InfoSpace, Inc.
Pro Forma Consolidated Statements of Operations (1)
(unaudited)
(Amounts in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000
Revenues $ 33,051 $ 59,804 $130,558 $149,068
Cost of revenues 9,460 10,293 31,795 24,536
-----------------------------------------
Gross profit 23,591 49,511 98,763 124,532
Operating expenses:
Product development 9,051 10,155 31,407 26,613
Sales, general and
administrative 27,214 34,819 93,815 91,517
-----------------------------------------
Total operating expenses 36,265 44,974 125,222 118,130
Income (loss) from
operations (12,674) 4,537 (26,459) 6,402
Other income, net 3,672 7,124 14,059 21,831
Income tax expense 557 62 744 86
-----------------------------------------
Pro forma income (loss) $ (9,559) $ 11,599 $(13,144) $ 28,147
=========================================
Pro forma basic earnings
(loss) per share $ (0.03) $ 0.04 $ (0.04) $ 0.09
Pro forma diluted earnings
(loss) per share $ (0.03) $ 0.03 $ (0.04) $ 0.08
Shares used in computing
pro forma basic earnings
(loss) per share 320,721 308,996 323,006 300,847
Shares used in computing
pro forma diluted earnings
(loss) per share 320,721 350,512 323,006 354,954
(1) Pro forma results exclude non-cash charges, non-recurring charges
and items unrelated to the Company's core operations. This
financial statement excludes amortization and impairment of
intangibles, acquisition-related expenses, restructuring and other
non-recurring charges, losses on investments and cumulative effect
of change in accounting principle, which are summarized in the
following table. They do not purport to be financial statements
prepared in accordance with accounting principles generally
accepted in the United States (GAAP). The following table
reconciles the pro forma net income (loss) in accordance with GAAP
for the periods presented.
InfoSpace, Inc.
Reconciliation of Pro Forma Net Income (Loss)
(unaudited)
(Amounts in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000
Pro forma net income (loss) $ (9,559) $ 11,599 $(13,144) $ 28,147
Amortization and
impairment of intangibles (157,140) (47,434) (280,144) (116,080)
Acquisition and related
charges 4,504 (7,609) 3,504 (94,208)
Other non-recurring and
restructuring charges (15,495) - (18,494) (2,171)
Gain (loss) on investments,
net of minority interest (23,743) (4,523) (85,282) 4,230
Cumulative effect of change
in accounting principle - - (3,171) (2,055)
-----------------------------------------
Net loss $(201,433) $(47,967) $(396,731) $(182,137)
==========================================
InfoSpace, Inc.
Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000
Revenues $ 33,051 $ 59,804 $ 130,558 $ 149,068
Cost of revenues 9,460 10,293 31,795 24,536
---------------------------------------------
Gross Profit 23,591 49,511 98,763 124,532
Operating expenses:
Product development 9,051 10,155 31,407 26,613
Sales, general and
administrative 27,214 34,819 93,815 91,517
Amortization and
impairment of
intangibles 157,140 47,434 280,144 116,080
Acquisition and
related charges (4,504) 7,609 (3,504) 94,208
Other non-recurring and
restructuring charges 15,495 - 18,494 2,171
---------------------------------------------
Total operating
expenses 204,396 100,017 420,356 330,589
Loss from operations (180,805) (50,506) (321,593) (206,057)
Gain (loss) on
investments (23,743) (6,677) (85,282) 8,474
Other income, net 3,672 7,124 14,059 21,831
---------------------------------------------
Loss before income tax expense,
minority interest and
cumulative effect of
change in accounting
principle (200,876) (50,059) (392,816) (175,752)
Minority interest - (2,154) - 4,244
Income tax expense 557 62 744 86
--------------------------------------------
Loss before cumulative
effect of change in
accounting principle (201,433) (47,967) (393,560) (180,082)
Cumulative effect of change
in accounting principle - - (3,171) (2,055)
---------------------------------------------
Net loss $(201,433)(a) $ (47,967) (396,731) (182,137)
=============================================
Basic loss per share $ (0.63) $ (0.16)$ (1.23)$ (0.61)
Shares used in computing
basic net loss
per share 320,721 308,996 323,006 300,847
(a) Includes non-cash charges of $157 million of amortization and
impairment of intangibles and $24 million of FAS 133 investment
loss and impairment on investments.
InfoSpace, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
September 30, December 31,
2001 2000
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 127,578 $ 153,913
Short-term investments 99,966 216,235
Accounts receivable, net 18,082 33,881
Payroll tax receivable 13,214 620
Notes and other receivables, net 21,255 21,701
Prepaid expenses and other current assets 9,354 14,491
-----------------------------
Total current assets 289,449 440,841
Property and equipment, net 43,417 51,137
Long-term investments 82,036 32,451
Other investments 64,302 121,574
Intangibles, net 456,043 621,032
Other long-term assets 4,902 5,075
-----------------------------
Total assets $ 940,149 $1,272,110
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,901 $ 4,537
Accrued expenses and other
current liabilities 24,658 37,999
Deferred revenue 16,634 31,430
-----------------------------
Total current liabilities 49,193 73,966
Long-term liabilities and minority interest:
Long-term deferred revenue 4,428 7,974
Long-term lease obligation 2,896 -
Minority interest - 21,599
-----------------------------
Total liabilities 56,517 103,539
Stockholders' equity:
Common stock 30 32
Additional paid-in capital 1,694,590 1,596,213
Accumulated deficit (805,378) (408,647)
Deferred expense - warrants (884) (1,495)
Unearned compensation - stock options (876) (1,500)
Accumulated other comprehensive loss (3,850) (16,032)
-----------------------------
Total stockholders' equity 883,632 1,168,571
-----------------------------
Total liabilities and
stockholders' equity $ 940,149 $ 1,272,110
=============================
CONTACT: InfoSpace, Inc.
Investment Community
Joni Hanson, 425/201-6100
jhanson@infospace.com
Nicole Knowles, 425/201-8930
nicole.knowles@infospace.com
or
Media
Steve Stratz, 425/709-8167
steve.stratz@infospace.com
Adam Whinston, 425/201-8946
adam.whinston@infospace.com |
