<PAGE>
EXHIBIT 99.2
TRANSLINK SOFTWARE, INC
CONDENSED BALANCE SHEET
(unaudited)
<TABLE>
<CAPTION>
March 31,
------------
ASSETS 2000
----
<S> <C>
Current assets:
Cash and cash equivalents.................................................... $ 250,955
Accounts receivable.......................................................... -
Prepaid expenses and other current assets.................................... 58,743
-----------
Total current assets................................................ 309,698
Property and equipment, net.................................................... 225,053
Other assets................................................................... 29,960
-----------
Total assets................................................................... $ 564,711
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable............................................................. $ 20,045
Accrued liabilities.......................................................... 29,897
Deferred revenue............................................................. 247,911
-----------
Total current liabilities........................................... 297,853
-----------
Deferred rent.................................................................. 68,238
Commitments (Note 6)
Shareholders' equity:
Series A convertible preferred stock, par value $1.00, 1,500,000
shares authorized; shares issued and outstanding: none in 1998
and 1,500,000 in 1999 (liquidation preference of $1,500,000)................ 1,500,000
Common stock, no par value, 100,000,000 shares authorized; shares
issued and outstanding: 12,310,449 in 1998 and 1999......................... 2,593,621
Notes receivable from shareholders........................................... (28,000)
Deferred stock compensation.................................................. (253,329)
Accumulated deficit.......................................................... (3,613,672)
-----------
Total shareholders' equity.......................................... 198,620
-----------
Total liabilities and shareholders' equity..................................... $ 564,711
===========
</TABLE>
See notes to financial statements.
<PAGE>
TRANSLINK SOFTWARE, INC.
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
<TABLE>
<CAPTION>
Three months Three months
ended ended
March 31, March 31,
1999 2000
------------------------------
<S> <C> <C>
Revenues:
License........................................................................... $ 30,244 $ 30,893
Service........................................................................... 9,960 33,559
--------- ---------
Total revenues.......................................................... 40,204 64,452
Costs and expenses:
License cost of revenues.......................................................... 3,950 1,217
Service cost of revenues.......................................................... 5,577 6,657
Sales and marketing............................................................... 83,919 110,047
Research and development.......................................................... 145,586 230,909
General and administrative........................................................ 84,970 199,873
Stock compensation*............................................................... - 17,273
--------- ---------
Total costs and expenses................................................. 324,002 565,976
Loss from operations................................................................ (283,798) (501,524)
Other income (expense):
Interest income and other, net.................................................... 2,699 6,962
Interest expense.................................................................. (361,811) -
--------- ---------
Total other income (expense), net........................................ (359,112) 6,962
--------- ---------
Net loss............................................................................ $(642,910) $(494,562)
========= =========
*Stock compensation:
Cost of revenues.................................................................. $ - $ 823
Sales and marketing............................................................... - 5,141
Research and development.......................................................... - 10,795
General and administrative........................................................ - 514
--------- ---------
Total.................................................................... $ - $ 17,273
========= =========
</TABLE>
See notes to financial statements.
<PAGE>
TRANSLINK SOFTWARE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
Three months Three months
ended ended
March 31, March 31,
1999 2000
------------- ------------
<S> <C> <C>
Cash flows from operating activities:
Net loss................................................................................... (642,910) $(494,562)
Adjustments to reconcile net loss to net cash used in operating
activities:
Depreciation and amortization............................................................ 11,253 19,824
Noncash interest expense................................................................. 361,811 -
Amortization of deferred compensation.................................................... - 17,273
Changes in assets and liabilities:
Accounts receivable.................................................................... 13,000 1,326
Prepaid expenses and other current assets.............................................. (10,376) (22,063)
Accounts payable....................................................................... (12,646) (9,235)
Accrued liabilities and deferred rent.................................................. 8,488 46,378
Deferred revenue....................................................................... - (16,475)
--------- ---------
Net cash used in operating activities............................................. (271,380) (457,534)
--------- ---------
Cash flows from investing activities:
Purchases of property and equipment........................................................ (899) (48,605)
Other assets............................................................................... (621) 24,389
--------- ---------
Net cash used in investing activities............................................. (1,520) (24,216)
--------- ---------
Cash flows from financing activities:
Proceeds from note payable to shareholders................................................. 423,774 -
Sale of common stock....................................................................... - 16,500
Proceeds from exercise of common stock warrants............................................ - 2,500
--------- ---------
Net cash provided by financing activities......................................... 423,774 19,000
--------- ---------
Net increase (decrease) in cash and cash equivalents......................................... 150,874 (462,750)
Cash and cash equivalents - beginning of period.............................................. 234,548 713,705
--------- ---------
Cash and cash equivalents - end of period.................................................... $ 385,422 $ 250,955
========= =========
</TABLE>
See notes to financial statements.
<PAGE>
TRANSLINK SOFTWARE, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. Basis of Presentation
The financial statements at March 31, 2000, for the three months ended
March 31, 1999 and 2000 are unaudited, but include all adjustments (consisting
only of normal recurring adjustments) that the Company considers necessary for a
fair presentation of financial position and operating results. Operating results
for the three month period ended March 31, 1999 and 2000 are not necessarily
indicative of results that may be expected for any future periods.
The accompanying unaudited interim financial statements have been prepared
with the assumption that users of the interim financial information have read
TransLink Software, Inc. audited financial statements for the years ended
December 31, 1998 and 1999. Accordingly, footnote disclosures which would
substantially duplicate the disclosures contained in these audited financial
statements have been omitted from these unaudited interim financial statements.
While management believes the disclosures presented are adequate to make these
financial statements not misleading, these financial statements should be read
in conjunction with TransLink's audited financial statements and related notes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements.
Actual results may differ from those estimates.
2. Acquisition by Active Software, Inc.
In April 2000, the Company was acquired by Active Software, Inc. (Active), a
developer of software products for businesses that allow users to integrate
incompatible software applications across their extended enterprise of
customers, suppliers and partners. Active issued 796,363 shares of common stock,
options to purchase 43,041 shares of common stock, and paid approximately $4.5
million in cash in exchange for all capital stock of the Company, net
liabilities assumed of approximately $345,000 and other costs of approximately
$248,000.
