-----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, OCnK9V6CYx1gmxXbDqFOSHHeVoSnpq3LGNbVlWtn6U8ojlntkfQw+dAUnJOmAG0o sW5uUjsJHQnAlPAVSbUzew== 0001144204-05-009648.txt : 20050331 0001144204-05-009648.hdr.sgml : 20050331 20050331151038 ACCESSION NUMBER: 0001144204-05-009648 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050331 DATE AS OF CHANGE: 20050331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOAMERICA INC CENTRAL INDEX KEY: 0001101268 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 223693371 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29359 FILM NUMBER: 05719620 BUSINESS ADDRESS: STREET 1: C/O GOAMERICA, INC. STREET 2: 433 HACKENSACK AVENUE CITY: HACKENSACK STATE: NJ ZIP: 07601 BUSINESS PHONE: 2019961717 MAIL ADDRESS: STREET 1: C/O GOAMERICA STREET 2: 401 HACKENSACK AVENUE CITY: HACKENSACK STATE: NJ ZIP: 07601 8-K 1 v015485_8k.txt 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): March 31, 2005 GOAMERICA, INC. (Exact Name of Registrant as Specified in Charter) Delaware 0-29359 22-3693371 - ---------------------------- ---------------------- -------------------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 433 HACKENSACK AVENUE, HACKENSACK NJ 07601 ------------------------------------ ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (201) 996-1717 ITEM 2.02. Results of Operations and Financial Condition. On March 31, 2005, GoAmerica, Inc. (the "Company") issued a press release relating to its earnings for the quarter and fiscal year ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1. ITEM 9.01. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release of GoAmerica, Inc., dated March 31, 2005. 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. GOAMERICA, INC. By: /s/ Daniel R. Luis ------------------------------- Daniel R. Luis Chief Executive Officer Dated: March 31, 2005 Exhibit Index Exhibit No. Description 99.1 Press Release of GoAmerica, Inc., dated March 31, 2005. EX-99.1 2 v015485_ex99-1.txt Exhibit 99.1 [GoAmerica letterhead] CONTACT: Investor Relations 201-996-1717 investors@goamerica.com GOAMERICA ANNOUNCES FOURTH QUARTER 2004 AND YEAR END RESULTS Stabilizing Revenue and Declining Losses Move Company Toward Profitability HACKENSACK, NJ, -- March 31, 2005 -- GoAmerica, Inc. (NASDAQ: GOAM) today announced results for the fourth quarter and year ended December 31, 2004. Total revenue for the three months ended December 31, 2004 was approximately $1.3 million, compared to total revenue in the previous quarter of approximately $1.4 million and total revenue of approximately $2.3 million in the fourth quarter of 2003. Net loss for the fourth quarter was approximately $700,000, or $0.35 per diluted common share, compared with a net loss of $1.2 million, or $0.61 per diluted common share, during the previous quarter, and a net loss of $1.4 million, or $1.98 per diluted common share, during the fourth quarter of 2003. As of December 31, 2004, GoAmerica had approximately $7.7 million in cash and cash equivalents, including $600,000 in restricted cash, compared to $8.7 million as of September 30, 2004 and $568,000 as of December 31, 2003. The Company believes that it has sufficient funds to execute its business plan, which focuses on providing differentiated communication services to people with hearing loss. "The overall health of our business improved significantly during 2004," said Dan Luis, GoAmerica's CEO. "More recently, the stabilization of our revenue base, aided by the introduction of new products, improves the Company's prospects of achieving profitability in 2005." Summary of recent activities: o Global Interactive Acquisition - On December 1, 2004, the Company acquired certain assets from Global Interactive, an established provider of wireless products, services and accessories. This acquisition has increased the wireless products and services available for sale and has expanded the Company's distribution opportunities. o New Internet Relay Service Available - On March 24, 2005 the Company launched its i711.comTM Internet relay service designed for people who are deaf or hard of hearing. The new service differentiates its core, Internet relay service with unique call management features and exclusive community content. o Marketing Alliance with EPIC - On March 31, 2005 the company announced a marketing alliance with EPIC, the nation's largest coalition of hearing healthcare physicians and audiologists. GoAmerica and EPIC will develop pre-packaged, wireless product and service bundles designed to simplify cell phone purchasing decisions for Americans with hearing loss. Additionally, the Company reported that subject to its capital constraints, it continues to evaluate additional alliances and acquisitions that will increase the scale and scope of the business. About GoAmerica GoAmerica provides a wide range of wireless, relay and prepaid communications services, customized for people who are deaf, hard of hearing or speech impaired. The Company's vision is to improve the quality of life of its customers by being their premier provider of innovative communication services. For more information on the Company or its services, visit www.goamerica.com or contact GoAmerica directly at TTY 201-527-1520, voice 201-996-1717 or via Internet relay by visiting www.i711.com. The statements contained in this news release that are not based on historical fact are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "estimate", "anticipate", "continue", or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve risks and uncertainties, including, but not limited to: (i) our limited operating history; (ii) our ability to successfully manage our strategic alliance with EarthLink; (iii) our dependence on EarthLink to provide billing, customer and technical support to certain of our subscribers; (iv) our ability to respond to the rapid technological change of the wireless data industry and offer new services; (v) our dependence on wireless carrier networks; (vi) our ability to respond to increased competition in the wireless data industry; (vii) our ability to integrate acquired businesses and technologies; (viii) our ability to generate revenue growth; (ix) our ability to increase or maintain gross margins, profitability, liquidity and capital resources; and (x) our ability to manage our remaining operations; and (xi) difficulties inherent in predicting the outcome of regulatory processes. Such risks and others are more fully described in the Risk Factors set forth in our filings with the Securities and Exchange Commission. Our actual results could differ materially from the results expressed in, or implied by, such forward-looking statements. Each reference in this news release to "GoAmerica", the "Company" or "We", or any variation thereof, is a reference to GoAmerica, Inc. and its subsidiaries. "GoAmerica" and "WyndTell" are registered trademarks of GoAmerica. "i711", "i711.com", and Clear Mobile are trademarks, and "Relay and Beyond" is a service mark of GoAmerica. Other names may be trademarks of their respective owners. GOAMERICA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
December 31, December 31, 2004 2003 Assets Current assets: Cash and cash equivalents ......................... $ 7,098 $ 568 Accounts receivable, net .......................... 1,530 1,737 Other receivables ................................. 732 534 Merchandise inventories ........................... 123 213 Prepaid expenses and other current assets ......... 219 115 ------------ ------------ Total current assets ................................... 9,702 3,167 Other assets ........................................... 8,284 9,798 ------------ ------------ Total assets ........................................... $ $ 12,965 ============ ============ 17,986 Liabilities and stockholders' equity Current liabilities: Accounts payable .................................. $ 348 $ 1,472 Accrued expenses .................................. 538 3,040 Bridge note payable, net .......................... -- 625 Deferred revenue .................................. 285 673 Other current liabilities ......................... 1 13 ------------ ------------ Total current liabilities .............................. 1,172 5,823 Stockholders' equity ................................... 16,814 7,142 ------------ ------------ $ 17,986 $ 12,965 ============ ============
GOAMERICA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
Three Months Ended December 31, Year Ended December 31, 2004 2003 2004 2003 Revenues: (Unaudited) (Unaudited) Subscriber .................................................. $ 992 $ 2,111 $ 5,588 $ 10,108 Equipment ................................................... 25 125 181 1,042 Other ....................................................... 290 85 453 728 ----------- ----------- ----------- ----------- 1,307 2,321 6,222 11,878 Costs and expenses: Cost of subscriber airtime, net ............................. 422 364 2,539 2,669 Cost of network operations .................................. 153 167 733 1,828 Cost of equipment revenue ................................... 111 129 260 1,152 Cost of other revenue ....................................... 145 -- 201 -- Sales and marketing, net .................................... 54 204 597 1,072 General and administrative .................................. 1,575 2,025 5,625 9,617 Research and development .................................... 73 93 507 1,209 Depreciation and amortization ............................... 140 366 804 1,912 Amortization of other intangibles ........................... 148 288 682 1,081 Impairment of goodwill ...................................... -- -- -- 193 Impairment of long-lived assets ............................. -- 150 -- 1,202 ----------- ----------- ----------- ----------- 2,821 3,786 11,948 21,935 ----------- ----------- ----------- ----------- Loss from operations ............................................. (1,514) (1,465) (5,726) (10,057) Other income (expense): Gain on sale of subscribers ...................................... -- -- -- 1,756 Settlement gains (losses), net................t .................. 13 85 1,494 85 Interest income (expense), net ................................... 47 (262) (944) (275) ----------- ----------- ----------- ----------- Total other income (expense), net ................................ 60 (177) 550 1,566 ----------- ----------- ----------- ----------- Net loss before benefit from income taxes ........................ (1,454) (1,642) (5,176) (8,491) Income tax benefit ............................................... 732 284 732 284 ----------- ----------- ----------- ----------- Net loss ......................................................... $ (722) $ (1,358) $ (4,444) $ (8,207) =========== =========== =========== =========== Basic net loss per share ......................................... $ (0.35) $ (1.98) $ (2.49) $ (12.10) =========== =========== =========== =========== Diluted net loss per share ....................................... $ (0.35) $ (1.98) $ (2.49) $ (12.10) =========== =========== =========== =========== Weighted average shares used in computation of basic net loss per share ...................................................... 2,044,548 681,646 1,785,403 678,240 Weighted average shares used in computation of diluted net loss per share ...................................................... 2,044,548 681,646 1,785,403 678,240
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