6-K 1 zk1212049.htm 6-K zk1212049.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of September, 2012
 
  
VUANCE LTD.
(Translation of Registrant’s name into English)
 
 
Nolton House
14, Shenkar Street,
Hertzliya Pituach,
Israel

(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F  x   Form 40-F  ¨
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  
 
Yes  ¨   No  x
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             
 
 
 
 
 
Vuance Ltd. Reports First Half 2012 Financial Result
 
Hertzliya  Israel – September 21, 2012, Vuance Ltd. (the “Company”, VUNCF), a leading provider of  Wireless Identification, e-ID and Security Solutions, completed its unaudited condensed financial statements for the Three and six month periods ended June 30, 2012.
 
First Half 2012 Selected Unaudited Financial Results

Revenues for the first half of 2012 decreased 2.5% to $3.94 million compared to $4.04 million in the first half of 2011. 

Gross profit increased 19.4% to $2,707 million for the first half of 2012, compared to $2,267 million for the first half of 2011, Gross profit margin for the first half of 2012  was 69% compared to 56% in the first half of 2011.

Total operating expenses decreased 21.6% to $1.8 million for the first half of 2012, compared to $2.3 million for the first half of 2011.  The decrease compared to the first half of 2011 was mainly due to a decrease in S&M expenses recorded in the present half.

The Company Operating income increased by $936,000 to $902,000 for the first half of 2012, compared to an operating loss of $34,000 in the first half of 2011. The Operating income increase was largely driven by the increase in gross profit and a decrease in the operating expenses, as described above.

Net Profit increased 1,021% to $2.758 million for the first half of 2012, or $0.14 profit per basic share (based on a weighted average of 19 million shares) compared to a net profit of $0.246 million or $0.03 profit per basic share (based on a weighted average of 7.28 million shares) in the first half of 2011. The Increase in Net Profit was largely driven by the increase in Operation Profit and the Financial Income related to Bonds Conversion to Equity.

The reported unaudited condensed financial statements are in accordance with United States generally accepted accounting principles, or US GAAP.
 
 
 
 
 
VUANCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
Jun-30
    
Jun-30
    
Dec-31
  
   
2012
    
2011
    
2011
  
   
Unaudited
    
Audited
  
   
U.S. dollars in thousands
(except per share data)
  
ASSETS
                  
                   
CURRENT ASSETS:
                  
   Cash and cash equivalents
     44       28       215  
   Trade receivables, net
     1,176       693       1,542  
   Other accounts receivable and prepaid expenses
     58       275       105  
   Inventories, net
     275       278       269  
Total current assets
     1,553       1,274       2,131  
                         
SEVERANCE PAY FUND
     231       269       228  
                         
PROPERTY AND EQUIPMENT, NET
     90       99       96  
                         
Total assets
     1,874       1,642       2,455  

 
 
 

VUANCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
Jun-30
    
Jun-30
    
Dec-31
  
   
2012
    
2011
    
2011
  
   
Unaudited
    
Audited
  
   
U.S. dollars in thousands
(except per share data)
  
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
        
                   
CURRENT LIABILITIES:
                  
   Short-term bank credit
     101       100       112  
   Trade payables
     1,715       1,448       2,439  
   Employees and payroll accruals
     121       145       139  
   advances from customers
     -       553       -  
   Accrued expenses and other liabilities
     1,182       1,666       2,164  
   Convertible bonds
     -       1,701       2,519  
   Short-term loan and others
     -       2,967       456  
Total current liabilities
     3,119       8,580       7,829  
                         
LONG-TERM LIABILITIES:
                        
    Accrued severance pay
     233       286       227  
Total long-term liabilities
     233       286       227  
                         
SHAREHOLDERS' DEFICIT:
                        
   Ordinary shares
     192       113       192  
   Additional paid-in capital
     33,738       41,761       41,713  
   Amount of liability extinguished on account of shares
     10,160       -       819  
   Accumulated deficit
     (45,568 )     (49,098 )     (48,325 )
Total shareholders' deficit
     (1,478 )     (7,224 )     (5,601 )
                         
Total liabilities and shareholders' deficit
     1,874       1,642       2,455  

 
 
 
 
VUANCE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
   
6 months ended
    
3 months ended
    
year ended
  
   
Jun-30
    
Jun-30
    
Dec-31
  
   
2012
    
2011
    
2012
    
2011
    
2011
  
   
Unaudited
    
Unaudited
    
Audited
  
   
U.S. dollars in thousands, except share data
        
                               
REVENUES
     3,940       4,038       1,751       2,190       7,922  
COST OF REVENUES
     1,233       1,771       277       944       3,306  
                                         
GROSS PROFIT
     2,707       2,267       1,474       1,246       4,616  
                                         
OPERATING EXPENSES:
                                        
   Research and development
     142       280       55       137       462  
   Selling and marketing
     1,464       1,714       730       987       3,505  
   General and administrative
     491       451       178       216       732  
   Other (income) expense
     (292 )     (144 )     (105 )     (37 )     (137 )
Total operating expenses
     1,805       2,301       858       1,303       4,562  
                                         
OPERATING (LOSS) INCOME
     902       (34 )     616       (57 )     54  
                                         
FINANCIAL INCOME , NET
     1,869       294       2,045       482       990  
                                         
INCOME BEFORE INCOME TAX
     2,771       260       2,661       425       1,044  
                                         
INCOME TAX
     (13 )     (14 )     (8 )     (6 )     (25 )
NET INCOME FOR THE PEROID
     2,758       246       2,653       419       1,019  
                                         
NET INCOME PER SHARE
                                        
Basic
     0.14       0.03       0.10       0.06       0.11  
Diluted
     0.12       0.03       0.09       0.04       0.09  
                                         
Weighted average number of ordinary shares used
                                        
in computing basic income per share
     19,046,956       7,280,821       26,058,641       7,280,821       9,126,327  
                                         
Weighted average number of ordinary shares used
in computing diluted  income per share
     23,017,550       9,280,432       30,029,235       9,370,588       11,710,254  
 
 
 
 
 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Vuance Ltd.
(formerly, SuperCom Ltd.)
  
       
 
By:
/s/ Arie Trabelsi  
  Name: Arie Trabelsi  
  Title:
Chief Executive Officer
  
       
 
Date: September 21, 2012