EXHIBIT 99.1
InfoSpace, Inc.
Revised Preliminary Condensed Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | |
| | Three months ended | | | Year ended | |
| | December 31, 2007 | | | December 31, 2006 | | | December 31, 2007 | | | December 31, 2006 | |
Revenues | | $ | 39,058 | | | $ | 34,053 | | | $ | 140,537 | | | $ | 153,800 | |
Operating expenses: | | | | | | | | | | | | | | | | |
Content and distribution | | | 18,946 | | | | 12,924 | | | | 61,765 | | | | 62,346 | |
Systems and network operations | | | 2,820 | | | | 2,933 | | | | 9,800 | | | | 11,494 | |
Product development | | | 3,072 | | | | 1,698 | | | | 9,921 | | | | 6,814 | |
Sales and marketing | | | 12,251 | | | | 4,650 | | | | 29,259 | | | | 15,935 | |
General and administrative | | | 53,190 | | | | 7,832 | | | | 105,083 | | | | 34,507 | |
Depreciation | | | 1,443 | | | | 1,490 | | | | 5,542 | | | | 5,044 | |
Restructuring | | | 8,221 | | | | 4,527 | | | | 9,590 | | | | 62,316 | |
Other, net | | | — | | | | — | | | | (3,248 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total operating expenses | | | 99,943 | | | | 36,054 | | | | 227,712 | | | | 198,456 | |
| | | | | | | | | | | | | | | | |
Operating loss | | | (60,885 | ) | | | (2,001 | ) | | | (87,175 | ) | | | (44,656 | ) |
Loss on investments, net | | | (2,182 | ) | | | — | | | | (2,117 | ) | | | — | |
Other income, net | | | 5,737 | | | | 5,522 | | | | 18,226 | | | | 19,581 | |
| | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income taxes | | | (57,330 | ) | | | 3,521 | | | | (71,066 | ) | | | (25,075 | ) |
Income tax benefit (expense) | | | (9,347 | ) | | | 27,248 | | | | (19,671 | ) | | | 29,060 | |
| | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | (66,677 | ) | | | 30,769 | | | | (90,737 | ) | | | 3,985 | |
| | | | | | | | | | | | | | | | |
Discontinued operations: | | | | | | | | | | | | | | | | |
Loss from discontinued operations, net of taxes | | | (8,439 | ) | | | (3,152 | ) | | | (25,306 | ) | | | (19,073 | ) |
Gain on sale of discontinued operations, net of taxes | | | 130,622 | | | | — | | | | 130,622 | | | | — | |
| | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 55,506 | | | $ | 27,617 | | | $ | 14,579 | | | $ | (15,088 | ) |
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Earnings per share - Basic | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (2.00 | ) | | $ | 0.98 | | | $ | (2.78 | ) | | $ | 0.13 | |
Loss from discontinued operations | | | (0.25 | ) | | | (0.10 | ) | | | (0.77 | ) | | | (0.61 | ) |
Gain on sale of discontinued operations | | | 3.92 | | | | — | | | | 4.00 | | | | — | |
| | | | | | | | | | | | | | | | |
Net income (loss) per share – Basic | | $ | 1.67 | | | $ | 0.88 | | | $ | 0.45 | | | $ | (0.48 | ) |
| | | | | | | | | | | | | | | | |
Weighted average shares outstanding used in computing basic net income (loss) per share | | | 33,291 | | | | 31,376 | | | | 32,640 | | | | 31,254 | |
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Earnings per share - Diluted | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (2.00 | ) | | $ | 0.93 | | | $ | (2.78 | ) | | $ | 0.12 | |
Loss from discontinued operations | | | (0.25 | ) | | | (0.10 | ) | | | (0.77 | ) | | | (0.58 | ) |
Gain on sale of discontinued operations | | | 3.92 | | | | — | | | | 4.00 | | | | — | |
| | | | | | | | | | | | | | | | |
Net income (loss) per share – Diluted | | $ | 1.67 | | | $ | 0.83 | | | $ | 0.45 | | | $ | (0.46 | ) |
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Weighted average shares outstanding used in computing diluted net income (loss) per share | | | 33,291 | | | | 33,097 | | | | 32,640 | | | | 33,042 | |
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