DecisionPoint Systems Retires $250,000 Convertible Subordinated Debenture Decisionpoint Systems (BB) (USBB:DNPI) Intraday Stock Chart Today : Monday 28 June 2010
DecisionPoint Systems, Inc. (OTCBB: DNPI), a leading provider of Enterprise Mobility and RFID solutions, announced it has retired its $250,000 Convertible Subordinated Debenture effective June 25, 2010. The total amount paid to the Note holder, including principal and any remaining accrued but unpaid interest, due June, 2010, was $125,288, funded from internally generated cash with the balance converted into 416,667 common shares. Additionally, the debt holder exercised warrants which were initially part of the financing transaction for 350,000 common shares, net of exercise price. Total debt at March 31, 2010 was $2,435,962 exclusive of Line of Credit and Holding Shares Liabilities.
"Today we have fulfilled our contractual obligation to pay down debt, and have reduced our debt load by just over 10%, a reflection of the positive trends in our business," said Nic Toms, CEO. "In the second quarter we are seeing excellent acceptance of our just launched MobileArc for Couriers. These higher margin products are leading our efforts to increase the mix of higher-margin recurring services revenue and capitalize on our earnings potential. We are pleased with our progress this quarter and based on our pipeline of opportunities we expect these positive trends to continue for the rest of the year," concluded Toms.
About DecisionPoint Systems, Inc.
DecisionPoint Systems (OTCBB: DNPI) delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. They do this by making enterprise software applications accessible to the front-line worker anytime, anywhere. DecisionPoint utilizes the latest in wireless, mobility, and RFID technologies. For more information on DecisionPoint Systems, go to http://www.decisionpt.com/.
Use of Non-GAAP Financial Information
EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net income, operating income or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of the company's liquidity. DecisionPoint Systems defines EBITDA as net income/(loss) before interest expense; taxes; depreciation; amortization; and non-cash stock-based compensation. Other companies (including the company's competitors) may define EBITDA differently. The company presents EBITDA because it believes it to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in a similar industry. Management also uses this information internally for forecasting and budgeting. It may not be indicative of the historical operating results of DecisionPoint Systems nor is it intended to be predictive of potential future results. Investors should not consider EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. See "Reconciliation of GAAP Income (Loss) to EBITDA (Loss)" in the company's fourth quarter and fiscal year 2008 press release for further information on this non-GAAP measure and reconciliation of EBITDA to GAAP net loss.
Forward-Looking Statements
Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
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