U.S. WIRELESS DATA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years For the three months
ended June 30, ended June
2001 2000 2001 2000
Net revenues
Service revenue
Activation fees $ 142,000 $ 106,000 (65,000) $ 35,000
Monthly fees 1,079,000 197,000 469,000 79,000
Transaction fees 2,581,000 23,000 1,300,000 16,000
--------- ---------
Total service fees 3,802,000 326,000 1,704,000 130,000
Product sales 330,000 271,000 299,000 -
--------- ---------
Total revenue 4,132,000 597,000 2,003,000 130,000
--------- --------- --------- --------
Cost of revenues
Services 2,717,000 270,000 1,252,000 74,000
Product sales 280,000 241,000 258,000 277,000
Inventory
adjustment (70,000) 385,000
--------- ---------
Total cost of
revenue 2,927,000 896,000 1,510,000 351,000
--------- --------- --------- --------
Gross
profit (loss) 1,205,000 (299,000) 493,000 (221,000)
--------- --------- --------- --------
Operating expenses
Selling, general
and administrative
(Exclusive of
non-cash
compensation) 13,225,000 6,222,000 2,646,000 2,714,000
Non-cash
compensation 1,480,000 381,000 370,000 -
---------- --------- --------- ---------
Total selling,
general and
administrative 14,705,000 6,603,000 3,016,000 2,714,000
Depreciation and
amortization 2,214,000 223,000 912,000 96,000
Research and
development 2,838,000 1,330,000 1,471,000 471,000
Restructuring
expense 2,400,000 - 2,400,000 -
---------- --------- --------- ---------
Total operating
expense 22,157,000 8,156,000 7,799,000 3,281,000
---------- --------- --------- ---------
Loss from
operations (20,952,000) (8,455,000)(7,306,000) (3,502,000)
Interest income 1,801,000 644,000 236,000 579,000
Interest expense (247,000) (1,394,000) (247,000) -
Interest credit - 597,000 - -
Other income
(expense), net 141,000 84,000 36,000 (44,000)
---------- --------- --------- ---------
Net loss (19,257,000) (8,524,000)(7,281,000) (2,967,000)
Preferred stock
dividend
(including
beneficial
conversion
feature of
approximately
$44,114,000
for the year
ended June 30,
2000) (45,746,000) - -
---------- ----------- --------- ---------
Net loss
available to
common
stockholders' $(19,257,000) $(54,270,000) $(7,281,000) $(2,967,000)
============ ============ =========== ===========
Basic and
diluted net
loss per share
(after provision
for Preferred
stock dividend) $ (1.88) $ (9.05) $ (0.64) $ (0.37)
======= ======= ======= =======
Weighted average
common shares
outstanding basic
and diluted 10,254,000 5,994,000 11,444,000 8,089,000
========== ========= ========== =========
The above statement gives retroactive effect to a 1 for 4 reverse
stock split that was effectuated on October 18, 2000.
U.S. WIRELESS DATA, INC.
CONSOLIDATED BALANCE SHEETS
June 30,
2001 2000
---- ----
Cash and cash equivalents $ 18,205,000 $ 39,231,000
Total current assets 24,202,000 39,631,000
Total assets $ 43,621,000 $ 41,256,000
============ ============
Total current liabilities 7,200,000 1,512,000
Total liabilities 8,708,000 1,564,000
Contingent consideration
for acquisitions 3,012,000 -
Total stockholders' equity 31,901,000 39,692,000
Total liabilities and
stockholders' equity $ 43,621,000 $ 41,256,000
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