Covisint Corporation Announces Second Quarter Fiscal 2016 Earnings Results




COVISINT CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands)
(Unaudited)
  
  SIX MONTHS
ENDED SEPTEMBER 30,
  2015  2014
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:   
Net loss$(10,712 $(19,420
Adjustments to reconcile net loss to cash provided by (used in) operations:   
Depreciation and amortization 3,497   4,687 
Deferred income taxes 48   (56
Stock award compensation 1,822   3,874 
Other 5    
Net change in assets and liabilities, net of effects from currency fluctuations:   
Accounts receivable 2,723   2,168 
Other assets 3,658   1,984 
Accounts payable and accrued expenses (1,625  2,207 
Deferred revenue (2,986  (5,747
Net cash (used in) operating activities$(3,570 $(10,303
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:   
Purchase of:   
Property and equipment (3,451  (1,873
Capitalized software (1,526  (1,429
Proceeds from asset disposals 29    
Net cash (used in) investing activities$(4,948 $(3,302
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:   
Cash payments from former parent company    16,347 
Cash payments to former parent company    (9,247
Vendor financing payments (369   
Net proceeds from exercise of stock awards 486   1,184 
Net cash provided by financing activities$117  $8,284 
EFFECT OF EXCHANGE RATE CHANGES ON CASH  19       (47
NET CHANGE IN CASH   (8,382     (5,368
CASH AT BEGINNING OF PERIOD   50,077       49,536  
CASH AT END OF PERIOD $ 41,695     $ 44,168  

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