-----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, CLlEaeJhBiM2F0hGZrra3EUDlAG9VzSs6BqkUlTuWS7HTjdPrQQhPGW0V6duO5J/ Vh+VLQB6k8p1GYT5EdqBvw== 0001157523-04-010734.txt : 20041115 0001157523-04-010734.hdr.sgml : 20041115 20041115093808 ACCESSION NUMBER: 0001157523-04-010734 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041115 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041115 DATE AS OF CHANGE: 20041115 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: 041142027 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 a4765872.txt ILINC COMMUNICATIONS 8-K ================================================================================ 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): November 15, 2004 ______________ iLinc Communications, Inc. (Exact name of Registrant as specified in its charter) Delaware 1-13725 76-0545043 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or organization) File Number) 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 November 15, 2004, iLinc Communications, Inc. ("the Company") reported its fiscal 2005 second quarter results for the period ended September 30, 2004. 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 November 15, 2004, 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 ------------------------------------- President and Chief Executive Officer Date: November 15, 2004 EXHIBIT INDEX Exhibit Number Description of Exhibits - ------- ----------------------- 99.1 Copy of press release issued by iLinc Communications, Inc. on November 15, 2004. EX-99.1 2 a4765872ex991.txt PRESS RELEASE EXHIBIT 99.1 iLinc Communications Announces Fiscal 2005 Second Quarter Results PHOENIX--(BUSINESS WIRE)--Nov. 15, 2004--iLinc Communications, Inc. (AMEX:ILC): Fiscal 2005 Second Quarter Highlights: -- Added more than 100 new Web conferencing customers -- Doubled revenues over previous year period -- Integrated audio conferencing operations from recent acquisition -- Realized sales success from Web and audio conferencing product synergies iLinc Communications, Inc. (AMEX:ILC), developers of one of the most feature-rich and secure Web conferencing and integrated audio conferencing solutions available, today announced results for the fiscal 2005 second quarter ended September 30, 2004. For the three months ended September 30, 2004, revenues from continuing operations increased 96% to $2.7 million as compared with revenues of $1.4 million for the three months ended September 30, 2003. For the three months ended September 30, 2004, the Company reported a net loss from continuing operations of $1.8 million, or $0.08 per basic and diluted share, as compared with a net loss from continuing operations of $590,000, or $0.05 per basic and diluted share, during the three months ended September 30, 2003. For the first half of fiscal 2005, revenues from continuing operations increased 72% to $4.7 million as compared with revenues of $2.7 million for the first half of fiscal 2004. For the six months ended September 30, 2004, the Company reported a net loss from continuing operations of $3.3 million, or $0.15 per basic and diluted share, as compared with a net loss from continuing operations of $724,000, or $0.06 per basic and diluted share, during the same six-month period in 2003. Commenting on the second quarter results, James M. Powers, Jr., president and chief executive officer of iLinc Communications, said, "We created a strong pipeline of new opportunities, accelerated our penetration of strategic Web conferencing accounts and are encouraged with our progress. This quarter realized the successful integration of our recently acquired audio conferencing operations. We expect the synergies of this audio conferencing acquisition with our Web conferencing product offerings to make a powerful combination for substantial expansion in our revenues in the upcoming quarters." John S. ("Jack") Hodgson, senior vice president and chief financial officer of iLinc Communications, added, "Our continued expansion of revenue is a demonstration of growing product acceptance. The loss for the quarter was due primarily to continued investment in infrastructure, sales and marketing, and cost associated with integrating our new acquisition. With much of the one-time expense behind us, we have already reduced operating costs while continuing investments in sales and marketing activities to expand revenues." A listen-only simulcast and 30-day replay of iLinc Communications' fiscal 2005 second quarter conference call will be available online through the Company's Web site at www.ilinc.com or www.fulldisclosure.com beginning at 11:00 a.m. Eastern time on Monday, November 15, 2004. About iLinc Communications, Inc. iLinc Communications, Inc. is a leading developer and provider of hosted and premise-based Web and audio conferencing software for two-way, highly secure and cost-effective collaborative online meetings, presentations, and training sessions. iLinc's family of software products, including MeetingLinc, LearnLinc, ConferenceLinc, and SupportLinc, is used by financial services, technology, and professional services firms worldwide in sales, HR and training, marketing, and information technology applications. Through the recent Glyphics acquisition, the Company now also delivers comprehensive audio conferencing products and services that help businesses provide daily conference calls, virtual meetings, corporate events, and distance learning programs. More information about the Phoenix-based company may be found on the Web at http://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 acceptance of new products, the Company's need for working capital, the result of pending litigation, 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, MeetingLinc, LearnLinc, ConferenceLinc, SupportLinc, and its logo are trademarks or registered trademarks of iLinc Communications, Inc. All other company names and products may be trademarks of their respective companies. iLINC COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended Six Months Ended September 30, September 30, -------------------------------------- 2004 2003 2004 2003 -------- -------- -------- -------- Revenues: License $746 $589 $1,635 $1,189 Software and audio services 1,420 299 2,131 567 Maintenance and professional services 568 505 939 979 -------- -------- -------- -------- Total revenues 2,734 1,393 4,705 2,735 Cost of revenues: License 37 77 79 94 Software and audio services 1,096 125 1,620 266 Maintenance and professional services 269 247 382 448 Amortization of acquired developed technology 125 56 202 113 -------- -------- -------- -------- Total cost of revenues 1,527 505 2,283 921 Gross profit 1,207 888 2,422 1,814 Operating expenses: Research and development 410 222 741 491 Sales and marketing 1,259 501 2,281 896 General and administrative 904 414 1,620 856 -------- -------- -------- -------- Total operating expenses 2,573 1,137 4,642 2,243 Loss from operations (1,366) (249) (2,220) (429) Interest expense (457) (282) (1,089) (591) Interest income 8 1 19 15 Other income (1) -- 10 (10) Gain on debt settlement 14 (60) 22 291 -------- -------- -------- -------- Loss from continuing operations before income taxes (1,802) (590) (3,258) (724) Net income from discontinued operations -- 129 -- 137 -------- -------- -------- -------- Net loss (1,802) (461) (3,258) (587) Preferred stock dividends (26) (15) (55) (15) Imputed preferred stock dividends -- (247) -- (247) -------- -------- -------- -------- Loss available to common shareholders $(1,828) $(723) $(3,313) $(849) ======== ======== ======== ======== Loss per common share, basic and diluted: From continuing operations $(0.08) $(0.05) $(0.15) $(0.06) From discontinued operations -- -- -- 0.01 -------- -------- -------- -------- Net loss per common share $(0.08) $(0.05) $(0.15) $(0.05) ======== ======== ======== ======== Number of shares used in calculation of loss per share, basic and diluted 24,132 16,025 22,214 15,911 ======== ======== ======== ======== iLINC COMMUNICATIONS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) Sept. 30, March 31, 2004 2004 -------- -------- ASSETS (Unaudited) Current assets: Cash and cash equivalents $1,112 $292 Accounts receivable, net 1,970 1,097 Note receivable 25 25 Prepaid and other current assets 214 108 -------- -------- Total current assets 3,321 1,522 Property and equipment, net 1,662 310 Goodwill 10,551 9,190 Intangible assets, net 2,972 1,061 Note receivable -- 25 Other assets 33 51 Assets of discontinued operations 193 301 -------- -------- Total Assets $18,732 $12,460 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long term debt $998 $961 Accounts payable and accrued liabilities 3,966 2,301 Current portion of capital lease liabilities 342 289 Deferred revenue 1,032 1,084 -------- -------- Total current liabilities 6,338 4,635 Long term debt 6,466 4,444 Leases payable 163 15 -------- -------- Total liabilities 12,967 9,094 -------- -------- Commitments and contingencies Shareholders' equity: Preferred stock, $.001 par value, 10,000,000 shares authorized, 127,500 and 150,000 shares issued and outstanding, liquidation preference of $1,275,000 and $1,500,000, respectively -- -- Common stock, $0.001 par value, 100,000,000 shares authorized, 25,578,350 and 19,257,304 issued, respectively 26 19 Additional paid-in capital 42,151 36,395 Accumulated deficit (35,004) (31,640) Less: Treasury stock (1,408) (1,408) -------- -------- Total shareholders' equity 5,765 3,366 -------- -------- Total Liabilities and Shareholders' Equity $18,732 $12,460 ======== ======== CONTACT: iLinc Communications Inc., Phoenix James M. Powers, Jr. or John S. Hodgson, 602-952-1200 -----END PRIVACY-ENHANCED MESSAGE-----