High Speed Access Corp.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
Unaudited
Three Three
Months Months Year April 3, 1998
Ended Ended Ended (Inception) to
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
-------- -------- -------- -------------
Net Revenue $ 1,436 $ 145 $ 3,446 $ 337
Costs and expenses:
Operating 10,677 1,133 24,021 2,067
Engineering 3,152 1,163 9,255 2,266
Sales and marketing 7,351 1,605 18,134 3,696
General and
administrative
(excluding non-cash
compensation expense
from stock options) 5,222 975 11,888 2,323
Non-cash compensation
expense from
stock options 341 - 3,039
Amortization of
distribution
agreement costs 225 - 3,723
------- ------- ------- -------
Total costs
and expenses 26,968 4,876 70,060 10,352
------- ------- ------- -------
Loss from operations (25,532) (4,731) (66,614) (10,015)
Investment income 2,497 84 6,181 94
Interest expense (303) (29) (519) (54)
------- ------- ------- -------
Net loss (23,338) (4,676) (60,952) (9,975)
Mandatorily redeemable
convertible preferred
stock dividends - (300) (1,122) (385)
Accretion to redemption
value of mandatorily
redeemable convertible
preferred stock - (112,782) (229,148) (120,282)
------- ------- ------- -------
Net loss available
to common
stockholders $ (23,338)$(117,758) $ (291,222) $ (130,642)
======= ======= ======= =======
Basic and diluted
net loss available
to common stockholders
per share $(0.43) $(18.99) $ (8.69) $ (21.07)
======= ======= ======= =======
Weighted average shares
used in computation of
basic and diluted net
loss available to
common stockholders
per share 54,220,225 6,200,000 33,506,735 6,200,000
Supplemental Information:
Net loss before
non-cash charges:
Net loss including
non-cash charges $ (23,338) $ (4,676) $ (60,952) $ (9,975)
Non-cash charges:
Compensation expense
from stock options 341 - 3,039 -
Amortization of
distribution
agreement costs 225 - 3,723 -
Amortization of
Intangible assets 282 216 1,022 648
------- ------- ------- -------
Net loss before
non-cash charges $ (22,490) $ (4,460) $ (53,168) $ (9,327)
======= ======= ======= =======
Pro forma basic and
diluted net loss
before non-cash
charges (1) $ (0.41) $ (0.22) $ (1.20) $ (0.66)
======= ======= ======= =======
Weighted average shares
used in computation of
pro forma basic and
diluted net loss before
non-cash
charges (1) 54,220,225 20,530,761 44,484,133 14,091,935
(1) Assumes conversion of mandatorily redeemable convertible
preferred stock into common stock at the beginning of the period
or at issuance, whichever is earlier.
Distributed via COMTEX. |
