Earnings Part II............
METACREATIONS CORP.
Consolidated Condensed Statements of Operations
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
Net revenues $21,008 $18,175 $53,009 $47,012
Cost of revenues 3,023 3,284 9,254 8,695
Gross profit 17,985 14,891 43,755 38,317
Operating expenses:
Sales and marketing 8,272 7,879 24,153 21,224
General and administrative 1,603 1,424 4,644 4,104
Research and development 3,713 2,100 10,333 6,005
Write-off of acquired
in-process technology
and other merger costs -- 733 16,185 2,598
Total operating expenses 13,588 12,136 55,315 33,931
Income (loss) from
operations 4,397 2,755 (11,560) 4,386
Other income 827 811 2,416 2,558
Income (loss) before
provision for income taxes 5,224 3,566 (9,144) 6,944
Provision for income taxes 1,619 781 37 2,124
Net income (loss) $ 3,605 $ 2,785 $(9,181) $ 4,820
Net income (loss) per
common share $ 0.15 $ 0.12 $ (0.40) $ 0.21
Weighted average number
of shares outstanding 24,853 22,727 22,757 22,741
METACREATIONS CORP.
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
Sept. 30, Dec. 31,
1997 1996
Assets
Current assets:
Cash and short-term investments $52,282 $66,293
Accounts receivable, net 25,343 16,619
Inventories 1,569 1,512
Income taxes receivable and deferred income taxes 5,412 2,827
Prepaid expenses 3,125 3,826
Total current assets 87,731 91,077
Property and equipment, net 7,169 5,581
Other assets 1,586 1,277
Total assets $96,486 $97,935
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $10,466 $11,067
Royalties payable 1,198 756
Total current liabilities 11,664 11,823
Stockholders' equity 84,822 86,112
Total liabilities and
stockholders' equity $96,486 $97,935
CONTACT: MetaCreations Corp., Carpinteria
Terry Kinninger, 805/566-6321 (analysts)
Sallie Olmsted, 805/566-6263 (media)
Teresa Bridwell, 805/566-6274 (media) |
