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Exhibit 13
SELECTED FINANCIAL DATA
Our selected consolidated financial data as of and for the fiscal years ended
June 30, 1997, 1998 and 1999 have been derived from our consolidated financial
statements included elsewhere in this Annual Report, which have been audited by
Deloitte and Touche, LLP, independent auditors, whose report thereon is also
included elsewhere in this Annual Report. Our selected consolidated financial
data as of and for the six-months ended June 30, 1996 and the years ended
December 31, 1994 and 1995 have been derived from our audited consolidated
financial statements, which are not included in this Annual Report. The selected
consolidated financial data as of and for the six-months ended June 30, 1995 and
the twelve months ended June 30, 1996 are derived from unaudited consolidated
financial statements, which, in the opinion of management, reflect all
adjustments necessary for a fair representation of the respective periods. The
selected consolidated financial data set forth below should be read in
conjunction with Management's Discussion and Analysis of Financial Condition and
Results of Operations and the Consolidated Financial Statements and Notes
thereto elsewhere in this Annual Report. The earnings per share amounts prior to
fiscal year 1998 have been restated to comply with Statement of Financial
Accounting Standards 128 "Earnings per Share" (SFAS 128) as required. For
further discussion of earnings per share and the impact of SFAS 128, see Note 1
to the consolidated financial statements.
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<CAPTION>
TWELVE
YEAR ENDED MONTHS SIX MONTHS ENDED
DECEMBER 31, ENDED JUNE 30, YEAR ENDED JUNE 30,
---------------------- JUNE 30, ---------------------- ----------------------------------
1994 1995 1996 1995 1996 1997 1998 1999
--------- --------- --------- --------- --------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATEMENT OF OPERATIONS:
Revenues:
Processing, servicing and
merchant discount ...... $ 38,282 $ 49,330 $ 59,053 $ 23,581 $ 33,305 $ 104,522 $ 159,255 $ 201,059
License fees ............. -- -- 10,970 -- 10,970 33,088 28,952 15,975
Maintenance fees ......... -- -- 1,978 -- 1,978 22,567 25,848 17,746
Other .................... 984 -- 4,788 -- 4,787 16,268 19,809 15,351
--------- --------- --------- --------- --------- --------- --------- --------
Total revenues . 39,266 49,330 76,789 23,581 51,040 176,445 233,864 250,131
Expenses
Cost of processing,
servicing and support ... 24,212 30,258 51,236 14,461 35,438 102,721 129,924 146,704
Research and development . 4,724 6,876 13,765 3,019 9,907 32,869 36,265 21,085
Sales and marketing ...... 4,427 7,242 21,349 3,060 17,167 32,670 28,839 32,354
General and administrative 2,598 4,134 9,598 1,915 7,338 18,707 20,677 31,466
Depreciation and
amortization ............ 1,922 2,485 8,246 1,194 6,997 24,919 24,999 24,630
In-process research and
development ............. -- -- 122,358 -- 122,358 140,000 719 2,201
Charge for stock warrants -- -- -- -- -- -- 32,827 --
Exclusivity amortization . -- -- -- -- -- 5,958 2,963 --
--------- --------- --------- --------- --------- --------- --------- --------
Total expenses . 37,883 50,995 226,552 23,649 199,205 357,844 277,213 258,440
Net gain on dispositions
of assets ............... -- -- -- -- -- 6,250 36,173 4,576
--------- --------- --------- --------- --------- --------- --------- --------
Income (loss) from
operations .............. 1,383 (1,665) (149,763) (68) (148,165) (175,149) (7,176) (3,733)
Interest:
Income ................. 298 2,135 3,104 535 1,659 2,153 3,464 2,799
Expense ................ (795) (645) (484) (330) (325) (834) (632) (618)
--------- --------- --------- --------- --------- --------- --------- --------
Income (loss) before
income tax .............. 886 (175) (147,143) 137 (146,831) (173,830) (4,344) (1,552)
Income tax expense
(benefit) ............... 400 40 (8,650) 62 (8,628) (12,017) (641) (12,009)
--------- --------- --------- --------- --------- --------- --------- --------
Income (loss) before
extraordinary item ...... 486 (215) (138,493) 75 (138,203) (161,813) (3,703) 10,457
Extraordinary item ....... -- -- (364) -- (364) -- -- --
--------- --------- --------- --------- --------- --------- --------- --------
Net income (loss) ........ $ 486 $ 215 $(138,857) $ 75 $(138,567) $(161,813) $ (3,703) $ 10,457
========= ========= ========= ========= ========= ========= ========= =========
Diluted income (loss) per
common share before
extraordinary item........ $ 0.02 $ (0.01) $ (4.14) $ -- $ (3.69) $ (3.44) $ (0.07) $ 0.18
Diluted income (loss) per
common share ............ $ 0.02 $ (0.01) $ (4.15) $ -- $ (3.70) $ (3.44) $ (0.07) $ 0.18
Equivalent number of shares
outstanding ............. 27,103 28,219 33,435 29,299 37,420 46,988 55,087 56,529
BALANCE SHEET DATA:
Working capital .......... $ 11,399 $ 81,792 $ 45,496 $ 10,481 $ 45,496 $ 20,002 $ 78,238 $ 24,245
Total assets ............. 30,512 115,642 196,230 31,696 196,230 223,836 250,112 252,761
Long-term obligations,
less current portion .... 8,213 7,282 8,324 7,735 8,324 8,401 6,467 3,882
Total stockholder's equity 16,372 99,325 137,675 16,493 137,675 148,644 183,854 186,903
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