<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------
FORM 10-QSB
MARK ONE
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
or
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE EXCHANGE ACT
FOR THE TRANSITION PERIOD FROM ___________ TO ____________.
COMMISSION FILE NO. 0-20312
---------------------------
VISTA INFORMATION SOLUTIONS, INC.
(Exact name of small business issuer as specified in its charter)
MINNESOTA 41-1293754
(State or other jurisdiction (I.R.S. Employer
of corporation or organization) Identification No.)
5060 SHOREHAM PLACE, #300, SAN DIEGO, CA 92122
(Address of principal executive offices)
(619) 450-6100
(Issuer's telephone number)
- - - --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year,
if changed since last report.)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the 2 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
--- ---
The number of shares of the Issuer's Common Stock, $0.01 par value, outstanding
on August 14, 1996 was 11,094,853.
Transitional Small Business Disclosure Format (check one) YES NO X
--- ---
<PAGE>
INDEX
PART I FINANCIAL INFORMATION PAGE
- - - ------ ----
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (UNAUDITED) 3
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 1996 (UNAUDITED)
AND DECEMBER 31, 1995 4,5
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
ENDED JUNE 30, 1996 AND 1995 (UNAUDITED) 6
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION 8-11
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS. 12
ITEM 2. CHANGES IN SECURITIES. 12
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 12
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. 12
ITEM 5. OTHER INFORMATION. 12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. 12
SIGNATURES 13
EXHIBIT INDEX 14
2
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VISTA INFORMATION SOLUTIONS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1996 1995 1996 1995
- - - --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES $2,122,478 $2,167,659 $4,289,987 $3,275,798
COST OF REVENUES 477,259 931,068 1,048,064 1,332,003
--------- ---------- ---------- ----------
GROSS MARGIN 1,645,219 1,236,591 3,241,923 1,943,795
OPERATING EXPENSES
Sales and general and administrative 1,767,429 2,125,726 3,343,055 2,936,992
Research and development 128,561 256,331 322,509 537,955
Depreciation and amortization 1,114,638 1,381,484 2,226,902 1,957,964
---------- ---------- ---------- ----------
OPERATING LOSS (1,365,409) (2,526,950) (2,650,543) (3,489,116)
OTHER INCOME (EXPENSE): (142,244) (84,455) (261,556) (111,200)
---------- ---------- ---------- ----------
NET LOSS ($1,507,653) ($2,611,405) (2,912,099) (3,600,316)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
NET LOSS PER SHARE ($0.14) ($0.24) ($0.26) ($0.36)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 11,097,640 10,965,923 11,061,045 10,104,166
---------- ---------- ---------- -----------
---------- ---------- ---------- ----------
</TABLE>
See Notes to Financial Statements
3
<PAGE>
VISTA INFORMATION SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
ASSETS 1996 1995
- - - -----------------------------------------------------------------------------------------
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $10,628 $21,027
Trade accounts receivable, less allowance
for doubtful accounts of
$ 236,700 and $248,500 respectively 1,588,440 1,843,782
Prepaid expenses & other assets 170,587 98,756
------------ ------------
TOTAL CURRENT ASSETS 1,769,655 1,963,565
EQUIPMENT, FURNITURE AND SOFTWARE, AT COST
Equipment and furniture 2,692,776 2,363,148
Purchased software 140,422 109,751
------------ ------------
2,833,198 2,472,899
Less accumulated depreciation and amortization (1,888,409) (1,595,965)
------------ ------------
NET EQUIPMENT AND SOFTWARE 944,789 876,934
CAPITALIZED SOFTWARE DEVELOPMENT COSTS,
less accumulated amortization of
$1,300,419 and $1,212,919 respectively 17,349 104,848
ACQUIRED TECHNOLOGY AND ENVIRONMENTAL DATABASES,
less accumulated amortization of
$ 5,331,566 $3,332,229 respectively 6,664,458 8,663,795
Deposits and other 266,272 105,941
------------ ------------
$9,662,523 $11,715,083
------------ ------------
------------ ------------
</TABLE>
See Notes to Financial Statements
4
<PAGE>
VISTA INFORMATION SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
----------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY 1996 1995
- - - ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CURRENT LIABILITIES:
Note payable to bank 0 1,111,790
Current maturities of long-term obligations 196,801 655,081
Trade accounts payable 569,896 1,029,574
Accrued development costs 487,500 487,500
Accrued compensation and employee benefits 195,471 380,910
Other current liabilities 277,543 398,325
------------- -------------
TOTAL CURRENT LIABILITIES 1,727,211 4,063,180
LONG-TERM OBLIGATIONS, LESS CURRENT MATURITIES 3,907,421 1,624,939
------------- -------------
TOTAL LIABILITIES 5,634,632 5,688,119
STOCKHOLDERS' EQUITY
Preferred stock, Series B convertible, par value $.01;
liquidation value $3,000,000,
authorized 200,000 shares; 200,000 shares
issued and outstanding 2,000 2,000
Preferred stock, Series C convertible, par value $.01;
liquidation value $10,802,185,
authorized 670,000 shares; 613.935 shares
issued and outstanding 6,439 6,439
Preferred stock, Series D convertible, par value $.01;
liquidation value $2,499,982,
authorized 240,000 shares; 187,134 shares
issued and outstanding 1,871 1,871
Common stock, par value $.01; authorized
43,890,000 shares, issued and outstanding
11,502,289 and 8,322,229 shares, respectively 114,750 109,898
Additional paid-in capital 28,005,593 27,097,419
Accumulated deficit (24,102,762) (21,190,663)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 4,027,891 6,026,964
------------- -------------
$9,662,523 $11,715,083
------------- -------------
------------- -------------
</TABLE>
See Notes to Financial Statements
5
<PAGE>
VISTA INFORMATION SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
1996 1995
- - - ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($2,912,099) ($3,600,316)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 2,379,281 2,325,757
Changes in current assets and liabilities, net of
effect of acquisition of VISTA
(Increase) decrease in:
Accounts receivable - trade 255,342 (120,339)
Prepaid expenses & other assets (232,162) (135,659)
Increase (decrease) in:
Trade accounts payable (459,678) (436,860)
Accrued compensation and employee benefits (185,439) (68,736)
Other current liabilities (120,782) (35,304)
----------------------------------------
NET CASH USED IN OPERATING ACTIVITIES (1,275,537) (2,071,457)
----------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and software (360,299) (194,196)
Additions to capitalized software development costs (94,975)
Decrease in other assets 29,546
------------- -------------
NET CASH USED IN INVESTING ACTIVITIES (360,299) (259,625)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from long-term obligations (57,964) (111,034)
Proceeds from issuance of preferred stock 2,499,982
Increase (decrease) from note payable to bank (1,111,790)
Proceeds from ISO note payable 375,000
Proceeds from SIRROM note payable 2,341,857
Proceeds from issuance of common stock 78,334
--------------- -------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,625,437 2,388,948
--------------- -------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,399) 57,866
Cash and cash equivalents at beginning of period 21,027 223,913
------------- -------------
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 10,628 $281,779
SUPPLEMENTAL DISCLOSURES:
Value assigned to warrants related to note payable to
SIRROM $648,000 $0
Debentures and accrued interest converted to common stock 187,000 0
</TABLE>
6
<PAGE>
VISTA Information Solutions, Inc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE AND SIX MONTHS ENDED JUNE 30, 1996
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information. In the opinion of management, the interim financial statements
include all adjustments (consisting of normal recurring accruals) necessary
for a fair presentation of the results for interim periods presented.
Operating results for the three months ended June 30, 1996 are not necessarily
indicative of the operating results that will be achieved for the year. These
statements should be read in conjunction with the Company's Annual Financial
Report on Form 10-K for the year ended December 31, 1995 and the Company's
Quarterly Financial Report on Form 10-QSB for the quarter ended March 31,
1996.
2. SIRROM FINANCING
On April 30, 1996, the Company entered into an agreement with the SIRROM
Capital Corporation for a $2,500,000 loan in the form of a 13.5 percent, five
year, interest only note with warrants to purchase 5 percent of the fully
diluted Common Stock at an exercise price of $0.01 per share. The Company
assigned a value to the warrants of $648,179 based on the fair market value of
the common stock at the date of grant. Accordingly, the note payable has been
discounted by this amount and bears an effective interest of 26 percent.
3. ISO LOAN
In February, 1996, the Company entered into an agreement with ISO for a loan,
not to exceed $500,000. Advances commenced during the first week of February
1996 in increments of $25,000 to $50,000. The advances bear interest at a
rate of 1 percent per month on any outstanding amounts, including interest.
The Company and ISO have agreed to amend the loan agreement to limit proceeds
to the existing $375,000 balance and that repayment of the advance will not be
made until monthly GUS revenue exceeds $130,000. When GUS revenue reaches
this level, repayments will be deducted from the GUS revenue to the extent
that monthly revenue exceeds $130,000 until the balance, plus accrued interest
is repaid.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATION
The following discussion and analysis provides information that the
Company's management believes is relevant to an assessment and understanding of
the Company's results of operations and financial condition. This discussion
should be read in conjunction with the financial statements and related notes
thereto which appear elsewhere in this Report.
The Company provides environmental risk information and address-based
hazard and classification information to bankers, engineers, insurance companies
and corporations throughout the United States. The Company, originally known as
DataMap, Inc. ("DMI"), was founded in 1975 to develop geographic-demographic
analysis tools for business ("GIS"). Supporting this business line, the Company
has developed a proprietary service known as the Geographic Underwriting System
("GUS-Registered Trademark-") which delivers address-based hazard and
classification information to property/casualty insurance underwriters. GUS
provides insurance underwriters and loss control groups of insurance companies
with on-line or batch access to a series of reports presenting specific
classification and hazard information about the property to be insured. The
Company's geo-demographic information databases, technological understanding and
techniques of geographic information processing provide the basis for its
current products.
On February 28, 1995, the Company acquired all the outstanding common stock
of VISTA Environmental Information, Inc. ("VISTA Environmental") in exchange for
newly issued common and preferred shares of the Company. The acquisition of
VISTA Environmental expanded the Company's existing product line to include
environmental risk information and significantly increased the marketing
capability within the Company. VISTA Environmental provides address and name
based environmental risk information about properties and companies in the
United States to bankers, engineers and corporations. On May 23, 1995, the
Company changed its name from DataMap, Inc. to "VISTA Information Solutions,
Inc."
On February 1, 1996, the Company sold the assets relating to three product
lines to Business Information Technology, Inc. ("BITI"). These product lines
included the Company's: (i) compliance products for the banking and mortgage
industry, known as Census Traks Plus ("CTP"); (ii) desktop marketing products,
known as MarketPro ("MP"); and (iii) custom mapping services, known as the
Service Bureau business. As part of the asset sale, VISTA also granted certain
non-exclusive licenses to BITI for use of the VISTA mapping module Geocoder 2.0,
the "DataMap" name (for a limited period of time) and ZIPR Extracts. The
consideration provided to VISTA in connection with the sale includes various
royalty payments on the products sold to BITI ranging from 5% to 25% of sales
for a period of two years. Accordingly, as a result of this sale, substantially
all of the Company's GIS revenue will be generated from the GUS product as of
February 1, 1996.
8
<PAGE>
RESULTS OF OPERATIONS
COMPARISON OF THE THREE MONTHS ENDED JUNE 30, 1996 TO THE THREE MONTHS ENDED
JUNE 30, 1995 AND FOR THE SIX MONTHS ENDED JUNE 30, 1996 TO THE SIX MONTHS ENDED
JUNE 30, 1995
Revenue
Total revenues decreased 2 percent from $2,168,000 for the three months
ended June 30, 1995, to $2,122,000 for the three months ended June 30, 1996 and
increased 31 percent from $3,276,000 for the six months ended June 30, 1995, to
$4,290,000 for the six months ended June 30, 1996. The second quarter decrease
was due primarily the loss of approximately $194,000 in revenue from certain
product lines sold to BITI in February, 1996 offset by increases in GUS revenue
of approximately $162,000. The year-to-date increase was due primarily to
increases in environmental revenue of approximately $1,221,000 (primary the due
to the acquisition of VISTA Environmental on February 28, 1995) and increases in
GUS revenue of approximately $254,000 offset by the loss of approximately
$461,000 in revenue from certain product lines sold to BITI in February, 1996.
Gross Margin
Gross margins increased from 57 percent of revenue for the three months
ended June 30, 1995, to 78 percent of revenue for the three months ended June
30, 1996 and from 59 percent of revenue for the six months ended June 30, 1995,
to 76 percent of revenue for the six months ended June 30, 1996. This increase
was due to reduced payroll costs as a result of advances in production
technology as well as from the sale of certain product lines (which generate
lower gross margins than the GUS product) to BITI in February, 1996.
Operating Expenses
Operating expenses decreased 20 percent from $3,764,000 for the three
months ended June 30, 1995, to $3,011,000 for the three months ended June 30,
1996 and increased 8 percent from $5,433,000 for the six months ended June 30,
1995 to $5,893,000 for the six months ended June 30, 1996. Operating expense
decreases for the second quarter were due to the consolidation of various
functions following the acquisition. Operating expense increases for the six
month period were primarily due the acquisition of VISTA Environmental in
February, 1995 and related amortization charges, offset by decreases discussed
above. The Company expects to continue to realize the benefit of these overhead
reductions, although this forward looking information will be impacted in the
event of increases in revenues requiring additional overhead expenditures,
increases in research and development costs in response to fluctuations in sales
or market demands for additional or enhanced products, and any addition of
management and administration personnel as the Company determines appropriate
staffing levels following consolidation.
Interest Expense
Interest expense was significantly higher in the second quarter of 1996
compared to 1995 due to increased borrowing particularly relating to the SIRROM
loan financing (see liquidity and capital resources). It is expected that
interest costs will continue to increase in 1996 with an increase in overall
debt levels as a result of financing transactions discussed below. Factors
influencing this forward looking information are the Company's ability to obtain
additional debt financing, and the ability to generate positive cash flows from
operations.
The Company had no taxable income and, accordingly, recorded no provision
for income taxes during the quarter or the six months ended June 30, 1996 and
1995.
The effect of inflation on the Company's results has not been significant.
9
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company currently has negative cashflow from operations and has been
dependent on the raising of capital to fund continuing operations. As of the
June 30, 1996, the Company has raised a total of $2.5 million in new long term
debt and retired approximately $892,000 under the factoring agreement with
Silicon Valley Bank. The Company is also seeking lease financing for equipment
and software of up to $500,000, although no assurance can be made that such
financing will be available for reasonable terms, if at all.
Net cash used in operating activities for the six months ended June 30,
1996 was approximately $1,276,000 compared to $2,071,000 during the six months
ended June 30, 1995. The decrease in net cash used was caused primarily by an
improvement in profitability and a decrease in trade accounts receivable offset
by substantial reductions in accounts payable and current liabilities as a
result of financing transactions discussed below. The Company expects that cash
used in operating activities should decrease significantly in future periods as
current liabilities have been reduced substantially. This forward looking
information could be impacted by the Company's ability to meet sales
expectations and manage expenses although no assurances can be made that a level
of profitability sufficient to achieve these reductions can be maintained.
Net cash used in investing activities for the six months ended June 30,
1996 was approximately $360,000 compared to $259,000 for the six months ended
June 30, 1995. The increase in cash used was due to an increase in purchases of
computers and technological equipment. The Company anticipates additional
investments in computer related equipment and software to exceed $500,000 for
the remainder of 1996 subject to the availability of debt or lease financing.
Net cash provided by financing activities was approximately $1,625,000
during the six months ended June 30, 1996, compared to $2,389,000 during the six
months ended June 30, 1995. Proceeds from the ISO and SIRROM loans discussed
below were the primary sources of cash provided in the first half of 1996.
Proceeds from the issuance of Series D Convertible Preferred Stock in connection
with the acquisition of VISTA Environmental was the major component of the cash
provided by financing activities in 1995.
In 1995, the Company received $446,000 from the sales of 16% subordinated
convertible debentures. In December, 1995 and March, 1996, the Company
defaulted on these obligations, as the required quarterly interest payments were
not made. In May, 1996, the Company remedied this default by offering the
holders the option to either (a) convert the debentures into Common Stock at a
rate of $0.75 of principal balance to one share of Common Stock, or (b) extend
the term of the debentures to March, 1997 with an option to convert the balance
to common stock at 70 percent of the then market price of the Common Stock. One
debenture holder elected to be repaid ($20,000 principal) and all other holders
elected option (b). During the second quarter, eight debenture holders elected
to convert their principal and accrued interest into common stock. These
transactions converted approximately $187,000 of debt and accrued interest into
393,000 shares of common stock.
The Company has outstanding $898,928 of convertible subordinated debentures
assumed in the acquisition of VISTA Environmental. The debentures are
convertible into Series C Preferred Stock ("Series C Preferred Stock") at a rate
of $16.72 per share. At December 31, 1995, the debentures, including accrued
interest, were convertible into approximately 63,000 shares of Series C
Preferred Stock and were due in January 1996. In January 1996, the Company did
not repay the debentures. As a result, under the terms of the debentures, the
repayment date was extended to January 1997 and the debenture holders received,
in aggregate, warrants for the purchase of 3,732 shares of Series C Preferred
Stock at $16.72 per share. In January, 1997, the Company will have the option
to either pay these debentures off or extend them for another year.
10
<PAGE>
In February, 1996, the Company entered into an agreement with ISO for a loan,
not to exceed $500,000. Advances commenced during the first week of February
1996 in increments of $25,000 to $50,000. The advances bear interest at a rate
of 1 percent per month on any outstanding amounts, including interest. The
Company and ISO have agreed to amend the loan agreement to limit proceeds to the
existing $375,000 balance and that repayment of the advance will not be made
until monthly GUS revenue exceeds $130,000. When GUS revenue reaches this
level, repayments will be deducted from the GUS revenue to the extent that
monthly revenue exceeds $130,000 until the balance, plus accrued interest is
repaid.
On April 30, 1996, the Company entered into an agreement with the SIRROM
Capital Corporation for a $2,500,000 loan in the form of a 13.5 percent, five
year, interest only note with warrants to purchase 5 percent of the fully
diluted Common Stock at an exercise price of $0.01 per share. The Company
assigned a value to the warrants of $648,179 based on the fair market value of
the common stock at the date of grant. Accordingly, the note payable has been
discounted by this amount and bears an effective interest of 26 percent. This
note is secured by the tangible and intangible assets of the Company. Proceeds
have, been used to retire amounts outstanding under the Company's factoring
agreement and to pay down existing payables.
As reflected in the cash flow statement, the Company's operations currently
do not generate sufficient cash flows to meet the on-going cash needs of the
Company. The Company believes that the financing transactions discussed above
will be sufficient to fund operations for the next 12 months. Factors impacting
this forward looking information are the levels of the Company's overall
revenues and overhead expenses and changes in the Company's accounts receivable
and accounts payable turnover. If revenues do not increase as anticipated, the
Company may need to raise additional debt or equity financing to meet its
operating capital needs. In addition, the Company may need to raise additional
capital in the future to meet various strategic growth and research and
development initiatives. There can be no assurance that the Company will be
able to obtain any required additional funding on satisfactory terms, if at all.
If the additional funding is not obtained, the Company will seek alternative
sources of debt and/or equity financing and, to the extent necessary, will
reduce overhead expenditures.
11
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
b) Reports on Form 8-K.
On August 1, 1996, the Company filed Amendment No. 2 to its Current
Report on Form 8-K/A, originally filed on February 28, 1995. The
Amendment related to the merger of the Company's wholly-owned
subsidiary with VISTA Environmental Information, Inc. ("VISTA
ENV"). The following financial statements were included in that
filing: Balance Sheets of VISTA ENV as of December 31, 1994 and
1993; Statements of Operations of VISTA ENV for the years ended
December 31, 1994, 1993 and 1992; Statements of Stockholders'
Equity (Deficit) of VISTA ENV for the years ended December 31,
1994, 1993 and 1992; Statements of Cash Flows of VISTA ENV for the
years ended December 31, 1994, 1993 and 1992; Pro Form Balance
Sheet as of December 31, 1994; and Pro Form Statement of Operations
for the year ended December 31, 1994.
12
<PAGE>
SIGNATURE
In accordance to the requirements of the Securities Exchange Act of 1934, the
Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
VISTA INFORMATION SOLUTIONS, INC.
(REGISTRANT)
DATE: August 14, 1996 By /s/E. Stevens Hamilton
--------- ----------------------------------
E. Stevens Hamilton
Chief Financial Officer
(Principal Financial Officer)
DATE: August 14, 1996 By /s/Brian Dean Conn
--------- ----------------------------------
Brian Dean Conn
Controller
(Principal Accounting Officer)
13
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description Location
- - - ------- ----------- --------
27.1 Financial Data Schedule Filed electronically
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 10,628
<SECURITIES> 0
<RECEIVABLES> 1,825,140
<ALLOWANCES> 236,700
<INVENTORY> 0
<CURRENT-ASSETS> 1,769,655
<PP&E> 2,833,198
<DEPRECIATION> 1,888,409
<TOTAL-ASSETS> 9,662,523
<CURRENT-LIABILITIES> 1,727,211
<BONDS> 0
0
10,310
<COMMON> 114,750
<OTHER-SE> 3,902,834
<TOTAL-LIABILITY-AND-EQUITY> 9,662,523
<SALES> 2,122,478
<TOTAL-REVENUES> 2,122,478
<CGS> 477,259
<TOTAL-COSTS> 3,630,131
<OTHER-EXPENSES> 142,244
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 178,236
<INCOME-PRETAX> (1,507,653)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,507,653)
<EPS-PRIMARY> (0.14)
<EPS-DILUTED> (0.14)
</TABLE>
