Headline: TABLE-AppNet (NASDAQ:APNT) Q1 proforma shr profit $0.08
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BETHESDA, Md., April 24 (Reuters) -
AppNet, Inc.
Condensed consolidated statements of operations
(as adjusted for non-recurring, non-cash items and taxes)
(Amounts in thousands, except per share data)
Three months ended
Mar 31, 1999 Mar 31, 2000
Pro Forma (a)
(as adjusted)
(Unaudited)
Revenues $ 22,271 $ 44,731
Cost of revenues 13,132 24,762
Gross profit 9,139 19,969
Selling and marketing 1,353 3,536
General and administrative (b) 7,402 12,897
Adjusted EBITDA (c) 384 3,536
Interest income - (873)
Interest expense 1,473 167
Other expense, net - -
Loss before income taxes (1,089) 4,242
Fully-taxed income tax (benefit) expense (d)
(381) 1,485
Fully-taxed cash net income (loss) (708) 2,757
Fully-taxed cash net income (loss) per share
(0.03) 0.08
Weighted average common shares outstanding
20,285 33,842
NOTES:
(a) Pro forma results of operations give effect to the
acquisitions we made in 1999 as if these transactions had
occurred on January 1, 1999. The pro forma results of
operations are not adjusted to reflect certain financing
transactions related to our public offerings in June and
November 1999.
(b) General and administrative expenses for the three
months ended March 31, 2000 does not include a non-recurring
bad debt charge.
(c) Adjusted EBITDA is defined as earnings before interest,
taxes, depreciation and amortization, stock-based and other
acquisition-related compensation and non-recurring bad debt
charge.
(d) In order to demonstrate the future impact of taxes when
the Company has utilized its tax net operating losses, the
fully-taxed income tax (benefit) expense has been calculated
using an effective tax rate of 35%.
AppNet, Inc.
Consolidated statements of operations
(Amounts in thousands, except per share data)
Three months ended
Mar 31, 1999 Mar 31, 2000
Actual Actual
(Unaudited)
Revenues $ 19,643 $ 44,731
Cost of revenues 11,457 24,762
Gross profit 8,186 19,969
Selling and marketing 1,190 3,536
General and administrative 6,754 16,297
Adjusted EBITDA (a) 242 136
Stock-based and other
acquisition-related compensation 2,487 5,115
Depreciation and amortization 12,735 14,847
Loss from operations (14,980) (19,826)
Interest income (4) (873)
Interest expense 1,266 167
Other expense, net - -
Loss before income taxes (16,246) (19,120)
Income taxes 100 270
Net loss (16,346) (19,390)
Dividends on and accretion of
preferred stock (1,039) -
Net loss attributable to common
stockholders (17,385) (19,390)
Basic and diluted net loss per common
share (0.88) (0.57)
Weighted average common shares
outstanding 19,723 33,842
Cash net income (loss) (b) (1,124) 572
Cash net income (loss) per share (0.06) 0.02
NOTES:
(a) Adjusted EBITDA is defined as earnings before interest,
taxes depreciation and amortization and stock-based and other
acquisition-related compensation.
(b) Cash net income (loss) is defined as net income (loss)
before depreciation and amortization and stock-based and other
acquisition-related compensation.
Condensed consolidated balance sheets (Amounts in thousands)
12/31/99 3/31/00
(Unaudited)
Current assets
Cash and cash equivalents $ 66,549 $ 55,105
Accounts receivable, net 31,661 36,010
Other current assets 1,300 3,255
Total current assets 99,510 94,370
Property and equipment, net 8,958 10,585
Intangible assets, net 97,247 83,517
Other assets 2,111 2,636
Total assets 207,826 191,108
Total current liabilities 38,204 36,109
Long term debt and other liabilities 4,780 4,922
Total liabilities 42,984 41,031
Stockholders' equity 164,842 150,077
Total liabilities, redeemable stock and
stockholders' equity 207,826 191,108
Copyright 2000, Reuters News Service
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