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Previous: NEWSEDGE CORP, 8-K, 2000-08-07 |
Next: NEWSEDGE CORP, S-8, 2000-08-07 |
<PAGE>
Exhibit 99.1
PART I - FINANCIAL INFORMATION
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ITEM 1
NEWSEDGE CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<S> <C> <C> <C> <C>
PROFORMA
DECEMBER 31, JUNE 30, JUNE 30,
1999 2000 CHANGE -A) 2000
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ASSETS (UNAUDITED) (UNAUDITED) (UNAUDITED)
Current assets:
Cash and cash equivalents $ 20,278 $ 20,004 $ 20,004
Accounts receivable 11,280 12,720 12,720
Due from WinStar - 3,000 2,000 5,000
Prepaid expenses and deposits 5,132 6,433 6,433
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Total current assets 36,690 42,157 2,000 44,157
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Property and equipment, net 9,398 7,732 7,732
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Other assets 1,766 1,124 1,124
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Total assets $ 47,854 $ 51,013 2,000 $ 53,013
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,869 $ 4,313 $ 4,313
Accrued expenses 14,837 16,502 90 16,592
Deferred revenue, current 23,010 27,348 27,348
Current portion of long-term
obligations 303 74 74
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Total current liabilities 41,109 48,237 90 48,327
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Deferred revenue, noncurrent 124 222 222
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Stockholders' equity:
Common stock 181 182 182
Additional paid-in capital 130,136 130,783 130,783
Cumulative translation adjustment (58) (87) (87)
Accumulated deficit (120,822) (125,598) 1,910 (123,688)
Treasury stock, at cost; 432,000
shares at December 31, 1999 and
June 30, 2000, respectively (2,726) (2,726) (2,726)
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Total stockholders' equity 6,711 2,554 1,910 4,464
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Total liabilities & stockholders'
equity $ 47,854 $ 51,013 $ 2,000 $ 53,013
=======================================================================
</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 12/31/00 and 2/28/01, $1,910,000 present value discounted gain
on sale, and $90,000 of deferred Interest on sale
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