CHECKFREE HOLDINGS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
December 31, December 31,
1998 1997 1998 1997
Revenues:
Processing and servicing $ 48,521 $ 38,436 $ 93,575 $ 72,946
License fees 3,441 7,491 6,412 13,295
Maintenance fees 4,238 6,419 9,202 13,260
Other 3,405 4,169 7,230 9,102
Total Revenues 59,605 56,515 116,419 108,603
Expenses:
Cost of processing,
servicing and support 34,368 30,788 71,457 60,119
Research and development 5,579 8,729 12,157 16,797
Sales, marketing and royalties 7,408 7,883 15,232 15,310
General and administrative 7,625 5,093 14,358 10,532
Depreciation and amortization 6,033 6,074 11,999 13,116
In process research
and development --- 719 --- 719
Exclusivity amortization --- --- --- 2,963
Total Expenses 61,013 59,286 125,203 119,556
Net gain on dispositions
of assets --- --- 3,914 25,369
Income (loss) from operations (1,408) (2,771) (4,870) 14,416
Interest, net 426 756 1,219 1,113
Income (loss) before
income taxes (982) (2,015) (3,651) 15,529
Income tax expense (benefit) (12,357) (323) (13,558) 7,450
Net income (loss) $ 11,375 $(1,692) $9,907 $ 8,079
Basic earnings
(loss) per share:
Net income (loss)
per common share $0.22 $(0.03) $0.19 $0.15
Equivalent number of shares 51,326 55,028 53,419 54,846
Diluted earnings (loss)
per share:
Net income (loss)
per common share $0.22 $(0.03) $0.18 $0.14
Equivalent number of shares 52,553 55,028 54,664 57,135
Supplemental reconciliation
of net income (loss)
and income (loss) per share:
Income (loss) before income
taxes, as reported $(982) $(2,015) $(3,651) $ 15,529
One time items:
Exclusivity amortization --- --- --- 2,963
In process research
and development --- 719 --- 719
Losses and charges related
to divested products --- --- 1,622
Charges associated with
corporate entity structuring 624 --- 624
Charges associated with
real estate transactions 644 --- 644
Net gain on dispositions
of assets --- --- (3,914) (25,369)
Adjusted income (loss)
before income taxes 286 (1,296) (4,675) (6,158)
Income tax expense (benefit):
Income tax expense (benefit)
as reported (12,357) (323) (13,558) 7,450
Taxes associated with
one time items 12,836 133 11,805 (9,162)
Adjusted income taxes 479 (190) (1,753) (1,712)
Net loss excluding exclusivity
amortization, in process
research and development,
losses and charges related
to divested products, charges
associated with corporate
entity structuring and real
estate transactions, and
net gain on dispositions
of assets $(193) $(1,106) $(2,922) $(4,446)
Net loss per common share
(basic and diluted),
excluding exclusivity
amortization, in process
research and development,
losses and charges related
to divested products, charges
associated with corporate
entity structuring and real
estate transactions, and
net gain on dispositions
of assets $(0.00) $(0.02) $(0.05) $(0.08)
CHECKFREE HOLDINGS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)
December 31, June 30,
1998 1998
Current assets:
Cash, cash equivalents, and investments $ 21,327 $ 61,068
Accounts receivable, net 35,118 32,960
Assets held for sale --- 15,881
Other current assets 28,903 26,791
Total current assets 85,348 136,700
Property and equipment, net 56,942 50,920
Capitalized software and intangible assets, net 43,183 41,861
Deferred income taxes 26,161 12,889
Other 6,471 7,742
Total assets $ 218,105 $ 250,112
Current liabilities:
Accounts payable, accrued liabilities
and other $ 32,465 $ 40,081
Deferred revenues 13,598 19,710
Total current liabilities 46,063 59,791
Long-term obligations - less current portion 6,816 6,467
Net stockholders' equity 165,226 183,854
Total liabilities and stockholders' equity $ 218,105 $ 250,112
SOURCE: CheckFree Corporation |
