Business Services Industry
Audible Reports First Quarter Results Highlighted by 68% Year-Over-Year Content and Services Revenue Growth
Business Wire, May 4, 2004
AUDIBLE INC.
COMPARATIVE STATEMENTS OF OPERATIONS
Three months ended
---------------------------
March 31, December 31,
------------- -------------
2004 2003
------------- -------------
(unaudited) (unaudited)
Revenue, net:
Consumer content $ 6,559,188 $ 5,607,316
Services 17,102 25,651
------------- -------------
Total content and services 6,576,290 5,632,967
Hardware 181,717 177,062
Other 16,126 16,126
------------- -------------
Total revenue, net 6,774,133 5,826,155
------------- -------------
Operating expenses:
Cost of content and services revenue 2,093,262 1,884,174
Cost of hardware revenue 518,035 579,898
Operations 1,143,247 996,290
Technology and development 1,255,132 1,145,797
Marketing 1,152,286 898,110
General and administrative 567,178 558,918
------------- -------------
Total operating expenses 6,729,140 6,063,187
------------- -------------
Income (loss) from operations 44,993 (237,032)
Other income, (expense)
Interest income 14,967 10,268
Interest expense (2,188) -
------------- -------------
Total other income, net 12,779 10,268
------------- -------------
Income (loss) before state income tax
benefit 57,772 (226,764)
State income tax benefit - 250,408
------------- -------------
Net income 57,772 23,644
Dividends on convertible preferred stock (614,116) (4,462,066)
Charges related to conversion of
convertible preferred stock (9,873,394) -
------------- -------------
Total preferred stock expense (10,487,510) (4,462,066)
------------- -------------
Net loss applicable to common shareholders $(10,429,738) $ (4,438,422)
============= =============
Basic and diluted net loss per common
share $ (0.19) $ (0.13)
============= =============
Weighted average common shares outstanding 55,993,163 33,044,472
============= =============
AUDIBLE INC.
STATEMENTS OF OPERATIONS
Three months ended
March 31,
------------- -------------
2004 2003
------------- -------------
(unaudited)
Revenue, net:
Consumer content $ 6,559,188 $ 3,887,585
Services 17,102 28,096
------------- -------------
Total content and services 6,576,290 3,915,681
Hardware 181,717 177,215
Other 16,126 16,126
------------- -------------
Total revenue, net 6,774,133 4,109,022
------------- -------------
Operating Expenses:
Cost of content and services revenue 2,093,262 965,629
Cost of hardware revenue 518,035 548,304
Operations 1,143,247 973,850
Technology and Development 1,255,132 1,251,973
Marketing 1,152,286 1,463,064
General and administrative 567,178 709,875
------------- -------------
Total operating expenses 6,729,140 5,912,695
------------- -------------
Income (loss) from operations 44,993 (1,803,673)
Other income, (expense)
Interest income 14,967 5,915
Interest expense (2,188) -
------------- -------------
Total other income, net 12,779 5,915
------------- -------------
Net income (loss) 57,772 (1,797,758)
Dividends on convertible preferred stock (614,116) (363,649)
Charges related to conversion of convertible
preferred stock (9,873,394) -
------------- -------------
Total preferred stock expense (10,487,510) (363,649)
------------- -------------
Net loss applicable to common shareholders $(10,429,738) $ (2,161,407)
============= =============
Basic and diluted net loss
per common share $ (0.19) $ (0.07)
============= =============
Weighted average common shares
outstanding 55,993,163 30,997,944
============= =============
AUDIBLE INC.
CONDENSED BALANCE SHEETS
March 31, December 31,
Assets 2004 2003
------------- -------------
(unaudited)
Current Assets
Cash and cash equivalents $ 9,616,609 $ 9,074,987
Accounts receivable, net of allowance 337,086 245,641
Royalty advances 39,212 72,338
Prepaid expenses and other current assets 561,364 596,720
Inventory 188,552 99,936
------------- -------------
Total current assets 10,742,823 10,089,622
Property and equipment, net 724,316 272,851
Other assets 419,328 418,524
------------- -------------
Total Assets $ 11,886,467 $ 10,780,997
============= =============
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $ 687,985 $ 526,359
Accrued expenses and compensation 2,857,521 2,809,860
Royalty obligations, current 320,500 408,000
Equipment lease obligations, current 402,023 -
Deferred revenue and advances, current 868,136 873,520
------------- -------------
Total current liabilities 5,136,165 4,617,739
Deferred cash compensation 55,000 58,750
Stockholders' Equity
Convertible preferred stock: Series A - 13,027,375
Convertible preferred stock: Series B - 1,137,500
Common stock 642,558 450,469
Additional paid-in capital 138,525,472 110,207,527
Deferred compensation and services (205,312) (239,425)
Notes due from stockholders for common
stock (55,000) (58,750)
Treasury stock at cost (184,740) (184,740)
Accumulated deficit (132,027,676) (118,235,448)
------------- -------------
Total Stockholders' Equity 6,695,302 6,104,508
------------- -------------
Total Liabilities and Stockholders' Equity $ 11,886,467 $ 10,780,997
============= =============
AUDIBLE INC.
CONDENSED STATEMENTS OF CASH FLOWS
Three months ended
March 31,
---------------------------
2004 2003
------------- -------------
(unaudited)
Cash flows from operating activities:
Net income (loss) $ 57,772 $ (1,797,758)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 110,525 212,541
Services rendered for common stock and
warrants 269,081 584,705
Non-cash compensation charge 34,113 73,278
Non-cash forgiveness of notes due from
stockholders for common stock - 198,995
Deferred cash compensation (3,750) -
Changes in assets and liabilities:
Accounts receivable, net (91,445) (51,567)
Royalty advances 33,126 (127,741)
Prepaid expenses and other current
assets 36,581 125,486
Inventory (88,616) (140,243)
Other assets (2,029) -
Accounts payable 161,626 128,842
Accrued expenses and compensation 47,661 55,304
Royalty obligations (87,500) 39,000
Deferred revenue and advances (5,384) (43,443)
------------- -------------
Net cash provided by (used in)
operating activities 471,761 (742,601)
------------- -------------
Cash flows from investing activities:
Purchases of property and equipment (159,967) (22,618)
------------- -------------
Net cash used in investing
activities (159,967) (22,618)
------------- -------------
Cash flows from financing activities:
Proceeds from exercise of common stock
warrants 2,500 -
Proceeds from exercise of common stock
options 223,578 -
Payments received on notes due from
stockholders for common stock 3,750 -
------------- -------------
Net cash provided by financing
activities 229,828 -
------------- -------------
Increase (decrease) in cash and
cash equivalents 541,622 (765,219)
Cash and cash equivalents at beginning of
period 9,074,987 2,822,080
------------- -------------
Cash and cash equivalents at end of period $ 9,616,609 $ 2,056,861
============= =============
Non-GAAP Free Cash Flow reconciliation:
Net cash provided by (used in) operating
activities $ 471,761 $ (742,601)
Purchases of property and equipment (159,967) (22,618)
------------- -------------
Non-GAAP Free Cash Flow $ 311,794 $ (765,219)
------------- -------------
Non-cash investing and financing activities:
Purchase of property and equipment
through capital leases $ 402,023 $ -
------------- -------------
COPYRIGHT 2004 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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