SHOP AT HOME, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
ASSETS
June 30,
------------------------------
2001 2000
--------------- --------------
CURRENT ASSETS
Cash and cash equivalents $ 19,557 $ 27,515
Accounts receivable - trade, net 3,103 15,892
Inventories, net 9,953 15,828
Prepaid expenses 884 1,214
Deferred tax assets 3,177 1,825
Notes receivable 380 -
Income tax receivable 310 -
--------------- --------------
Total current assets 37,364 62,274
Related party - note receivable,
net of discount of $96 for 2000 - 703
Property and equipment, net 39,171 48,812
Deferred tax asset 9,418 8,128
Restricted cash - 5,058
Intangibles 89,784 98,817
Other assets 4,280 3,502
--------------- --------------
Total assets $ 180,017 $ 227,294
=============== ==============
The accompanying notes to these consolidated financial statements
are contained in the Company's Annual Report on Form 10-K for the year
ended June 30, 2001.
SHOP AT HOME, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30,
------------------------------
2001 2000
--------------- --------------
CURRENT LIABILITIES
Current portion - long term debt and
capital leases $ 877 $ 12,775
Accounts payable - trade 9,998 16,707
Credits due to customers 3,443 2,711
Other payables and accrued expenses 12,343 12,797
Deferred revenue 2,124 478
--------------- --------------
Total current liabilities 28,785 45,468
LONG-TERM LIABILITIES
Capital leases 484 1,336
Long-term debt 75,000 83,000
REDEEMABLE PREFERRED STOCK
Series A - $10 par value, 1,000,000
shares authorized, 16,088 and 92,732
issued and outstanding in 2001 and 2000,
respectively-redeemable at $10 per
share plus unpaid dividends accrued 161 941
Series B - $10,000 stated value,
2,000 shares authorized, 0 and 2,000
issued and outstanding in 2001 and
2000, respectively - redeemable as
discussed in Note 6. - 11,563
COMMITMENTS & CONTINGENCIES
(NOTES 4, 5, 6, 9, 10,13, 16 and 17)
STOCKHOLDERS' EQUITY Common stock -
$.0025 par value, 100,000,000 shares
authorized, 41,815,831 and 31,264,772
shares issued and outstanding in 2001
and 2000, respectively 105 78
Additional paid in capital 110,904 106,482
Note receivable from related party (Note 10) (3,602) -
Accumulated deficit (31,820) (21,574)
--------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 180,017 $ 227,294
=============== ==============
The accompanying notes to these consolidated financial statements
are contained in the Company's Annual Report on Form 10-K for the year
ended June 30, 2001.
SHOP AT HOME, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Years Ended June 30,
----------------------------------------------
2001 2000 1999
--------------- --------------- --------------
Net revenues $ 177,615 $ 201,556 $ 150,399
Operating expenses:
Cost of goods sold
(excluding items
listed below) 122,353 133,751 93,396
Salaries and wages 22,120 15,427 10,080
Transponder and
affiliate charges 35,463 33,291 26,303
Advertising 5,340 2,248 459
General and
administrative 21,590 19,814 12,682
Depreciation and
amortization 13,935 8,373 4,202
Non-recurring move-
related expenses - - 986
--------------- --------------- --------------
Total operating
expenses 220,801 212,904 148,108
--------------- --------------- --------------
Income (loss) from
operations (43,186) (11,348) 2,291
Interest income 906 749 656
Interest expense (11,875) (9,663) (8,932) (8,932)
Gain on sale of station
(see note 18) 48,929 - -
Other income (expense) 63 (154) (46)
--------------- --------------- --------------
Net loss before
taxes (5,163) (20,416) (6,031) (6,031)
Income tax expense
(benefit) 262 (7,709) (2,492)
--------------- --------------- --------------
Net loss from continuing
operations (5,425) (12,707) (3,539)
--------------- --------------- --------------
Income (loss) from
discontinued operations
of CET to December 29,
2000, plus applicable
income tax benefit of
$368, $481 and $(144),
respectively
(see note 17) (598) (786) 235
Loss on disposal of CET,
plus applicable income
tax benefit of $1,754
(see note 17) (2,864) - -
--------------- --------------- --------------
Net loss before
cumulative effect of
accounting change (8,887) (13,493) (3,304)
Cumulative effect of
accounting change
plus applicable income
tax benefit of $832
(see note 1) (1,359) - -
--------------- --------------- --------------
Net loss (10,246) (13,493) (3,304)
Preferred stock accretion
and dividends
(see note 6) (8,156) (6) (14)
--------------- --------------- --------------
Net loss available for
common shareholders $ (18,402) $ (13,499) $ (3,318)
=============== =============== ==============
Basic earnings (loss) per common share:
Loss from continuing
operations $ (0.37) $ (0.42) $ (0.15)
Earnings (loss) from
discontinued operations (0.10) (0.02) 0.01
Cumulative effect of
accounting change (0.04) - -
--------------- --------------- --------------
Basic loss per share $ (0.51) $ (0.44) $ (0.14)
=============== =============== ==============
Diluted earnings (loss) per common share:
Loss from continuing
operations $ (0.37) $ (0.42) $ (0.15)
Loss from discontinued
operations (0.10) (0.02) 0.01
Cumulative effect of
accounting change (0.04) - -
--------------- --------------- --------------
Diluted loss per share $ (0.51) $ (0.44) $ (0.14)
=============== =============== ============== |
