(Mark
One)
|
|
R
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended March 31, 2010
|
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period
from to
|
Delaware
|
93-1214598
|
(State
or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S.
Employer Identification No.)
|
Large
Accelerated filer o
|
Accelerated
filer R
|
|
Non-accelerated
filer o
|
Smaller
reporting company o
|
|
(Do
not check if a smaller reporting company)
|
PART
I. FINANCIAL INFORMATION:
|
|
PART
II. OTHER INFORMATION:
|
|
Item 2. Unregistered Sales of Equity Securities and Use | |
March
31,
2010
|
December
31,
2009
|
|||||||
(In thousands) | ||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
35,686
|
$
|
37,973
|
||||
Short-term
investments
|
1,100
|
3,799
|
||||||
Accounts
receivable, net of allowance for doubtful accounts of $1,051 and
$1,140, respectively
|
26,991
|
27,023
|
||||||
Prepaid
expenses and other current assets
|
8,644
|
7,726
|
||||||
Total
current assets
|
72,421
|
76,521
|
||||||
Property and equipment, net
|
4,425
|
5,044
|
||||||
Intangible assets, net
|
626
|
836
|
||||||
Other assets
|
7,204
|
7,162
|
||||||
Total
assets
|
$
|
84,676
|
$
|
89,563
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$
|
15,658
|
$
|
15,179
|
||||
Accrued
liabilities
|
15,994
|
18,491
|
||||||
Deferred
revenue, short-term
|
4,422
|
5,181
|
||||||
Total
current liabilities
|
36,074
|
38,851
|
||||||
Deferred revenue, long-term
|
1,547
|
1,764
|
||||||
Other long-term liabilities
|
892
|
962
|
||||||
Total
liabilities
|
38,513
|
41,577
|
||||||
Commitments
and contingencies (Note 6)
|
||||||||
Stockholders’
equity:
|
||||||||
Common stock
|
60
|
62
|
||||||
Additional paid-in capital
|
212,964
|
214,056
|
||||||
Accumulated deficit
|
(166,861
|
)
|
(166,132
|
)
|
||||
Total
stockholders’ equity
|
46,163
|
47,986
|
||||||
Total
liabilities and stockholders’ equity
|
$
|
84,676
|
$
|
89,563
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited,
in thousands,
except
share and per share amounts)
|
||||||||
Revenues
|
$
|
40,378
|
$
|
44,642
|
||||
Cost
of revenues and operating expenses:
|
||||||||
Network
access costs
|
18,424
|
18,658
|
||||||
Network
operations
|
7,328
|
7,691
|
||||||
Research
and development
|
3,399
|
3,776
|
||||||
Sales
and marketing
|
6,509
|
8,011
|
||||||
General
and administrative
|
5,670
|
5,818
|
||||||
Restructuring
charges
|
169
|
3,334
|
||||||
Amortization
of intangible assets
|
210
|
345
|
||||||
Total
operating expenses
|
41,709
|
47,633
|
||||||
Operating
loss
|
(1,331
|
)
|
(2,991
|
)
|
||||
Interest
and other income
|
390
|
56
|
||||||
Loss
before income taxes
|
(941
|
)
|
(2,935
|
)
|
||||
Provision
for (benefit from) income taxes
|
(212
|
)
|
78
|
|||||
Net
loss
|
$
|
(729
|
)
|
$
|
(3,013
|
)
|
||
Basic
and diluted net loss per share
|
$
|
(0.01
|
)
|
$
|
(0.05
|
)
|
||
Number
of shares used in per share calculations
|
60,592,921
|
61,820,464
|
Three
Months Ended
March
31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited, in thousands) | ||||||||
Cash
flows from operating activities:
|
||||||||
Net
loss
|
$
|
(729
|
)
|
$
|
(3,013
|
)
|
||
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
||||||||
Stock
compensation
|
510
|
601
|
||||||
Amortization
of intangible assets
|
210
|
345
|
||||||
Depreciation,
amortization and accretion
|
949
|
1,226
|
||||||
Loss
on disposal of property and equipment
|
3
|
61
|
||||||
Provision
for doubtful accounts
|
249
|
371
|
||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(217
|
)
|
1,715
|
|||||
Prepaid
expenses and other current assets
|
(918
|
)
|
102
|
|||||
Other
assets
|
246
|
96
|
||||||
Accounts
payable
|
1,055
|
(329
|
)
|
|||||
Accrued
liabilities
|
(2,497
|
)
|
455
|
|||||
Deferred
revenues
|
(976
|
)
|
(495
|
)
|
||||
Other
liabilities
|
(70
|
)
|
(192
|
)
|
||||
Net
cash provided by (used in) operating activities
|
(2,185
|
)
|
943
|
|||||
Cash
flows from investing activities:
|
||||||||
Purchases of short-term investments
|
—
|
(33,700
|
)
|
|||||
Sales and maturities of short-term investments
|
2,677
|
34,722
|
||||||
Purchases of property and equipment
|
(887
|
)
|
(1,267
|
)
|
||||
Restricted cash pledged for letter of credit
|
(288
|
)
|
—
|
|||||
Net
cash provided by (used in) investing activities
|
1,502
|
(245
|
)
|
|||||
Cash
flows from financing activities:
|
||||||||
Proceeds from issuance of common stock
|
6
|
1
|
||||||
Cash used to repurchase of common stock
|
(1,610
|
)
|
—
|
|||||
Net
cash provided by (used in) in financing activities
|
(1,604
|
)
|
1
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(2,287
|
)
|
699
|
|||||
Cash
and cash equivalents at beginning of period
|
37,973
|
33,077
|
||||||
Cash
and cash equivalents at end of period
|
$
|
35,686
|
$
|
33,776
|
||||
Supplemental
disclosures of cash flow information:
|
||||||||
Cash
paid for taxes
|
$
|
198
|
$
|
211
|
||||
Accrued
amounts for acquisition of property and equipment
|
48
|
56
|
|
•
|
Level 1—Quoted
prices in active markets for identical assets or
liabilities;
|
|
•
|
Level 2—Observable
inputs other than Level 1 either directly or indirectly, such as
quoted prices for similar assets or liabilities; quoted prices in markets
that are not active; or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of
the assets or liabilities; and
|
|
•
|
Level
3—Represents financial assets whose fair value is determined based upon
inputs that are unobservable, including the Company’s own determinations
of the assumptions that a market participant would use in pricing the
asset or liability. The Company currently does not own any assets measured
as Level 3 assets.
|
Fair
Value Measurements at March 31, 2010 Using
|
||||||||||||||||
Total
|
Quoted
Prices
in
Active
Markets for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||||||
(In thousands) | ||||||||||||||||
Financial
assets:
|
||||||||||||||||
Money
market funds(1)
|
$ | 27,640 | $ | 27,640 | $ | — | $ | — | ||||||||
Fixed
income available-for-sale securities(2)
|
$ | 1,100 | $ | — | $ | 1,100 | $ | — | ||||||||
Total
financial assets
|
$ | 28,740 | $ | 27,640 | $ | 1,100 | $ | — | ||||||||
Nonfinancial
liabilities:
|
||||||||||||||||
Lease
liabilities incurred in connection with the restructuring
plan(3)
|
$ | 1,733 | $ | — | $ | — | $ | 1,733 | ||||||||
Total
nonfinancial liabilities
|
$ | 1,733 | $ | — | $ | — | $ | 1,733 |
(1)
|
Included
in cash and cash equivalents on the Company’s consolidated balance
sheet.
|
(2)
|
Fixed
income available-for-sale securities include corporate fixed income
securities included in short-term investments as of March 31,
2010.
|
(3)
|
Lease
liabilities were recorded at fair value and are included as
liabilities in the Company’s consolidated balance sheet. The lease
liability was recorded in connection with the lease abandonment plans
implemented in the first quarter and fourth quarter of 2009 (see Note 5
for further discussion of the restructuring plan). Management made
assumptions in determining the fair value of the lease liability. Inputs
to the present value technique to determine fair value included observable
inputs, such as the future rent payment schedule, the discount rate
and sublease income through the end of the lease term. However, the
assumption about when the Company will be able to sublease its facility is
considered to be a significant unobservable input. Management considered
12 months to be a reasonable period of time to sublease its
facilities based on current market
trends.
|
March
31, 2010
|
|||||||||||||
Amortization
Life
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
||||||||||
(In thousands) | |||||||||||||
Intangibles:
|
|||||||||||||
Existing
technology
|
4-8
yrs
|
$
|
5,375
|
$
|
(5,126
|
)
|
$
|
249
|
|||||
Patent/Core
technology
|
4-8
yrs
|
2,800
|
(2,462
|
)
|
338
|
||||||||
Maintenance
agreements and certain relationships
|
5
yrs
|
400
|
(361
|
)
|
39
|
||||||||
Customer
relationships
|
4-7
yrs
|
4,800
|
(4,800
|
)
|
—
|
||||||||
$
|
13,375
|
$
|
(12,749
|
)
|
$
|
626
|
December
31, 2009
|
|||||||||||||
Amortization
Life
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
||||||||||
(In thousands) | |||||||||||||
Intangibles:
|
|||||||||||||
Existing
technology
|
4-8
yrs
|
$
|
5,375
|
$
|
(5,101
|
)
|
$
|
274
|
|||||
Patent/Core
technology
|
4-8
yrs
|
2,800
|
(2,428
|
)
|
372
|
||||||||
Maintenance
agreements and certain relationships
|
5
yrs
|
400
|
(344
|
)
|
56
|
||||||||
Customer
relationships
|
4-7
yrs
|
4,800
|
(4,666
|
)
|
134
|
||||||||
$
|
13,375
|
$
|
(12,539
|
)
|
$
|
836
|
Fiscal
Year
|
(In thousands) | |||
Remaining
2010
|
$
|
218
|
||
2011
|
239
|
|||
2012
|
169
|
|||
$
|
626
|
March
31, 2010
|
December
31, 2009
|
|||||||
(In thousands) | ||||||||
Accrued
sales tax liabilities (1)
|
$
|
5,023
|
$
|
4,987
|
||||
Accrued
restructuring liabilities – current (2)
|
1,353
|
3,619
|
||||||
Accrued
expenses
|
2,349
|
2,868
|
||||||
Accrued
commissions payable
|
2,149
|
1,963
|
||||||
Customer
overpayments
|
1,771
|
1,739
|
||||||
Accrued
paid time off and other employee benefits
|
1,683
|
1,448
|
||||||
Other
accrued liabilities
|
1,666
|
1,867
|
||||||
$
|
15,994
|
$
|
18,491
|
(1)
|
See
Note 6. Commitments and
Contingencies
|
(2)
|
See
Note 5. Accrued Restructuring
|
Excess
Facility Costs
|
Severance
Costs
|
Contract
Termination
Costs
|
Total
Restructuring
Accrual
|
|||||||||||||
(In thousands) | ||||||||||||||||
Balance
as of December 31,
2009
|
$ | 1,515 | 16 | — | 1,531 | |||||||||||
Restructuring
charges
|
22 | — | — | 22 | ||||||||||||
Payments
|
(183 | ) | — | — | (183 | ) | ||||||||||
Balance
as of March 31, 2010
|
$ | 1,354 | 16 | — | 1,370 |
Excess
Facility Costs
|
Severance
Costs
|
Contract
Termination
Costs
|
Total
Restructuring
Accrual
|
|||||||||||||
(In thousands) | ||||||||||||||||
Balance
as of December 31,
2009
|
$ | 931 | 1,116 | 744 | 2,791 | |||||||||||
Restructuring
charges
|
122 | (46 | ) | (9 | ) | 67 | ||||||||||
Payments
|
(339 | ) | (1,000 | ) | (735 | ) | (2,074 | ) | ||||||||
Balance
as of March 31, 2010
|
$ | 714 | 70 | — | 784 |
Year
ending December 31:
|
Operating
Leases
|
Sublease
Income
|
Net
Operating Leases
|
|||||||||
(In thousands) | ||||||||||||
Remaining
2010
|
$
|
2,967
|
$
|
(46
|
)
|
$
|
2,921
|
|||||
2011
|
3,436
|
3,436
|
||||||||||
2012
|
2,612
|
2,612
|
||||||||||
2013
|
2,366
|
2,366
|
||||||||||
2014
|
2,428
|
2,428
|
||||||||||
2015
and thereafter
|
1,467
|
1,467
|
||||||||||
$
|
15,276
|
$
|
(46
|
)
|
$
|
15,230
|
Year
ending December 31:
|
(In thousands) | |||
Remaining
2010
|
$
|
4,401
|
||
2011
|
6,092
|
|||
2012
|
93
|
|||
$
|
10,586
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
(In thousands) | ||||||||
Net
loss
|
$
|
(729
|
)
|
$
|
(3,013
|
)
|
||
Changes
in unrealized gains (losses) on available-for- sale securities, net of
related tax effects
|
—
|
(121
|
)
|
|||||
Total
comprehensive loss
|
$
|
(729
|
)
|
$
|
(3,134
|
)
|
Three
Months Ended March 31,
|
||||||||
2010
|
2009
|
|||||||
(In thousands, except share and per share amounts) | ||||||||
Numerator:
|
||||||||
Net
loss
|
$
|
(729
|
)
|
$
|
(3,013
|
)
|
||
Denominator:
|
||||||||
Denominator
for basic and diluted net loss per common share - weighted average shares
outstanding
|
60,592,921
|
61,820,464
|
||||||
Basic
and diluted net loss per common share
|
$
|
(0.01
|
)
|
$
|
(0.05
|
)
|
March
31,
|
||||||||
2010
|
2009
|
|||||||
Options
to purchase common stock
|
11,176,291
|
6,450,899
|
||||||
Unvested
restricted stock awards, considered participating
securities
|
1,149,922
|
1,304,182
|
||||||
Total
|
12,326,213
|
7,755,081
|
Three
Months Ended March31,
|
||||||||||||
2010
|
2009
|
%
Change
|
||||||||||
(In
thousands, except percentages)
|
||||||||||||
Average
Number of Monthly Monetized Users
|
683
|
705
|
(3.2
|
%)
|
||||||||
Network
|
211
|
244
|
(15.6
|
%)
|
||||||||
Platform
|
612
|
617
|
(0.7
|
%)
|
Three
Months Ended
March
31,
|
||||||||
2010
|
2009
|
|||||||
(In thousands) | ||||||||
Adjusted
EBITDA
|
$ | 860 | $ | 2,327 | ||||
Less:
|
||||||||
Interest
income
|
(17 | ) | (254 | ) | ||||
Provision
for (benefit from) income taxes
|
(212 | ) | 78 | |||||
Depreciation
of property and equipment
|
929 | 1,236 | ||||||
Amortization
of intangible assets
|
210 | 345 | ||||||
Amortization
of stock compensation
|
510 | 601 | ||||||
Restructuring
charges
|
169 | 3,334 | ||||||
Net
loss
|
$ | (729 | ) | $ | (3,013 | ) |
New
Revenue Reporting Presentation
|
Three
Months Ended March 31,
|
|||||||
2010
|
2009
|
|||||||
(In thousands) | ||||||||
Enterprise
Mobility Services
|
$ | 33,518 | $ | 37,592 | ||||
Network
Revenue
|
28,131 | 31,914 | ||||||
Platform
Revenue
|
3,740 | 3,801 | ||||||
Other
EMS Fees and Revenue
|
1,647 | 1,877 | ||||||
Managed
Network Services
|
6,860 | 7,050 | ||||||
Total
Revenue
|
$ | 40,378 | $ | 44,642 |
Legacy
Presentation of Revenue
|
Three
Months Ended March 31,
|
|||||||
2010
|
2009
|
|||||||
(In thousands) | ||||||||
Broadband
|
$ | 27,254 | $ | 26,681 | ||||
Wi-Fi
and Hotel Ethernet
|
15,494 | 15,622 | ||||||
Managed
Network Services
|
6,860 | 7,050 | ||||||
3G
Mobile Broadband
|
4,900 | 4,009 | ||||||
Dial-up
|
2,466 | 5,857 | ||||||
Services
and Fees
|
10,658 | 12,104 | ||||||
Total
Revenue
|
$ | 40,378 | $ | 44,642 |
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In thousands, except percentages) | ||||||||||||||||
Enterprise
Mobility Services (“EMS”)
|
$
|
33,518
|
$
|
37,592
|
$
|
(4,074
|
)
|
(10.8
|
%)
|
|||||||
Network
Revenue
|
28,131
|
31,914
|
(3,783
|
)
|
(11.9
|
%)
|
||||||||||
Platform
Revenue
|
3,740
|
3,801
|
(61
|
)
|
(1.6
|
%)
|
||||||||||
Other
EMS fees and revenues
|
1,647
|
1,877
|
(230
|
)
|
(12.3
|
%)
|
||||||||||
As
a percentage of total revenue
|
83.0
|
%
|
84.2
|
%
|
(1.2
|
/%)
|
||||||||||
Managed
Network Services (“MNS”)
|
$
|
6,860
|
$
|
7,050
|
$
|
(190
|
)
|
(2.7
|
%)
|
|||||||
As
a percentage of total revenue
|
17.0
|
%
|
15.8
|
%
|
1.2
|
%
|
||||||||||
Total
revenue
|
$
|
40,378
|
$
|
44,642
|
$
|
(4,264
|
)
|
(9.6
|
%)
|
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In
thousands, except percentages)
|
||||||||||||||||
Network
access expenses
|
$
|
18,424
|
$
|
18,658
|
$
|
(234
|
)
|
(1.3
|
%)
|
|||||||
As
a percent of total revenue
|
45.6
|
%
|
41.8
|
%
|
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In
thousands, except percentages)
|
||||||||||||||||
Network operations
expenses
|
$
|
7,328
|
$
|
7,691
|
$
|
(363
|
)
|
(4.7
|
%)
|
|||||||
As
a percent of total revenue
|
18.1
|
%
|
17.2
|
%
|
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In
thousands, except percentages)
|
||||||||||||||||
Research
and development expenses
|
$
|
3,399
|
$
|
3,776
|
$
|
(377
|
)
|
(10.0
|
%)
|
|||||||
As
a percent of total revenue
|
8.4
|
%
|
8.5
|
%
|
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In
thousands, except percentages)
|
||||||||||||||||
Sales
and marketing expenses
|
$
|
6,509
|
$
|
8,011
|
$
|
(1,502
|
)
|
(18.7
|
%)
|
|||||||
As
a percent of total revenue
|
16.1
|
%
|
17.9
|
%
|
Three
Months Ended
|
||||||||||||||||
March
31,
|
Change
|
|||||||||||||||
2010
|
2009
|
$
|
%
|
|||||||||||||
(In
thousands, except percentages)
|
||||||||||||||||
General
and administrative expenses
|
$
|
5,670
|
$
|
5,818
|
$
|
(148
|
)
|
(2.5
|
%)
|
|||||||
As
a percent of total revenue
|
14.0
|
%
|
13.0
|
%
|
Excess
Facility Costs
|
Severance
Costs
|
Contract
Termination
Costs
|
Total
Restructuring
Accrual
|
|||||||||||||
(In thousands) | ||||||||||||||||
Balance
as of December 31,
2009
|
$ | 1,515 | 16 | — | 1,531 | |||||||||||
Restructuring
charges (including net present value accretion)
|
22 | — | — | 22 | ||||||||||||
Payments
|
(183 | ) | — | — | (183 | ) | ||||||||||
Balance
as of March 31, 2010
|
$ | 1,354 | 16 | — | 1,370 |
Excess
Facility Costs
|
Severance
Costs
|
Contract
Termination
Costs
|
Total
Restructuring
Accrual
|
|||||||||||||
(In thousands) | ||||||||||||||||
Balance
as of December 31,
2009
|
$ | 931 | 1,116 | 744 | 2,791 | |||||||||||
Restructuring
charges
|
122 | (46 | ) | (9 | ) | 67 | ||||||||||
Payments
|
(339 | ) | (1,000 | ) | (735 | ) | (2,074 | ) | ||||||||
Balance
as of March 31, 2010
|
$ | 714 | 70 | — | 784 |
March 31,
2010
|
December 31,
2009
|
Increase/
(Decrease)
|
||||||||||
(In thousands) | ||||||||||||
Cash
and cash equivalents
|
35,686 | 37,973 | (2,287 | ) | ||||||||
Short-term
investments
|
1,100 | 3,799 | (2,699 | ) | ||||||||
Total
|
$ | 36,786 | $ | 41,772 | (4,986 | ) | ||||||
As
a percent of total assets
|
43 | % | 47 | % |
|
Total
Number of Shares Purchased
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced
Program
|
Approximate
Dollar Value of Shares that May Yet Be Purchased under the
Program
|
||||||
(In
thousands, except share and per share amounts)
|
||||||||||
January
1, 2010 to January 31, 2010
|
414,363
|
1.15
|
414,363
|
$
|
8,701
|
|||||
February
1, 2010 to February 28, 2010
|
502,790
|
1.07
|
502,790
|
8,162
|
||||||
March
1, 2010 to March 31, 2010
|
522,200
|
1.14
|
522,200
|
7,568
|
||||||
Total
|
1,439,353
|
1.12
|
1,439,353
|
iPass
Inc.
|
||
|
|
|
Date: May
10, 2010
|
/s/
Steven H. Gatoff
|
|
Senior
Vice President and Chief Financial Officer
(Duly
Authorized Officer and Principal Financial and Accounting
Officer)
|
Exhibit
Number
|
Description
|
||
3.1
|
Amended
and Restated Certificate of Incorporation (1)
|
||
3.2
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation
(2)
|
||
3.3
|
Certificate
of Change to Amended and Restated Certificate of Incorporation
(5)
|
||
3.4
|
Amended
and Restated Bylaws (3)
|
||
4.1
|
Reference
is made to Exhibits 3.1, 3.2, 3.3 and 3.4
|
||
4.2
|
Specimen
stock certificate (4)
|
||
10.1
|
Description
of 2010 Management Bonus Plan (6)
|
||
31.1
|
Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
31.2
|
Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
32.1
|
Certification
of the Chief Executive Officer pursuant to 18 U.S.C Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
||
32.2
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|