Exhibit 99.1
I-MANY, INC.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, 2005 | December 31, 2004 | |||||
Assets | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 16,805 | $ | 6,098 | ||
Restricted cash | — | 161 | ||||
Short-term investments and available for sale securities | — | 14,610 | ||||
Accounts receivable | 9,577 | 9,964 | ||||
Other current assets | 845 | 518 | ||||
Total current assets | 27,227 | 31,351 | ||||
Property and equipment, net | 1,188 | 1,300 | ||||
Restricted cash | 555 | 663 | ||||
Other assets | 122 | 120 | ||||
Acquired intangible assets, net | 713 | 2,097 | ||||
Goodwill | 8,667 | 8,667 | ||||
Total assets | $ | 38,472 | $ | 44,198 | ||
Liabilities and Stockholders’ Equity | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | $ | 5,618 | $ | 6,571 | ||
Current portion of deferred revenue | 12,194 | 9,975 | ||||
Capital lease obligations | 8 | 160 | ||||
Total current liabilities | 17,820 | 16,706 | ||||
Deferred revenue, net of current portion | 1,242 | 275 | ||||
Other long-term liabilities | 1,054 | 1,347 | ||||
Stockholders’ equity | 18,356 | 25,870 | ||||
Total liabilities and stockholders’ equity | $ | 38,472 | $ | 44,198 | ||
I-MANY, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Net Revenues: | ||||||||||||||||
Product | $ | 2,155 | $ | 2,934 | $ | 6,279 | $ | 11,275 | ||||||||
Services | 6,071 | 6,587 | 26,297 | 27,138 | ||||||||||||
Total net revenues | 8,226 | 9,521 | 32,576 | 38,413 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Cost of third party technology | 226 | 332 | 520 | 832 | ||||||||||||
Cost of services | 3,399 | 3,476 | 14,764 | 14,733 | ||||||||||||
Amortization of acquired intangible assets | 343 | 378 | 1,384 | 1,465 | ||||||||||||
Sales and marketing | 2,449 | 2,685 | 8,626 | 9,020 | ||||||||||||
Research and development | 2,540 | 2,995 | 11,267 | 11,874 | ||||||||||||
General and administrative | 1,206 | 1,631 | 4,819 | 5,552 | ||||||||||||
Depreciation | 205 | 253 | 796 | 917 | ||||||||||||
In-process research and development | — | — | — | 290 | ||||||||||||
Restructuring and other charges (credits) | 15 | (25 | ) | (10 | ) | 1,346 | ||||||||||
Total operating expenses | 10,383 | 11,725 | 42,166 | 46,029 | ||||||||||||
Loss from operations | (2,157 | ) | (2,204 | ) | (9,590 | ) | (7,616 | ) | ||||||||
Other income, net | 103 | 77 | 285 | 244 | ||||||||||||
Loss before income taxes | (2,054 | ) | (2,127 | ) | (9,305 | ) | (7,372 | ) | ||||||||
Benefit from income taxes | 0 | 0 | 0 | (82 | ) | |||||||||||
Net loss | ($ | 2,054 | ) | ($ | 2,127 | ) | ($ | 9,305 | ) | ($ | 7,290 | ) | ||||
Basic and diluted net loss per common share | ($ | 0.04 | ) | ($ | 0.05 | ) | ($ | 0.21 | ) | ($ | 0.18 | ) | ||||
Weighted average shares outstanding | 46,340 | 42,241 | 44,548 | 41,367 | ||||||||||||
Reconciliation of Value of License Transactions to Reportable Product Revenue
Three months ended December 31, | Twelve months ended December 31, | |||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||
(AMOUNTS IN THOUSANDS) | ||||||||||||
Gross value of license contracts sold: | ||||||||||||
Health and Life Sciences | $ | 3,599 | $ | 3,886 | $ | 10,818 | $ | 8,477 | ||||
Industry Solutions | 138 | 1,617 | 2,282 | 3,071 | ||||||||
3,737 | 5,503 | 13,100 | 11,548 | |||||||||
Add product revenue recorded in current quarter from contracts sold in prior periods: | ||||||||||||
Health and Life Sciences—subscriptions | 325 | 69 | 926 | 102 | ||||||||
Health and Life Sciences—other deferrals | 0 | 289 | 1,476 | 3,428 | ||||||||
Industry Solutions—subscriptions | 35 | 0 | 35 | 0 | ||||||||
Industry Solutions—other deferrals | 0 | 0 | 0 | 794 | ||||||||
360 | 358 | 2,437 | 4,324 | |||||||||
Less value of license contracts sold in current quarter and deferred to future periods: | ||||||||||||
Health and Life Sciences | 1,907 | 2,802 | 7,840 | 3,922 | ||||||||
Industry Solutions | 35 | 125 | 1,418 | 675 | ||||||||
1,942 | 2,927 | 9,258 | 4,597 | |||||||||
Product revenue recorded: | ||||||||||||
Health and Life Sciences | 2,017 | 1,442 | 5,380 | 8,085 | ||||||||
Industry Solutions | 138 | 1,492 | 899 | 3,190 | ||||||||
$ | 2,155 | $ | 2,934 | $ | 6,279 | $ | 11,275 | |||||
CONTACT:
I-many, Inc.
Kevin Harris, 732-452-1515
kharris@Imany.com
or
Investor Relations:
Liolios Group, Inc.
Scott Liolios, 949-574-3860
scott@liolios.com
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