PTEK Holdings Reports $341.3 Million Revenue, $71.5 Million Adjusted EBITDA and $.26 Diluted EPS from Continuing Operations for 2002.Business Editors/High-Tech Writers ATLANTA--(BUSINESS WIRE)--Feb. 25, 2003 Company Ends Year with $69.4 Million in Cash and Marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. Securities -- 40% Increase Over 2001 Ptek Holdings (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PTEK)(www.ptek.com) today announced that its revenue 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 year ended December December: see month. 31, 2002 was $341.3 million compared to $330.4 million in 2001. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations for 2002 were $.26 compared to a 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. loss of $2.61 (exclusive of FAS 142 goodwill amortization) per share in 2001. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become from continuing operations (defined as 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. or loss before depreciation, amortization, 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). costs, asset impairments, equity based compensation, and net legal settlements) for 2002 was $71.5 million versus $60.3 million in 2001, a 19% increase. A schedule reconciling adjusted EBITDA to net income is attached. Net income per diluted share for 2002, including discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , was $.03 compared to a diluted loss of $3.50 (exclusive of FAS 142 goodwill amortization) per share in 2001. Cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has on December 31, 2002 increased 40% to $69.4 million compared to $49.5 million on December 31, 2001. In the fourth quarter of 2002, revenue from continuing operations totaled $84.5 million as compared to $83.0 million in the fourth quarter of 2001, and diluted earnings per share from continuing operations were $.12 compared to a net loss per share of $2.20 (exclusive of FAS 142 goodwill amortization) in the fourth quarter of 2001. Adjusted EBITDA from continuing operations for the fourth quarter of 2002 was $17.0 million, as compared to $14.0 million in the fourth quarter of 2001. Net income per diluted share for the fourth quarter of 2002, including discontinued operations, was $.12 compared to a diluted loss of $2.80 (exclusive of FAS 142 goodwill amortization) per share in the fourth quarter of 2001. Ptek's accomplishments in the fourth quarter of 2002 included: -- Xpedite achieved record growth in both volume and revenue for its voiceREACH(SM) service, with revenue up 95% over the third quarter of 2002. -- Continued to grow minute volume at Premiere Conferencing, increasing by more than 4% quarter over quarter. -- Improved cash and marketable securities from the third quarter of 2002 by $13.9 million, exiting the fourth quarter of 2002 with $69.4 million. -- Repurchased 1,675,500 shares of the company's stock during the fourth quarter of 2002, increasing the number of shares acquired since announcing the repurchase program in June of 2000 to a total of 4,095,800 shares. Ptek's accomplishments in 2002 included: -- New services revenue (data collaboration See data conferencing. and automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. conferencing See teleconferencing. , messageREACH (R) and voiceREACH)(SM) grew 40% from $88 million in 2001 to $123 million in 2002. -- Improved working capital by $48.0 million. -- Improved Net Days Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). during the year from 67 days to 57 days. -- Improved ratio of net debt to adjusted EBITDA (ttm) by 30%, from 2.3x to 1.6x. -- Increased the number of shares held by institutions to 40% of total shares outstanding at the end of 2002, compared to 24% at the end of 2001. "We continue to make significant gains in our company's performance," said Boland T. Jones, Founder, 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. of PTEK Holdings. "In 2002 we accomplished our goals in terms of growing revenue in our new services, generating positive earnings per share, greatly improving our balance sheet, and significantly increasing the number of shares held by institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Even in these trying times we are starting to see results from our efforts in terms of greater client penetration with additional services, and the successful 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 new customers--both among Fortune 1000 companies and in the small to mid size market. At this time, we expect to see revenue increase in Q1 over Q4." Operating Units' Performance Premiere Conferencing (www.premconf.com) (In Thousands Except Per Share Amounts)
Fourth Fourth Tweleve Tweleve
Quarter Quarter Months Months
2002 2001 2002 2001
--------- --------- -------- ---------
Premiere Conferencing
Revenue $ 35,055 $ 31,573 $138,477 $ 115,160
Gross Margin $ 29,147 $ 26,906 $115,502 $ 96,738
Gross Margin % 83.1% 85.2% 83.4% 84.0%
Adjusted EBITDA $ 9,975 $ 8,456 $ 40,425 $ 28,614
Adjusted EBITDA % 28.5% 26.8% 29.2% 24.8%
Premiere Conferencing's revenue for 2002 grew 20%, reporting $138.5 million compared to $115.2 million for 2001. Adjusted EBITDA increased 41% for 2002, at $40.4 million versus $28.6 million for 2001. Premiere Conferencing minutes grew 51% from 626 million minutes in 2001 to 948 million minutes in 2002. Premiere Conferencing continued to expand its corporate customer base in the fourth quarter of 2002 by adding more than 853 new domestic customers over the preceding quarter, including Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. Foods, Flagstar Bank Flagstar Bancorp, Inc. (NYSE: FBC) operates as the holding company for Flagstar Bank, a federally chartered stock savings bank. Flagstar is the largest publicly traded savings bank headquartered in the midwest United States. , Morris Communications, PETCO '' PETCO is a chain of retail stores that offers pet supplies and services such as grooming and dog training. Founded in 1965 and incorporated in Delaware, it is headquartered in San Diego, California, and is now a private company held by Texas Pacific Group and Leonard , Sysco Corporation and Tiffany Tiffany, Tiffanie (UK) a semi-longhaired version of the Burmese cat. It has a fine, silky coat in many colors. & Co. The business unit also added significant new international customers, including Volkswagen “VW” redirects here. For the airline using IATA designator VW, see Aeromar. Volkswagen AG (ISIN: DE0007664005), or VW, is an automobile manufacturer based in Wolfsburg, Germany. and Sealed Air Sealed Air Corporation(NYSE: SEE) is a company that makes a variety of packaging materials, systems and equipment. Its brands include Bubble Wrap, Cryovac, Instapak, Shanklin and Jiffy Mailer. They have recently moved headquarters to Elmwood Park, New Jersey. in 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). , Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. 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). and Monoprix in France, and ABN Amro ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) and Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. in the
United Kingdom, as well as General Motors in 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. , Toyota Toyota (toi-ō`tə, Jap. tōyō`tä), city (1990 pop. 332,336), Aichi prefecture, central Honshu, Japan. It is a major industrial center dominated by the Toyota Motor Company, which produces passenger vehicles and auto parts there. in Japan
and Dell Computer in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. .
Xpedite (www.xpedite.com) (In Thousands Except Per Share Amounts)
Fourth Fourth Tweleve Tweleve
Quarter Quarter Months Months
2002 2001 2002 2001
--------- --------- -------- ---------
Xpedite
Revenue $ 49,503 $ 51,539 $202,899 $ 215,665
Gross Margin $ 40,915 $ 39,972 $161,108 $ 161,134
Gross Margin % 82.7% 77.6% 79.4% 74.7%
Adjusted EBITDA $ 12,067 $ 10,245 $ 46,923 $ 48,468
Adjusted EBITDA % 24.4% 19.9% 23.1% 22.5%
Xpedite delivered more than 590 million messages in the fourth quarter of 2002, and more than 2.2 billion messages for the entire year, an increase of 11% over 2001. messageREACH(R) volume for the fourth quarter of 2002 was up 67% over the fourth quarter of 2001, and voiceREACH volume increased 447% in the fourth quarter of 2002 versus the fourth quarter of 2001. New services constituted 16% of total revenue in the fourth quarter, up from 11% of total revenue in Q4 2001. During the fourth quarter of 2002, Xpedite added over 1,000 international customer accounts, including Ingram Micro Ingram Micro, Inc. NYSE: IM a Fortune 100 company founded in 1979 and based in Santa Ana, California. It is the world’s largest technology distributor and a leading technology sales, marketing and logistics company. in France, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Securities, Salomon Noun 1. Salomon - American financier and American Revolutionary War patriot who helped fund the army during the American Revolution (1740?-1785) Haym Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , and NuSkin and GE Plastics in Korea. Xpedite continued to add domestic customers in the quarter including Boston Market Boston Market (known before 1995 as Boston Chicken), headquartered in Golden, Colorado, is a chain of American fast-food restaurants. Founded in December 1985 in Newton, Massachusetts, the chain grew rapidly in the early and mid-1990s, filed bankruptcy in the late 1990s, and , Domino's, Citizens Bank, and the Atlanta Falcons Revised Financial Guidance The following statements are based on Ptek's current expectations as of February 25, 2003. These statements are 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. and actual results may differ materially. The company assumes no duty to update any forward-looking statements made in this press release. A discussion concerning forward-looking statements is included at the end of this press release and in the company's 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. for the fiscal year ended December 31, 2001 and in subsequent filings filed by the company with the Securities and Exchange Commission. Based on the Company's most recent performance, Ptek is revising its guidance for 2003 for continuing operations as follows, which the company will discuss during the conference call (see Notice below):
2003 Guidance
-------------------
Revenue $355M - $365M
EBITDA(a) $76M - $81M
Diluted EPS(b) $.34 - $.39
(a) EBITDA is net income (loss) before interest, taxes, depreciation and amortization, and will no longer include the adjustments set forth in the attached schedule. 2002 non-adjusted EBITDA was $58.2M. (b) Assumes effective income tax rate of 40% and total diluted share count of 55.9 million. About Ptek Holdings, Inc. Ptek Holdings, Inc. (NASDAQ: PTEK) is a leading provider of enhanced multimedia group communications services to the global enterprise marketplace. These solutions, which include conferencing, collaboration Working together on a project. See collaborative software. and messaging, are marketed under the Premiere Conferencing and Xpedite brand names. Ptek Holdings corporate headquarters is located at 3399 Peachtree Road NE, The Lenox Building, Atlanta, GA 30326. Additional information can be found at www.ptek.com. Notice: The Company will hold a conference call to discuss this release at 5:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy on February 25, 2003. Participants who would like to listen to the call via live Web cast should go to www.ptek.com/press/index.cfm. For a replay of the conference call, call 888-203-1112 (U.S. and Canada) or 719-457-0820 (International). The confirmation code is 599245. Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the 'safe harbor' provisions 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 are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Ptek's forward-looking statements, including the following factors: competitive pressures among communications services providers, including pricing pressures, may increase significantly; Ptek's ability to respond to rapid technological change, the development of alternatives to its products and services and the risk of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of its products, services and technology; market acceptance of new products and services; development of effective marketing, pricing and distribution strategies for new products and services; Ptek's ability to manage its growth; costs or difficulties related to the integration of businesses and technologies, if any, acquired or that may be acquired by Ptek may be greater than expected; expected cost savings from past or future mergers and acquisitions, may not be fully realized or realized within the expected time frame; revenues following past or future mergers and acquisitions may be lower than expected; operating costs operating costs npl → gastos mpl operacionales or customer loss and business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. following past or future mergers and acquisitions may be greater than expected; the success of Ptek's strategic relationships, including the amount of business generated and the viability of the strategic relationships, may not meet expectations; possible adverse results of pending or future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or adverse results of current or future infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. claims; risks associated with interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. in Ptek's services due to the failure of the platforms and network infrastructure utilized in providing its services; domestic and international terrorist activity, war and political instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability may adversely affect the level of services utilized by Ptek's customers and the ability of those customers to pay for services utilized; risks associated with expansion of Ptek's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; general economic or business conditions, internationally, nationally or in the local jurisdiction in which Ptek is doing business, may be less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than expected; legislative or regulatory changes may adversely affect the business in which Ptek is engaged; and changes in the securities markets may negatively impact Ptek. "Adjusted EBITDA" is not a standard accounting term as defined by General Accepted Accounting Principles and may not be comparable to similarly titled measures reported by other companies. For a detailed discussion of these and other cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements, please refer to the Company's filings with the Securities and Exchange Commission, especially in the "Factors Affecting Future Performance" included in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial section of the Company's Form 10-K for the fiscal year ended December 31, 2001 and in subsequent filings filed with the Securities and Exchange Commission.
PTEK HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Twelve Months
------------------------- -------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUES $ 84,511 $ 82,966 $ 341,253 $ 330,416
TELECOMMUNICATIONS
COSTS 14,496 16,234 64,765 72,953
----------- ----------- ----------- -----------
GROSS PROFIT 70,015 66,732 276,488 257,463
82.8% 80.4% 81.0% 77.9%
DIRECT OPERATING
COSTS 12,896 13,497 52,898 52,323
----------- ----------- ----------- -----------
CONTRIBUTION MARGIN 57,119 53,235 223,590 205,140
----------- ----------- ----------- -----------
OTHER OPERATING
EXPENSES:
Selling and
marketing 22,516 20,515 88,970 75,494
General and
administrative 16,037 16,041 55,845 58,291
Research and
development 1,611 2,632 7,236 11,073
Depreciation 4,957 4,969 21,526 20,707
Amortization 2,362 21,671 10,876 88,553
Restructuring costs 1,834 2,542 1,834 4,608
Asset impairments 3,202 100,796 3,202 100,796
Equity based
compensation 230 17,049 1,871 20,429
Legal settlements,
net - 2,331 7,325 2,331
----------- ----------- ----------- -----------
Total operating
expenses 52,749 188,546 198,685 382,282
----------- ----------- ----------- -----------
OPERATING INCOME
(LOSS): 4,370 (135,311) 24,905 (177,142)
----------- ----------- ----------- -----------
OTHER INCOME
(EXPENSE):
Interest expense (2,434) (3,212) (11,510) (11,544)
Interest income 1,056 244 1,482 647
Gain on sale of
marketable
securities 141 306 930 2,971
Asset impairment
and obligations -
investments - (2,500) - (31,695)
Amortization of
goodwill - equity
investments - - - (1,612)
Other, net 99 (1,257) (8) (2,626)
----------- ----------- ----------- -----------
Total other income
(expense) (1,138) (6,419) (9,106) (43,859)
----------- ----------- ----------- -----------
INCOME (LOSS) FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAXES 3,232 (141,730) 15,799 (221,001)
INCOME TAX EXPENSE
(BENEFIT) (3,452) (14,079) 1,376 (25,466)
----------- ------------ ----------- ------------
INCOME (LOSS) FROM
CONTINUING
OPERATIONS $ 6,684 $ (127,651) $ 14,423 $ (195,535)
=========== =========== =========== ===========
DISCONTINUED
OPERATIONS:
Gain (Loss) from
operations from
Voicecom
(including loss on
disposal of
$13,887 in 2002) 3,544 (34,225) (16,172) (53,162)
Income tax expense
(benefit) 3,261 (3,865) (3,640) (6,577)
----------- ----------- ----------- -----------
Gain (Loss) on
discontinued
operations 283 (30,360) (12,532) (46,585)
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 6,967 $ (158,011) $ 1,891 $ (242,120)
=========== =========== =========== ===========
BASIC EARNINGS (LOSS) PER
SHARE:
Continuing
operations $ 0.12 $ (2.52) $ 0.27 $ (3.91)
Discontinued
operations $ 0.01 $ (0.60) $ (0.23) $ (0.93)
----------- ----------- ----------- -----------
Net Income (Loss) $ 0.13 $ (3.12) $ 0.04 $ (4.84)
=========== =========== =========== ===========
DILUTED EARNINGS (LOSS) PER
SHARE:
Continuing
operations $ 0.12 $ (2.52) $ 0.26 $ (3.91)
Discontinued
operations $ 0.00 $ (0.60) $ (0.23) $ (0.93)
----------- ----------- ----------- -----------
Net Income (Loss) $ 0.12 $ (3.12) $ 0.03 $ (4.84)
=========== =========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING:
BASIC 53,479 50,612 53,550 49,998
=========== =========== =========== ===========
DILUTED 55,828 50,612 56,262 49,998
=========== =========== =========== ===========
EXCLUSIVE OF FAS 142 GOODWILL AMORTIZATION:
Income (loss) from
continuing
operations $ 6,684 $ (111,328) $ 14,423 $ (130,447)
=========== =========== =========== ===========
Net Income (loss) $ 6,967 $ (141,687) $ 1,891 $ (174,755)
=========== =========== =========== ===========
Basic income (loss)
per share from
continuing
operations $ 0.12 $ (2.20) $ 0.27 $ (2.61)
=========== =========== =========== ===========
Basic net income
(loss) per share $ 0.13 $ (2.80) $ 0.04 $ (3.50)
=========== =========== =========== ===========
Diluted income
(loss) per share
from continuing
operations $ 0.12 $ (2.20) $ 0.26 $ (2.61)
=========== =========== =========== ===========
Diluted net income
(loss) per share $ 0.12 $ (2.80) $ 0.03 $ (3.50)
=========== =========== =========== ===========
PTEK HOLDINGS, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND DECEMBER 31, 2001
(IN THOUSANDS, EXCEPT SHARE DATA)
(Unaudited)
2002 2001
--------- ---------
ASSETS
CURRENT ASSETS
Cash and equivalents $ 68,777 $ 48,023
Marketable securities, available for sale 641 1,477
Accounts receivable (less allowances of
$7,074 and $8,278, respectively) 51,909 58,613
Federal income tax receivable - 9,208
Prepaid expenses and other 8,872 7,982
Deferred income taxes, net 14,767 13,743
--------- ---------
Total current assets 144,966 139,046
--------- ---------
PROPERTY AND EQUIPMENT, NET 63,148 91,349
OTHER ASSETS
Goodwill 123,066 123,066
Intangibles, net 7,802 21,880
Deferred income taxes, net 6,473 6,923
Notes receivable - related parties 1,976 -
Other assets 4,229 4,174
--------- ---------
$ 351,660 $ 386,438
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 37,110 $ 56,862
Accrued taxes 8,250 16,031
Accrued expenses 32,319 42,733
Unearned revenue - 452
Current maturities of long term debt & capital
lease obligations 4,320 6,124
Accrued restructuring costs 1,898 3,728
--------- ---------
Total current liabilities 83,897 125,930
--------- ---------
LONG TERM LIABILITIES
Convertible subordinated notes 172,500 172,500
Long term debt & capital lease obligations 3,407 8,552
Other accrued expenses 7,951 424
--------- ---------
Total long term liabilities 183,858 181,476
--------- ---------
SHAREHOLDERS' EQUITY
Common stock $0.01 par value; 150,000,000 shares
authorized, 58,733,628 and 56,984,575 shares
issued in 2002 and 2001 and 53,540,828 and
53,584,639 shares outstanding in 2002 and 2001,
respectively 587 569
Unrealized gain on marketable securities 276 722
Additional paid-in capital 602,674 597,885
Unearned restricted stock compensation (1,913) (3,860)
Treasury stock, at cost (22,112) (15,494)
Note receivable, shareholder (4,266) (4,593)
Cumulative translation adjustment (2,810) (5,775)
Accumulated deficit (488,531) (490,422)
--------- ---------
Total shareholders' equity 83,905 79,032
--------- ---------
$ 351,660 $ 386,438
========= =========
PTEK HOLDINGS, INC AND SUBSIDIARIES
ADJUSTED EBITDA TO NET INCOME RECONCILIATION
(IN THOUSANDS)
Three Months Ended Twelve Months
------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Adjusted EBITDA $ 16,955 $ 14,047 $ 71,539 $ 60,282
Less Restructuring
Costs (1,834) (2,542) (1,834) (4,608)
Less Asset Impairments (3,202) (103,296) (3,202) (132,491)
Less Equity Based
Compensation (230) (17,049) (1,871) (20,429)
Less Legal
Settlements, net - (2,331) (7,325) (2,331)
Plus Gain on
Marketable Securities 141 306 930 2,971
Plus Other, net 99 (1,257) (8) (2,626)
----------- ----------- ----------- -----------
EBITDA $ 11,929 $ (112,122)$ 58,229 $ (99,232)
----------- ----------- ----------- -----------
Less Interest (1,378) (2,968) (10,028) (10,897)
Less Depreciation (4,957) (4,969) (21,526) (20,707)
Less Amortization (2,362) (21,671) (10,876) (90,165)
Income tax benefit
(expense) 3,452 14,079 (1,376) 25,466
----------- ----------- ----------- -----------
Income from Continuing
Operations 6,684 (127,651) 14,423 (195,535)
----------- ----------- ----------- -----------
Plus Discontinued
Operations Income
(Expense) 283 (30,360) (12,532) (46,585)
----------- ----------- ----------- -----------
Net Income $ 6,967 $ (158,011)$ 1,891 $ (242,120)
----------- ----------- ----------- -----------
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