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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR YEAR ENDED DECEMBER 31, 2002
(in thousands except per share data)
| | FIRSTWAVE | CONNECT CARE | PRO FORMA COMBINED STATEMENT OF OPERATIONS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUES | ||||||||||||
| SOFTWARE | $ | 2,934 | $ | 976 | $ | 3,910 | ||||||
| SERVICES | 9,785 | 772 | 10,557 | |||||||||
| MAINTENANCE | 1,654 | 918 | 2,572 | |||||||||
| OTHER | 31 | 0 | 31 | |||||||||
| TOTAL REVENUE | 14,404 | 2,665 | 17,069 | |||||||||
COSTS AND EXPENSES | ||||||||||||
| COST OF REVENUE | ||||||||||||
| SOFTWARE | 1,197 | 156 | 1,353 | |||||||||
| SERVICES | 3,252 | 461 | 3,713 | |||||||||
| MAINTENANCE | 515 | 354 | 869 | |||||||||
| OTHER | 31 | 0 | 31 | |||||||||
| 0 | ||||||||||||
| SALES AND MARKETING | 3,481 | 444 | 3,925 | |||||||||
| PRODUCT DEVELOPMENT | 699 | 266 | 965 | |||||||||
| GENERAL & ADMINISTRATION | 2,257 | 980 | 3,237 | |||||||||
| TOTAL COSTS AND EXPENSES | 11,432 | 2,661 | 14,093 | |||||||||
OPERATING INCOME/ (LOSS) | 2,972 | 4 | 2,976 | |||||||||
INTEREST INCOME, NET | 53 | 0 | 53 | |||||||||
| DIVIDENDS | (252 | ) | 0 | (252 | ) | |||||||
| NET INCOME/(LOSS) APPLICABLE TO COMMON SHAREHOLDERS | $ | 2,773 | $ | 4 | $ | 2,777 | ||||||
| BASIC WEIGHTED AVERAGE SHARES OUTSTANDING | 2,150 | 2,350 | (1) | |||||||||
| BASIC EARNINGS/(LOSS) PER SHARE | $ | 1.29 | $ | 1.18 | ||||||||
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 3,153 | 3,353 | (1) | |||||||||
| DILUTED EARNINGS/(LOSS) PER SHARE | $ | 0.96 | $ | 0.90 | ||||||||
- (1)
- Includes 200,000 shares issued as consideration in the acquisition
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2002
(in thousands)
| | FIRSTWAVE | CONNECT CARE | PRO FORMA ADJUSTMENTS | PROFORMA COMBINED BALANCE | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CURRENT ASSETS | |||||||||||||
| CASH AND CASH EQUIVALENTS | $ | 3,779 | $ | 24 | $ | 3,803 | |||||||
| ACCOUNTS RECEIVABLES, LESS ALLOWANCE FOR DOUBTFUL ACCOUNTS | 2,406 | 982 | 3,388 | ||||||||||
| PREPAID EXPENSES AND OTHER ASSETS | 664 | 50 | 714 | ||||||||||
| TOTAL CURRENT ASSETS | 6,849 | 1,056 | 7,905 | ||||||||||
PROPERTY AND EQUIPMENT, NET | 738 | 44 | 782 | ||||||||||
| SOFTWARE DEVELOPMENT COSTS, NET | 2,041 | 0 | 2,041 | ||||||||||
| INVESTMENT IN SUBSIDIARY | 2,630 | 0 | (2,630 | ) | 0 | ||||||||
| TECHNOLOGY | 0 | 0 | 300 | 300 | |||||||||
| INDEFINITE LIFE INTANGIBLE ASSETS | 175 | 0 | 2,564 | 2,739 | |||||||||
| TOTAL ASSETS | $ | 12,433 | $ | 1,100 | $ | 234 | $ | 13,767 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| ACCOUNTS PAYABLE | 909 | 147 | 1,056 | ||||||||||
| DEFERRED REVENUE | 812 | 805 | 1,617 | ||||||||||
| ACCRUED EMPLOYEE COMPENSATION AND BENEFITS | 417 | 301 | 718 | ||||||||||
| DIVIDENDS PAYABLE | 42 | 0 | 42 | ||||||||||
| OTHER ACCRUED LIABILITIES | 802 | 81 | 883 | ||||||||||
| TOTAL CURRENT LIABILITIES | 2,982 | 1,334 | 4,316 | ||||||||||
SHAREHOLDERS EQUITY | 9,451 | (234 | ) | 234 | 9,451 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 12,433 | $ | 1,100 | $ | 234 | $ | 13,767 | |||||