Incredimail 2008 Annual Report Download - page 76

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The accompanying notes are an integral part of the consolidated financial statements.
F - 8
INCREDIMAIL LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Year ended December 31,
2006
2007
2008
Supplemental information and disclosures of non
-
cash investing and
financing activities:
Decrease in deferred issuance costs
$
478
$
-
$
-
Conversion of Preferred shares into Ordinary shares
$
3,030
$
-
$
-
Cash paid during the year for:
Income taxes
$
275
$
2,019
$
2,832
(a)
Payment for the acquisition of Bizchord:
Estimated fair value of assets acquired at the acquisition date:
Other intangible assets
$
268
Goodwill
288
556
Less
-
issuance of Ordinary shares
(100
)
456
INCREDIMAIL LTD. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1:
–
GENERAL
a.
General:
Incredimail Ltd. and its wholly-owned subsidiary in the U.S, Incredimail Inc., design develop and market content and media
products, particularly email products, creating an entertaining experience by offering users the ability to design a customized and
personal presentation, targeting the consumer and home market. Bizchord Ltd., a wholly-owned subsidiary in Israel, is engaged in
transaction processing. Incredimail Ltd (“Incredimail”) and its wholly-owned subsidiaries are collectively referred to as “the
Company”. The Company was incorporated under the laws of Israel in 1999 and commenced operations in 2000.
As for major customer data, see Note 12.
b.
Initial Public Offering (
“
IPO
”
):
On February 3, 2006, the Company affected an Initial Public Offering (“IPO”)
of its Ordinary shares on the Nasdaq Capital Market.
The Company issued 2,500,000 shares at a price of $7.50 per share before underwriting and issuance expenses. Total net proceeds