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Procera Networks, Inc. (PKT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Procera Networks, Inc.

CIK: 1165231 Ticker: PKT

Exhibit 99.1
 
 

Procera Networks Announces Fourth Quarter and
Fiscal 2014 Financial Results
 
Fremont, CA – February 26, 2015
Procera Networks, Inc. (NASDAQ: PKT), the global Subscriber Experience company, today reported financial results for its fourth quarter and fiscal year ended on December 31, 2014.

Fourth Quarter 2014 Financial & Business Highlights
 
· Reported record revenue of $24.2 million
· The ratio of bookings to revenue was above one
· Added thirteen new service provider customers
· Received expansion orders from fifty existing service provider customers
· Mobile customers represented 56% of product revenue
· Demonstrated traction with strategic initiatives with delivery of:
§ NFV solution to a wireless service provider
§ Analytics solution to a mobile customer
§ Video analytics to a fixed wireline customer
§ 100GE interface cards to a number of Tier 1 customers
· The GAAP gross profit rate increased to 59% for the fiscal year 2014, compared with 55% for fiscal year 2013.
· The non-GAAP gross profit rate increased to 61% for the fiscal 2014, compared with 57% for fiscal year 2013.
 
Revenue for the fourth quarter was $24.2 million, compared with $21.3 million in the fourth quarter of 2013, representing a 13% increase.  Revenue for fiscal year 2014 was $75.4 million, compared with $74.7 million for fiscal year 2013, a 1% increase.
 
GAAP net loss for the fourth quarter of 2014 was $1.7 million, or $0.08 per diluted share, compared with a GAAP net loss of $3.3 million, or $0.16 per diluted share, for the fourth quarter of 2013.  GAAP net loss for fiscal year 2014 was $24.8 million, or $1.21 per diluted share, compared with a GAAP net loss of $16.3 million, or $0.81 per diluted share, for fiscal year 2013.
 
Non-GAAP net income for the fourth quarter of 2014 was $0.3 million, or $0.02 per diluted share, compared with a non-GAAP net income of $7 thousand, or $0.00 per diluted share, for the fourth quarter of 2013.  Non-GAAP net loss for fiscal year 2014 was $5.0 million, or $0.25 per diluted share, compared with a non-GAAP net loss of $3.6 million, or $0.18 per diluted share, for fiscal year 2013.
 

 
A description of the non-GAAP financial measures and reconciliation to comparable GAAP measures in an accompanying table is provided in the section entitled “Use of Non-GAAP Financial Information” below.
 
“We ended the year with productivity that demonstrates the strength of our strategic initiatives, achieving a combination of record quarterly revenue and bookings, as well as customer delivery of a number of new strategic products,” said James Brear, president and chief executive officer of Procera Networks. “Seeing the initial benefits of our strategic investments are positive indicators toward our goal of returning Procera to solid revenue growth in 2015.”

Guidance
Revenue for the fiscal year ending December 31, 2015 is expected to grow by 15% compared with the fiscal year ended December 31, 2014.

This guidance is an estimate only and actual performance could differ. Procera’s financial results historically have been volatile, and a number of uncertainties and other factors may cause Procera’s future results, performance or achievements to be materially different from prior results.
 
Conference Call Information
Procera Networks, Inc. is hosting a conference call for analysts and investors to discuss its fourth quarter and fiscal year 2014 results at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) today, February 26, 2015. To access the conference call, dial 1-877-407-0784 (domestic) or 1-201-689-8560 (international). The live audio webcast of the conference call along with supplemental financial information will also be accessible from the “Investor Relations” section of Procera’s website at http://proceranetworks.com/investors. A replay will be available following the call on Procera’s Investor Relations website and for one week at the following numbers: 1-877-870-5176 (domestic), 1-858-384-5517 (international) using ID# 13600798.
 
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements related to Procera Networks, Inc., including statements about Procera's expectations for 2015 revenue, long-term growth and the market opportunity, the strength of Procera’s strategic initiatives, as well as Procera’s general outlook. Statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Procera’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, without limitation, risks and uncertainties related to the acceptance and adoption of Procera’s products; Procera’s ability to service and upgrade its products; lengthy sales cycles and lab and field trial delays by service providers; its ability to obtain any follow-on orders from major customers; its customers canceling orders or awards; its ability to achieve revenue recognition on awarded business; its dependence on a limited product line and key customers; its dependence on key employees; its ability to compete in our industry with companies that are significantly larger and have greater resources than us; its ability to manage costs effectively; its ability to protect its intellectual property rights in a global market; its ability to manufacture product quickly enough to meet potential demand; and other risks and uncertainties described more fully in Procera’s documents filed with or furnished to the Securities and Exchange Commission. More information about these and other risks that may impact Procera Networks’ business are described in the "Risk Factors" sections of its Form 10-K filed for the year ended December 31, 2013, its subsequently filed quarterly reports, and other reports filed with the SEC, which are available free of charge on the SEC's website at http://www.sec.gov and on Procera’s website at http://www.proceranetworks.com. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this press release are based on information available to Procera as of the date hereof, and Procera undertakes no obligation to update, amend or clarify any forward-looking statement for any reason.
 

 
Use of Non-GAAP Financial Information
In addition to the financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures. Our management regularly uses these supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods and believes that these non-GAAP financial measures, when taken together with the corresponding GAAP measures, provide additional insight into the underlying factors and trends affecting both Procera’s performance and its cash-generating potential.

Our non-GAAP financial measures include adjustments for stock-based compensation expenses; business development expenses; cost reduction efforts; acquisition-related intangible asset and deferred compensation amortization; impairment; and income tax effects. We have excluded the effect of stock-based compensation; the cost of outside professional services for negotiating and performing legal, accounting and tax due diligence for potential mergers and acquisitions; expenses connected with cost reduction efforts; acquisition-related intangible asset and deferred compensation amortization; impairment; and income tax effects, from our non-GAAP gross profit, operating expenses and net income measures. Stock-based compensation, which represents the estimated fair value of stock options, restricted stock and restricted stock units granted to employees, is excluded since grant activities vary significantly from quarter to quarter in both quantity and fair value. In addition, although stock-based compensation will recur in future periods, excluding this expense allows us to better compare core operating results with those of our competitors who also generally exclude stock-based compensation from their core operating results, and who may have different granting patterns and types of equity awards and who may use different option valuation assumptions than we do. Business development expenses are necessary as part of certain growth strategies, such as through mergers and acquisitions and other strategic transactions, and will occur when such transactions are pursued. We have excluded these expenses because they can vary materially from period-to-period and transaction-to-transaction and expenses associated with these business development activities are not considered a key measure of Procera's operating performance. Cost reduction efforts occur with shifts in objectives and evolving requirements of the business and can result in fluctuating expenses connected with reducing employment in certain areas. We have excluded these expenses because they can vary significantly from period-to-period and are not considered a key measure of Procera’s operating performance. Acquisition-related intangible asset and deferred compensation amortization, impairment and tax effects represent non-cash charges and benefits that result from the accounting for acquisitions. We have excluded these items because, in any period, they may not directly correlate to the underlying performance of Procera’s business and these items can vary materially from period-to-period and transaction-to-transaction. In addition, we exclude these acquisition-related costs and benefits when evaluating our current operating performance.
 
Our non-GAAP financial measures may not reflect the full economic impact of Procera’s activities. Further, these non-GAAP financial measures may be unique to Procera, as they may be different from non-GAAP financial measures used by other companies, including Procera’s competitors. As such, this presentation of non-GAAP financial measures may not enhance the comparability of Procera’s results to the results of other companies. Investors are cautioned not to place undue reliance on our non-GAAP financial measures. In addition, investors are cautioned that these non-GAAP financial measures are not intended to be considered in isolation and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.

 

 
For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "GAAP to Non-GAAP Reconciliation.”
 
About Procera Networks Inc.
Procera Networks, Inc. (NASDAQ: PKT), the global Subscriber Experience company, is revolutionizing the way operators and vendors monitor, manage and monetize their network traffic. Elevate your business value and improve customer experience with Procera’s sophisticated intelligence solutions. For more information, visit www.proceranetworks.com or follow Procera on Twitter at @ProceraNetworks.
 
Procera Networks, Inc.
Condensed Consolidated Statements of Operations
Unaudited
(in thousands, except per share data)

   
Three Months Ended
December 31,
   
Twelve Months Ended
December 31,
 
   
2014
   
2013
   
2014
   
2013
 
Sales:
               
Product sales
 
$
18,208
   
$
16,191
   
$
54,000
   
$
56,520
 
Support sales
   
5,947
     
5,139
     
21,413
     
18,153
 
Total sales
   
24,155
     
21,330
     
75,413
     
74,673
 
Cost of sales:
                               
Product cost of sales
   
9,031
     
8,011
     
26,676
     
30,461
 
Support cost of sales
   
1,262
     
957
     
4,531
     
3,399
 
Total cost of sales
   
10,293
     
8,968
     
31,207
     
33,860
 
                                 
Gross profit
   
13,862
     
12,362
     
44,206
     
40,813
 
     
57.4
%
   
58.0
%
   
58.6
%
   
54.7
%
Operating expenses:
                               
Research and development
   
4,362
     
5,016
     
16,722
     
17,548
 
Sales and marketing
   
7,406
     
7,959
     
27,831
     
29,251
 
General and administrative
   
3,426
     
2,537
     
11,738
     
12,036
 
Impairment of goodwill and purchased intangible assets
   
-
     
-
     
12,380
     
-
 
Total operating expenses
   
15,194
     
15,512
     
68,671
     
58,835
 
                                 
Loss from operations
   
(1,332
)
   
(3,150
)
   
(24,465
)
   
(18,022
)
                                 
Interest and other income (expense), net
   
(354
)
   
359
     
(599
)
   
561
 
                                 
Loss before income taxes
   
(1,686
)
   
(2,791
)
   
(25,064
)
   
(17,461
)
Income tax provision (benefit)
   
34
     
511
     
(248
)
   
(1,177
)
Net loss
 
$
(1,720
)
 
$
(3,302
)
 
$
(24,816
)
 
$
(16,284
)
                                 
Net loss per share - basic and diluted
 
$
(0.08
)
 
$
(0.16
)
 
$
(1.21
)
 
$
(0.81
)
                                 
Shares used in computing net loss per share:
                               
Basic and diluted
   
20,613
     
20,144
     
20,450
     
20,091
 



 
Procera Networks, Inc.
Condensed Consolidated Balance Sheets
(in thousands)

   
December 31,
2014
   
December 31,
2013
 
   
(unaudited)
     
ASSETS
       
Current Assets:
       
Cash and cash equivalents
 
$
17,939
   
$
90,774
 
Short-term investments
   
84,542
     
15,789
 
Accounts receivable, net of allowance
   
21,447
     
25,008
 
Inventories, net
   
14,837
     
18,836
 
Prepaid expenses and other
   
4,913
     
2,128
 
Total current assets
   
143,678
     
152,535
 
                 
Property and equipment, net
   
8,322
     
7,121
 
Intangible assets, net
   
2,957
     
6,270
 
Goodwill
   
960
     
12,326
 
Deferred tax asset
   
-
     
1,101
 
Other non-current assets
   
154
     
83
 
Total assets
 
$
156,071
   
$
179,436
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable
 
$
5,207
   
$
7,305
 
Deferred revenue
   
11,821
     
11,633
 
Accrued liabilities
   
7,235
     
6,721
 
Total current liabilities
   
24,263
     
25,659
 
                 
Non-current liabilities:
               
Deferred revenue
   
3,113
     
3,273
 
Deferred tax liability
   
-
     
1,690
 
Deferred rent
   
583
     
143
 
Total liabilities
   
27,959
     
30,765
 
                 
Commitments and contingencies
   
-
     
-
 
                 
Stockholders' equity:
               
Common stock
   
21
     
21
 
Additional paid-in capital
   
225,313
     
219,763
 
Accumulated other comprehensive loss
   
(3,190
)
   
(1,897
)
Accumulated deficit
   
(94,032
)
   
(69,216
)
Total stockholders' equity
   
128,112
     
148,671
 
                 
Total liabilities and stockholders' equity
 
$
156,071
   
$
179,436
 
 

 
Procera Networks, Inc.
GAAP to Non-GAAP Reconciliation; and Supplemental Financial Information
Unaudited
(in thousands, except per share data)

   
Three Months Ended
   
Twelve Months Ended
 
   
December
2014
   
September
2014
   
December
 2013
   
December
2014
   
December
2013
 
Sales:
                   
Product sales
 
$
18,208
   
$
11,164
   
$
16,191
   
$
54,000
   
$
56,520
 
Support sales
   
5,947
     
4,945
     
5,139
     
21,413
     
18,153
 
Total sales
   
24,155
     
16,109
     
21,330
     
75,413
     
74,673
 
Cost of sales:
                                       
Product cost of sales, GAAP
   
9,031
     
4,774
     
8,011
     
26,676
     
30,461
 
                                         
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
(10
)
   
(7
)
   
(26
)
   
(39
)
   
(84
)
Amortization of intangibles (2)
   
(202
)
   
(264
)
   
(275
)
   
(995
)
   
(1,094
)
Cost reduction efforts (3)
   
-
     
-
     
-
     
(237
)
   
-
 
Product cost of sales, non-GAAP
   
8,819
     
4,503
     
7,710
     
25,405
     
29,283
 
                                         
Support cost of sales, GAAP
   
1,262
     
1,118
     
957
     
4,531
     
3,399
 
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
(98
)
   
(85
)
   
(79
)
   
(351
)
   
(302
)
Cost reduction efforts (3)
   
-
     
-
     
-
     
-
     
-
 
Support cost of sales, non-GAAP
   
1,164
     
1,033
     
878
     
4,180
     
3,097
 
Total cost of sales, non-GAAP
   
9,983
     
5,536
     
8,588
     
29,585
     
32,380
 
Gross profit, non-GAAP
   
14,172
     
10,573
     
12,742
     
45,828
     
42,293
 
     
58.7
%
   
65.6
%
   
59.7
%
   
60.8
%
   
56.6
%
Operating expenses:
                                       
Research and development
   
4,362
     
4,096
     
5,016
     
16,722
     
17,548
 
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
(429
)
   
(314
)
   
(292
)
   
(1,427
)
   
(1,226
)
Cost reduction efforts (3)
   
(58
)
   
-
     
-
     
(264
)
   
-
 
Deferred compensation (5)
   
-
     
-
     
(753
)
   
(65
)
   
(2,946
)
Research and development, non-GAAP
   
3,875
     
3,782
     
3,971
     
14,966
     
13,376
 
                                         
Sales and marketing
   
7,406
     
6,497
     
7,959
     
27,831
     
29,251
 
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
(276
)
   
(443
)
   
(334
)
   
(1,525
)
   
(1,682
)
Amortization of intangibles (2)
   
(47
)
   
(114
)
   
(119
)
   
(389
)
   
(472
)
Cost reduction efforts (3)
   
(91
)
   
(327
)
   
-
     
(606
)
   
-
 
Deferred compensation (5)
   
-
     
-
     
(777
)
   
-
     
(2,863
)
Sales and marketing, non-GAAP
   
6,992
     
5,613
     
6,729
     
25,311
     
24,234
 
                                         
General and administrative
   
3,426
     
2,760
     
2,537
     
11,738
     
12,036
 
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
(656
)
   
(429
)
   
(512
)
   
(1,856
)
   
(1,763
)
Cost reduction efforts (3)
   
-
     
-
     
-
     
(27
)
   
-
 
Business development expenses (6)
   
(229
)
   
-
     
-
     
(229
)
   
(1,616
)
General and administrative, non-GAAP
   
2,541
     
2,331
     
2,025
     
9,626
     
8,657
 
 

 
Impairment of goodwill and purchased intangible assets
   
-
     
12,380
     
-
     
12,380
     
-
 
Non-GAAP adjustments:
                                       
Impairment of goodwill and purchased intangible assets (4)
   
-
     
(12,380
)
   
-
     
(12,380
)
   
-
 
Impairment of goodwill and purchased intangible assets, non-GAAP
   
-
     
-
     
-
     
-
     
-
 
Total operating expenses, non-GAAP
   
13,408
     
11,726
     
12,725
     
49,903
     
46,267
 
                                         
Income (loss) from operations, non-GAAP
   
764
     
(1,153
)
   
17
     
(4,075
)
   
(3,974
)
                                         
Interest and other income (expense), net
   
(354
)
   
(356
)
   
359
     
(599
)
   
561
 
                                         
Income (loss) before income taxes, non-GAAP
   
410
     
(1,509
)
   
376
     
(4,674
)
   
(3,413
)
                                         
Income tax provision (benefit)
   
34
     
(160
)
   
511
     
(248
)
   
(1,177
)
Non-GAAP adjustment (7)
   
44
     
192
     
(142
)
   
622
     
1,408
 
Income tax provision, non-GAAP
   
78
     
32
     
369
     
374
     
231
 
Net income (loss), non-GAAP
 
$
332
   
$
(1,541
)
 
$
7
   
$
(5,048
)
 
$
(3,644
)
                                         
Net income (loss) per share - diluted, non-GAAP
 
$
0.02
   
$
(0.08
)
 
$
0.00
   
$
(0.25
)
 
$
(0.18
)
                                         
Shares used in computing diluted net income (loss) per share
   
20,613
     
20,500
     
20,144
     
20,450
     
20,091
 
                                         
Reconciliation of Net Income (Loss):
                                       
U.S. GAAP as reported
 
$
(1,720
)
 
$
(15,712
)
 
$
(3,302
)
 
$
(24,816
)
 
$
(16,284
)
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
1,469
     
1,278
     
1,243
     
5,198
     
5,057
 
Amortization of intangibles (2)
   
249
     
378
     
394
     
1,384
     
1,566
 
Cost reduction efforts (3)
   
149
     
327
     
-
     
1,134
     
-
 
Impairment of goodwill and purchased intangible assets (4)
   
-
     
12,380
     
-
     
12,380
     
-
 
Deferred compensation (5)
   
-
     
-
     
1,530
     
65
     
5,809
 
Business development expenses (6)
   
229
     
-
     
-
     
229
     
1,616
 
Income tax adjustment (7)
   
(44
)
   
(192
)
   
142
     
(622
)
   
(1,408
)
As Adjusted
 
$
332
   
$
(1,541
)
 
$
7
   
$
(5,048
)
 
$
(3,644
)
                                         
Reconciliation of Diluted Net Income (Loss) Per Share:
                                       
U.S. GAAP as reported
 
$
(0.08
)
 
$
(0.77
)
 
$
(0.16
)
 
$
(1.21
)
 
$
(0.81
)
Non-GAAP adjustments:
                                       
Stock-based compensation (1)
   
0.07
     
0.06
     
0.06
     
0.25
     
0.25
 
Amortization of intangibles (2)
   
0.01
     
0.02
     
0.02
     
0.06
     
0.08
 
Cost reduction efforts (3)
   
0.01
     
0.02
     
-
     
0.06
     
-
 
Impairment of goodwill and purchased intangible assets (4)
   
-
     
0.60
     
-
     
0.61
     
-
 
Deferred compensation (5)
   
-
     
-
     
0.08
     
-
     
0.29
 
Business development expenses (6)
   
0.01
     
-
     
-
     
0.01
     
0.08
 
Income tax adjustment (7)
   
-
 
   
(0.01
)
   
0.01
     
(0.03
)
   
(0.07
)
As Adjusted
 
$
0.02
   
$
(0.08
)
 
$
0.00
   
$
(0.25
)
 
$
(0.18
)
                                         
Shares used in computing diluted net income (loss) per share
   
20,613
     
20,500
     
20,144
     
20,450
     
20,091
 
 
(1)
Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of ASC Topic 718.
(2)
Amortization expense associated with intangible assets acquired in the Vineyard Networks acquisition.
(3)
Severance and other employee-related costs in connection with the Company’s cost-reduction efforts.
(4)
Impairment charges to write-down the carrying value of goodwill and purchased intangible assets associated with the Vineyard acquisition as a result of lower than anticipated total addressable market and revenue growth of NAVL products.
(5)
Amortization of amounts paid under retention agreements with Vineyard's three founders.
These amounts were paid during the first quarter of fiscal year 2014, after one year of continuous employment with the Company.
(6)
Includes the cost of outside professional services for negotiating and performing legal, accounting and tax due diligence for potential mergers, acquisitions and other significant partnership arrangements.
(7)
Income tax benefit associated with the following Vineyard acquisition related items:
- reversal of Vineyard’s pre-existing income tax valuation allowance upon acquisition;
- amortization of acquired intangible assets; and
- Canadian valuation allowance and book to tax differences on deferred revenue.


 
Investor Relations Contact
Michael Bishop
Blueshirt Group (for Procera Networks)
mike@blueshirtgroup.com
1-415-217-4968

Media Contact
Bob Eastwood
Engage PR (for Procera Networks)
beastwood@engagepr.com
1-510-748-8200 x215




The following information was filed by Procera Networks, Inc. (PKT) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Balance Sheet Details
Balance Sheet Details (details)
Balance Sheet Details (tables)
Cash Equivalents And Short-term Investments
Cash Equivalents And Short-term Investments (details)
Cash Equivalents And Short-term Investments (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Description Of Business
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Guarantees
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Net Income (loss) Per Share
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (details)
Retirement Plans
Retirement Plans (details)
Segment And Geographic Information - Schedule Of Geographic Revenue Information (details)
Segment And Geographic Information - Schedule Of Property And Equipment, Net (details)
Segment And Geographic Information - Schedule Of Segment Revenue, Gross Profit And Operating Loss (details)
Segment Information And Revenue By Geographic Region
Segment Information And Revenue By Geographic Region (tables)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (tables)
Stockholders' Equity, Share-based Compensation Arrangements (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Supplemental Quarterly Financial Data (unaudited)
Supplemental Quarterly Financial Data (unaudited) (details)
Supplemental Quarterly Financial Data (unaudited) (tables)
Ticker: PKT
CIK: 1165231
Form Type: 10-K Annual Report
Accession Number: 0001140361-15-011624
Submitted to the SEC: Thu Mar 12 2015 9:43:02 PM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: Computer Programming Services

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