun-30				Jun-30				Dec-31
2012		2011		2012		2011		2011
Unaudited				Unaudited				Audited
U.S. dollars in thousands, except share data
REVENUES	3,940		4,038		1,751		2,190		7,922
COST OF REVENUES	1,233		1,771		277		944		3,306
GROSS PROFIT	2,707		2,267		1,474		1,246		4,616
OPERATING EXPENSES:
Research and development	142		280		55		137		462
Selling and marketing	1,464		1,714		730		987		3,505
General and administrative	491		451		178		216		732
Other (income) expense	(292	)	(144	)	(105	)	(37	)	(137	)
Total operating expenses	1,805		2,301		858		1,303		4,562
OPERATING (LOSS) INCOME	902		(34	)	616		(57	)	54
FINANCIAL INCOME , NET	1,869		294		2,045		482		990
INCOME BEFORE INCOME TAX	2,771		260		2,661		425		1,044
INCOME TAX	(13	)	(14	)	(8	)	(6	)	(25	)
NET INCOME FOR THE PEROID	2,758		246		2,653		419		1,019
NET INCOME PER SHARE
Basic	0.14		0.03		0.10		0.06		0.11
Diluted	0.12		0.03		0.09		0.04		0.09
Weighted average number of ordinary shares used
in computing basic income per share	19,046,956		7,280,821		26,058,641		7,280,821		9,126,327
Weighted average number of ordinary shares used in computing diluted income per share	23,017,550		9,280,432		30,029,235		9,370,588		11,710,254

Signatures

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 the undersigned, thereunto duly authorized.

Vuance Ltd. (formerly, SuperCom Ltd.)
By:	/s/ Arie Trabelsi
Name:	Arie Trabelsi
Title:	Chief Executive Officer

Date: September 21, 2012