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Exhibit 99.1
EFFICIENT NETWORKS, INC.
Unaudited Consolidated Balance Sheets
(In thousands, except share data)
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<CAPTION>
June 30,
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Assets 2000 1999
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(unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents ................................................ $ 174,390 $ 3,604
Short-term investments ................................................... 326,741
Accounts receivable, net of allowance for doubtful
accounts of $1,687 and $120 at June 30, 2000 ..........................
and 1999, respectively ................................................ 91,248 10,316
Other receivables ........................................................ 50,034 -
Inventories .............................................................. 29,759 5,472
Other assets ............................................................. 1,631 241
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Total current assets ................................................ 673,803 19,633
Furniture and equipment, net .................................................. 21,005 2,285
Other assets, net ............................................................. 17,110 29
Intangible assets, net of accumulated amortization of $105,401 at
June 30, 2000 .............................................................. 843,176 -
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$ 1,555,094 $ 21,947
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Liabilities, Redeemable Convertible
Preferred Stock and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable ......................................................... $ 22,634 $ 4,104
Accrued liabilities ...................................................... 41,366 2,230
Current portion of capital lease obligations ............................. 738 -
Deferred revenue ......................................................... 6,338 736
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Total current liabilities ........................................... 71,076 7,070
Convertible subordinated notes ................................................ 400,000 -
Capital lease obligations, net of current portion ............................. 2,069 -
Long-term debt, net of discount ............................................... - 13,396
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Total liabilities ................................................... 473,145 20,466
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Redeemable convertible preferred stock ........................................ - 40,495
Commitments and contingencies Stockholders' equity (deficit):
Common stock, par value $.001 per share, 200,000,000
shares authorized; 55,739,656 and 4,362,221
shares issued and outstanding in 2000 and 1999, respectively .......... 56 4
Additional paid-in capital ............................................... 1,275,517 29,777
Deferred stock option compensation ....................................... (9,989) (14,606)
Accumulated deficit ...................................................... (184,635) (54,189)
Accumulated other comprehensive income
1,000 -
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Total stockholders' equity (deficit) ................................ 1,081,949 (39,014)
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$ 1,555,094 $ 21,947
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EFFICIENT NETWORKS, INC.
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Year Ended
June 30, June 30,
------------------------ ------------------------
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
(unaudited) (unaudited) (unaudited)
Net revenues ..................................................... $ 101,859 $ 7,689 $ 202,203 $ 14,828
Cost of revenues ................................................. 74,664 7,645 156,682 14,344
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Gross profit ........................................... 27,195 44 45,521 484
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Operating expenses:
Sales and marketing ......................................... 18,157 2,277 35,433 6,133
Research and development .................................... 8,909 2,201 24,973 7,747
General and administrative .................................. 4,058 759 9,383 1,993
Stock option compensation ................................... 1,141 1,217 4,908 3,116
Amortization of intangibles ................................. 46,716 - 100,431 -
In process research and development charge .................. - - 4,970 -
--------- --------- --------- ---------
Total operating expenses ............................... 78,981 6,454 180,098 18,989
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Loss from operations ................................... (51,786) (6,410) (134,577) (18,505)
Interest income .................................................. 7,849 48 12,045 202
Interest expense and other, net .................................. (5,707) (5,968) (7,913) (8,102)
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Net loss ............................................... $ (49,644) $ (12,330) $(130,445) $ (26,405)
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Basic and diluted net loss per share of common stock ... $ (0.91) $ (3.01) $ (3.06) $ (6.87)
========= ========= ========= =========
Weighted-average shares of common stock outstanding .... 54,554 4,123 42,629 3,893
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