Dsit Solutions, Ltd. ('DSIT') (Tables)

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets and Liabilities

Assets and liabilities related to the deconsolidated operations of DSIT are as follows:

	September 30, 2016		At the Closing Date		December 31, 2015
Current assets:
Cash and cash equivalents	$	9	$	516		7
Restricted deposits		1,885		2,517		2,172
Accounts receivable		4,221		5,166		5,826
Unbilled revenue		4,440		4,779		3,849
Inventory		323		297		230
Other current assets		923		935		698
Total current assets		11,801		14,210		12,782
Property and equipment, net		598		620		654
Severance assets		3,860		3,762		3,558
Restricted deposits		1,652		1,815		2,951
Due from Acorn		1,066		916		802
Goodwill		--		536		516
Other assets		86		80		124
Total assets	$	19,063	$	21,939		21,387
Current liabilities:
Short-term bank credit and current maturities of long-term bank debt	$	1,317	$	2,655		1,917
Accounts payable		984		2,072		1,869
Accrued payroll, payroll taxes and social benefits		1,106		1,286		1,261
Deferred revenue		1,454		2,219		3,487
Other current liabilities		2,351		1,615		1,417
Total current liabilities		7,212		9,847		9,951
Accrued severance		5,343		5,209		4,894
Other long-term liabilities		43		38		82
Total liabilities	$	12,598	$	15,094		15,017

Schedule of Condensed Consolidated Statements of Operations

DSIT’s results that were included in the Company’s Condensed Consolidated Statements of Operations in the three and nine month periods ending September 30, 2015 can be seen below:

	Three months ending September 30, 2015			Nine months ending September 30, 2015
Revenue	$	3,616		$	10,068
Cost of sales		2,228			6,585
Gross profit		1,388			3,483
Research and development expenses, net		200			810
Selling, general and administrative expenses		790			2,346
Operating income		398			327
Finance expense, net		(17	)		(78	)
Income before income taxes		381			249
Income tax expense		(33	)		(46	)
Net income		348			203
Net income attributable to non-controlling interests		(46	)		(29	)
Net income attributable to Acorn Energy Inc.	$	302		$	174

DSIT’s results and the Company’s share of its net income for the three months ended September 30, 2016 and for the period from the Closing Date to September 30, 2016 can be seen below:

	Three months ending September 30, 2016			From the Closing Date to September 30, 2016
Revenue	$	4,009		$	6,805
Cost of sales		2,883			4,803
Gross profit		1,126			2,002
Research and development expenses, net		235			341
Selling, general and administrative expenses		737			1,394
Operating income		154			267
Finance expense, net		(51	)		(89	)
Income before income taxes		103			178
Income tax expense		(12	)		(23	)
Net income		91			155
Acorn’s share in net income in DSIT	$	38		$	63