ADD to BW1856, DC-CAIS-INTERNET.Business Editors/Hi-Tech Writers ADD to BW1856 (DC-CAIS-INTERNET)(CAIS CAIS - Common APSE Interface Specification ) after last graph graph, figure that shows relationships between quantities. The graph of a function y=f (x) is the set of points with coordinates [x, f (x)] in the xy-plane, when x and y are numbers. xxx --FINANCIALS WILL BE RELEASED SHORTLY-- the company said:
CAIS INTERNET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended Year ended
Dec. 31, Dec. 31,
1999 1998 1999 1998
(Unaudited) (Unaudited) (Unaudited)
Net revenues $ 4,682 $ 1,391 $ 10,784 $ 5,315
Cost of services 4,563 875 9,689 3,118
Operating expenses:
Selling, general and
administrative 17,427 3,854 39,693 10,434
Research and
development 1,046 91 1,593 223
Depreciation and
amortization 5,181 326 7,666 1,270
Fair value of stock
issued to third party
for services - - 723 -
Non-cash compensation 762 358 4,892 1,426
--------- --------- --------- ---------
Total operating
expenses 24,416 4,629 54,567 13,353
--------- --------- --------- ---------
Loss from operations (24,297) (4,113) (53,472) (11,156)
Interest income
(expense), net:
Interest income 689 - 2,419 -
Interest expense (54) (632) (1,384) (1,101)
--------- --------- --------- ---------
Total interest
income (expense),
net 635 (632) 1,035 (1,101)
--------- --------- --------- ---------
Loss from continuing
operations (23,662) (4,745) (52,437) (12,257)
Loss from
discontinued
operations - (787) (340) (671)
--------- --------- --------- ---------
Loss before
extraordinary item (23,662) (5,532) (52,777) (12,928)
Extraordinary item --
early extinguishment
of debt - - (551) -
--------- --------- --------- ---------
Net loss (23,662) (5,532) (53,328) (12,928)
Dividends and
accretion on
preferred stock (319) - (4,520) -
--------- --------- --------- ---------
Net loss attributable
to common stockholders $(23,981) $ (5,532) $(57,848) $(12,928)
========= ========= ========= =========
Loss from continuing
operations (23,662) (4,745) (52,437) (12,257)
Amortization of
acquisition related
costs 3,694 82 5,133 382
--------- --------- --------- ---------
Loss from continuing
operations, excluding
amortization of
acquisition related
costs $(19,968) $ (4,663) $(47,304) $(11,875)
========= ========= ========= =========
Basic and diluted loss
per share:
Loss from continuing
operations $ (1.05) $ (0.48) $ (3.10) $ (1.24)
========= ========= ========= =========
Loss from continuing
operations, excluding
amortization of
acquisition related
costs $ (0.89) $ (0.47) $ (2.79) $ (1.20)
========= ========= ========= =========
Basic and diluted
weighted-average shares
outstanding 22,519 9,966 16,937 9,869
========= ========= ========= =========
CAIS INTERNET, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
Dec. 31, 1999 Dec. 31, 1998
------------- -------------
(Unaudited)
Current assets
Cash and cash equivalents $ 17,120 $ 95
Short-term investments 16,501 -
Accounts receivable, net 3,090 648
Prepaid expense and other
current assets 2,571 228
Current assets of discontinued
operations - 8,170
--------- ---------
Total current assets 39,282 9,141
Property and equipment, net 90,476 2,638
Deferred offering costs - 237
Deferred debt financing costs, net 1,499 292
Intangible assets and goodwill, net 51,059 277
Receivable from officers 450 -
Other assets 4,185 -
Noncurrent assets of discontinued
operations - 1,936
--------- ---------
Total assets $186,951 $ 14,521
========= =========
Current liabilities
Accounts payable and accrued
expenses $ 53,779 $ 4,396
Obligations under capital lease 312 -
Payable to discontinued operations - 5,342
Unearned revenues 846 572
Current liabilities of discontinued
operations - 8,205
--------- ---------
Total current liabilities 54,937 18,515
Loan - 6,183
Notes payable 2,680 -
Notes payable to related parties,
net of current portion - 1,983
Other long-term liabilities 718 -
Long-term liabilities of discontinued
operations - 2,601
--------- ---------
Total liabilities 58,335 29,282
--------- ---------
Series C cumulative mandatory
redeemable preferred stock;
125,000 shares authorized, issued and
outstanding as of December 31, 1999
(aggregate liquidation preference
of $ 15,319) 15,319 -
--------- ---------
Put warrants 1,267 -
--------- ---------
Stockholders' equity (deficit)
Common stock, $0.01 par value;
100,000,000 shares authorized;
22,608,331 and 9,965,505 shares
issued, respectively 226 100
Additional paid-in capital 188,569 7,794
Warrants outstanding 13,234 1,226
Deferred compensation (2,673) (2,888)
Treasury stock, 12,766 shares of
common stock (150) -
Accumulated deficit (87,176) (20,993)
--------- ---------
Total stockholders' equity
(deficit) 112,030 (14,761)
--------- ---------
Total liabilities and
stockholders' equity (deficit) $186,951 $14,521
========= =========
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