Answerthink Announces Fourth Quarter Results.Business Editors/High-Tech Writers MIAMI--(BUSINESS WIRE)--Feb. 11, 2003 -- Results in Line With Guidance -- Investments in Hackett Group Growth and Business Process Intelligence Tools Continue Answerthink, Inc. (Nasdaq:ANSR ANSR Autonomous Naval Support Round ANSR Adaptive Network Solutions Research, Inc. ANSR Advanced Neutron Source Reactor ANSR Active No Swashplate Rotor (Army) ) announced today its financial results for the fourth quarter of 2002 which ended January 3, 2003. Revenues for the fourth quarter of 2002 were $39.4 million, compared to $54.0 million in the comparable period of 2001. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, the Company's net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the fourth quarter of 2002 was $10.1 million, or $0.22 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $1.1 million, or $0.03 per diluted share, in the fourth quarter of last year. The Company's total net loss, which includes discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , for the fourth quarter of 2002 was $14.7 million, or $0.32 per diluted share, compared to a net loss of $6.2 million, or $0.14 per diluted share, for the comparable period of last year. The Company's fourth quarter loss included a $10.9 million restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and lease exit costs and a $4.6 million loss for discontinued operations related to the Company's previously announced decision to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: all operations of its interactive marketing business which was acquired in its merger with Think New Ideas "New Ideas" is the debut single by Scottish New Wave/Indie Rock act The Dykeenies. It was first released as a Double A-side with "Will It Happen Tonight?" on July 17, 2006. The band also recorded a video for the track. in 1999. The Company's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss (pro forma results are before amortization and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , non-cash compensation, changes in accounting principles, discontinued operations and restructuring charges, and include a normalized tax rate) for the fourth quarter of 2002 was $367,000, or $0.01 per diluted share, compared to pro forma net income of $2.5 million, or $0.05 per diluted share, in the fourth quarter of 2001. The Company's cash balance was $66.3 million at the end of the fourth quarter of 2002. The Company also reported that it used approximately $720,000 in cash during the fourth quarter of 2002 to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. approximately 369,000 shares of common stock under the previously announced share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The Company has approximately $2.8 million available for future share repurchases under the share repurchase program. The Company also expects to receive a federal income tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. of approximately $9.7 million during 2003. This refund is the result of carrying back operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. as well as the utilization of a deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for the loss on investment in Think New Ideas. Additionally, as a result of the Think New Ideas discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. , the Company now has a significant loss carryforward Loss Carryforward An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability. Notes: available to offset taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. in future years. For the fiscal year of 2002, revenues were $176.8 million compared to $250.3 million reported for fiscal year 2001. On a GAAP basis, the net loss for fiscal 2002 was $69.0 million, or $1.49 per diluted share, which included a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $31.2 million related to a change in accounting principle, a non-cash charge of $20.0 million for the impairment of goodwill, a restructuring charge of $10.9 million and a loss from discontinued operations of $8.9 million. The Company's net loss on a GAAP basis for fiscal 2001 was $8.5 million, or $0.19 per diluted share, and included $8.1 million in losses from discontinued operations. The pro forma net loss for 2002 was $757,000, or $0.02 per diluted share, compared to pro forma net income of $9.6 million, or $0.21 per diluted share, in 2001. "Under unprecedented market conditions we made great progress in 2002," said Answerthink's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ted A. Fernandez. "We improved our cash position while making significant investments in our Business Process Intelligence tools and in our Hackett Group growth and expansion strategy. Our investments in key strategies and our sound financial discipline continue to strengthen our ability to strategically serve clients and to grow as the demand environment improves. "Initial reaction to our Business Process Intelligence tools and our expanded Hackett Group offering has been very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. ," Fernandez continued. "Overall, the ability of our Answerthink consultants to leverage proven Hackett best practices as they design business processes and implement business applications for our clients is proving to be a clear differentiator. Our business process best practice knowledge is unique to Answerthink and very powerful for our clients." Fourth Quarter Highlights: Service Expansion Hackett Collaborative Learning Collaborative learning is an umbrella term for a variety of approaches in education that involve joint intellectual effort by students or students and teachers. Collaborative learning refers to methodologies and environments in which learners engage in a common task in which each Program Expansion - The Hackett Group launched a new collaborative learning program in the area of planning and performance management. The goal of the program is to create a community of companies interested in sharing best practices and jointly addressing a wide range of issues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc planning and performance management. Agilent Technologies This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Christus Health, Dow Chemical, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Knight-Ridder were among the companies participating as advisory panel members for the new offering, which is a supplement to existing collaborative learning programs. Introduction of Business Process Intelligence Tools - Answerthink formally launched its Business Process Intelligence (BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch ) approach and tools, designed to dramatically enhance business performance and return on investment from enterprise-wide technology solutions such as business applications, portals, data warehouses, and knowledge management systems. BPI facilitates business performance improvement through a coordinated approach that simultaneously addresses the key business drivers of people, process, technology and information. Answerthink's BPI approach and tools fully integrate the renowned business process best practices of The Hackett Group into Answerthink's business transformation and enterprise software implementation services. This enables Answerthink to directly correlate proven Hackett Best Practices, derived from the world's most successful companies, to configuration decisions in the implementation of leading applications from Lawson, Oracle, PeopleSoft, SAP and others. The tools also detail for clients the benefits, implementation risks, and key technology enablers relative to each best practice decision. BPI also focuses on leveraging enabling technologies, including the new generation of business process management (BPM (Business Process Management) A structured approach that models an enterprise's human and machine tasks and the interactions between them as processes. BPM software provides users with a dashboard interface that offers a high-level view of the operation that typically ) software. SAP Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. Acquisition - Answerthink purchased the SAP software reseller business of Condor Technology Solutions, Inc. The purchase was designed to strengthen and expand Answerthink's existing SAP business with small and midsize companies in several key Northeast markets, including selected vertical niches. The acquisition will also allow Answerthink to expand its software maintenance and help desk support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for SAP solutions. New Business Transformation Leader - Answerthink hired Jeff Smith as the new Managing Director of Business Transformation Services. Smith is now responsible for managing Answerthink's Business Transformation practices in finance, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and supply chain. Prior to joining Answerthink, Smith spent 18 years at Andersen Business Consulting and was instrumental in helping build the consulting practice. Representative New Client Engagements: Global electronics manufacturer - to implement Oracle CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. as part of an ongoing global Oracle rollout. Answerthink will establish core process standards for this manufacturer's first-ever CRM system, then integrate best practices as part of the Oracle implementation. Other project elements will include development of capabilities for campaign and content management and the creation of a customer portal using Oracle's portal tool. Answerthink was chosen in part due to its extensive expertise in Oracle and CRM. Information services See Information Systems. company - for several major projects including a global indirect spending analysis to support vendor rationalization rationalization, in psychology: see defense mechanism. and the creation of a preferred vendor program that improves purchasing leverage. Work will include analysis, program development, and customization of existing software tools to support and ensure compliance with the preferred vendor program. A separate project involves fine-tuning and accelerating the back-end of the closing process for reporting, to improve responsiveness and enable the company to reduce quarterly reporting cycle time in response to new SEC regulations. Finally, Answerthink will assist one portion of the company's operation as it migrates to Oracle Financials, HR, and Procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , while maintaining links to the corporate legacy system. Telecommunications company See telecom company. - extension to a long-term project that will create a Web portal See portal. enabling state officials to look at costing models in connection with rate increase requests. The project will streamline the regulatory approval process and significantly improve the company's ability to access and deliver information from its custom data warehouse application. Separately, Answerthink will utilize proven Hackett best practices and its Business Process Intelligence approach and tools to help the company optimize optimize - optimisation monthly closing cycles, and implement best practices in various systems, including SAP, PeopleSoft, Hyperion and others. Large automotive retail chain - to implement PeopleSoft Purchasing and upgrade PeopleSoft Financial modules, utilizing proven best practices, implementation tools, and templates from Answerthink's BPI knowledge repository. The project is designed to improve the company's purchasing processes Purchasing Purchasing is the formal process of buying goods and services. The Purchasing Process can vary from one organization to another but there are some key elements that are common throughout The process usually starts with a 'Demand' or requirements for IT equipment, and upgrade of PeopleSoft Financials with minimal impact to the system's end-users. Leading fast food company - to extend the company's existing SAP R/3 implementation for the creation of a global planning solution based on SAP Strategic Enterprise Management SAP Strategic Enterprise Management is part of the MySAP ERP software from SAP AG. It is also called MySAP Financials SEM. It is the Strategic Enterprise Management solution of SAP AG. (SAP SEM) and SAP Enterprise Portals SAP Enterprise Portal (EP) offers users role-specific, Web-based and secure access to all relevant information, applications and services. Employees only need a desktop and a Web Browser, and can begin work once they have been authenticated in the portal. (EP 5.0). The implementation will be designed to dramatically streamline global planning processes by leveraging a centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. planning system See spreadsheet and financial planning system. that will help to reduce cost, reduce errors and multiple iterations, improve cycle time and shorten (audio, compression) Shorten - A form of lossless audio compression. time-to-results. Toy manufacturer - to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... work on a shared service center, including overall project management, and development of procedures, plans, and service level agreements. For the project, Answerthink will provide subject matter expertise along with best practices business processes and procedures. As part of the company's global deployment of PeopleSoft HR, Answerthink will also deliver optimized workflows for employee self-service, manager self-service, and new hire notification, and assist in implementation of these workflows through a portal-based system. Investor Call Information: Answerthink will host a conference call for investors today at 5:00 P.M. ET to further discuss the earnings results for the fourth quarter and future outlook. To participate in the conference call, please dial (888) 928-9122 approximately 5-10 minutes before the call. International callers may dial (312) 470-7337. The passcode for the call is "fourth quarter" and the conference leader is Ted A. Fernandez. In addition, Answerthink will also be webcasting this conference call live through the StreetEvents.com service. To participate, simply visit http://www.answerthink.com approximately 10 minutes prior to the start of the call and click on the conference call link provided. If you are unable to participate on the conference call, a rebroadcast will be available beginning at 8:00 P.M. ET on Tuesday, February 11, 2003 and will run through 5:00 P.M. ET on Tuesday, February 18, 2003. To access the rebroadcast, please dial (800) 677-6119. An online replay of the call will also be available after 8:00 P.M. ET on Tuesday, February 11, 2003 and will run through 5:00 P.M. ET on Tuesday, February 18, 2003. To access the call, visit http://www.answerthink.com or http://www.streetevents.com. Following are the Consolidated Statements of Operations and Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . About Answerthink Answerthink, Inc. (http://www.answerthink.com) is a leading business and technology consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that enables companies to achieve world-class business performance. By leveraging the comprehensive database of The Hackett Group, the world's leading repository of enterprise best practice metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and business process knowledge, Answerthink's business and technology solutions help clients significantly improve performance and maximize returns on technology investments. Answerthink's capabilities include benchmarking, business transformation, business applications, technology integration, and offshore application maintenance and support. Founded in 1997, Answerthink has more than 650 associates and offices in 10 cities throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Europe. Certain statements in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward looking statements. Factors that impact such forward looking statements include the ability of the Company to attract additional business, changes in expectations regarding the information technology industry, the ability of the Company to attract skilled employees, possible changes in collections of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , risks of competition, price and margin trends, changes in general economic conditions and interest rates as well as other risks detailed in the Company's reports filed with the Securities and Exchange Commission.
Answerthink, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Quarter Ended Year Ended
------------------ -------------------
Jan. 3, Dec. 28, Jan. 3, Dec. 28,
2003 2001 2003 2001
--------- -------- --------- ---------
(unaudited)
Revenues:
Revenues before reimbursements
(Net revenues) $34,779 $47,647 $156,357 $220,966
Reimbursements 4,598 6,394 20,490 29,377
-------- -------- --------- ---------
Total revenues (1) 39,377 54,041 176,847 250,343
Costs and expenses:
Project personnel and
expenses:
Project personnel and
expenses before reimbursable
expenses 23,847 28,570 104,981 132,843
Reimbursable expenses 4,598 6,394 20,490 29,377
-------- -------- --------- ---------
Total project personnel
and expenses 28,445 34,964 125,471 162,220
Selling, general and
administrative expenses 11,841 16,152 53,416 77,087
Impairment of goodwill (2) - - 20,000 -
Restructuring costs 10,886 5,619 10,886 5,619
Stock compensation expense
(3) - - - 4,855
-------- -------- --------- ---------
Total costs and operating
expenses 51,172 56,735 209,773 249,781
-------- -------- --------- ---------
Income (loss) from operations (11,795) (2,694) (32,926) 562
Other income (expense):
Interest income 222 209 766 1,008
Interest expense - (39) (196) (165)
-------- -------- --------- ---------
Income (loss) before income
taxes, loss from discontinued
operations and cumulative
effect of change in
accounting principle (11,573) (2,524) (32,356) 1,405
Income taxes (1,467) (1,438) (3,508) 1,807
--------- -------- --------- ---------
Loss from continuing operations (10,106) (1,086) (28,848) (402)
Loss from discontinued
operations, net of income taxes (4,592) (5,103) (8,911) (8,117)
-------- -------- --------- ---------
Loss before cumulative effect of
change in accounting principle (14,698) (6,189) (37,759) (8,519)
Cumulative effect of change in
accounting principle (2) - - (31,200) -
-------- -------- --------- ---------
Net loss $(14,698) $(6,189) $(68,959) $(8,519)
--------- -------- --------- ---------
Basic and diluted net loss per
common share: (4)
Loss from continuing
operations $(0.22) $(0.03) $(0.62) $(0.01)
Loss from discontinued
operations $(0.10) $(0.11) $(0.19) $(0.18)
Cumulative effect of change in
accounting principle $ - $ - $(0.68) $ -
Net loss per common share $(0.32) $(0.14) $(1.49) $(0.19)
Weighted average common shares
outstanding 46,096 45,103 46,348 43,999
Pro Forma Data: (5)
Income (loss) before income
taxes, loss from discontinued
operations and cumulative
effect of change in
accounting principle $(11,573) $(2,524) $(32,356) $1,405
Non-cash and restructuring
expenses 10,961 6,698 31,094 14,647
-------- -------- --------- ---------
Pro forma income (loss) before
income taxes (612) 4,174 (1,262) 16,052
Pro forma income taxes (245) 1,670 (505) 6,421
-------- -------- --------- ---------
Pro forma income (loss) from
continuing operations before
cumulative effect of
change in accounting
principle $(367) $2,504 $(757) $9,631
--------- -------- --------- ---------
Pro forma basic net income
(loss) per common share $(0.01) $0.06 $(0.02) $0.22
Pro forma diluted net income
(loss) per common share $(0.01) $0.05 $(0.02) $0.21
Weighted average common shares
outstanding 46,096 45,103 46,348 43,999
Weighted average common and
common equivalent shares
outstanding 46,096 46,245 46,348 46,304
(1) During the first quarter of 2002, the Company adopted Emerging
Issues Task Force Topic No. D-103, "Income Statement
Characterization of Reimbursements Received for
"Out-of-Pocket" Expenses Incurred". In accordance with the
provisions of Topic No. D-103, reimbursements received for
out-of-pocket expenses incurred are classified as revenue.
Prior to 2002, the Company accounted for reimbursements
received for out-of-pocket expenses incurred as a reduction to
project personnel and expenses. The statements of operations
for the quarter and year ended December 28, 2001 were
reclassified to comply with the guidance in Topic No. D-103.
Adoption of the provisions had no impact on the reported net
loss or net loss per share.
(2) The Company adopted Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets",
during the first quarter of 2002. The new accounting rule
eliminates the amortization of goodwill and changes the method
of determining whether there is a goodwill impairment from an
undiscounted cash flow method to a fair value method. As a
result of the adoption of this standard, the Company incurred
a non-cash transitional charge of $31.2 million in the first
quarter of 2002 due to the cumulative effect of the change in
accounting principle. The new statement also requires that
goodwill be tested for impairment on an annual basis and
between annual tests in certain circumstances. The Company
performed an impairment test during the third quarter of 2002
and recorded a non-cash charge of $20.0 million primarily as a
result of the decline in stock prices for the Company and its
peer group.
(3) During 2001, the Company granted stock options to participants
in the Company's Employee Stock Purchase Plan. These stock
options were granted in lieu of the Employee Stock Purchase
Plan shares that could not be issued because the plan was
oversubscribed. The Company recorded a non-cash stock
compensation charge ($-0- for the fourth quarter and $4,218
for the year in 2001) for the difference between the fair
market value of the stock on the option grant date and the
exercise price.
(4) Potentially dilutive shares were excluded from the diluted
loss per share calculation for the quarters and year ended
January 3, 2003 and December 28, 2001 as their effects would
have been anti-dilutive to the loss incurred by the Company.
The total number of weighted average common and common
equivalent shares outstanding, including any anti-dilutive
shares, for the quarters ended January 3, 2003 and December
28, 2001 were 46,347 shares and 46,245 shares, respectively,
and for the years ended January 3, 2003 and December 28, 2001,
were 46,992 shares and 46,304 shares, respectively.
(5) Pro forma data in the fourth quarter and year of 2002 excludes
a goodwill impairment charge of $-0- and $20,000,
respectively, restructuring costs associated with personnel
and facility reductions of $10,886, and amortization of
intangible assets of $75 and $208, respectively. Pro forma
data in the fourth quarter and year of 2001 excludes
restructuring costs associated with personnel and facility
reductions of $5,619, non-cash stock compensation of $-0- and
$4,855, respectively, and goodwill amortization of $1,079 and
$4,173, respectively. Pro forma data also excludes the
cumulative effect of change in accounting principle and losses
from discontinued operations. Pro forma data does not purport
to be prepared in accordance with Generally Accepted
Accounting Principles.
Answerthink, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Jan. 3, 2003 Dec. 28, 2001
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $63,419 $59,888
Restricted cash 2,909 -
Accounts receivable and unbilled
revenue, net 24,105 39,164
Other receivables 54 851
Prepaid expenses and other current
assets 16,364 15,628
---------------- -------------
Total current assets 106,851 115,531
Property and equipment, net 11,790 18,468
Goodwill, net 26,720 77,920
---------------- -------------
Total assets $145,361 $211,919
---------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,684 $5,187
Accrued expenses and other liabilities 26,478 27,992
Media payable 152 1,039
---------------- -------------
Total current liabilities 32,314 34,218
Shareholders' equity 113,047 177,701
---------------- -------------
Total liabilities and shareholders'
equity $145,361 $211,919
---------------- -------------
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