Delaware
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001-11460
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31-1103425
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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2231 Rutherford Rd, Suite 200
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Carlsbad, California
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92008
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release of NTN Buzztime, Inc. dated March 28, 2013 (financial results for the three and twelve months ended December 31, 2012).
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NTN BUZZTIME, INC.
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|||
Date: March 28, 2013
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By:
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/s/ Kendra Berger | |
Kendra Berger
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|||
Chief Financial Officer
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Exhibit No.
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Document
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99.1
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Press Release of NTN Buzztime, Inc. dated March 28, 2013 (financial results for the three and twelve months ended December 31, 2012).
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December 31,
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||||||||
ASSETS
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2012 |
2011
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||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 2,721 | $ | 1,374 | ||||
Restricted cash
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— | 50 | ||||||
Accounts receivable, net
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610 | 750 | ||||||
Prepaid expenses and other current assets
|
898 | 624 | ||||||
Total current assets
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4,229 | 2,798 | ||||||
Broadcast equipment and fixed assets, net
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3,783 | 4,255 | ||||||
Software development costs, net
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1,980 | 1,320 | ||||||
Deferred costs
|
600 | 1,132 | ||||||
Goodwill
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1,265 | 1,236 | ||||||
Intangible assets, net
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579 | 845 | ||||||
Other assets
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220 | 61 | ||||||
Total assets
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$ | 12,656 | $ | 11,647 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 549 | $ | 528 | ||||
Accrued compensation
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598 | 757 | ||||||
Accrued expenses
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538 | 801 | ||||||
Sales taxes payable
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197 | 764 | ||||||
Income taxes payable
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79 | 77 | ||||||
Obligations under capital leases—current portion
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100 | 286 | ||||||
Deferred revenue
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919 | 463 | ||||||
Other current liabilities
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408 | 192 | ||||||
Total current liabilities
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3,388 | 3,868 | ||||||
Obligations under capital leases, excluding current portion
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67 | 164 | ||||||
Deferred revenue, excluding current portion
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188 | 186 | ||||||
Deferred rent
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949 | 756 | ||||||
Other liabilities
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170 | 323 | ||||||
Total liabilities
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4,762 | 5,297 | ||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Series A 10% cumulative convertible preferred stock, $.005 par value, $156 liquidation preference, 5,000 shares authorized; 156 and 161 shares issued and outstanding at December 31, 2012 and 2011, respectively
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1 | 1 | ||||||
Common stock, $.005 par value, 84,000 shares authorized; 71,123 and 60,927 shares issued and outstanding at December 31, 2012 and 2011, respectively
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355 | 305 | ||||||
Treasury stock, at cost, 503 shares at December 31, 2012 and 2011
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(456 | ) | (456 | ) | ||||
Additional paid-in capital
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118,956 | 116,497 | ||||||
Accumulated deficit
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(111,730 | ) | (110,719 | ) | ||||
Accumulated other comprehensive income
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768 | 722 | ||||||
Total shareholders’ equity
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7,894 | 6,350 | ||||||
Total liabilities and shareholders’ equity
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$ | 12,656 | $ | 11,647 |
Three Months Ended
December 31,
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Twelve Months Ended
December 31,
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|||||||||||||||
2012
|
2011
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2012
|
2011
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|||||||||||||
Revenues
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$ | 5,933 | $ | 6,104 | $ | 24,064 | $ | 23,870 | ||||||||
Operating expenses:
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||||||||||||||||
Direct operating costs (includes depreciation and amortization)
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1,467 | 1,563 | 6,157 | 5,807 | ||||||||||||
Selling, general and administrative
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3,806 | 5,062 | 18,248 | 20,448 | ||||||||||||
Depreciation and amortization (excluding depreciation and amortization included in direct costs)
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181 | 387 | 721 | 891 | ||||||||||||
Total operating expenses
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5,454 | 7,012 | 25,126 | 27,146 | ||||||||||||
Operating income (loss)
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479 | (908 | ) | (1,062 | ) | (3,276 | ) | |||||||||
Other income (expense):
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||||||||||||||||
Interest income
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1 | — | 3 | 3 | ||||||||||||
Interest expense
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(8 | ) | (13 | ) | (44 | ) | (52 | ) | ||||||||
Other income (expense)
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48 | (3 | ) | 25 | 69 | |||||||||||
Total other income (expense)
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41 | (16 | ) | (16 | ) | 20 | ||||||||||
Income (loss) before income taxes
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520 | (924 | ) | (1,078 | ) | (3,256 | ) | |||||||||
Benefit (provision) for income taxes
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109 | (115 | ) | 83 | (163 | ) | ||||||||||
Net income (loss)
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$ | 629 | $ | (1,039 | ) | $ | (995 | ) | $ | (3,419 | ) | |||||
Net income (loss) income per common share – basic
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$ | 0.01 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.06 | ) | |||||
Net income (loss) income per common share – diluted
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$ | 0.01 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.06 | ) | |||||
Weighted average shares outstanding - basic
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70,594 | 60,424 | 69,040 | 60,402 | ||||||||||||
Weighted average shares outstanding - diluted
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71,338 | 60,424 | 69,040 | 60,402 |
Twelve months ended
December 31,
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||||||||
2012
|
2011
|
|||||||
Cash flows provided by operating activities:
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||||||||
Net loss
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$ | (995 | ) | $ | (3,419 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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2,879 | 3,260 | ||||||
Provision for doubtful accounts
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119 | 5 | ||||||
Stock-based compensation
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185 | 332 | ||||||
Loss on sales of securities available-for-sale
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— | 30 | ||||||
Loss from disposition of equipment and capitalized software
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15 | 166 | ||||||
Changes in assets and liabilities:
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||||||||
Accounts receivable
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21 | (204 | ) | |||||
Prepaid expenses and other assets
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(432 | ) | (58 | ) | ||||
Accounts payable and accrued liabilities
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(821 | ) | 494 | |||||
Income taxes payable
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2 | 70 | ||||||
Deferred costs
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532 | (293 | ) | |||||
Deferred revenue
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458 | 4 | ||||||
Deferred rent
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193 | 187 | ||||||
Net cash provided by operating activities
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2,156 | 574 | ||||||
Cash flows used in investing activities:
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||||||||
Capital expenditures
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(1,226 | ) | (1,594 | ) | ||||
Software development expenditures
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(1,441 | ) | (1,080 | ) | ||||
Proceeds from sale of securities available-for-sale
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— | 134 | ||||||
Acquisitions, net of cash acquired
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(160 | ) | (200 | ) | ||||
Changes in restricted cash
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50 | (50 | ) | |||||
Net cash used in investing activities
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(2,777 | ) | (2,790 | ) | ||||
Cash flows provided by (used in) financing activities:
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||||||||
Principal payments on capital leases
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(318 | ) | (446 | ) | ||||
Proceeds from note payable
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— | 123 | ||||||
Payments on note payable
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(39 | ) | (13 | ) | ||||
Proceeds from exercise of stock options
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— | 36 | ||||||
Proceeds from rights offering, net
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2,310 | — | ||||||
Tax withholding related to net-share settlements of restricted stock units
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(1 | ) | — | |||||
Net cash provided by (used in) financing activities
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1,952 | (300 | ) | |||||
Net increase (decrease) in cash and cash equivalents
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1,331 | (2,516 | ) | |||||
Effect of exchange rate on cash
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16 | (16 | ) | |||||
Cash and cash equivalents at beginning of period
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1,374 | 3,906 | ||||||
Cash and cash equivalents at end of period
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$ | 2,721 | $ | 1,374 |