-----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, SGjyIkdqHBzpTqx3FU4EM/qpelHIRLSrOG9Y+PdB2wq3qmjhCxqSdzcgC0kFcUhd 8BzpLyOHujE9oPxJyP1OMg== 0000950131-97-005392.txt : 19970912 0000950131-97-005392.hdr.sgml : 19970912 ACCESSION NUMBER: 0000950131-97-005392 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970904 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN BUSINESS INFORMATION INC /DE CENTRAL INDEX KEY: 0000879437 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-DIRECT MAIL ADVERTISING SERVICES [7331] IRS NUMBER: 470751545 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-19598 FILM NUMBER: 97675218 BUSINESS ADDRESS: STREET 1: 5711 S 86TH CIRCLE CITY: OMAHA STATE: NE ZIP: 68127 BUSINESS PHONE: 4025934500 MAIL ADDRESS: STREET 1: 5711 SOUTH 86TH CIRCLE CITY: OMAHA STATE: NE ZIP: 68127 10-Q/A 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A X Quarterly Report pursuant to Section 13 or 15(d) of the Securities - ----- Exchange Act of 1934 For the quarterly period ended March 31, 1997 or _____ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission File Number 0-19598 ------- American Business Information, Inc. - -------------------------------------------------------------------------------- (exact name of registrant specified in its charter) Delaware 47-0751545 - --------------------------------- --------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 5711 South 86th Circle, Omaha, Nebraska 68127 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (402) 593-4500 ------------------------------ (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes X No --------- --------- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 24,314,507 shares of common stock at April 18, 1997 AMERICAN BUSINESS INFORMATION, INC. INDEX American Business Information, Inc. (the "Company") hereby amends its Form 10-Q for the quarterly period ended March 31, 1997, in its entirety, for the purpose described in Note 1. "General" in the Notes to Consolidated Financial Statements on page 6.
Page No. -------- Part I - Financial Information 2 Consolidated Balance Sheets as of March 31, 1997 and December 31, 1996 3 Consolidated Statements of Operations for the three months ended March 31, 1997 and 1996 4 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 5 Notes to Consolidated Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7-11 Part II - Other Information 12 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 Index to Exhibits 15
AMERICAN BUSINESS INFORMATION, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 PART I FINANCIAL INFORMATION AND MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS as of March 31, 1997 and December 31, 1996 (In thousands, except share amounts)
ASSETS March 31, 1997 December 31, 1996 ------ -------------- ----------------- Restated Restated Current assets: Cash and cash equivalents.................................................................... $ 8,684 $ 7,497 Marketable securities........................................................................ 16,256 22,810 Trade accounts receivable, net of allowances of 1,967 and $2,724, respectively............... 46,112 29,630 Income taxes receivable...................................................................... 2,089 1,105 Prepaid expenses............................................................................. 4,893 3,761 Deferred marketing costs..................................................................... 1,017 1,263 -------- -------- Total current assets........................................................................ 79,051 66,066 Property and equipment, net................................................................... 21,360 18,886 Intangible assets, net of accumulated amortization............................................ 59,668 16,916 Deferred income taxes......................................................................... - 5,388 Other assets.................................................................................. 2,633 621 -------- -------- $162,712 $107,877 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Current liabilities: Current portion of long-term debt............................................................ $ 487 $ 708 Note payable to shareholders................................................................. 5,130 7,925 Accounts payable............................................................................. 7,978 5,520 Accrued payroll expenses..................................................................... 2,615 2,352 Accrued expenses............................................................................. 5,041 711 Deferred revenue............................................................................. 1,628 2,117 Deferred income taxes........................................................................ 769 512 -------- -------- Total current liabilities................................................................... 23,648 19,845 Long-term debt, net of current portion........................................................ 62,305 427 Deferred income taxes......................................................................... 7,174 - Commitments and contingencies Stockholders' equity: Preferred stock, $.0025 par value. Authorized 5,000,000 shares; none issued or outstanding.................................................................. - - Common stock, $.0025 par value. Authorized 25,000,000 shares, 24,479,507 shares issued and 24,314,507 shares outstanding at March 31, 1997 and 22,265,960 shares issued and 22,100,960 shares outstanding at December 31, 1996......... 61 55 Paid-in capital.............................................................................. 66,747 37,268 Retained earnings............................................................................ 5,746 52,942 Treasury stock, at cost, 165,000 shares...................................................... (2,281) (2,281) Unrealized holding loss, net of tax.......................................................... (688) (379) -------- -------- Total stockholders' equity.................................................................. 69,585 87,605 -------- -------- $162,712 $107,877 ======== ========
The accompanying notes are an integral part of the consolidated financial statements. 3 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 1997 and 1996 (In thousands, except per share amounts)
Three Months Ended March 31 ------------------ 1997 1996 ---- ---- Restated Net sales.............................................. $ 41,948 $24,785 Costs and expenses: Database and production costs......................... 12,043 6,274 Selling, general and administrative................... 17,986 10,152 Depreciation and amortization......................... 5,728 1,164 Non-recurring charges................................. 51,798 - -------- ------- 87,555 17,590 -------- ------- Operating income (loss)................................ (45,607) 7,195 Other income (expense): Investment income..................................... 550 410 Interest expense...................................... (508) (11) -------- ------- Income (loss) before income taxes...................... (45,565) 7,594 Income taxes........................................... (1,631) (2,885) -------- ------- Net income (loss)...................................... $(47,196) $ 4,709 ======== ======= Earnings per share Net income............................................. $ (2.03) $ 0.23 ======== ======= Weighted average shares outstanding.................... 23,206 20,783 ======== =======
The accompanying notes are an integral part of the consolidated financial statements. 4 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 1997 and 1996 (In thousands)
Three Months Ended March 31 ------------------- 1997 1996 ---- ---- Cash flows from operating activities: Restated Net income....................................................... $(47,196) $ 4,709 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization................................. 5,728 902 Deferred income taxes......................................... 1,963 975 Net realized (gains) losses on sale of marketable securities.. - 39 Non-recurring charges......................................... 51,798 - Changes in assets and liabilities: Trade accounts receivable...................................... (1,943) (836) Prepaid expenses............................................... (670) (1,268) Deferred marketing costs....................................... 246 (976) Accounts payable............................................... 244 (130) Income taxes payable........................................... (446) 1,386 Income taxes receivable........................................ (912) - Accrued expenses............................................... 2,598 (3,824) -------- ------- Net cash provided by operating activities.................... 11,410 977 Cash flows from investing activities: Proceeds from sale of marketable securities...................... 15,404 1,483 Purchases of marketable securities............................... (9,593) (2,337) Purchases of property and equipment.............................. (2,924) (1,972) Capitalization of software development costs..................... (885) (620) Acquisition of businesses........................................ (13,937) - Other............................................................ (2,000) 88 -------- ------- Net cash used in investing activities........................ (13,935) (3,358) Cash flows from financing activities: Repayment of long-term debt...................................... (343) (779) Proceeds from long-term debt..................................... 11,673 - Note payable to shareholders..................................... (7,925) - Proceeds from exercise of stock options.......................... 307 135 -------- ------- Net cash provided by (used in) financing activities.......... 3,712 (644) Net increase (decrease) in cash and cash equivalents............... 1,187 (3,025) Cash and cash equivalents, beginning............................... 7,497 11,999 -------- ------- Cash and cash equivalents, ending.................................. $ 8,684 $ 8,974 ======== ======= Supplemental disclosure of cash flow information: Interest paid..................................................... $ 317 $ 11 ======== ======= Income taxes paid................................................. $ 157 $ 1,236 ======== =======
The accompanying notes are an integral part of the consolidated financial statements. 5 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. General The accompanying unaudited financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contain all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial information included therein. The December 31, 1996 Consolidated Balance Sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The Company suggests that this financial data be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 1996 included in the Company's 1996 Annual Report to the Securities and Exchange Commission on Form 10-K. Results for the interim period presented are not necessarily indicative of results to be expected for the entire year. This amendment is being filed to reflect the completion of the valuation of the tangible and intangible assets acquired in the acquisition of DBA Holdings, Inc. and Subsidiaries in February 1997. The previously filed first quarter Form 10-Q had been based on estimates available at the time the first quarter results were reported. 2. Acquisitions and Non-Recurring Charges Effective February 1, 1997, the Company acquired all issued and outstanding common stock of DBA Holdings, Inc. and Subsidiaries ( operating as Database America Companies, or DBA), a leading provider of data processing and analytical services for marketing applications, and compiler of information on consumers and businesses in the United States. Total consideration for the acquisition was approximately $100 million, consisting of $60 million in cash, funded using a revolving credit facility (see note 3), and approximately 2.2 million shares of the Company's common stock. The acquisition has been accounted for as a purchase. As part of this acquisition, the Company recorded non-recurring charges totaling $51.8 million for write-offs in connection with the merger of DBA ($49.2 million) as well as other related integration and organizational restructuring costs ($2.6 million). Of this amount approximately $1.0 million was accrued at March 31, 1997, principally for severance costs to be incurred in the second and third quarter of 1997. The remaining intangibles and goodwill recorded as part of the purchase totaling approximately $47.9 million will be written off over lives ranging from 1 to 15 years. Specifically, acquired database costs of $19.0 million and purchased data processing of $9.4 million will be amortized over 1 year and 2 years, respectively. 3. Revolving Credit Agreement In February 1997, the Company entered into a $65 million Credit Facility with First Union Bank. In March 1997, the Credit Facility was increased to $75 million. The purpose of this facility was to finance a portion of the acquisition of Database America Companies (see note 2). In addition, the bank syndicate led by First Union Bank approved an additional $10 million of availability under the Credit Facility. At March 31, 1997, total borrowings under this facility were $60.0 million. Interest expense on the facility, which is based on three month LIBOR rates adjusted quarterly, was approximately $458 thousand for the quarter. 6 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General American Business Information, Inc. and its Subsidiaries, (the "Company"), provide business and consumer information to organizations engaged in business- to-business and consumer marketing through products and services derived from the Company's database. These products include customized business lists, business directories, consumer lists and other information services, such as CD- ROM directories, Online Access, Internet Access, Data Processing and Analytical Services. In addition, the Company provides business and consumer directories for home use. These directories are available in a series of CD-ROM titles, which are distributed through national and local computer software retail outlets. This discussion and analysis contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which are subject to the "safe harbor" created by that section. The Company's actual future results could differ materially from those projected in the forward-looking statements. Some factors which could cause future actual results to differ materially from the company's recent results or those projected in the forward-looking statements are described in "Factors Affecting Operating Results" below. The Company assumes no obligation to update the forward-looking statement or such factors. Results of Operations The following table sets out for the three month periods indicated, certain items from the Company's statement of operations data expressed as a percentage of net sales:
Three Months Ended March 31 1997 1996 ---- ---- Statement of Operations Data: Net sales 100% 100% Costs and expenses: Database and production costs 29 25 Selling, general and administrative 43 41 Depreciation and amortization 14 5 Non-recurring charges 123 -- ---- --- Total costs and expenses 209 71 ---- --- Operating income (109) 29 ---- --- Other income (expense) -- 2 ---- --- Income before income taxes (109) 31 Income taxes (4) 12 ---- --- Net income (113)% 19% ==== ===
7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued Net Sales Net sales increased 69% to $41.9 million in the first quarter of 1997 from $24.8 million in the same period of 1996. Net sales from companies acquired since August 1996 and included in first quarter 1997 sales (excluded from prior year operating results) include $8.7 million, or 21% of net sales, from Database America Companies ("DBA") , representing DBA sales starting on February 1, 1997, $2.5 million, or 6% of net sales, from Digital Directory Assistance. Inc. ("PhoneDisc"), $1.1 million, or 3% of net sales, from County Data Corp.("CDC"), and $863 thousand, or 2% of net sales, from Marketing Data Systems ("MDS") and BJ Hunter. Net sales increased 16% for the first quarter of 1997 as compared to the prior period, excluding the effect of acquisitions. Sales Leads Products increased $11.5 million, or 56%, to 32.1 million from $20.6 in the prior year period. $6.6 million of this increase can be attributed to the sales generated from DBA, CDC, and BJ Hunter. Data Processing Products posted the largest percentage gain, increasing 497% to $5.0 million from $838 thousand in the prior year. The increase is the direct result of the acquisition of DBA and MDS, which contributed $3.6 million and $438 thousand, respectively, in data processing sales during the first quarter of 1997. Sales of the Company's mapping products increased to $254 thousand, up from $19 thousand during the prior year period. Consumer CD-ROM Products increased 46% to $4.9 million from $3.3 million in the prior year period. This increase results from sales of PhoneDisc CD-ROM reference products. The Company's net sales on a quarterly basis can be affected by the timing and extent of the Company's own direct marketing activities and the release of new products. There have been no significant price increases for the majority of the Company's existing products and services during the period. Database and Production Costs Database and production costs for the first quarter of 1997 increased $5.7 million to $12.0 million, or 29% of net sales, compared to $6.3 million, or 25% of net sales, in the prior year quarter. These amounts primarily represent the costs of compiling and telephone verifying information in the database, fulfilling customer orders, the direct costs associated with the production of CD-ROM titles, and royalty costs. The percentage increase for the 1997 quarter is primarily due to higher Database and Production expenses for DBA and PhoneDisc than for the Company's existing business. DBA accounted for $3.4 million of the increase between periods. Additionally, increased sales of CD-ROM products (PhoneDisc), and data processing services (DBA and MDS) bear a slightly higher level of costs than the Company's traditional lead generation products. 8 Selling, General, and Administrative Selling, general and administrative expenses in the first quarter of 1997 were $18.0 million, or 43% of net sales, compared to $10.1 million, or 41% of net sales, in the prior year quarter. The percentage increase for the 1997 quarter over the 1996 quarter is primarily due to the higher Selling, General, and Administrative expenses for DBA and PhoneDisc than for the Company's existing business. DBA accounted for $3.3 million of the increase between periods. The increased spending as a percentage of net sales was primarily attributable to an overall increase in direct marketing activities for all of the Company's products and services, continued investment in a field sales organization and promotional marketing of CD-ROM products. Depreciation and Amortization Depreciation and amortization expense for the three months ended March 31, 1997 increased to $5,728,000 from $1,164,000 in the comparable 1996 period. $3.9 million of the increase represents amortization of acquired database costs and purchased data processing related to the acquisition of DBA in February 1997. The remaining increase of $600,000 represents amortization of intangibles for certain other acquisitions recorded since August 1996. Non-Recurring Charges As part of the acquisition of DBA, the Company recorded non-recurring charges totaling $51.8 million for write-offs in connection with the merger of DBA ($49.2 million) as well as other related integration and organizational restructuring costs ($2.6 million). Operating Income The Company had an operating loss of $(45.6) million in the first quarter of 1997 compared to an operating income of $7.2 million, or 29% of net sales in the first quarter of 1996. Excluding the non-recurring charges described above, operating income for the period would have been $6.2 million, or 15% of net sales. The difference in operating income as a percentage of net sales is attributable to the factors described above. Other Income Other income for the 1997 first quarter was $42,000 compared to $399,000 in the same quarter of 1996. This decrease is principally due to interest expense incurred on the revolving credit agreement described in Note 3 of the Consolidated Financial Statements. Provision for Income Taxes A provision for income taxes has been recorded on the Company's first quarter 1996 and 1997 earnings at a combined effective federal and state tax rate of 38%. 9 Liquidity and Capital Resources As of March 31, 1997, the Company's principal sources of liquidity included cash and cash equivalents of $8.7 million and marketable securities of $16.3 million. Net cash provided by operating activities for the first quarter 1997 totaled $11.4 million as compared to $1.0 million in the first quarter 1996. The Company spent approximately $1.5 million on upgrades to data processing equipment and $1.0 million related to building and improvements to its Omaha facility. The Company anticipates spending an additional $3.0 million in 1997 for equipment and facility expansion. The Company believes that cash flows from operations, its cash and short term investments, and its borrowing facilities (see Note 3 of the Notes to the Consolidated Financial Statements for a description) will be sufficient to fund its operations through at least the remainder of the year. However, if the Company acquires additional companies or products, additional financing may be required. Factors That May Affect Operating Results Fluctuations in Operating Results. The Company believes that future operating results may be subject to quarterly and annual fluctuations based on numerous factors. The Company's net sales on a quarterly basis can be affected by seasonal characteristics and certain other factors including the timing and extent of the Company's own direct marketing activity. In addition, the expenses associated with acquiring data, direct marketing campaigns and the timing of acquisitions and the costs and expenses associated therewith may also affect operating results. Risks Associated With Recent and Future Acquisitions. During the past year, the Company has made a number of strategic acquisitions. Acquisitions may result in the diversion of management's attention from day-to-day operations and may include numerous other risks and costs, including risks and costs relating to difficulties in the integration of operations, products and personnel. To the extent that efforts to pursue acquisition opportunities have in the past resulted, or may in the future result, in a diversion of resources or that efforts to integrate recent and future acquisitions fail, there could be a material adverse effect on the Company's business, results of operations and financial condition. Acquisitions may result in dilutive issuances of equity securities, the incurrence of additional debt, and amortization expenses related to goodwill and other intangible assets. While there are currently no commitments with respect to any particular material acquisitions, the Company's management has historically evaluated on an ongoing basis the strategic opportunities available to the Company. The Company may in the near- or long- term future pursue acquisitions of complementary products, technologies or businesses. Competition. The business information industry is highly competitive. In particular, the rapid expansion of the Internet creates a substantial new channel for distributing business information to the market, and a new avenue for future entrants to the business information industry. There is no guarantee that the Company will be successful in this new market. Many of the Company's principal competitors have substantially greater resources than the Company. In addition, the Company has no control over the possible future entry into the marketplace of other potential competitors, some of which may be much larger than the Company and may have much larger capital bases from which to develop and compete with the Company. 10 Direct Marketing Regulation and Postal Rates. The Company and many of its customers engage in direct marketing. Any negative impact on direct marketing, including changes to existing laws or regulations or future laws and regulations, may adversely affect the Company's operating results. The direct mail industry depends and will continue to depend upon the services of the United States Postal Service and other private mail carriers. Any modification by the Postal Service of its rate structure or any increase in public or private postal rates generally could have a negative impact on the demand for business information, direct mail activities and the cost of the Company's direct mail activities. In addition to the risk of rate increases, the direct mail industry, and thus the Company's operating results, could be adversely affected by postal strikes. Loss of Data Centers. The Company's business depends on computer systems contained in the Company's two data centers. The Company's disaster recovery program is based upon maintaining redundant computer equipment at each of its data centers. The data centers are protected by Halon fire suppression systems, designed to extinguish a fire without damaging the computer equipment. The centers are further protected by uninterrupted power supply backup systems. There can be no guarantee that a fire or other disaster affecting one or both of its data centers would not disable the Company's computer systems. Any significant damage to either or both of the data centers could have a material adverse affect on the Company. Limited Protection of Intellectual Property and Proprietary Rights. The Company relies on a combination of copyright, trademark and trade secret laws, employee and third-party nondisclosure agreements and other methods to protect its proprietary rights. Despite these precautions, it may be possible for unauthorized third parties to copy certain portions of the company's products or reverse engineer or obtain and use information that the Company regards as proprietary. The Company generally licenses its software products to end-users on a "right to use" basis pursuant to a perpetual license. The Company licenses some of its its products under "shrink-wrap" licenses (i.e., licenses included as part of the product packaging). Shrink-wrap licenses are not negotiated with or signed by individual licensees, and purport to take effect upon the opening of the product package. Certain license provisions protecting against unauthorized use, copying, transfer and disclosure of the licensed program may be unenforceable under the laws of certain jurisdictions and foreign countries. In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as do the laws of the United States. There can be no assurance that the foregoing measures will be adequate to protect the Company's intellectual property. 11 AMERICAN BUSINESS INFORMATION, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 PART II OTHER INFORMATION 12 AMERICAN BUSINESS INFORMATION, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 PART II Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11 Statement regarding computation of per share earnings (b) Report on Form 8-K On February 15, 1997, the Company filed a current report of Form 8-K, which was subsequently amended by a Form 8-K/A, related to the acquisition of DBA Holdings, Inc. and Subsidiaries. 13 S I G N A T U R E S -------------------- 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. AMERICAN BUSINESS INFORMATION, INC. ----------------------------------- /s/ Vinod Gupta Date: September 4, 1997 _________________________________________ Vinod Gupta, Chairman of the Board, Chief Executive Officer (principal executive officer) /s/ Jon H. Wellman __________________________________________ Jon H. Wellman, President and Chief Operating Officer /s/ Steven Purcell __________________________________________ Steven Purcell, Chief Financial Officer (principal accounting officer) 14 INDEX TO EXHIBITS Sequential Exhibit No. Description Page No. - ----------- ----------- ------------ 11 Statement regarding computation of per share earnings 27 Financial data schedule 15 EX-11 2 COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 AMERICAN BUSINESS INFORMATION, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS For the three months ended March 31, 1997 and 1996 (In thousands, except per share amounts)
Three Months Ended March 31 ------------------ 1997 1996 ---- ---- Average shares outstanding...................... 23,206 20,783 Net additional common equivalent shares......... 107 137 -------- ------- Average number of common and common equivalent shares outstanding............................. 23,313 20,920 ======== ======= Net income for per share computation............ $(47,196) $ 4,709 ======== ======= Net income per average common and common equivalent share outstanding.................. $ (2.02) $ 0.23 ======== =======
EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1997 MAR-31-1997 8,684 16,256 46,112 0 0 79,051 36,597 15,237 162,712 23,648 62,305 0 0 61 69,524 162,712 0 41,948 0 87,555 0 0 508 (45,565) 1,631 (47,196) 0 0 0 (47,196) (2.03) (2.02)
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