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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number: 0-28166
marchFIRST, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 36-3797833
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
311 South Wacker Drive, Suite 3500, Chicago, Illinois 60606-6618
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(Address of principal executive offices, including Zip Code)
(312) 922-9200
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [x] No [ ]
As of July 31, 2000, there were 150,214,123 shares of common stock of the
registrant outstanding.
EXPLANATION OF AMENDMENT
The purpose of this amendment is to correct the classification of
certain trade receivables disclosed in Note 2. of the Notes to the
Consolidated Financial Statements.
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marchFIRST, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share data)
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited interim condensed consolidated financial
statements of marchFIRST, Inc. ("marchFIRST" or the "Company") have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission for quarterly reports on Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. The information furnished herein includes all adjustments, which
are, in the opinion of management, necessary for a fair presentation of
results for these interim periods. All such adjustments are of a normal
recurring nature, except for the adjustments relating to the acquisition
discussed in Note 4. The results of operations for the three and six months
ended June 30, 2000 are not necessarily indicative of the results to be
expected for the year ending December 31, 2000.
These financial statements should be read in conjunction with the
Company's historical audited consolidated financial statements and notes
thereto for the year ended December 31, 1999 included in the Annual Report on
Form 10-K filed by the Company with the Securities and Exchange Commission.
NOTE 2. BALANCE SHEET COMPONENTS (in thousands)
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
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<S> <C> <C>
Trade accounts receivable, net:
Accounts receivable $ 373,476 $ 83,308
Media and other pass through costs 40,371 4,916
Unbilled revenues 69,831 6,004
Less: Allowance for doubtful accounts (20,777) (3,519)
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$ 462,901 $ 90,709
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Intangible assets, net:
Workforce in place $ 139,702 $ 12,602
Goodwill 6,698,368 15,640
Customer lists 50,360 1,260
Purchased technology 18,600 -
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$ 6,907,030 $ 29,502
Less: Accumulated amortization (472,601) (252)
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$ 6,434,429 $ 29,250
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Accrued expenses and other liabilities:
Professional fees $ 1,217 $ 980
Merger and related costs 102,440 -
Other 39,969 12,893
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$ 143,626 $ 13,873
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</TABLE>
NOTE 3. COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) includes changes in the balances of items
that are reported directly as a separate component of stockholders' equity in
the condensed consolidated balance
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
marchFIRST, Inc.
Date: August 21, 2000 By: /s/ Robert F. Bernard
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Robert F. Bernard
Chairman of the Board
Date: August 21, 2000 By: /s/ Bert B. Young
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Bert B. Young
Chief Financial Officer and Treasurer
