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Previous: NEWSEDGE CORP, 8-K, 2000-08-08 |
Next: DIVERSIFIED HISTORIC INVESTORS 1990, NT 10-Q, 2000-08-08 |
<PAGE>
EXHIBIT 99.1
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NEWSEDGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<CAPTION>
PROFORMA
DECEMBER 31, JUNE 30, JUNE 30,
1999 2000 CHANGE 2000
----------------------------------------------------------------------------
ASSETS (UNAUDITED) UNAUDITED)
<S> <C> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 20,278 $ 20,004 $ 1,845 21,849 b)
Accounts receivable 11,280 12,720 12,720
Due from WinStar - 3,000 2,000 5,000 a)
Prepaid expenses and deposits 5,132 6,433 6,433
--------- --------- -------- --------
Total current assets 36,690 42,157 3,845 46,002
--------- --------- -------- --------
Property and equipment, net 9,398 7,732 7,732
--------- --------- -------- --------
Other assets 1,766 1,124 1,124
--------- --------- -------- --------
Total assets $ 47,854 $ 51,013 $ 3,845 $ 54,858
========= ========= ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,869 $ 4,313 $ 4,313
Accrued expenses 14,837 16,502 180 16,682 a)&b)
Deferred revenue, current 23,010 27,348 27,348
Current portion of long-term obligations 303 74 74
--------- --------- -------- --------
Total current liabilities 41,109 48,237 180 48,417
--------- --------- -------- --------
Deferred revenue, noncurrent 124 222 222
--------- --------- -------- --------
Stockholders' equity:
Common stock 181 182 18 200 b)
Additional paid-in capital 130,136 130,783 1,737 132,520 b)
Cumulative translation adjustment (58) (87) (87)
Accumulated deficit (120,822) (125,598) 1,910 (123,688) a)
Treasury stock, at cost; 432,000
shares at December 31, 1999 and
June 30, 2000, respectively (2,726) (2,726) (2,726)
--------- --------- -------- --------
Total stockholders' equity 6,711 2,554 3,665 6,219
--------- --------- -------- --------
Total liabilities & stockholders' equity $ 47,854 $ 51,013 $ 3,845 $ 54,858
========= ========= ======== ========
</TABLE>
a) - Executed Amendment to NewsEdge Corporation's sale of Individual.com, Inc.
to Winstar provides a $2,000,000 receivable from Winstar to be paid as $1
million on both 12/26/00 and 2/28/01, $1,910,000 present value discounted
gain on sale, and $90,000 of Deferred Gain on sale
b) - Increase reflects the issuance and purchase of private placement common
stock and common stock warrants of cash amounting to $1,845,000 and $90,000
of deal related costs.
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