(In thousands of U.S. dollars, except share and per share data) December 31, 2011 2010 Assets Current assets: $9,296 $11,532 Cash and cash equivalents Accounts receivable (net of allowance of $9 and $20 in 2011 and 2010, respectively) 1,539 1,238 291 201 Inventories 2,338 2,786 Deferred income taxes, net 362 252 Prepaid expenses and other current assets 13,826 16,009 current assets 342 441 Property and equipment, net 3,113 2,424 Capitalized software products, net 1,020 - Finite life intangible assets 4,483 3,630 Goodwill 57 214 Long term deferred income taxes, net - 2 non-current assets $22,940 $22,621 Total assets Liabilities and Shareholders’ Equity Current liabilities: $4 $25 Current portion of capital lease obligations 585 489 Accounts payable 676 1,372 Accrued compensation 508 307 accrued expenses 150 125 Post contract support 380 214 Reserve for product returns 4,208 3,603 Current portion of deferred revenue 6,320 6,326 Total current liabilities 4 Capital lease obligations, net of current portion - 123 96 Deferred revenue, net of current portion Shareholders’ equity: Common stock, $0.01 par value: Authorized shares 10,000,000 – Issued and outstanding shares 4,934,020 and 4,895,983 – 49 49 in 2011 and 2010, respectively 66,930 66,632 Additional paid-in capital (50,482) (50,486) Accumulated deficit 16,497 16,195 Total shareholders’ equity $22,940 $22,621 Total liabilities and shareholders’ equity See accompanying notes. MakeMusic, Inc. Statements of Income
(In thousands of U.S. dollars, except share and per share data) December 31, Assets 2011 2010 Current assets: Cash and cash equivalents $9,296 $11,532 Accounts receivable (net of allowance of $9 and $20 in 2011 and 2010, respectively) 1,539 1,238 Inventories 291 201 Deferred income taxes, net 2,338 2,786 Prepaid expenses and other current assets 362 252 current assets 13,826 16,009 Property and equipment, net 441 342 Capitalized software products, net 3,113 2,424 Finite life intangible assets 1,020 - Goodwill 4,483 3,630 Long term deferred income taxes, net 57 214 non-current assets - 2 Total assets $22,940 $22,621 Liabilities and Shareholders’ Equity Current liabilities: Current portion of capital lease obligations $4 $25 Accounts payable 585 489 Accrued compensation 676 1,372 accrued expenses 508 307 Post contract support 125 150 Reserve for product returns 214 380 Current portion of deferred revenue 4,208 3,603 Total current liabilities 6,320 6,326 Capital lease obligations, net of current portion - 4 Deferred revenue, net of current portion 123 96 Shareholders’ equity: Common stock, $0.01 par value: Authorized shares – 10,000,000 Issued and outstanding shares – 4,934,020 and 4,895,983 in 2011 and 2010, respectively 49 49 Additional paid-in capital 66,930 66,632 Accumulated deficit (50,482) (50,486) Total shareholders’ equity 16,497 16,195 Total liabilities and shareholders’ equity $22,940 $22,621 See accompanying notes. MakeMusic, Inc. Statements of Income
MMUS_2011_10K_3-13-12.docx