-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QosE1avtWAYYrq3pH6tldUFX5bgcu5bCjAztJdGAM+lHhq6XVVYRjeQnDrKJkNOG qPZ8qwqqGjAcxZxS6DIxJw== 0001019687-05-002183.txt : 20050811 0001019687-05-002183.hdr.sgml : 20050811 20050811161539 ACCESSION NUMBER: 0001019687-05-002183 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050811 DATE AS OF CHANGE: 20050811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILINC COMMUNICATIONS INC CENTRAL INDEX KEY: 0001042291 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 760545043 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13725 FILM NUMBER: 051017335 BUSINESS ADDRESS: STREET 1: 2999 NORTH 44TH STREET STREET 2: SUITE 650 CITY: PHOENIX STATE: AZ ZIP: 85018 BUSINESS PHONE: 6029521200 MAIL ADDRESS: STREET 1: 2999 N 44TH STREET STREET 2: SUITE 650 CITY: PHOENIX STATE: AZ ZIP: 85018 FORMER COMPANY: FORMER CONFORMED NAME: EDT LEARNING INC DATE OF NAME CHANGE: 20010814 FORMER COMPANY: FORMER CONFORMED NAME: E-DENTIST COM INC DATE OF NAME CHANGE: 20001114 FORMER COMPANY: FORMER CONFORMED NAME: PENTEGRA DENTAL GROUP INC DATE OF NAME CHANGE: 19970822 8-K 1 ilinc_8k-081105.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. (20549) ______________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 11, 2005 ______________ ILINC COMMUNICATIONS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-13725 76-0545043 (STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 2999 NORTH 44TH STREET, SUITE 650, PHOENIX, ARIZONA 85018 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (602) 952-1200 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ______________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On August 11, 2005, iLinc Communications, Inc. ("the Company") reported its fiscal 2006 first quarter results for the period ended June 30, 2005. A copy of the Company's press release is attached as Exhibit 99.1 to this current report. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. The following exhibit is filed herewith: EXHIBIT NUMBER DESCRIPTION - -------------------------------------- 99.1 Press release dated August 11, 2005 issued by iLinc Communications, Inc. Filed herewith. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. iLINC COMMUNICATIONS, INC. By: /s/ James M. Powers, Jr. ------------------------------------- President and Chief Executive Officer Date: August 11, 2005 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION OF EXHIBITS - ------ ----------------------- 99.1 Copy of press release issued by iLinc Communications, Inc. on August 11, 2005. EX-99.1 2 ilinc_8kex99-1.txt Exhibit 99.1 iLINC COMMUNICATIONS CONTACT: JAMES M. POWERS, JR. PRESIDENT AND CHIEF EXECUTIVE OFFICER (602) 952-1200 ILINC COMMUNICATIONS ANNOUNCES FISCAL 2006 FIRST QUARTER RESULTS FIRST FISCAL QUARTER HIGHLIGHTS o Increased revenue 36% over prior year's quarter o Increased audio conferencing minutes provided by 6% over the prior quarter o Added more than 200 new Web and audio conferencing customers PHOENIX, Arizona (August 11, 2005) - iLinc Communications, Inc. (AMEX:ILC), developers of one of the most feature-rich and secure Web conferencing and integrated audio conferencing solutions, today announced results for the fiscal 2006 first quarter ended June 30, 2005. Revenues from continuing operations increased 36% to $2.7 million for the three months ended June 30, 2005, when compared with revenues of $2.0 million for the three months ended June 30, 2004. The Company reported a net loss from continuing operations of $892,000, or $0.04 per basic and diluted share, as compared with a net loss from continuing operations of $1.5 million, or $0.07 per basic and diluted share, during the three months ended June 30, 2004. Commenting on the first quarter financial results, James M. Powers, Jr., president and chief executive officer of iLinc Communications, said, "We saw a reduction in revenue growth from the prior quarter primarily due to the delay of a few sales transactions that we had anticipated to close in the June quarter. However, we see continued growth in overall recurring revenues that include the combined use of our per-minute Web and audio conferencing products. New and old customers alike appreciate the flexibility in licensing, delivery, and access to complementary services that iLinc provides in our Web and audio conferencing products and services. Dr. Powers continued, "We are committed to continued bottom line improvement while sustaining our investment in our sales and marketing efforts and in product development. Toward our goal of balance sheet improvement and ultimate profitability, we have implemented a cost reduction program that includes head count and expense reduction in non-core areas. Also, we recently converted $400,000 of long-term debt into equity and plan additional debt conversions as appropriate to reduce our overall debt burden and lessen interest expense. Additionally, we plan to raise equity capital to further improve our overall capital structure. In closing, Dr. Powers added, "We remain uniquely positioned to take advantage of the rapid growth projected in the Web conferencing industry and especially in the software purchase model component of the industry which is projected to be the highest growth area. We are encouraged by our ability to win customers from larger competitors by leveraging our competitive advantages." A listen-only 30-day replay of iLinc Communications' fiscal 2006 first quarter conference call will be available online through the Company's Web site at www.iLinc.com beginning at 1:00 p.m. Eastern time on August 11, 2005. -MORE- ILC Announces First Quarter Results Page 2 August 11, 2006 ABOUT ILINC COMMUNICATIONS, INC. iLinc Communications, Inc. is a leading developer of Web conferencing software and audio (phone) conferencing services for highly secure and cost-effective collaborative meetings, presentations, and training sessions. The Company enables customers to purchase and own iLinc Web conferencing software, which can be installed inside of a customer's network or hosted by iLinc. Our products and services include the iLinc Suite of Web Conferencing software (MeetingLinc, LearnLinc, ConferenceLinc, and SupportLinc); Audio Conferencing Services; On-Demand Conferencing; and EventPlus, a service for professionally managed online and audio conferencing events. iLinc's products and services are used by organizations worldwide in sales, HR and training, marketing, and customer support. More information about the Phoenix-based company may be found on the Web at www.ilinc.com. THIS PRESS RELEASE CONTAINS INFORMATION THAT CONSTITUTES FORWARD-LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ANY SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISK AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS DESCRIBED WITHIN THE FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CONTRIBUTE TO SUCH DIFFERENCES INCLUDE THE RATE OF ACCEPTANCE OF THE COMPANY'S PRODUCTS AND SERVICES BY CUSTOMERS, CHANGES IN THE WEB CONFERENCING AND AUDIO CONFERENCING MARKET IN GENERAL, THE COMPANY'S NEED FOR WORKING CAPITAL, THE COMPETITION THE COMPANY FACES FROM LARGER AND MORE WELL-CAPITALIZED COMPETITORS, AND OTHER MATTERS MORE FULLY DISCLOSED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K, QUARTERLY REPORTS ON FORM 10-Q, AND OTHER REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE FORWARD-LOOKING INFORMATION PROVIDED HEREIN REPRESENTS THE COMPANY'S ESTIMATES AND EXPECTATIONS AS OF THE DATE OF THE PRESS RELEASE, AND SUBSEQUENT EVENTS AND DEVELOPMENTS MAY CAUSE THE COMPANY'S ESTIMATES AND EXPECTATIONS TO CHANGE. THE COMPANY SPECIFICALLY DISCLAIMS ANY OBLIGATION TO UPDATE THE FORWARD-LOOKING INFORMATION IN THE FUTURE. THEREFORE, THIS FORWARD-LOOKING INFORMATION SHOULD NOT BE RELIED UPON AS REPRESENTING THE COMPANY'S ESTIMATES AND EXPECTATIONS OF ITS FUTURE FINANCIAL PERFORMANCE AS OF ANY DATE SUBSEQUENT TO THE DATE OF THIS PRESS RELEASE. iLinc, iLinc Communications, iLinc Suite, MeetingLinc, LearnLinc, ConferenceLinc, SupportLinc, On-Demand, and their respective logos are trademarks or registered trademarks of iLinc Communications, Inc. All other company names and products may be trademarks of their respective companies. -MORE- ILC Announces First Quarter Results Page 3 August 11, 2005 ILINC COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED JUNE 30, 2005 2004 --------- --------- Revenues: Licenses $ 522 $ 889 Software and audio services 1,700 710 Maintenance and professional services 451 371 --------- --------- Total revenues 2,673 1,970 Cost of Revenues: Licenses $ 32 $ 42 Software and audio services 1,083 523 Maintenance and professional services 113 113 Amortization of acquired developed technology 119 77 --------- --------- Total cost of revenues 1,347 755 --------- --------- Gross profit 1,326 1,215 --------- --------- Operating expenses: Research and development 358 331 Sales and marketing 785 1,022 General and administrative 641 716 --------- --------- Total operating expenses 1,784 2,069 --------- --------- Loss from operations (458) (854) Interest expense (431) (633) Interest income and other 5 23 Gain on settlement of debt and other obligations (8) 8 --------- --------- Loss from continuing operations before income taxes (892) (1,456) Income tax expense -- -- --------- --------- Loss from continuing operations (892) (1,456) Income from discontinued operations 7 -- --------- --------- Net loss (885) (1,456) Preferred stock dividends (25) (29) --------- --------- Loss available to common shareholders $ (910) $ (1,485) ========= ========= Loss per common share basic and diluted per share data: From continuing operations $ (0.04) $ (0.07) From discontinued operations -- -- --------- --------- Net Loss per common share $ (0.04) $ (0.07) ========= ========= Weighted average shares outstanding 24,145 20,297 ========= =========
-MORE- ILC Announces First Quarter Results Page 3 August 11, 2005 ILINC COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA) JUNE 30, MARCH 31, 2005 2005 --------- --------- ASSETS (UNAUDITED) Current assets: Cash and cash equivalents $ 261 $ 532 Accounts receivable, net 1,743 1,949 Note receivable -- 25 Prepaid and other current assets 161 69 --------- --------- Total current assets 2,165 2,575 Property and equipment, net 1,007 1,221 Goodwill 10,948 10,797 Intangible assets, net 2,321 2,504 Other assets 16 18 Assets of discontinued operations -- 114 --------- --------- Total Assets $ 16,457 $ 17,229 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long term debt $ 815 $ 885 Accounts payable and accrued liabilities 4,831 4,731 Current portion of capital lease liabilities 178 196 Deferred revenue 1,037 1,014 --------- --------- Total current liabilities 6,861 6,826 Long term debt 6,820 6,702 Leases payable -- 31 --------- --------- Total liabilities 13,681 13,559 --------- --------- Commitments and contingencies Shareholders' equity: Preferred stock, $.001 par value 10,000,000 shares authorized, 127,500 shares issued and outstanding, liquidation preference of $1,275,000 -- -- Common stock, $0.001 par value, 100,000,000 shares authorized, 25,577,287 issued 26 26 Additional paid-in capital 42,191 42,175 Accumulated deficit (38,033) (37,123) Less: Treasury stock (1,408) (1,408) --------- --------- Total shareholders' equity 2,776 3,670 --------- --------- Total Liabilities and Shareholders' Equity $ 16,457 $ 17,229 ========= =========
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