EX-99.1 2 0002.txt PRO FORMA BALANCE SHEET EXHIBIT 99.1 ------------ NEWSEDGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
PROFORMA DECEMBER 31, JUNE 30, JUNE 30, 1999 2000 CHANGE 2000 ---------------------------------------------------------------------------- ASSETS (UNAUDITED) UNAUDITED) Current assets: Cash and cash equivalents $ 20,278 $ 20,004 $ 1,845 21,849 b) Accounts receivable 11,280 12,720 12,720 Due from WinStar - 3,000 2,000 5,000 a) Prepaid expenses and deposits 5,132 6,433 6,433 --------- --------- -------- -------- Total current assets 36,690 42,157 3,845 46,002 --------- --------- -------- -------- Property and equipment, net 9,398 7,732 7,732 --------- --------- -------- -------- Other assets 1,766 1,124 1,124 --------- --------- -------- -------- Total assets $ 47,854 $ 51,013 $ 3,845 $ 54,858 ========= ========= ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,869 $ 4,313 $ 4,313 Accrued expenses 14,837 16,502 180 16,682 a)&b) Deferred revenue, current 23,010 27,348 27,348 Current portion of long-term obligations 303 74 74 --------- --------- -------- -------- Total current liabilities 41,109 48,237 180 48,417 --------- --------- -------- -------- Deferred revenue, noncurrent 124 222 222 --------- --------- -------- -------- Stockholders' equity: Common stock 181 182 18 200 b) Additional paid-in capital 130,136 130,783 1,737 132,520 b) Cumulative translation adjustment (58) (87) (87) Accumulated deficit (120,822) (125,598) 1,910 (123,688) a) 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 3,665 6,219 --------- --------- -------- -------- Total liabilities & stockholders' equity $ 47,854 $ 51,013 $ 3,845 $ 54,858 ========= ========= ======== ========
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 Gain on sale b) - Increase reflects the issuance and purchase of private placement common stock and common stock warrants of cash amounting to $1,845,000 and $90,000 of deal related costs.