Jupitermedia Corporation Reports Results for Its Third Quarter Ended September 30, 2002.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 4, 2002 Jupitermedia Jupitermedia, Inc. NASDAQ: JUPM, is a U.S.-based corporation, established in 1994, and headquartered in Darien, CT. The company is a global provider of original information, images and digital content for information technology, business and creative professionals. Corporation (Nasdaq: JUPM) (formerly INT Media Group, Inc.) today reported results for the quarter ended September September: see month. 30, 2002. Revenues for the third quarter of 2002 were $10.5 million compared to revenues of $10.3 million for the same period last year. Net income for the third quarter was $244,000, or $0.01 per share, compared to a net loss of $68.2 million, or $2.69 per share, for the same period last year. "We are pleased with our results this quarter, with an increase in revenues and net income compared to the same period last year, and compared to our first and second quarters of this year," stated Jupitermedia'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. Alan A`lan´ n. 1. A wolfhound. M. Meckler. "Our recent acquisition of the Jupiter Jupiter, in Roman religion and mythology Jupiter, in Roman religion and mythology, the supreme god, also called Jove. Originally a sky deity associated with rain and agriculture, he developed into the great father god, prime protector of the state, Research and Events businesses has expanded and diversified diversified (di·verˑ·s our revenue sources. Our company now consists of three complementary business segments: Online Media, Research and Events, all of which are focused on information technology and the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the industry. We are experiencing significant marketing and business synergies among the Jupiter properties and our internet.com and EarthWeb.com Network with over 20 million unique business users. In September, we changed our name from INT Media Group, Incorporated to Jupitermedia Corporation, which further emphasizes the importance of the Jupiter brand in our overall strategy. Our strong balance sheet, with $25 million in cash, $20 million in working capital and no debt, combined with our cash flow positive operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. , leaves us well positioned to continue to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. market opportunities and maximize shareholder value," added Meckler. Jupitermedia Corporation 3rd Quarter 2002 Conference Call Alert Alan M. Meckler, Chairman and CEO, Christopher S. Cardell, President and COO (Cell Of Origin) See mobile positioning. , and Christopher J. Baudouin Baudouin (bōd  ăN`), 1930–93, king of the Belgians (1951–93), son of Leopold III. He joined his father in exile (1945–50) in Switzerland. , Chief Financial Officer
of Jupitermedia Corporation (Nasdaq: JUPM) invite you to participate in
a conference call reviewing 2002 third quarter results on Tuesday Tuesday: see week. ,
November November: see month. 5, 2002 at 11:00 am EST EST electroshock therapy. EST abbr. electroshock therapy . The conference call number is (877) 807-9258 for domestic participants and (706) 634-2391 for international participants; pass code "Jupitermedia Third Quarter." Please call five minutes in advance to ensure that you are connected prior to the presentation. Instant replay will be available until Tuesday, November 19, 2002. Replay call numbers are (800) 642-1687 for domestic participants and (706) 645-9291 for international participants: pass code: 3855397. Acquisition On August 1, 2002, Jupitermedia announced the closing of the acquisition of certain assets of the Jupiter Research and Events businesses from Jupiter Media Metrix, Inc. (Nasdaq: JMXI) for $250,000 and the assumption of certain liabilities. As a result, approximately 90 employees joined Jupitermedia, with the majority of these employees holding research analysis and sales positions. Jupiter Research, founded in 1986, is a leading international research advisory organization specializing in business and technology market research in 18 business areas and 9 vertical markets. Jupiter Research analysts are widely quoted in the trade and financial press and Jupiter Events are well known for attracting industry leaders and professional attendees. New Content Areas and Services Jupitermedia continued to expand and strengthen its world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. proprietary content offerings and services with the launch of the following internally developed sites and services: -- In September, Jupitermedia announced the launch of a new service, Jupiter Direct (http://www.jupiterdirect.com ), which publishes single copy reports derived from Jupiter Research. Merged into the Jupiter Direct service offerings are the survey operations formerly provided by INT Media Research. -- In September, Jupitermedia announced the re-launch of NanotechPlanet.com as NanoelectronicsPlanet.com (http://www.nanoelectronicspl anet.com) - the first Web site devoted to in-depth coverage of the nanoelectronics industry. -- In October, Jupitermedia announced the launch of DatabaseJournal.com (http://www.databasejournal.c om), an online knowledge center for database professionals. DatabaseJournal.com was built upon the success of several other internet.com Web sites and e-mail newsletters covering various database technologies. -- In October, Jupitermedia launched Jupiter Webinars (http://www.jupiterwebinars.c om), a new division that offers live Web-based objective, educational seminars on a variety of IT and Internet related business issues delivered by Jupiter Research analysts. Jupiter Webinars are available for free to pre-qualified professionals via broadband and dial-up access and are also archived for later viewing convenience. -- In October, Jupiter Research announced the launch of GameMarketWatch.com (http://www.gamemarketwatch.c om), a new online resource for industry news and information about next-generation, Internet-enabled consoles and the technology that drives them. The site provides users with the latest news, company profiles and product reviews for the video/PC game vendor and platform industries. -- In October, Jupiter Research launched its research advisory service for personal computer and console game vendors and platform providers entitled Personal Computer & Console Games. The service delivers focused research on the game space for video and PC game vendors and platform providers, helping video game and interactive media companies understand consumers' adoption of new and evolving consoles, platforms and other entertainment hubs for gaming, while also advising companies on how to maximize revenues associated with these consumer behavior patterns. Conferences and Trade Shows Jupiter Events, a division of Jupitermedia, produces paid conferences and trade shows on Internet and IT-specific topics worldwide that are aligned with the content on our Web sites and our research offerings. Jupiter Events held seven paid conferences and trade shows in the third quarter, each focusing on a different issue pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Internet industry and IT. Events included: ClickZ E-Mail Strategies Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. 2002 Conference & Expo, Search Engine Strategies 2002 Conference & Expo, FlashKit Summer 2002 Conference & Expo, Instant Messaging Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or Planet Fall 2002 Conference & Expo, 802.11 Planet Conference & Expo Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. 2002, International IT Service Management Summit and VoiceXML An extension to XML that defines voice segments and enables access to the Internet via telephones and other voice-activated devices. AT&T, IBM, Lucent and Motorola created the Voice XML Forum in 1999 to support this development. For more information, visit www.voicexml.org. See XHTML+Voice. Planet Fall 2002 Conference & Expo. Jupiter Events has announced the launch of the following conferences and trade shows for the remainder of 2002 and into 2003: -- 802.11 Planet Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). 2002 Conference & Expo (Nov. 5-6,
2002,Munich Munich (my `nĭk), Ger. München (mün`khən), city (1994 pop. 1,255,623), capital of Bavaria, S Germany, on the Isar River near the Bavarian Alps. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). )-- ClickZ E-Mail Strategies Fall 2002 Conference & Expo (Nov. 18-19, 2002, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA) -- Nanoelectronics Nanoelectronics refer to the use of nanotechnology on electronic components, especially transistors. Although the term nanotechnology is generally defined as utilizing technology less than 100nm in size Planet Fall 2002 Conference & Expo (Nov. 18-19, 2002, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY) -- Enterprise Linux Linux Nonproprietary operating system (OS) for digital computers. In 1991 Linus Torvalds of Finland began asking for volunteer programmers over the Internet to collaborate on the development of a UNIX-like OS for personal computers; the “1. Forum Conference & Expo (December December: see month. 3-4, 2002, Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , MA) -- 802.11 Planet Fall 2002 Conference & Expo (December 3-5, 2002, Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , CA) -- FlashKit Australia 2002 Conference & Expo (December 5, 2002, Sydney Sydney, city, Australia Sydney, city (1991 pop. 3,097,956), capital of New South Wales, SE Australia, surrounding Port Jackson inlet on the Pacific Ocean. Sydney is Australia's largest city, chief port, and main cultural and industrial center. , Australia) -- Search Engine Strategies 2002 Conference & Expo (December 11-12, 2002, Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , TX) -- Jupiter allNet Devices Spring 2003 Conference & Expo (Feb. 10-11, 2003, San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , CA) -- Instant Messaging Planet Spring 2003 Conference & Expo (Feb. 24-25, 2003, Boston, MA) -- Jupiter Content Management Forum (February February: see month. 26-27, 2003, New York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. , NY) -- Jupiter GameMarketWatch Forum (April 1-2, 2003, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA) -- IT Infrastructure & Management Services Conference & Expo (April 15-16, 2003, Boston, MA) -- Ultrawideband See UWB. Planet 2003 Conference & Expo (May 12-13, 2003, Boston, MA) -- 802.11 Planet Spring 2003 Conference & Expo (June June: see month. 25-27, 2003, Boston, MA) Venture Fund Investments Jupitermedia is the portfolio manager of internet.com Venture Fund I LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (April '99), internet.com Venture Fund II LLC (November '99) and internet.com Venture Partners III LLC (June '00), which have invested in over 40 Internet properties to date. internet.com Venture Funds I and II and internet.com Venture Partners III were formed to invest in early-stage online content providers serving targeted business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. markets that follow the strategy of, but are not competitive with, Jupitermedia. Jupitermedia is an investor in all three funds. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program In October October: see month. 2001, Jupitermedia announced that its Board of Directors had authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the expenditure of up to $1.0 million 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. the Company's outstanding common stock. Any purchases under Jupitermedia's stock repurchase program may be made, from time-to-time, in the open market, through block trades or otherwise, at the discretion of Company management. Depending on market conditions and other factors, these purchases may be commenced or suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. at any time or from time-to-time without prior notice. In September 2002, Jupitermedia announced that it purchased 65,000 shares of Jupitermedia common stock at $1.60 per share as part of its stock repurchase program. 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. -- September 2002 page views were over 200 million -- September 2002 total views were over 260 million (includes Web site page views, e-mail newsletter views and e-mail discussion list views) -- Nearly 4.8 million e-mail newsletter subscribers as of September 30, 2002 -- Over 6.8 million total opt-in e-mail See opt-in. rental list subscribers as of September 30, 2002 -- Over 650,000 unique opt-in e-mail rental list subscribers as of September 30, 2002 -- September 2002 unique users were over 20 million -- 286 employees as of September 30, 2002 Segment Information The following tables summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum the results of the segments of Jupitermedia for the three and nine months ended September 30, 2001 and 2002. Online Media consists of the internet.com and EarthWeb.com Network. Research represents the Jupiter Research division. Events represents the Jupiter Events division. Other includes corporate overhead, depreciation, amortization and venture fund related activities. The following amounts are presented in thousands.
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2001 2002 2001 2002
--------- --------- --------- ---------
Revenues:
Online Media $ 8,666 $ 6,526 $ 28,558 $ 21,488
Research - 2,179 - 2,179
Events 1,266 1,458 3,533 4,409
Other 350 315 987 964
--------- --------- --------- ---------
$ 10,282 $ 10,478 $ 33,078 $ 29,040
--------- --------- --------- ---------
Operating expenses:
Online Media $ 9,024 $ 4,665 $ 32,605 $ 16,623
Research - 1,749 - 1,749
Events 975 1,352 4,067 4,370
Other 66,790 2,390 91,443 6,790
--------- --------- --------- ---------
$ 76,789 $ 10,156 $ 128,115 $ 29,532
--------- --------- --------- ---------
Operating income (loss):
Online Media $ (358)$ 1,861 $ (4,047)$ 4,865
Research - 430 - 430
Events 291 106 (534) 39
Other (66,440) (2,075) (90,456) (5,826)
--------- --------- --------- ---------
$ (66,507)$ 322 $ (95,037)$ (492)
========= ========= ========= =========
Business Outlook Jupitermedia's financial guidance is prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Historical results below have been adjusted to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" this presentation. The following forward looking-statements reflect Jupitermedia's expectations as of November 4, 2002. Given the emerging nature of online advertising, potential changes in general economic conditions, and the various other risk factors discussed below and in Jupitermedia's reports filed with the Securities and Exchange Commission from time to time, actual results may differ materially. Jupitermedia intends to continue its practice of not updating 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. until its next quarterly results announcement, other than in publicly available statements. Future Expectations
Actual Actual Actual
Q1 Q2 Q3 Total
2002 2002 2002 Q4 2002 2002
------- ------- ------ ----------- -----------
Revenues ($M) $8.7 $9.9 $10.5 $11.5-12.5 $40.6-41.6
Cost of revenues,
advertising, promotion
& selling, and general
& administrative
expenses ($M) $8.7 $9.1 $9.5 $10.5-11.5 $37.8-38.8
Depreciation and
amortization ($M) $0.8 $0.8 $0.7 $0.7 $3.0
Loss on investments ($M) $0.1 $0.1 $0.0 - $0.2
Interest income ($M) $0.1 $0.1 $0.1 $0.1 $0.4
Equity losses ($M) $0.2 $0.2 $0.2 - $0.6
Net income (loss) ($M) $(1.0) $(0.2) $0.2 $0.4 $(0.6)
Share count (M) 25.3 25.3 25.3 25.3 25.3
Earnings (loss) per
share $(0.04) $(0.01) $0.01 $0.02 $(0.02)
About Jupitermedia Corporation Jupitermedia Corporation (Nasdaq: JUPM), (http://www.jupitermedia.com) headquartered in Darien Darien, town, United States Darien (dâr`ēĕn'), residential town (1990 pop. 18,130), Fairfield co., SW Conn., on Long Island Sound; settled c.1641, inc. 1820. , CT, is a leading provider of global real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. news, information, research and media resources for information technology and Internet industry professionals. Jupitermedia includes the internet.com and EarthWeb.com Network of over 150 Web sites and 200 e-mail newsletters that generate over 200 million page views monthly. Jupitermedia also includes Jupiter Research, a leading international research advisory organization specializing in business and technology market research in 18 business areas and 9 vertical markets. In addition, Jupiter Events include nearly 40 offline (1) Not connected to the Internet, online service or internal network. See offline file. (2) Not connected to or not installed in the computer. If a terminal, printer or other device is physically connected to the computer, but is not turned on or in ready mode, it is conferences and trade shows focused on IT and business-specific topics. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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: Statements in this press release which are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the competitive environment in which Jupitermedia Corporation competes; the unpredictability of Jupitermedia Corporation's future revenues, expenses, cash flows and stock price; Jupitermedia Corporation's ability to integrate acquired businesses, products and personnel into its existing businesses; Jupitermedia Corporation's investments in international and venture fund investments; any material change in Jupitermedia Corporation's intellectual property rights and continued growth and acceptance of the Internet and information technology. For a more detailed discussion of such risks and uncertainties, refer to Jupitermedia Corporation's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and Jupitermedia Corporation assumes no obligation to update the forward-looking statements after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
Jupitermedia Corporation
Consolidated Balance Sheets
December 31, 2001 and September 30, 2002
(in thousands, except share and per share amounts)
December September
31, 30,
2001 2002
-------- --------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 25,100 $ 24,679
Accounts receivable, net of allowances of
$1,810 and $1,221, respectively 6,527 7,038
Unbilled accounts receivable - 1,358
Prepaid expenses and other 573 1,064
-------- --------
Total current assets 32,200 34,139
Property and equipment, net of accumulated
depreciation of $5,512 and $7,285,
respectively 3,767 2,637
Intangible assets, net of accumulated
amortization of $1,007 and $1,619,
respectively 1,508 1,506
Goodwill 5,261 8,303
Investments and other assets 3,051 2,043
-------- --------
Total assets $ 45,787 $ 48,628
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,388 $ 1,139
Accrued payroll and related expenses 1,533 1,528
Accrued expenses and other 3,374 4,165
Accrued Web site acquisition payments 398 100
Deferred revenues 2,581 7,096
-------- --------
Total current liabilities 9,274 14,028
Accrued Web site acquisition payments 265 -
Deferred revenues 910 228
-------- --------
Total liabilities 10,449 14,256
-------- --------
Stockholders' equity:
Preferred stock, $.01 par value, 4,000,000
shares authorized, no shares issued - -
Common stock, $.01 par value, 75,000,000
shares authorized, 25,333,077 and
25,336,410 shares issued at December 31,
2001 and September 30, 2002, respectively 253 253
Additional paid-in capital 175,418 175,483
Accumulated deficit (140,298) (141,267)
Treasury stock, 65,000 shares at cost - (106)
Accumulated other comprehensive income
(loss) (35) 9
-------- --------
Total stockholders' equity 35,338 34,372
-------- --------
Total liabilities and stockholders'
equity $ 45,787 $ 48,628
======== ========
Jupitermedia Corporation
Consolidated Statements of Operations
For the Three Months and Nine Months Ended September 30, 2001 and 2002
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2001 2002 2001 2002
--------- --------- --------- ---------
Revenues $ 10,282 $ 10,478 $ 33,078 $ 29,040
Cost of revenues 4,360 4,261 17,765 11,685
--------- --------- --------- ---------
Gross profit 5,922 6,217 15,313 17,355
--------- --------- --------- ---------
Operating expenses:
Advertising, promotion and
selling 3,972 3,432 14,731 10,411
General and administrative 3,173 1,743 9,167 5,104
Depreciation 704 494 2,046 1,739
Amortization 10,683 226 30,509 593
Impairment of intangibles 53,897 - 53,897 -
--------- --------- --------- ---------
Total operating expenses 72,429 5,895 110,350 17,847
--------- --------- --------- ---------
Operating income (loss) (66,507) 322 (95,037) (492)
Gain (loss) on investments and
other, net (1,115) 34 (1,482) (170)
Interest income 238 90 1,213 292
--------- --------- --------- ---------
Income (loss) before income
taxes, minority interests and
equity losses from
international and venture
fund investments (67,384) 446 (95,306) (370)
Provision for income taxes - 6 2 25
Minority interests 11 (10) 95 (11)
Equity losses from international
and venture fund investments,
net (777) (186) (1,997) (563)
--------- --------- --------- ---------
Net income (loss) $ (68,150)$ 244 $ (97,210)$ (969)
========= ========= ========= =========
Basic net income (loss) per
share $ (2.69)$ 0.01 $ (3.84)$ (0.04)
========= ========= ========= =========
Basic weighted average shares
outstanding 25,333 25,329 25,333 25,332
========= ========= ========= =========
Diluted net income (loss) per
share $ (2.69)$ 0.01 $ (3.84)$ (0.04)
========= ========= ========= =========
Diluted weighted average shares
outstanding 25,333 25,374 25,333 25,332
========= ========= ========= =========
Jupitermedia Corporation
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2001 and 2002
(unaudited)
(in thousands)
Nine Months Ended
September 30,
--------------------
2001 2002
-------- --------
Cash flows from operating activities:
Net loss $(97,210) $ (969)
Adjustments to reconcile net cash (used in)
provided by operating activities:
Depreciation and amortization 32,555 2,332
Impairment of intangibles 53,897 -
Non-cash barter transactions (1,955) (957)
Provision for losses on accounts receivable 2,874 (100)
Minority interests (95) 11
Equity losses from international and venture
fund investments, net 1,997 563
Gain (loss) on investments and other, net 1,482 170
Changes in assets and liabilities, net of
effects of acquisition:
Accounts receivable 2,389 810
Unbilled accounts receivable - 94
Prepaid expenses and other 391 (256)
Accounts payable and accrued expenses (2,238) 42
Deferred revenues (84) (696)
-------- --------
Net cash (used in) provided by operating
activities (5,997) 1,044
-------- --------
Cash flows from investing activities:
Additions to property and equipment (1,787) (158)
Acquisitions of media properties and other (26,526) (1,590)
Distribution from internet.com venture funds - 88
Proceeds from sales of assets and other - 296
-------- --------
Net cash used in investing activities (28,313) (1,364)
-------- --------
Cash flows from financing activities:
Purchase of treasury stock - (106)
Proceeds from exercise of stock options 55 5
-------- --------
Net cash provided by (used in) financing
activities 55 (101)
-------- --------
Effect of foreign exchange rates on cash 1 -
Net decrease in cash and cash equivalents (34,254) (421)
Cash and cash equivalents, beginning of period 59,979 25,100
-------- --------
Cash and cash equivalents, end of period $ 25,725 $ 24,679
======== ========
Supplemental disclosures of cash flow:
Cash paid for interest $ - $ -
======== ========
Cash paid for income taxes $ 38 $ 31
======== ========
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