EX-99.1 3 b49547a1exv99w1.htm EX-99.1 REV. TABLES TO PRESS RELEASE DTD 01/29/04 EX-99.1 REV. TABLES TO PRESS RELEASE DTD 01/29/04
 

Exhibit 99.1

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Three Months Ended December 31, 2003   Three Months Ended December 31, 2002
       
 
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 30,011     $ —     $ 30,011     $ 18,847     $ (77 )   $ 18,770  
   
Services
     34,461       —       34,461       15,204       (96 )     15,108  
 
    
     
     
     
     
     
 
 
     64,472       —       64,472       34,051       (173 )     33,878  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     4,463       (1,463 )     3,000       3,605       (1,113 )     2,492  
   
Cost of services
     13,644       (1,055 )     12,589       7,448       (432 )     7,016  
   
Sales and marketing
     26,875       (587 )     26,288       15,851       —       15,851  
   
Research and development
     9,801       (376 )     9,425       4,767       —       4,767  
   
General and administrative
     10,995       (3,937 )     7,058       9,747       (3,530 )     6,217  
   
Merger, realignment and other charges (2)
     1,771       (1,771 )     —       4,299       (4,299 )     —  
 
    
     
     
     
     
     
 
 
     67,549       (9,189 )     58,360       45,717       (9,374 )     36,343  
 
    
     
     
     
     
     
 
Operating income (loss)
     (3,077 )     9,189       6,112       (11,666 )     9,201       (2,465 )
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     2,195       —       2,195       4,633       —       4,633  
 
Interest expense
     (119 )     —       (119 )     (6 )     —       (6 )
 
Adjustment to gain on sale of database business
     —       —       —       (3,200 )     3,200       —  
 
Impairment of long-term investments
     —       —       —       (2,187 )     2,187       —  
 
Other, net
     1,850       (1,989 )     (139 )     (986 )     623       (363 )
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     849       7,200       8,049       (13,412 )     15,211       1,799  
 
Income tax expense (benefit) (4)
     (16,494 )     18,909       2,415       (3,244 )     3,680       436  
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 17,343     $ (11,709 )   $ 5,634     $ (10,168 )   $ 11,531     $ 1,363  
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.29             $ 0.09     $ (0.17 )           $ 0.02  
 
    
             
     
             
 
   
Diluted
   $ 0.28             $ 0.09     $ (0.17 )           $ 0.02  
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     59,541               59,541       59,229               59,229  
 
    
             
     
             
 
   
Diluted
     62,115               62,115       59,229               59,396  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Three Months Ended   Three Months Ended
      December 31, 2003   December 31, 2002
     
 
 
Net income (loss), GAAP
   $ 17,343     $ (10,168 )
 
Mercator transition costs
     3,587       —  
 
Database transaction and transition costs, including merger, realignment and other costs
     200       5,113  
 
Adjustment to gain on sale of database business
     —       3,200  
 
Amortization of acquired intangibles
     2,273       1,345  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     929       2,279  
 
Litigation settlement (income) costs
     —       623  
 
Loss on long term investments
     —       2,187  
 
Content management activity, net
     —       464  
 
Income tax expense (benefit)
     (18,909 )     (3,680 )
 
    
     
 
Pro forma adjusted net income
   $ 5,634     $ 1,363  
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.

 

 

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Twelve Months Ended December 31, 2003   Twelve Months Ended December 31, 2002
       
 
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 92,550     $ —     $ 92,550     $ 59,611     $ (137 )   $ 59,474  
   
Services
     93,036       (176 )     92,860       53,407       (1,389 )     52,018  
 
    
     
     
     
     
     
 
 
     185,586       (176 )     185,410       113,018       (1,526 )     111,492  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     15,291       (4,899 )     10,392       18,350       (10,068 )     8,282  
   
Cost of services
     40,050       (1,765 )     38,285       33,089       (4,305 )     28,784  
   
Sales and marketing
     79,950       (1,416 )     78,534       73,080       (763 )     72,317  
   
Research and development
     27,515       (725 )     26,790       24,044       (3,077 )     20,967  
   
General and administrative
     30,838       (7,384 )     23,454       41,054       (15,027 )     26,027  
   
Merger, realignment and other charges (2)
     3,857       (3,857 )     —       23,669       (23,669 )     —  
   
In-process research and development
     2,000       (2,000 )     —       1,170       (1,170 )     —  
 
    
     
     
     
     
     
 
 
     199,501       (22,046 )     177,455       214,456       (58,079 )     156,377  
 
    
     
     
     
     
     
 
Operating income (loss)
     (13,915 )     21,870       7,955       (101,438 )     56,553       (44,885 )
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     11,129       —       11,129       20,194       —       20,194  
 
Interest expense
     (207 )     —       (207 )     (84 )     —       (84 )
 
Adjustment to gain on sale of database business
     —       —       —       3,040       (3,040 )     —  
 
Impairment of long-term investments
     —       —       —       (2,187 )     2,187       —  
 
Other, net
     2,502       (1,989 )     513       (929 )     (2,504 )     (3,433 )
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     (491 )     19,881       19,390       (81,404 )     53,196       (28,208 )
 
Income tax expense (benefit) (4)
     (16,296 )     22,115       5,819       (17,831 )     11,649       (6,182 )
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 15,805     $ (2,234 )   $ 13,571     $ (63,573 )   $ 41,547     $ (22,026 )
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.27             $ 0.23     $ (1.03 )           $ (0.36 )
 
    
             
     
             
 
   
Diluted
   $ 0.26             $ 0.23     $ (1.03 )           $ (0.36 )
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     58,409               58,409       61,931               61,931  
 
    
             
     
             
 
   
Diluted
     59,703               59,703       61,931               61,931  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Twelve Months Ended   Twelve Months Ended
      December 31, 2003   December 31, 2002
     
 
 
Net income (loss), GAAP
   $ 15,805     $ (63,573 )
 
Mercator transition costs
     4,956       —  
 
In-process research and development
     2,000       1,170  
 
Database transaction and transition costs, including merger, realignment and other costs
     3,111       22,916  
 
Adjustment to gain on sale of database business
     —       (3,040 )
 
Amortization of acquired intangibles
     6,446       4,628  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     1,983       14,133  
 
Asset impairment due to termination of a product line
     —       727  
 
Litigation settlement (income) costs
     1,125       (2,504 )
 
Loss on long term investments
     —       2,187  
 
Content management activity, net
     49       12,979  
 
Income tax expense (benefit)
     (22,115 )     (11,649 )
 
    
     
 
Pro forma adjusted net income (loss)
   $ 13,571     $ (22,026 )
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.

 

 

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Three Months Ended December 31, 2003           Three Months Ended September 30, 2003
       
         
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 30,011     $ —     $ 30,011     $ 22,353     $ —     $ 22,353  
   
Services
     34,461       —       34,461       23,536       —       23,536  
 
    
     
     
     
     
     
 
 
     64,472       —       64,472       45,889       —       45,889  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     4,463       (1,463 )     3,000       3,874       (1,210 )     2,664  
   
Cost of services
     13,644       (1,055 )     12,589       10,331       (213 )     10,118  
   
Sales and marketing
     26,875       (587 )     26,288       19,531       (829 )     18,702  
   
Research and development
     9,801       (376 )     9,425       6,834       (349 )     6,485  
   
General and administrative
     10,995       (3,937 )     7,058       6,472       (539 )     5,933  
   
Merger, realignment and other charges (2)
     1,771       (1,771 )     —       1,654       (1,654 )     —  
   
In-process research and development
     —       —       —       2,000       (2,000 )     —  
 
    
     
     
     
     
     
 
 
     67,549       (9,189 )     58,360       50,696       (6,794 )     43,902  
 
    
     
     
     
     
     
 
Operating income (loss)
     (3,077 )     9,189       6,112       (4,807 )     6,794       1,987  
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     2,195       —       2,195       2,719       —       2,719  
 
Interest expense
     (119 )     —       (119 )     (58 )     —       (58 )
 
Other, net
     1,850       (1,989 )     (139 )     576       —       576  
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     849       7,200       8,049       (1,570 )     6,794       5,224  
 
Income tax expense (benefit) (4)
     (16,494 )     18,909       2,415       129       1,439       1,568  
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 17,343     $ (11,709 )   $ 5,634     $ (1,699 )   $ 5,355     $ 3,656  
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.29             $ 0.09     $ (0.03 )           $ 0.06  
 
    
             
     
             
 
   
Diluted
   $ 0.28             $ 0.09     $ (0.03 )           $ 0.06  
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     59,541               59,541       58,195               58,195  
 
    
             
     
             
 
   
Diluted
     62,115               62,115       58,195               59,946  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Three Months Ended   Three Months Ended
      December 31, 2003   September 30, 2003
     
 
 
Net income (loss), GAAP
   $ 17,343     $ (1,699 )
 
Mercator transition costs
     3,587       1,369  
 
In-process research and development
     —       2,000  
 
Database transaction and transition costs, including merger, realignment and other costs
     200       816  
 
Amortization of acquired intangibles
     2,273       1,555  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     929       1,054  
 
Income tax expense (benefit)
     (18,909 )     (1,439 )
 
    
     
 
Pro forma adjusted net income
   $ 5,634     $ 3,656  
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.