$III
Information Services Group Inc

2013 Q3 Form 10-Q Financial Statement

#000110465913082815 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $51.37M $46.47M
YoY Change 10.55% -4.97%
Cost Of Revenue $30.73M $27.88M
YoY Change 10.25% -0.46%
Gross Profit $20.64M $18.59M
YoY Change 11.0% -11.02%
Gross Profit Margin 40.17% 40.01%
Selling, General & Admin $16.99M $13.96M
YoY Change 21.71% -14.04%
% of Gross Profit 82.31% 75.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.854M $2.224M
YoY Change -16.64% -22.83%
% of Gross Profit 8.98% 11.96%
Operating Expenses $16.99M $13.96M
YoY Change 21.71% -14.04%
Operating Profit $1.797M $2.412M
YoY Change -25.5% 35.73%
Interest Expense $660.0K $790.0K
YoY Change -16.46% -2.71%
% of Operating Profit 36.73% 32.75%
Other Income/Expense, Net -$686.0K -$855.0K
YoY Change -19.77% -12.76%
Pretax Income $1.111M $1.557M
YoY Change -28.64% 95.36%
Income Tax $700.0K $1.347M
% Of Pretax Income 63.01% 86.51%
Net Earnings $410.0K $210.0K
YoY Change 95.24% -108.11%
Net Earnings / Revenue 0.8% 0.45%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 36.78M shares 36.16M shares
Diluted Shares Outstanding 38.83M shares 38.08M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.60M $15.00M
YoY Change 57.33% -12.28%
Cash & Equivalents $23.58M $14.99M
Short-Term Investments
Other Short-Term Assets $2.900M $7.200M
YoY Change -59.72% 7.46%
Inventory
Prepaid Expenses
Receivables $46.85M $45.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $73.26M $67.20M
YoY Change 9.01% -8.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.376M $3.175M
YoY Change 6.33% 0.41%
Goodwill $34.69M $34.69M
YoY Change 0.0% -50.1%
Intangibles $23.53M $29.71M
YoY Change -20.79% -54.09%
Long-Term Investments
YoY Change
Other Assets $3.190M $507.0K
YoY Change 529.19% -55.76%
Total Long-Term Assets $64.84M $68.13M
YoY Change -4.83% -50.82%
TOTAL ASSETS
Total Short-Term Assets $73.26M $67.20M
Total Long-Term Assets $64.84M $68.13M
Total Assets $138.1M $135.3M
YoY Change 2.04% -36.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.278M $5.348M
YoY Change 36.09% -0.76%
Accrued Expenses $16.88M $13.61M
YoY Change 24.04% -36.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.375M $9.250M
YoY Change -63.51% 48.0%
Total Short-Term Liabilities $30.71M $31.01M
YoY Change -0.96% -15.13%
LONG-TERM LIABILITIES
Long-Term Debt $55.89M $55.56M
YoY Change 0.58% -14.27%
Other Long-Term Liabilities $5.813M $2.770M
YoY Change 109.86% -43.13%
Total Long-Term Liabilities $61.70M $58.33M
YoY Change 5.77% -16.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.71M $31.01M
Total Long-Term Liabilities $61.70M $58.33M
Total Liabilities $95.43M $97.79M
YoY Change -2.41% -21.29%
SHAREHOLDERS EQUITY
Retained Earnings -$161.1M -$165.1M
YoY Change -2.4% 45.38%
Common Stock $208.6M $205.6M
YoY Change 1.42% 0.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.357M $746.0K
YoY Change 215.95% 7.34%
Treasury Stock Shares 883.0K shares 572.0K shares
Shareholders Equity $42.70M $37.54M
YoY Change
Total Liabilities & Shareholders Equity $138.1M $135.3M
YoY Change 2.05% -36.19%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $410.0K $210.0K
YoY Change 95.24% -108.11%
Depreciation, Depletion And Amortization $1.854M $2.224M
YoY Change -16.64% -22.83%
Cash From Operating Activities $6.690M $2.910M
YoY Change 129.9% -59.07%
INVESTING ACTIVITIES
Capital Expenditures -$620.0K -$470.0K
YoY Change 31.91% 14.63%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$620.0K -$460.0K
YoY Change 34.78% 9.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.860M -1.940M
YoY Change -4.12% 25.16%
NET CHANGE
Cash From Operating Activities 6.690M 2.910M
Cash From Investing Activities -620.0K -460.0K
Cash From Financing Activities -1.860M -1.940M
Net Change In Cash 4.210M 510.0K
YoY Change 725.49% -90.08%
FREE CASH FLOW
Cash From Operating Activities $6.690M $2.910M
Capital Expenditures -$620.0K -$470.0K
Free Cash Flow $7.310M $3.380M
YoY Change 116.27% -55.05%

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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1205000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1229000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-468000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1796000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3553000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1279000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8019000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
111000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
24000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1580000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1496000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1581000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1519000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
55000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5250000 USD
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
2000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2954000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1216000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
754000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
575000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
279000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
248000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6160000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-8218000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-200000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
144000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
78000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-9482000 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14987000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24469000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">NOTE 1&#8212;DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Information Services Group,&#160;Inc. (the &#8220;Company&#8221;) was founded in 2006 with the strategic vision to become a high-growth, leading provider of information-based advisory services.&#160; In 2007, we consummated our initial public offering and completed the acquisition of TPI Advisory Services Americas,&#160;Inc. (&#8220;TPI&#8221;).</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On January&#160;4, 2011, the Company completed the acquisition of Compass.&#160; Compass is a premier independent global provider of business and information technology benchmarking, performance improvement, data and analytics services.&#160; It was founded in 1980 and headquartered in the United Kingdom and has 180 employees in 16 countries serving nearly 250 clients worldwide.&#160; Compass uses benchmarking to support fact-based decision making, analysis to optimize cost reduction, and tools and techniques to manage business performance.&#160; For accounting purposes, the acquisition of Compass has been treated as a business combination.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On February&#160;10, 2011 the Company completed the acquisition of STA Consulting (Salvaggio, Teal&#160;&amp; Associates) a premier independent information technology advisor serving the public sector. STA Consulting advises clients on information technology strategic planning and the acquisition and implementation of new Enterprise Resource Planning (ERP) and other enterprise administration and management systems.&#160; STA Consulting was founded in 1997 and is based in Austin, Texas with approximately 40 professionals experienced in information systems consulting in public sector areas such as government operations,&#160;IT and project management, contract negotiations, financial management, procurement, human resources and payroll. STA Consulting works with such states as Alaska, Kansas, Kentucky, Louisiana, Mississippi and West Virginia.&#160; For accounting purposes, the acquisition of STA Consulting has been treated as a business combination.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">During the fourth quarter of 2011, we merged our individual corporate brands into one globally integrated business under the ISG brand.</font></p> </div>
iii Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRightsPercentage
1.00 pure
dei Entity Registrant Name
EntityRegistrantName
Information Services Group Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001371489
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
37088639 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Use of Estimates</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results may differ from those estimates. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the proportional performance method of accounting affect the amounts of revenues, expenses, unbilled receivables and deferred revenue. Numerous internal and external factors can affect estimates. Estimates are also used for but not limited to: allowance for doubtful accounts, useful lives of furniture, fixtures and equipment, depreciation expense, contingent consideration, fair value assumptions in analyzing goodwill and intangible asset impairments, income taxes and deferred tax asset valuation, and the valuation of stock based compensation.</font></p> </div>
iii Issuance Of Treasury Stock For Espp And Vested Restricted Stock Awards And Stock Appreciation Rights
IssuanceOfTreasuryStockForESPPAndVestedRestrictedStockAwardsAndStockAppreciationRights
646000 USD
iii Issuance Of Treasury Stock For Espp And Vested Restricted Stock Awards And Stock Appreciation Rights
IssuanceOfTreasuryStockForESPPAndVestedRestrictedStockAwardsAndStockAppreciationRights
657000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability
1918000 USD

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