EX-99.1 2 0002.txt EXHIBIT 99.1 Exhibit 99.1 PART I - FINANCIAL INFORMATION ------------------------------- ITEM 1 NEWSEDGE CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) PROFORMA DECEMBER 31, JUNE 30, JUNE 30, 1999 2000 CHANGE -A) 2000 --------------------------------------------------------------------- ASSETS (UNAUDITED) (UNAUDITED) (UNAUDITED) Current assets: Cash and cash equivalents $ 20,278 $ 20,004 $ 20,004 Accounts receivable 11,280 12,720 12,720 Due from WinStar - 3,000 2,000 5,000 Prepaid expenses and deposits 5,132 6,433 6,433 ---------------------------------------------------------------------- Total current assets 36,690 42,157 2,000 44,157 ---------------------------------------------------------------------- Property and equipment, net 9,398 7,732 7,732 ---------------------------------------------------------------------- Other assets 1,766 1,124 1,124 ---------------------------------------------------------------------- Total assets $ 47,854 $ 51,013 2,000 $ 53,013 ====================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,869 $ 4,313 $ 4,313 Accrued expenses 14,837 16,502 90 16,592 Deferred revenue, current 23,010 27,348 27,348 Current portion of long-term obligations 303 74 74 ----------------------------------------------------------------------- Total current liabilities 41,109 48,237 90 48,327 ----------------------------------------------------------------------- Deferred revenue, noncurrent 124 222 222 ----------------------------------------------------------------------- Stockholders' equity: Common stock 181 182 182 Additional paid-in capital 130,136 130,783 130,783 Cumulative translation adjustment (58) (87) (87) Accumulated deficit (120,822) (125,598) 1,910 (123,688) Treasury stock, at cost; 432,000 shares at December 31, 1999 and June 30, 2000, respectively (2,726) (2,726) (2,726) ----------------------------------------------------------------------- Total stockholders' equity 6,711 2,554 1,910 4,464 ----------------------------------------------------------------------- Total liabilities & stockholders' equity $ 47,854 $ 51,013 $ 2,000 $ 53,013 =======================================================================
(a - Executed Amendment to NewsEdge Corporation's sale of Individual.com, Inc. to Winstar provides a $2,000,000 receivable from Winstar to be paid as $1 million on both 12/26/00 and 2/28/01, $1,910,000 present value discounted gain on sale, and $90,000 of deferred Interest on sale