-----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, QAgoQpvbVf+P/4NahKCHL4GDv6aJfh8bic60Da+1KMlDHcQUhxKdRyNYWG9Jo1ET hiaXIeMA/bF/Thx0ptBoCw== 0000800458-04-000004.txt : 20040213 0000800458-04-000004.hdr.sgml : 20040213 20040212174900 ACCESSION NUMBER: 0000800458-04-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RENTRAK CORP CENTRAL INDEX KEY: 0000800458 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE DISTRIBUTION [7822] IRS NUMBER: 930780536 STATE OF INCORPORATION: OR FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15159 FILM NUMBER: 04593203 BUSINESS ADDRESS: STREET 1: ONE AIRPORT CTR STREET 2: 7700 N E AMBASSADOR PL CITY: PORTLAND STATE: OR ZIP: 97220 BUSINESS PHONE: 5032847581 MAIL ADDRESS: STREET 1: 7700 NE AMBASSADOR PL CITY: PORTLAND STATE: OR ZIP: 97220 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL VIDEO INC DATE OF NAME CHANGE: 19881004 8-K 1 rentform8k.txt FORM 8-K 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): February 12, 2004 --------------- RENTRAK CORPORATION (Exact name of registrant as specified in charter) Oregon (State or other jurisdiction of incorporation) 0-15159 (SEC File Number) 93-0780536 (IRS Employer Identification No.) One Airport Center 7700 N.E. Ambassador Place Portland, Oregon 97220 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 284-7581 Item 12. Results of Operations and Financial Condition. On February 12, 2004, the Company issued a press release announcing its financial results for the third fiscal quarter ended December 31, 2003. This discussion, as well as the press release furnished as Exhibit 99.1 to this report, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference in any filing under the Securities Act of 1933. Exhibits 99.1 Press release dated February 12, 2004, with respect to the Company's financial results for the quarter ended December 31, 2003. SIGNATURES 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 thereunto duly authorized. RENTRAK CORPORATION Dated: February 12, 2004 By: ----------------------------- Mark L. Thoenes Chief Financial Officer EX-99 3 ex99_1.txt PRESS RELEASE AND FINANCIAL TABLES FOR RELEASE AT 4:00pm EDT Contacts: Paul Rosenbaum Investors Rentrak Corporation PondelWilkinson Parham Chairman & CEO Ron Parham 503-284-7581 503-924-1186 exitpoll@aol.com rparham@pondel.com RENTRAK REPORTS FISCAL 2004 THIRD QUARTER EARNINGS OF $0.08 PER SHARE vs. YEAR-AGO LOSS OF $(0.04) PER SHARE PORTLAND, Ore. (February 12, 2004)--Rentrak Corp. (Nasdaq:RENT) today announced significantly improved financial results for its third fiscal quarter ended December 31, 2003. Consolidated net income totaled $792,500, or $0.08 per share, for the third quarter of fiscal 2004, compared with consolidated net loss of $374,600, or $(0.04) per share, for the comparable quarter of fiscal 2003. Income from continuing operations for the third fiscal quarter totaled $921,200, or $0.09 per share, compared with a loss from continuing operations of $299,200, or $(0.03) per share, in the third quarter of fiscal 2003. Consolidated revenues in the quarter totaled $19.4 million and were generated entirely from the company's continuing entertainment operations, which include video and game revenue-sharing and incremental revenues from the company's new Box Office Essentials(TM), Supply-Chain Essentials(TM) and Business Intelligence Essentials(TM) services. Consolidated revenues of $21.3 million in the year-ago quarter consisted of $15.5 million from entertainment operations and $5.8 million, excluding intercompany activities, from the company's former third-party fulfillment subsidiary, 3PF, Inc. Rentrak Chairman and Chief Executive Officer Paul Rosenbaum commented, "We're very pleased with our third quarter financial performance. Our entertainment business recorded its first revenue growth in three quarters, thanks to our new combined VHS/DVD revenue-sharing programs. These agreements, and the increasing possibility that additional studios will begin to offer DVD revenue-sharing in the future, should result in positive year-over-year revenue comparisons through fiscal 2005." "The cash flow generated by our revenue-sharing services continues to fund the development of our expanding portfolio of business intelligence services. Among other developments in the third quarter, we saw Box Office Essentials(TM) add four studio customers - MGM Studios, New Line Cinemas, Paramount Pictures and Universal Pictures. In addition, Sony Pictures recently became our newest Box Office Essentials customer, bringing the total number of 1 studio customers to 21. In just one year we have completed a near-clean sweep of the major domestic studio market." The 25 percent increase in entertainment revenues, to $19.4 million from $15.5 million, was driven primarily by the company's combined VHS/DVD revenue-sharing programs with Warner Home Video, MGM Home Entertainment and Twentieth Century Fox Home Entertainment. The Warner Home Video program was announced in August 2003 and fully implemented during the third fiscal quarter. Other entertainment revenues grew to $2.1 million during the third fiscal quarter, compared with $644,000 in the comparable period, reflecting increased revenues from the company's new business intelligence services and a doubling of revenue from the company's data collection, auditing and reporting services in support of studio-direct revenue-sharing agreements with major video retailers. The company's continuing entertainment operations generated income of $582,000, or $0.06 per share, compared with a net loss of $118,100, or $(0.01) per share in the third quarter of fiscal 2003. In addition, continued wind-down activities at the company's former fulfillment subsidiary resulted in income of $339,200, or $0.03 per share, during the current quarter, including a recovery of $403,000, net of tax, related to settlement of a lease obligation. In last year's third fiscal quarter, the company's fulfillment subsidiary incurred a loss of $181,100, or $(0.02) per share. The company's entertainment discontinued operations recorded a loss of $128,600, net of tax, or $(0.01) per share, in the current quarter, representing a reserve against substantially all of the balance of the note receivable relating to the sale of a portion of the company's former Blow-Out Video Store operation, as to which the purchaser is in default. The company's balance sheet remained solid at December 31, 2003, with zero debt and $6.9 million in cash. The $2.9 million reduction in cash from September 30, 2003 is primarily related to terms of various combined VHS/DVD revenue-sharing agreements and reflects differences in the timing of Rentrak's collection of revenue-sharing funds from video retailers and the company's remittance of the portion of those funds owed to program suppliers. However, despite this effect upon working capital, management remains confident that the company has sufficient funds and cash flow to support the growth it plans in existing entertainment operations and continued investment in the development of new business intelligence services. Mr. Rosenbaum concluded, "These quarterly results reflect our continued investment in new services and the growing recognition of Rentrak's leadership role in developing state-of-the art systems for the aggregation of consumption data. Our expertise in collecting and analyzing massive amounts of data and turning it into timely, actionable information is allowing us to pursue other 2 promising markets assisting retailers and manufacturers. We believe we have substantial room for growth in the years ahead." Business Outlook - ---------------- The company continues to experience great change, pursuing rapid expansion of recently launched services and investing in the development and launch of several new services. In addition, a number of dynamics currently at play in the movie rental industry could have a direct impact, favorable or unfavorable, on the company's core revenue-sharing business. The timing and magnitude of the impacts from these dynamics, together with the timing of the launch and pace of expansion in the company's new business initiatives, are difficult to predict, but management believes there is significant promise in the new markets it has preliminarily sized. Based on current customer agreements and titles scheduled for release under revenue-sharing terms, the company expects fiscal fourth quarter revenue-sharing revenues to grow by between 15 and 20 percent compared with the fourth quarter of fiscal 2003, and to produce the necessary cash flow to enable the company to continue investing in new business intelligence services. Management currently expects fourth quarter earnings of between approximately $0.6 and $0.8 million, or $0.06 and $0.08 per share. Conference Call - --------------- Rentrak has scheduled a conference call for 2 p.m. (PST), February 12, 2004 to discuss the company's financial performance. Shareowners, members of the media and other interested parties may participate in the call by dialing 1-800-901-5218, or 1-617-786-4511 for international callers and entering passcode 70096382. This call is being webcast by CCBN and can be accessed at Rentrak's web site at www.rentrak.com where it will be archived through February 11, 2005. The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com). A telephone replay of the call will be available through February 19, 2004 by dialing 888-286-8010 from the U.S. and Canada, or 617-801-6888 from international locations and entering passcode 52451785. 3 About Rentrak Corporation - ------------------------- Rentrak Corporation, based in Portland, Oregon, is the developer of the Essentials(TM) suite of web-based information management and business intelligence products used by clients in the media, entertainment, retail and manufacturing industries. Vertical market editions of Essentials(TM) applications are customizable to the needs of each licensee, allowing marketers to collect, manage, analyze and make critical business decisions based on detailed, real-time point-of-sale and supply chain data. The Essentials(TM) suite of services offers competitive advantages to executives in selected industries by providing timely and actionable insight into their own company's performance in tandem with valuable perspective against aggregated industry-wide data. For further information, please visit Rentrak's corporate Web site at http://www.rentrak.com. Safe Harbor Statement - --------------------- When used in this discussion, the words "anticipates," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Such statements relate to, among other things, the revenues and results of operations for the company's PPT(R) and business intelligence services and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could affect Rentrak's financial results include customer and consumer demand for movies in various media formats subject to company guarantees, the company's ability to attract new revenue-sharing customers, the company's ability to successfully develop and market new services to create new revenue streams, and Rentrak's customers continuing to comply with the terms of their agreements. Additional factors that could affect Rentrak's financial results are described in Rentrak's March 31, 2003 annual report on Form 10-K and subsequent quarterly reports, filed with the Securities and Exchange Commission. Results of operations in any past period should not be considered indicative of the results to be expected for future periods. Business outlook statements are based on current expectations. These statements are forward-looking, subject to risks and uncertainties, and actual results may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The inclusion of any statement in this release does not constitute a suggestion by the company or any other person that the events or circumstances described in such statements are material. The company does not undertake to publicly update or revise these forward-looking statements even if future experience or events make it clear that any projected results expressed or implied in this release will not be realized. # # # (Financial Tables Follow) 4 RENTRAK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS
(UNAUDITED) December 31, March 31, 2003 2003(1) ------------------------------------------------- CURRENT ASSETS: Cash and cash equivalents $ 6,923,650 $ 10,063,541 Accounts receivable, net of allowance for doubtful accounts of $706,966 and $748,139 11,476,629 9,910,532 Advances to program suppliers 1,685,687 418,101 Income tax receivable 142,803 81,085 Deferred tax asset 3,375,367 2,796,908 Other current assets 1,504,563 2,226,287 ------------------------------------------------- Total current assets 25,108,699 25,496,454 PROPERTY AND EQUIPMENT, net 2,324,778 2,404,763 DEFERRED TAX ASSET 919,392 894,083 OTHER ASSETS 1,022,813 1,931,133 ------------------------------------------------- TOTAL ASSETS $ 29,375,682 $ 30,726,433 ================================================= (1) Derived from Rentrak's audited consolidated financial statement as of March 31, 2003 The accompanying notes are an integral part of these consolidated balance sheets.
RENTRAK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY
(UNAUDITED) December 31, March 31, 2003 2003(1) ---------------------------------------------- CURRENT LIABILITIES: Accounts payable $ 11,266,909 $ 12,710,999 Accrued liabilities 772,276 1,143,785 Accrued compensation 523,501 610,022 Deferred revenue 316,956 156,692 ---------------------------------------------- Total current liabilities 12,879,642 14,621,498 ---------------------------------------------- LONG-TERM LIABILITIES: Lease obligations, deferred gain and customer deposits 349,735 668,039 ---------------------------------------------- Total long-term liabilities 349,735 668,039 ---------------------------------------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value; Authorized: 10,000,000 shares, none issued - - Common stock, $.001 par value; Authorized: 30,000,000 shares Issued and outstanding: 9,700,020 shares at December 31, 2003 and 9,471,612 at March 31, 2003 9,700 9,472 Capital in excess of par value 40,838,794 39,655,212 Accumulated other comprehensive income 180,879 180,879 Accumulated deficit (24,883,068) (24,408,667) ---------------------------------------------- 16,146,305 15,436,896 ---------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,375,682 $ 30,726,433 ============================================== (1) Derived from Rentrak's audited consolidated financial statement as of March 31, 2003 The accompanying notes are an integral part of these consolidated balance sheets.
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended December 31, 2003 2002 ------------------------------------------------- REVENUES $ 19,402,730 $ 21,279,830 ------------------------------------------------- OPERATING COSTS AND EXPENSES: Cost of sales 13,995,528 18,030,371 Selling, general, and administrative 3,960,758 3,743,390 ------------------------------------------------- 17,956,286 21,773,761 ------------------------------------------------- INCOME (LOSS) FROM OPERATIONS 1,446,444 (493,931) ------------------------------------------------- OTHER INCOME (EXPENSE): Interest income 41,025 11,354 Interest expense (2,415) - ------------------------------------------------- 38,610 11,354 ------------------------------------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION (BENEFIT) 1,485,054 (482,577) INCOME TAX PROVISION (BENEFIT) 563,880 (183,382) ------------------------------------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS 921,174 (299,195) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $78,850 AND $46,193 (128,649) (75,369) ------------------------------------------------- NET INCOME (LOSS) $ 792,525 $ (374,564) ================================================= NET INCOME (LOSS) PER SHARE: Basic: Continuing operations $ 0.09 $ (0.03) Discontinued operations (0.01) (0.01) ------------------------------------------------- Total $ 0.08 $ (0.04) ================================================= Diluted: Continuing operations $ 0.09 $ (0.03) Discontinued operations (0.01) (0.01) ------------------------------------------------- Total $ 0.08 $ (0.04) ================================================= The accompanying notes are an integral part of these consolidated statements.
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Nine Months Ended December 31, 2003 2002 ------------------------------------------------ REVENUES $ 52,362,037 $ 64,481,753 ------------------------------------------------ OPERATING COSTS AND EXPENSES: Cost of sales 40,358,628 53,330,943 Selling, general, and administrative 12,714,726 11,299,645 Net gain from litigation settlement - (361,847) ------------------------------------------------ 53,073,354 64,268,741 ------------------------------------------------ INCOME (LOSS) FROM OPERATIONS (711,317) 213,012 ------------------------------------------------ OTHER INCOME (EXPENSE): Interest income 163,892 82,854 Interest expense (10,240) - ------------------------------------------------ 153,652 82,854 ------------------------------------------------ INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION (BENEFIT) (557,665) 295,866 INCOME TAX PROVISION (BENEFIT) (211,913) 112,429 ------------------------------------------------ INCOME (LOSS) FROM CONTINUING OPERATIONS (345,752) 183,437 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $78,850 AND $304,367 (128,649) (496,599) ------------------------------------------------ NET LOSS $ (474,401) $ (313,162) ================================================ NET INCOME (LOSS) PER SHARE: Basic: Continuing operations $ (0.04) $ 0.02 Discontinued operations (0.01) (0.05) ------------------------------------------------ Total $ (0.05) $ (0.03) ================================================ Diluted: Continuing operations $ (0.04) $ 0.02 Discontinued operations (0.01) (0.05) ------------------------------------------------ Total $ (0.05) $ (0.03) ================================================ The accompanying notes are an integral part of these consolidated statements.
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended December 31, 2003 ENTERTAINMENT FULFILLMENT TOTAL ------------------------ --------------------- ----------------------- REVENUES $ 19,402,730 $ - $ 19,402,730 ------------------------ --------------------- ----------------------- OPERATING COSTS AND EXPENSES: Cost of sales 14,523,959 (528,431) 13,995,528 Selling, general, and administrative 3,963,183 (2,425) 3,960,758 ------------------------ --------------------- ----------------------- 18,487,142 (530,856) 17,956,286 ------------------------ --------------------- ----------------------- INCOME FROM OPERATIONS 915,588 530,856 1,446,444 ------------------------ --------------------- ----------------------- OTHER INCOME (EXPENSE): Interest income 24,762 16,263 41,025 Interest expense (1,647) (768) (2,415) ------------------------ --------------------- ----------------------- 23,115 15,495 38,610 ------------------------ --------------------- ----------------------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION 938,703 546,351 1,485,054 INCOME TAX PROVISION 356,707 207,173 563,880 ------------------------ --------------------- ----------------------- INCOME FROM CONTINUING OPERATIONS 581,996 339,178 921,174 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $78,850 (128,649) - (128,649) ------------------------ --------------------- ----------------------- NET INCOME $ 453,347 $ 339,178 $ 792,525 ======================== ===================== ======================= NET INCOME PER SHARE: Basic: Continuing operations $ 0.06 $ 0.03 $ 0.09 Discontinued operations (0.01) - 0.01) ------------------------ --------------------- ----------------------- Total $ 0.05 $ 0.03 $ 0.08 ======================== ===================== ======================= Diluted: Continuing operations $ 0.06 $ 0.03 $ 0.09 Discontinued operations (0.01) - 0.01) ------------------------ --------------------- ---------------------- Total $ 0.05 $ 0.03 $ 0.08 ======================== ===================== =======================
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended December 31, 2002 ENTERTAINMENT FULFILLMENT TOTAL ------------------------ --------------------- ----------------------- REVENUES $ 15,499,116 $ 6,314,907 (1) $ 21,279,830 ------------------------ --------------------- ----------------------- OPERATING COSTS AND EXPENSES: Cost of sales 12,438,302(1) 6,126,262 18,030,371 Selling, general, and administrative 3,262,644 480,746 3,743,390 ------------------------ --------------------- ----------------------- 15,700,946 6,607,008 21,773,761 ------------------------ --------------------- ----------------------- LOSS FROM OPERATIONS (201,830) (292,101) (493,931) ------------------------ --------------------- ----------------------- OTHER INCOME (EXPENSE): Interest income 11,354 - 11,354 ------------------------ --------------------- ----------------------- 11,354 - 11,354 ------------------------ --------------------- ----------------------- LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX BENEFIT (190,476) (292,101) (482,577) INCOME TAX BENEFIT (72,383) (110,999) (183,382) ------------------------ --------------------- ----------------------- LOSS FROM CONTINUING OPERATIONS (118,093) (181,102) (299,195) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $46,193 (75,369) - (75,369) ------------------------ --------------------- ----------------------- NET LOSS $ (193,462) $ (181,102) $ (374,564) ======================== ===================== ======================= NET LOSS PER SHARE: Basic: Continuing operations $ (0.01) $ (0.02) $ (0.03) Discontinued operations (0.01) - (0.01) ------------------------ --------------------- ----------------------- Total $ (0.02) $ (0.02) $ (0.04) ======================== ===================== ======================= Diluted: Continuing operations $ (0.01) $ (0.02) $ (0.03) Discontinued operations (0.01) - (0.01) ------------------------ --------------------- ----------------------- Total $ (0.02) $ (0.02) $ (0.04) ======================== ===================== ======================= (1) - Includes Intercompany transactions of $534,193, which are eliminated in consolidated total amounts.
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Nine Months Ended December 31, 2002 ENTERTAINMENT FULFILLMENT TOTAL ------------------------- -------------------- ---------------------- REVENUES $ 47,737,738 $ 5,154,443(1) $ 52,362,037 ------------------------- -------------------- ---------------------- OPERATING COSTS AND EXPENSES: Cost of sales 35,164,170(1) 5,724,602 40,358,628 Selling, general, and administrative 11,976,556 738,170 12,714,726 ------------------------- -------------------- -------------------------- 47,140,726 6,462,772 53,073,354 ------------------------- -------------------- ---------------------- INCOME (LOSS) FROM OPERATIONS 597,012 (1,308,329) (711,317) ------------------------- -------------------- ---------------------- OTHER INCOME (EXPENSE): Interest income 76,465 87,427 163,892 Interest expense (5,076) (5,164) (10,240) ------------------------- -------------------- ---------------------- 71,389 82,263 153,652 ------------------------- -------------------- ---------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION (BENEFIT) 668,401 (1,226,066) (557,665) INCOME TAX PROVISION (BENEFIT) 253,992 (465,905) (211,913) ------------------------- -------------------- ---------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS 414,409 (760,161) (345,752) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $78,850 (128,649) - (128,649) ------------------------- -------------------- ---------------------- NET INCOME (LOSS) $ 285,760 $ (760,161) $ (474,401) ========================= ==================== ====================== NET INCOME (LOSS) PER SHARE: Basic: Continuing operations $ 0.04 $ (0.08) $ (0.04) Discontinued operations (0.01) - 0.01) ------------------------- -------------------- ---------------------- Total $ 0.03 $ (0.08) $ (0.05) ========================= ==================== ====================== Diluted: Continuing operations $ 0.04 $ (0.08) $ (0.04) Discontinued operations 0.01) - 0.01) ------------------------- -------------------- ---------------------- Total $ 0.03 $ (0.08) $ (0.05) ========================= ==================== ====================== (1)- Includes Intercompany transactions of $530,144, which are eliminated in consolidated total amounts.
RENTRAK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Nine Months Ended December 31, 2002 ENTERTAINMENT FULFILLMENT TOTAL -------------------------- -------------------- ------------------------- REVENUES $ 53,315,821 $ 12,786,135 (1) $ 64,481,753 -------------------------- -------------------- ------------------------- OPERATING COSTS AND EXPENSES: Cost of sales 41,764,674(1) 13,186,472 53,330,943 Selling, general, and administrative 9,500,216 1,799,429 11,299,645 Net gain from litigation settlement (361,847) - (361,847) -------------------------- -------------------- ------------------------- 50,903,043 14,985,901 64,268,741 -------------------------- -------------------- ------------------------- INCOME (LOSS) FROM OPERATIONS 2,412,778 (2,199,766) 213,012 -------------------------- -------------------- ------------------------- OTHER INCOME (EXPENSE): Interest income 82,854 - 82,854 Interest expense - - - -------------------------- -------------------- ------------------------- 82,854 - 82,854 -------------------------- -------------------- ------------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION (BENEFIT) 2,495,632 (2,199,766) 295,866 INCOME TAX PROVISION (BENEFIT) 948,341 (835,912) 112,429 -------------------------- -------------------- ------------------------- INCOME (LOSS) FROM CONTINUING OPERATIONS 1,547,291 (1,363,854) 183,437 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT OF $304,367 (496,599) - (496,599) -------------------------- -------------------- ------------------------- NET INCOME (LOSS) $ 1,050,692 $ (1,363,854) $ (313,162) ========================== ==================== ========================= NET INCOME (LOSS) PER SHARE: Basic: Continuing operations $ 0.16 $ (0.14) $ 0.02 Discontinued operations (0.05) - (0.05) -------------------------- -------------------- ------------------------- Total $ 0.11 $ (0.14) $ (0.03) ========================== ==================== ========================= Diluted: Continuing operations $ 0.16 $ (0.14) $ 0.02 Discontinued operations (0.05) - (0.05 -------------------------- -------------------- ------------------------- Total $ 0.11 $ (0.14) $ (0.03) ========================== ==================== ========================= (1) - Includes Intercompany transactions of $1,620,203, which are eliminated in consolidated total amounts.
-----END PRIVACY-ENHANCED MESSAGE-----