Exhibit 99.1
360networks Corporation
Consolidated Statement of Income
For the Three and Nine Months Ended September 30, 2011
(UNAUDITED)
Consolidated Statement of Income
For the Three and Nine Months Ended September 30, 2011
(UNAUDITED)
Three months ended | Nine months ended | |||||||
September 30, 2011 | September 30, 2011 | |||||||
Revenue | $ | 24,031,353 | $ | 68,079,065 | ||||
Operating Costs | 9,731,599 | 27,253,940 | ||||||
Selling, general and administrative | 6,966,729 | 20,797,261 | ||||||
Stock based compensation | 500,835 | 1,670,067 | ||||||
Provision for bad debts | (589,356 | ) | (460,867 | ) | ||||
Depreciation expense | 3,176,394 | 9,194,044 | ||||||
Accretion expense | 62,473 | 189,717 | ||||||
Restructuring expense | 25,006 | 66,445 | ||||||
Operating income | 4,157,672 | 9,368,458 | ||||||
Net gain/(loss) on settlements | (3,255,445 | ) | (3,255,445 | ) | ||||
Net gain on sale of assets | — | 7,946 | ||||||
Interest expense | (17,717 | ) | (46,922 | ) | ||||
Interest and dividend income | 562,591 | 1,622,371 | ||||||
Other income | (131,572 | ) | (97,722 | ) | ||||
Income before income taxes | 1,315,530 | 7,598,686 | ||||||
Provision for income taxes | 92,768 | 150,814 | ||||||
Net income for the year | $ | 1,222,763 | $ | 7,447,872 | ||||
360networks Corporation
Consolidated Balance Sheet
As of September 30, 2011
(UNAUDITED)
Consolidated Balance Sheet
As of September 30, 2011
(UNAUDITED)
As of | ||||
September 30, 2011 | ||||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ | 15,453,484 | ||
Accounts receivable, net | 8,411,865 | |||
Note receivable-current | 181,343 | |||
Other | 1,951,631 | |||
Total Current Assets | 25,998,323 | |||
Restricted Cash | 357,500 | |||
Investments | 115,610,415 | |||
Property and equipment, net | 77,826,810 | |||
Intangibles assets, net | 245,189 | |||
Note receivable | 860,346 | |||
Total Assets | $ | 220,898,583 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ | 7,117,308 | ||
Wages payable | 5,662,850 | |||
Leases payable | 49,353 | |||
Income taxes payable | 366,008 | |||
Other accrued liabilities | 17,634,316 | |||
Deferred revenue | 3,308,027 | |||
Total Current Liabilities | 34,137,862 | |||
Deferred revenue, non-current | 39,611,743 | |||
Other long-term liabilities | 354,326 | |||
Total Liabilities | $ | 74,103,931 | ||
STOCKHOLDERS’ EQUITY/(DEFICIT) | ||||
Capital stock | $ | 75,725,498 | ||
Other capital accounts | 104,528,551 | |||
Accumulated deficit | (33,459,397 | ) | ||
Total Stockholders’ Equity/(Deficit) | 146,794,652 | |||
Total Liabilities and Stockholders Equity/(Deficit) | $ | 220,898,583 | ||