BroadVision Announces Fourth Quarter and Full Year 2005 Results; 2004 Annual Results and 2005 Quarterly Results Restated to Reflect Change in Convertible Debt Accounting.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- BroadVision A family of e-business applications from BroadVision, Inc., Redwood City, CA (www.broadvision.com) that provide the tools to develop a complete, commercial Web site. The suite of integrated and self-service applications includes BroadVision Process; Commerce; Content; and Portal, all of , Inc. (Pink Sheets:BVSN BVSN Broadvision, Inc. (stock abbreviation, AMEX) ), a global provider of web self-service solutions, today reported financial results for its fourth quarter and full fiscal year ended December December: see month. 31, 2005. Revenue for the quarter was $14.2 million, compared with revenue of $14.1 million for the third quarter ended September September: see month. 30, 2005 and $19.8 million for the fourth quarter of 2004. License revenue for the most-recent quarter totaled $3.8 million, up from $3.1 million for the prior quarter and down from $7.3 million for the comparable quarter of 2004. Revenue for the year ended December 31, 2005, was $60.1 million, down from $78.0 million for the prior year. For the fourth quarter, BroadVision posted a net loss on a generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis of $27.8 million, or $0.81 per share, as compared with a GAAP net loss of $15.5 million, or $0.45 per share (as restated, see discussion below), for the third quarter of 2005 and a GAAP net loss of $2.5 million, or $0.07 per share (as restated, see discussion below) for the fourth quarter of 2004. The GAAP loss for the most-recent quarter included a charge related to the 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 goodwill of $18.2 million, business combination costs of $1.8 million related to the terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: acquisition agreement with Vector Capital, a $3.6 million charge related to the discount amortization and revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of the Company's convertible notes and a $7.0 million charge for the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of the notes. The GAAP loss for the prior quarter included a charge related to the impairment of goodwill of $13.2 million, a $1.9 million charge related to the discount amortization of the Company's convertible notes, business combination costs of $977,000 related to the Vector Capital acquisition agreement, a 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. of $245,000 and $1.5 million of credits related to the revaluation of derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. and the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of income tax accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. . The GAAP loss for the fourth quarter of 2004 included a $824,000 charge related to the discount amortization of the Company's convertible notes, a restructuring charge of $660,000 and a $2.4 million charge related to the revaluation of derivatives. The GAAP net loss for the year ended December 31, 2005, was $39.0 million, or $1.14 per share, which compares to GAAP net income of $18.6 million, or $0.54 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 (as restated, see discussion below) for the prior year. 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 income for the fourth quarter of 2005 was $2.2 million, or $0.05 per diluted share, compared with a pro forma net loss of $698,000, or $0.02 per share (as restated, see discussion below) for the third quarter of 2005 and pro forma net income of $1.4 million, or $0.04 per diluted share (as restated, see discussion below) for the fourth quarter of 2004. These pro forma results exclude goodwill impairment charges, business combination costs, restructuring charges and credits, gains and losses from the revaluation of convertible notes and common stock warrants, amortization of the discount related to the convertible debt and credits from the reversal of income tax accruals. A reconciliation of pro forma results to GAAP results is provided in the financial information attached to this press release. The Company believes its pro forma results provide useful information because they reflect the Company's financial performance excluding certain charges, credits, gains and losses that the Company believes are not indicative indicative: see mood. of its ongoing operations. The pro forma net loss for the year ended December 31, 2005, was $2.9 million, or $0.08 per share, which compares to a pro forma net loss of $1.7 million, or $0.05 per share (as restated, see discussion below), for the prior year. Major new and installed base license customers for the fourth quarter of 2005 include Yomiuri Shinbun, Japan's largest newspaper group, Mead mead (mēd), wine made of fermented honey and water, sometimes flavored with spices. It is highly intoxicating. Mead was known in classical Greece and Rome and was the favorite drink of the tribes of N and W Europe. Johnson, Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and , Red Envelope A Red envelope or Red packet is a monetary gift which is given in Chinese society during holiday or special occasions. Usage Red envelopes are often presented on social and family occasions such as a Chinese marriage wedding receptions or a holiday such as Chinese , Air France Air France in full Compagnie Internationale Air France French passenger and cargo airline with more than 200 destinations in some 80 countries. It introduced supersonic Concorde service in 1976, but financial loss led the company to cease its Concorde , France Telecom, and Iberia Airlines Iberia Líneas Aéreas de España, S.A., (IBEX-35:IBLA) (Iberia Airlines of Spain in English), usually shortened to Iberia, is the largest airline of Spain, based in Madrid and is the Spanish flag carrier. It operates an extensive international network of services. . During the course of its 2005 annual audit, the Company determined that a portion of the proceeds from the convertible notes issued in 2004 should be allocated to two derivatives embedded Inserted into. See embedded system. in the notes, specifically the conversion feature and additional investment right of the notes. In Company's 2004 annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 2005 quarterly reports on Form 10-Q Form 10-Q See 10-Q. , no such allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as was made. Therefore, the Company has restated its operating results for the three-month period and year ended December 31, 2004 and for the three-month periods ended March 31, June June: see month. 30 and September 30, 2005 to reflect the recording of the embedded derivatives as liabilities, the allocation of a portion of the purchase price to these liabilities and the periodic revaluation of the liabilities. Tables summarizing the impact of the restatements are provided at the end of this press release. These restatements had no impact on previously reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss), cash or total assets. Further, the convertible notes were cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. in connection with the equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to described below, with all related balances being eliminated, in March 2006. The following previously announced transactions have recently been completed: --In November November: see month. 2005, we announced the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the merger agreement that was entered into with Vector Capital Corporation in July July: see month. 2005. --Also in November 2005, we announced that Dr. Pehong Chen, our 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. , through a wholly owned company, purchased from Vector all of our outstanding convertible notes, having a principal balance of $15.4 million. --In December 2005, we announced an agreement under which the outstanding convertible notes and unpaid accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. then due to Dr. Chen's company would be cancelled in exchange for the issuance of 34,500,000 shares of the Company's common stock at a price of $0.45 per share, a 25% discount from the closing price of BroadVision common stock on the date of the announcement. For accounting purposes, the Notes were considered cancelled in December upon the agreement to issue common shares in exchange for the notes, and a new note was considered reissued. Accordingly, a $7.0 million loss on debt extinguishment was recorded in the quarter ended December 31, 2005. --In March 2006, we announced that the previously announced debt exchange agreement was closed, the notes were cancelled and the shares of common stock were issued. At the same time, BroadVision paid Dr. Chen's company approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $180,000 in cash, representing the portion of the accrued interest on the notes that was not exchanged. The common share issuance, representing approximately 50% of the post-exchange shares outstanding, increased Dr. Chen's ownership interest to approximately 59% of the total shares outstanding. No gain or loss is expected to be recorded in the quarter ended March 31, 2006, related to this transaction. --Also in March 2006, we announced that, in order to complete the share issuance to Dr. Chen's company without violating applicable listing standards, we voluntarily delisted our common stock from the Nasdaq National Market. Quotations for BroadVision's common stock are currently available through the "Pink Sheets" (www.pinksheets.com) under the trading symbol Trading symbol See: Ticker symbol "BVSN.PK." As also previously announced, the Company intends to effect, as soon as practicable practicable adj. when something can be done or performed. , a rights offering under which all stockholders of record at the close of business on December 20, 2005 will receive nontransferable Adj. 1. nontransferable - incapable of being transferred unassignable, untransferable inalienable, unalienable - incapable of being repudiated or transferred to another; "endowed by their Creator with certain unalienable rights" rights to purchase approximately 5.9 additional common shares at $0.45 per share for each common share then held. Dr. Chen and his affiliates have waived any right to purchase shares in the rights offering. The rights offering will be made only by means of a prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. , a preliminary copy of which was filed with the Securities and Exchange Commission as part of a registration statement on February February: see month. 3, 2006 but which has not been completed or declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. effective. This press release does not constitute an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities in the rights offering, nor shall there be any sale of any securities in any state in which such offer, solicitation or sale would be unlawful Contrary to or unauthorized by law; illegal. When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy. prior to registration or qualification under the securities laws of such state or jurisdiction. "After a challenging 2005, we are pleased to have completed a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). that leaves us a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. company with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ," commented Dr. Pehong Chen, chairman and CEO of BroadVision. "Despite tremendous adversities, we accomplished two main objectives during the fourth quarter. First, we relieved re·lieve tr.v. re·lieved, re·liev·ing, re·lieves 1. To cause a lessening or alleviation of: relieved all his symptoms; relieved the tension. 2. our near-term near-term adj. Of, for, or involving a short period of time in the near future. cash pressure by successfully terminating the merger process and signing an agreement to convert the debt into equity. With the March conversion, we have strengthened our balance sheet considerably. Second, we significantly reduced our core operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Excluding merger, debt-related and goodwill impairment charges, we were able to generate 15% pro forma profit margin from our business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ." Dr. Chen continued: "Going forward, we believe we have sufficient resources to effectively compete in the marketplace. We look forward to a 2006 focused on rebuilding our company by deploying our proven technology and talented people to help drive customer success." Further information about our operating results and the prior period restatements and revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. may be found in our Annual Report on Form 10-K for the year ended December 31, 2005, filed with the SEC today. About BroadVision BroadVision (Pink Sheets:BVSN) is a global provider of web self-service solutions. Its agile commerce and portal applications enable customers to quickly create and adapt online processes to keep pace with changing business requirements. Over 1,000 organizations, serving nearly 75 million registered users, rely on BroadVision's open solutions to power and personalize per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. their mission-critical web initiatives. Additional information about BroadVision can be obtained at www.broadvision.com. Information Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which forward-looking statements involve risk and uncertainties. Examples of these forward-looking statements include access to resources and ability to compete effectively in future periods and the completion of the Company's planned rights offering. All forward-looking statements included in this release are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from BroadVision's current expectations. Factors and risks associated with BroadVision's business are discussed in its most recent annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. For more information about BroadVision, Inc., call 650-542-5100, email info@broadvision.com or visit www.broadvision.com.
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
December 31,
2005 2004
------------------
ASSETS (restated)
Current assets:
Cash and cash equivalents $4,849 $41,851
Accounts receivable, less receivable reserves
of $731 and $1,409 as of December 31, 2005
and 2004, respectively 12,640 14,370
Restricted cash and investments, current
portion -- 21,933
Prepaids and other 1,914 2,232
------------------
Total current assets 19,403 80,386
Property and equipment, net 2,334 3,566
Restricted cash and investments, net of current
portion 1,997 2,323
Equity investments - 574
Goodwill 25,066 56,434
Other assets 1,142 1,370
------------------
Total assets $49,942 $144,653
==================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of bank borrowings $389 $20,637
Current portion of convertible debentures -- 10,214
Current portion of convertible debentures
due to related party 20,535 --
Accounts payable 4,396 7,470
Accrued expenses 16,090 40,745
Warrant liability 277 4,899
Unearned revenue 2,678 3,573
Deferred maintenance 10,910 13,121
------------------
Total current liabilities 55,275 100,659
Convertible debentures, net of current portion -- 3,837
Bank borrowings, net of current portion -- 390
Other non-current liabilities 4,390 11,426
------------------
Total liabilities 59,665 116,312
Commitments and contingencies
Stockholders' equity (deficit) (9,723) 28,341
------------------
Total liabilities and stockholders'
equity (deficit) $49,942 $144,653
==================
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
(unaudited) Years Ended
Dec 31, Sep. 30, Dec 31, Dec 31, Dec 31,
2005 2005 2004 2005 2004
----------------------------- -------------------
Revenues: (restated)(restated) (restated)
Software licenses $3,780 $3,134 $7,292 $14,721 $26,883
Services 10,383 10,943 12,471 45,400 51,121
----------------------------- -------------------
Total
revenues 14,163 14,077 19,763 60,121 78,004
Cost of revenues:
Cost of (credit
for) software
licenses 99 106 156 (38) 1,303
Cost of services 4,696 5,641 6,008 21,931 24,978
----------------------------- -------------------
Total cost
of revenues 4,795 5,747 6,164 21,893 26,281
----------------------------- -------------------
Gross profit 9,368 8,330 13,599 38,228 51,723
Operating expenses:
Research and
development 2,494 3,095 4,027 13,831 18,024
Sales and
marketing 2,389 2,948 6,974 16,208 27,340
General and
administrative 1,953 2,162 2,386 9,479 9,538
Goodwill write-
offs 18,170 13,198 - 31,368 -
Restructuring
(reversals)
charges (312) 245 660 (462) (23,545)
Business
combination
charges 1,840 977 - 2,817 -
----------------------------- -------------------
Total
operating
expenses 26,534 22,625 14,047 73,241 31,357
----------------------------- -------------------
Operating (loss)
income (17,166) (14,295) (448) (35,013) 20,366
Other income
(expense), net (10,714) (1,757) (2,457) (6,564) (2,109)
----------------------------- -------------------
Income (loss) before
benefit (provision)
for income taxes (27,880) (16,052) (2,905) (41,577) 18,257
Benefit (provision)
for income taxes 109 540 450 2,611 309
----------------------------- -------------------
Net income
(loss) $(27,771) $(15,512) $(2,455) $(38,966) $18,566
============================= ===================
Basic net income
(loss) per share $(0.81) $(0.45) $(0.07) $(1.14) $0.55
Diluted net income
(loss) per share $(0.81) $(0.45) $(0.07) $(1.14) $0.54
Shares used in
computing basic net
income (loss) per
share 34,430 34,320 33,768 34,228 33,539
Shares used in
computing diluted
net income (loss)
per share 34,430 34,320 33,768 34,228 34,321
BROADVISION, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Years Ended
Dec 31, Sep. 30, Dec 31, Dec 31, Dec 31,
2005 2005 2004 2005 2004
--------------------------- ------------------
Revenues: (restated)(restated) (restated)
Software licenses $3,780 $3,134 $7,292 $14,721 $26,883
Services 10,383 10,943 12,471 45,400 51,121
--------------------------- ------------------
Total revenues 14,163 14,077 19,763 60,121 78,004
Cost of revenues:
Cost of (credit for)
software licenses 99 106 156 (38) 1,303
Cost of services 4,696 5,641 6,008 21,931 24,978
--------------------------- ------------------
Total cost of
revenues 4,795 5,747 6,164 21,893 26,281
--------------------------- ------------------
Gross profit 9,368 8,330 13,599 38,228 51,723
Operating expenses:
Research and
development 2,494 3,095 4,027 13,831 18,024
Sales and marketing 2,389 2,948 6,974 16,208 27,340
General and
administrative 1,953 2,162 2,386 9,479 9,538
--------------------------- ------------------
Total operating
expenses 6,836 8,205 13,387 39,518 54,902
--------------------------- ------------------
Pro forma operating
(loss) income 2,532 125 212 (1,290) (3,179)
Interest (expense)
income, net (199) (176) (93) (652) 195
Other income (expense),
net (288) (478) 881 (850) 941
--------------------------- ------------------
Pro forma income (loss)
before benefit
(provision) for income
taxes 2,045 (529) 1,000 (2,792) (2,043)
Benefit (provision)
for income taxes 109 (169) 450 (97) 309
--------------------------- ------------------
Pro forma net
income (loss) $2,154 $(698) $1,450 $(2,889) $(1,734)
=========================== ==================
Basic pro forma net
income (loss) per
share $0.06 $(0.02) $0.04 $(0.08) $(0.05)
Diluted pro forma net
income (loss) per
share $0.05 $(0.02) $0.04 $(0.08) $(0.05)
Shares used in
computing
basic pro forma net
income (loss) per
share 34,430 34,320 33,768 34,228 33,539
Shares used in
computing diluted
pro forma net
income (loss)
per share 39,550 34,320 39,893 34,228 33,539
BROADVISION, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO PRO FORMA NET INCOME (LOSS)
(unaudited; in thousands, except per share amounts)
Three Months Ended Years Ended
Dec 31, Sep. 30, Dec 31, Dec 31, Dec 31,
2005 2005 2004 2005 2004
----------------------------- -------------------
(restated)(restated) (restated)
Net (loss) income,
generally accepted
accounting
principles $(27,771) $(15,512) $(2,455) $(38,966) $18,566
Pro forma
adjustments:
Goodwill write-
offs 18,170 13,198 -- 31,368 --
Restructuring
(reversals)
charges (312) 245 660 (462) (23,545)
Business
combination
charges 1,840 977 -- 2,817 --
Amortization of
discount and
revaluation of
convertible notes
(1) 3,566 1,898 824 9,442 824
(Income) expense
from derivatives
(2) (306) (795) 2,421 (11,347) 2,421
Loss on debt
extinguishment 6,967 -- -- 6,967 --
Reversal of income
tax accruals (3) -- (709) -- (2,708) --
----------------------------- -------------------
Pro forma net
income (loss) $2,154 $(698) $1,450 $(2,889) $(1,734)
============================= ===================
(1) Included as a component of interest (expense) income, net, for
each period presented.
(2) Included as a component of other income (expense), net, for
each period presented.
(3) Included as a component of benefit (provision) for income taxes
for each period presented.
BROADVISION, INC. AND SUBSIDIARIES
RESTATED AND REVISED RESULTS SUMMARY
(in thousands, except per share amounts)
As of and for the Year Ended:
December 31, 2004
Previously
Reported Restated
------------------------
Interest expense, net $(228) $(629)
Other income (expense),
net (753) (2,421)
Net income 20,635 18,566
Basic net income per
share $0.62 $0.55
Diluted net income per
share $0.60 $0.54
Total liabilities $114,243 $116,312
Total stockholders'
equity 30,410 28,341
As of and for the Three Months Ended (unaudited):
December 31, 2004 March 31, 2005
Previously Previously
Reported Restated Reported Revised
------------------------------------------------
Interest expense,
net $(516) $(917) $(744) $(1,723)
Income (expense)
from derivatives (753) (2,421) 2,517 7,991
Net (loss) income (386) (2,455) 2,919 7,413
Basic net (loss)
income per share $(0.01) $(0.07) $0.09 $0.22
Diluted net (loss)
income per share $(0.01) $(0.07) $0.07 $0.19
Total
liabilities $114,243 $116,312 $85,099 $82,673
Total
stockholders'
equity 30,410 28,341 33,743 36,167
June 30, 2005 September 30, 2005
Previously Revised Previously Revised
Reported Reported
-------------------------------------------------
Interest expense,
net $(1,090) $(2,532) $(1,002) $(2,073)
Income (expense)
from derivatives 997 2,257 698 794
Net (loss) income (2,914) (3,095) (14,538) (15,512)
Basic net (loss)
income per share $(0.09) $(0.09) $(0.42) $(0.45)
Diluted net (loss)
income per share $(0.09) $(0.09) $(0.42) $(0.45)
Total liabilities $75,424 $73,179 $50,963 $49,694
Total stockholders'
equity 30,959 32,205 16,480 17,749
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