-----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, MEuDQQ6/lX6PVpPbslzQ8NascBCaxztIJsAJ5+gqKl0hdjpihFTUpS1a6feEEE8I 3FK5fQHjMstr4dLy6Ef2rQ== 0000930413-08-001689.txt : 20080314 0000930413-08-001689.hdr.sgml : 20080314 20080314091044 ACCESSION NUMBER: 0000930413-08-001689 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080314 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080314 DATE AS OF CHANGE: 20080314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENLIVEN MARKETING TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000919794 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 954102687 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27168 FILM NUMBER: 08687781 BUSINESS ADDRESS: STREET 1: 498 SEVENTH AVENUE STREET 2: SUITE 1810 CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 212-201-0800 MAIL ADDRESS: STREET 1: 498 SEVENTH AVENUE STREET 2: SUITE 1810 CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: VIEWPOINT CORP DATE OF NAME CHANGE: 20030805 FORMER COMPANY: FORMER CONFORMED NAME: VIEWPOINT CORP/NY/ DATE OF NAME CHANGE: 20001201 FORMER COMPANY: FORMER CONFORMED NAME: METACREATIONS CORP DATE OF NAME CHANGE: 19970529 8-K 1 c52720_8k.htm
UNITED STATES
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)
March 14, 2008

ENLIVEN MARKETING TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
  
0-27168
  
95-4102687
(state or other juris-
 
(Commission
 
(I.R.S. Employer
diction of incorporation)
 
File Number)
 
(Identification No.)
         
205 West 39th Street, 16th Floor, New York, NY
 
10018
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (212) 201-0800

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (se General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
Item 2.02 Results of Operations and Financial Condition

On March 14, 2008, the Registrant issued a press release regarding its results of operations for its fiscal fourth quarter and full year ended December 31, 2007. A copy of the press release issued by the Registrant is furnished herewith as Exhibit 99.1.

Item 9.01 Exhibits.

(c)
Exhibits

99.1
Press release issued by Enliven Marketing Technologies Corporation on March 14, 2008.

The information furnished herein and in the accompanying exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any other filing with the Securities and Exchange Commission except as is expressly set forth by specific reference in such a filing.
 
 
 

 

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 hereunto duly authorized.

 
ENLIVEN MARKETING TECHNOLOGIES
CORPORATION
   
 
/s/ Christopher C. Duignan
 
 
Christopher C. Duignan
 
Chief Financial Officer
   
Dated: March 14, 2008
 
 
 
 

 
EX-99.1 2 c52720_ex99-1.htm

Exhibit 99.1

 
Enliven Logo

Contact:
Investor Relations:
212-201-0800
ir@enliven.com

Enliven Marketing Technologies Corporation Announces
Fourth Quarter and Full-Year 2007 Financial Results

New York, NY – March 14, 2008 – Enliven Marketing Technologies Corporation (NASDAQ: ENLV), a leading Internet marketing technology company, today announced financial results for the fourth quarter and full-year ended December 31, 2007.

Enliven reported total revenue of $7.1 million for the fourth quarter 2007, a 57 percent increase as compared to $4.5 million in the third quarter 2007 and a 65 percent increase as compared to $4.3 million in the fourth quarter 2006. Gross profit was $2.6 million for the fourth quarter of 2007, an increase of 7 percent compared to $2.4 million in the third quarter of 2007, and a decrease of 18 percent as compared to $3.1 million for the fourth quarter of 2006.

Patrick Vogt, Chief Executive Officer, commented, “I am pleased with the revenue growth this past quarter, and I am proud of our progress in 2007. This includes enhancing and consolidating our creative offerings with the acquisition of Makos and Springbox, our international expansion into the European advertising market, and the launch of new technology products into the emerging markets of InGame Advertising, Rich Media Mobile, and 3D Ad Widgets. All of these developments will advance our market position and increase our ability to perform in 2008.”

Mr. Vogt continued, “Furthermore, in an effort to streamline our operations, we have made some one time investments that will help drive efficiencies, lower costs and improve our business operations. As we evolve our strategy and grow our revenue, we are simultaneously reducing our cost structure, and increasing our ability to invest in new technologies. Some of these costs are acquisition and integration related costs, operational process and system improvements, and the move to lower cost facilities. Naturally these one time costs have a negative impact on profitability in the short term, but this will have positive long term benefits for the company.”

Operating loss for the fourth quarter of 2007 was $2.7 million, compared to operating loss of $2.4 million in the third quarter of 2007 and operating loss of $1.1 million for the fourth quarter of 2006. Net loss for the fourth quarter of 2007 was $6.1 million or $(0.06) per share compared to a net loss of $0.3 million, or $(0.00) per share in the third quarter 2007 and a net loss of $0.6 million or $(0.01) per share, in the fourth quarter 2006.

For the year ended December 31, 2007, the Company reported revenue of $18.7 million, an increase of 9 percent as compared to $17.2 million for 2006. Gross margin of $9.7 million for 2007 decreased 8 percent from $10.5 million in 2006. Enliven’s adjusted operating loss for 2007 was $5.6 million compared to an adjusted operating loss of $5.5 million in 2006.
 

 
The Company recorded a net loss for the twelve months ended December 31, 2007 of $13.5 million, or $(0.17) per share. This compares to a net loss for the twelve months ended December 31, 2006 of $19.7 million, or $(0.30) per share.

Enliven’s cash, cash equivalents, and marketable securities as of December 31, 2007 were $7.2 million. This can be compared to cash, cash equivalents, and marketable securities of $4.3 million as of December 31, 2006 and $3.3 million as of September 30, 2007.

FINANCIAL INFORMATION

Management prepares and is responsible for the Company’s consolidated financial statements which are prepared in accordance with accounting principles generally accepted in the United States. The financial information contained in this press release, which is unaudited, is subject to revision and should not be considered final until the Company files its Annual Report on Form 10-K. At the present time, the Company has no reason to believe that there will be changes to the financial information contained herein.
 
FINANCIAL MEASURES
 
In addition to the results presented above in accordance with generally accepted accounting principles, or GAAP, the Company presents financial measures that are non-GAAP measures, specifically adjusted operating income. The Company believes that this non-GAAP measure, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors regarding its performance and overall results of operations. These metrics are an integral part of the Company's internal reporting to measure the performance of the Company and the overall effectiveness of senior management. Reconciliations to comparable GAAP measures are available in the accompanying schedules and on the Company's website. The financial measures presented are consistent with the Company's historical financial reporting practices. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies, and are not identical to corresponding measures used in our various agreements or public filings.
 
CONFERENCE CALL

The Company will host a conference call on March 14, 2008 at 9 A.M. (Eastern Time) to discuss fourth quarter and full year 2007 financial results.
 
The conference call will be available via the Internet in the Investor Relations section of Enliven’s Web site at http://www.enliven.com, as well as through Thomson/CCBN at www.earnings.com. If you are not able to access the live Web cast, dial in information is as follows:
 
(800) 603-7883
   
(706) 643-1946
   
Pass code:
36918714
 
Participants should call at least 10 minutes prior to the start of the call.
 
2

 
A complete replay of the conference call will be available approximately two hours after the completion of the call by dialing (800) 642-1687 through Friday, March 21, 2008. Callers should enter the pass code above to access the recording.
 
ABOUT ENLIVEN MARKETING TECHNOLOGIES

Enliven Marketing Technologies Corporation (formerly Viewpoint Corporation) is a leading Internet Marketing Technology Company, offering Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are leveraged by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. More information can be found at www.enliven.com. The company has approximately 140 employees with offices in New York, NY, Los Angeles, CA, Austin, TX and London, England.

FORWARD LOOKING STATEMENTS

This press release contains "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and similar expressions that reflect Enliven’s current expectations about its future performance. These statements and expressions are subject to risks, uncertainties and other factors that could cause Enliven’s actual performance to differ materially from those expressed in, or implied by, these statements and expressions. Such risks, uncertainties and factors include those described in Enliven’s filings and reports on file with the Securities and Exchange Commission.

Copyright © 2008 Enliven Marketing Technologies Corporation. All Rights Reserved. Enliven, Viewpoint, Unicast, and Springbox are trademarks or registered trademarks of Enliven Marketing Technologies Corporation.
 
3


ENLIVEN MARKETING TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

   
Three Months Ended
 
   
December 31,
 
September 30,
 
 
 
2007
 
2006
 
2007
 
Revenue:
                 
Advertising Systems
 
$
4,271
 
$
1,683
 
$
2,004
 
Search
   
1,338
   
1,485
   
1,533
 
Services
   
1,455
   
1,040
   
954
 
Licenses
   
-
   
66
   
19
 
Total revenue
   
7,064
   
4,274
   
4,510
 
               
Cost of revenue:
             
Advertising Systems
   
2,993
   
538
   
1,350
 
Search
   
28
   
41
   
29
 
Services
   
1,492
   
571
   
747
 
Licenses
   
-
   
-
   
3
 
Total cost of revenue
   
4,513
   
1,150
   
2,129
 
Gross profit
   
2,551
   
3,124
   
2,381
 
               
Operating expenses:
             
Sales and marketing
   
1,023
   
1,411
   
1,118
 
Research and development
   
759
   
781
   
892
 
General and administrative
   
2,405
   
1,779
   
2,301
 
Depreciation
   
297
   
129
   
147
 
Amortization of intangible assets
   
748
   
127
   
282
 
Total operating expenses
   
5,232
   
4,227
   
4,740
 
               
Loss from operations
   
(2,681
)
 
(1,103
)
 
(2,359
)
               
Other income (expense):
             
Interest and other income, net
   
84
   
68
   
68
 
Interest expense
   
(201
)
 
(217
)
 
(202
)
Changes in fair values of warrants to purchase common stock and conversion feature of convertible notes
   
(3,311
)
 
666
   
2,254
 
Total other income (expense)
   
(3,428
)
 
517
   
2,120
 
Loss before provision for income taxes
   
(6,109
)
 
(586
)
 
(239
)
               
Provision for income taxes
   
7
   
22
   
17
 
Net loss from continuing operations
   
(6,116
)
 
(608
)
 
(256
)
                     
Net Loss
 
$
(6,116
)
$
(608
)
$
(256
)
                     
Basic and diluted net loss per common share
 
$
(0.06
)
$
(0.01
)
$
(0.00
)
                     
Weighted average number of shares outstanding-basic and diluted
   
95,918
   
67,670
   
82,619
 
 
4

 
ENLIVEN MARKETING TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

   
Year Ended
 
   
 December 31,
 
 
 
2007
 
2006
 
Revenue:
           
Advertising Systems
 
$
8,811
 
$
7,252
 
Search
   
6,082
   
6,307
 
Services
   
3,808
   
3,470
 
Licenses
   
30
   
148
 
Total revenue
   
18,731
   
17,177
 
           
Cost of revenue:
         
Advertising Systems
   
5,708
   
4,176
 
Search
   
128
   
154
 
Services
   
3,229
   
2,337
 
Licenses
   
3
   
8
 
Total cost of revenue
   
9,068
   
6,675
 
Gross profit
   
9,663
   
10,502
 
           
Operating expenses:
         
Sales and marketing
   
4,658
   
5,892
 
Research and development
   
3,265
   
3,919
 
General and administrative
   
9,291
   
8,466
 
Depreciation
   
672
   
466
 
Amortization of intangible assets
   
1,388
   
570
 
Restructuring charges
   
-
   
92
 
Impairment of goodwill
   
-
   
10,655
 
Total operating expenses
   
19,274
   
30,060
 
           
Loss from operations
   
(9,611
)
 
(19,558
)
           
Other income (expense):
         
Interest and other income, net
   
264
   
332
 
Interest expense
   
(807
)
 
(926
)
Changes in fair values of warrants to purchase common stock
   
(3,318
)
 
515
 
Total other income (expense)
   
(3,861
)
 
(79
)
Loss before provision for income taxes
   
(13,472
)
 
(19,637
)
           
Provision for income taxes
   
52
   
78
 
Net Loss from continuing operations
   
(13,524
)
 
(19,715
)
Adjustment to net loss on disposal of discontinued operations
   
-
   
-
 
           
Net Loss
 
$
(13,524
)
$
(19,715
)
               
Basic and diluted net loss per common share
 
$
(0.17
)
$
(0.30
)
               
Weighted average number of shares outstanding-basic and diluted
   
80,779
   
66,610
 

5


ENLIVEN MARKETING TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(Unaudited)

   
December 31, 2007
 
December 31, 2006
 
Assets
         
Current assets:
         
Cash and cash equivalents
 
$
6,929
 
$
4,154
 
Marketable securities
   
311
   
113
 
Accounts receivable, net
   
7,701
   
3,037
 
Prepaid expenses and other current assets
   
723
   
543
 
Total current assets
   
15,664
   
7,847
 
               
Restricted cash
   
417
   
190
 
Property and equipment, net
   
1,403
   
1,023
 
Goodwill
   
15,103
   
14,882
 
Intangible assets, net
   
9,553
   
3,689
 
Other assets
   
61
   
56
 
Total assets
 
$
42,201
 
$
27,687
 
               
Liabilities and Stockholders' Equity
             
Current liabilities:
             
Accounts payable
 
$
4,712
 
$
1,660
 
Accrued expenses
   
345
   
401
 
Deferred revenue
   
234
   
70
 
Current portion of notes payable
   
488
   
389
 
Current portion of warrants
   
469
   
-
 
Accrued incentive compensation
   
545
   
545
 
Current liabilities related to discontinued operations
   
231
   
231
 
Total current liabilities
   
7,024
   
3,296
 
               
Accrued expenses - Deferred Rent
   
271
   
232
 
               
Warrants to purchase common stock
   
8,464
   
467
 
Subordinate notes
   
2,616
   
2,456
 
Unicast notes
   
1,381
   
1,541
 
Springbox accrual
   
2,818
   
-
 
               
Stockholders' equity
             
Common stock
   
99
   
68
 
Paid-in capital
   
319,644
   
306,214
 
Treasury stock
   
(1,015
)
 
(1,015
)
Accumulated other comprehensive loss
   
9
   
14
 
Accumulated deficit
   
(299,110
)
 
(285,586
)
Total stockholders' equity
   
19,627
   
19,695
 
Total liabilities and stockholders' equity
 
$
42,201
 
$
27,687
 

6

 
ENLIVEN MARKETING TECHNOLOGIES CORPORATION
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO ADJUSTED OPERATING INCOME (LOSS)
(in thousands, except per share amounts)
(Unaudited)
 
   
Three Months Ended
 
   
December 31,
 
September 30,
 
   
2007
 
2006
 
2007
 
   
 
         
Income (Loss) from Operations
 
$
(2,681
)
$
(1,103
)
$
(2,359
)
Plus:
                   
Stock based Compensation:
                   
COS-Ad Systems
   
4
   
10
   
5
 
COS – Services
   
18
   
21
   
10
 
Sales and marketing
   
89
   
101
   
90
 
Research and development
   
31
   
60
   
29
 
General and administrative
   
220
   
236
   
218
 
Depreciation
   
365
   
145
   
169
 
Amortization
   
776
   
155
   
310
 
                     
Adjusted Operating Income (Loss)
 
$
(1,178
)
$
(375
)
$
(1,528
)

   
Twelve Months Ended
 
   
December 31,
 
   
2007
 
2006
 
   
 
     
Income (Loss) from Operations
 
$
(9,611
)
$
(19,558
)
Plus:
         
 
Stock based Compensation:
         
 
COS-Ad Systems
   
17
   
25
 
COS – Services
   
44
   
147
 
Sales and marketing
   
356
   
496
 
Research and development
   
114
   
321
 
General and administrative
   
1,164
   
1,055
 
Depreciation
   
815
   
559
 
Amortization
   
1,500
   
682
 
Restructuring charges
   
-
   
92
 
Impairment of Goodwill
   
-
   
10,655
 
               
Adjusted Operating Income (Loss)
 
$
(5,601
)
$
(5,526
)
 
7

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-----END PRIVACY-ENHANCED MESSAGE-----