SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
exchange act of 1934
For the transition period from ______ to ______ .
Commission file number 0-27463
Loislaw.com, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 71-0655999
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
105 North 28th Street
Van Buren, Arkansas 72956
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(Address of principal executive offices) (Zip Code)
(501) 471-5581
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Registrant's telephone number, including area code
Not applicable
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Former name, address and former fiscal year, if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
21,038,497 shares of common stock, $.001 par value, were outstanding on
August 3, 2000.
INDEX
LOISLAW.COM, INC.
PART I. FINANCIAL INFORMATION
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Item 1. Financial Statements Page
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Condensed Balance Sheets -- June 30, 2000 (unaudited) and
December 31, 1999 3
Unaudited Condensed Statements of Operations - Three months and
six months ended June 30, 2000 and 1999 4
Unaudited Condensed Statements of Cash Flows -- Six months ended
March 31, 2000 and 1999 5
Notes to Unaudited Condensed Financial Statements -- June 30, 2000 6
Item 2. Management's Discussion and Analysis of Financial Condition and Results
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of Operations 7
Item 3. Quantitative and Qualitative Disclosures about Market Risk 12
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PART II. OTHER INFORMATION
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Item 4. Submission of Matters to a Vote of Security Holders 13
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Item 5. Other Information 13
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Item 6. Exhibits and Reports on Form 8-K 13
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Page 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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LOISLAW.COM, INC.
CONDENSED BALANCE SHEETS
June 30, December 31,
2000 1999
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ASSETS (unaudited) (see note)
Current assets:
Cash and cash equivalents $ 8,214,425 $ 19,286,007
Accounts receivable, net 5,754,646 4,052,088
Prepaid commissions 1,456,726 1,454,797
Prepaid software license 305,588 296,125
Other current assets 565,879 650,843
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Total current assets 16,297,264 25,739,860
Databases, net 19,686,981 16,585,088
Property and equipment, net 4,532,065 3,803,122
Other assets 269,188 444,985
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Total assets $ 40,785,498 $ 46,573,055
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt $ 200,620 $ 13,060
Accounts payable 3,716,142 2,580,284
Deferred revenues 6,923,467 6,003,521
Accrued expenses 1,555,468 1,716,435
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Total current liabilities 12,395,697 10,313,300
Deferred revenues 23,386 222,504
Long-term debt, excluding current installments 386,065 9,405
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Total liabilities 12,805,148 10,545,209
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Stockholders' equity :
Common stock, $.001 par value. 50,000,000 shares authorized;
21,048,497 shares issued at March 31, 2000 and
20,952,003 shares issued at December 31, 1999 21,048 20,952
Additional paid-in capital 74,164,843 73,847,856
Accumulated deficit (46,189,441) (37,824,862)
Treasury stock, at cost, 10,000 shares (16,100) (16,100)
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Total stockholders' equity 27,980,350 36,027,846
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Total liabilities and stockholders' equity $ 40,785,498 $ 46,573,055
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See notes to accompanying unaudited condensed financial statements.
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LOISLAW.COM, INC.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
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2000 1999 2000 1999
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Revenues:
Subscriptions $ 3,374,437 $ 1,481,491 $ 6,219,466 $ 2,792,372
Other 10,153 - 10,153 -
----------- ----------- ----------- -----------
Total revenues 3,384,590 1,481,491 6,229,619 2,792,372
Operating expenses:
Database costs 1,861,598 1,569,418 3,752,330 2,704,417
Selling and marketing 3,902,273 2,580,449 7,984,236 4,320,448
General and administrative 1,376,005 936,032 3,073,826 1,708,179
Product development 49,463 117,864 163,071 333,075
----------- ----------- ----------- -----------
Total operating expenses 7,189,339 5,203,763 14,973,463 9,066,119
----------- ----------- ----------- -----------
Loss from operations (3,804,749) (3,722,272) (8,743,844) (6,273,747)
Other income (expense):
Interest income 152,789 23,469 387,497 29,811
Interest expense (8,594) (738,438) (9,022) (1,338,489)
Other, net 788 3,982 788 5,485
----------- ----------- ----------- -----------
Total other income (expense) 144,983 (710,987) 379,263 (1,303,193)
----------- ----------- ----------- -----------
Net loss (3,659,766) (4,433,259) (8,364,581) (7,576,940)
Accrued preferred stock dividends and
accretion on redeemable preferred
stock and common warrants - 256,348 - 462,079
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Net loss applicable to common stock $(3,659,766) $(4,689,607) $(8,364,581) (8,039,019)
=========== =========== =========== ===========
Net loss per share - basic and diluted $(0.17) $(0.52) $(0.40) $(0.95)
=========== =========== =========== ===========
Weighted average common shares
outstanding - basic and diluted 20,982,121 8,969,234 20,972,584 8,424,298
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See notes to accompanying unaudited condensed financial statements.
Page 4
LOISLAW.COM, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
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2000 1999
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Operating activities:
Net loss $ (8,364,581) $(7,576,940)
Adjustments to reconcile net loss to net cash used by
operating activities:
Depreciation and amortization 1,667,122 1,411,375
Changes in operating assets and liabilities:
Receivables (1,702,558) 40,852
Prepaid expenses and other current assets 73,574 (1,103,457)
Accounts payable 1,135,858 1,192,307
Accrued expenses (160,967) 96,312
Deferred revenue 720,828 78,109
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Net cash used by operating activities (6,630,724) (5,861,442)
Investing activities:
Database production expenditures (4,351,632) (5,737,218)
Purchase of property and equipment (1,146,326) (1,668,324)
(Increase) decrease in other assets 175,797 (222,141)
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Net cash used by investing activities (5,322,161) (7,627,683)
Financing activities:
Proceeds from notes payable 600,000 9,362,500
Proceeds from sale of common stock 317,083 478,485
Proceeds from sale of Series C convertible preferred stock,
net of issuance costs of $624,023 - 8,893,850
Deferred loan costs - (13,273)
Repayment of notes payable (29,380) (2,050,623)
Repayment of capital lease obligations (6,400) (5,910)
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Net cash provided by financing activities 881,303 16,665,029
(Decrease) Increase in cash and cash equivalents (11,071,582) 3,175,904
Cash and cash equivalents at beginning of period 19,286,007 99,042
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Cash and cash equivalents at end of period $ 8,214,425 $ 3,274,946
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Supplemental cash flow information:
Cash paid for interest $ 9,022 $ 1,176,070
Noncash investing and financing transactions:
Accrued Series B redeemable preferred stock dividends - $ 169,777
Accretion on redeemable equity securities - $ 372,774
Issuance of warrants - $ 408,364
Cancellation of redemption feature on redeemable
common stock - $ 1,233,746
Conversion of subordinated notes payable to 857,509
shares of Series C convertible preferred stock - $ 4,982,127
Exercise of warrants for satisfaction of subordinated
notes payable - $ 10,566
See notes to accompanying unaudited condensed financial statements.
Page 5
LOISLAW.COM, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
June 30, 2000
NOTE A--BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
disclosures required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
only of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the six-month period ended June 30,
2000 are not necessarily indicative of the results that may be expected for the
year ending December 31, 2000. For further information, refer to the financial
statements and notes thereto included in the annual report on Form 10-K of
Loislaw.com, Inc. (the "Company" or "Loislaw.com") for the year ended December
31, 1999.
NOTE B--CONTINGENCIES
The Company is involved in certain claims and pending litigation arising
from the normal conduct of business. Based on the present knowledge of the
facts, management believes the resolution of these claims and pending litigation
will not have a material adverse effect on the financial position, results of
operations or liquidity of the Company.
Page 6
FORM 10-Q
LOISLAW.COM, INC.
Item 2. Management's Discussion and Analysis of Financial
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Condition and Results of Operations
Overview
Loislaw.com provides comprehensive, affordable and easy-to-use legal and
related information to lawyers and law firms over the Internet and on compact
disc. We offer more than 2,000 databases that we estimate to contain over 10
million documents. These databases consist of federal and state law, continuing
legal education materials and other legal information. As of June 30, 2000, our
databases included court decisions, statutes, acts, and regulations of all 50
states and the District of Columbia, the U.S. Code, the Code of Federal
Regulations, and court decisions for the U.S. Supreme Court, all 13 U.S. Circuit
Courts of Appeal, selected Federal District Court Reports, and selected U.S.
Bankruptcy Court Opinions.
We generate revenues primarily from the sale of web-based products for
fixed annual subscription fees. The list price for unlimited Internet access to
substantially all federal and state law databases that we offer is currently
$139 per seat per month. During 1999, we offered another multi-jurisdiction
product offering fewer databases for $98 per month. The list price for
unlimited Internet access to substantially all state law for a single state
currently varies from state to state from $39 to $69 per seat per month. We do
not charge any additional fees for multiple permitted users of a seat but only
one simultaneous access per seat is allowed. Our pricing strategy with respect
to our web-based products may change as a result of our evolving market.
Continuing legal education materials, bar materials, and some specialty
databases are available for an additional charge.
Historically, we offered compact disc products at annual subscription
prices ranging from $300 to $690 per state or federal jurisdiction. In recent
periods, we have de-emphasized our compact disc products by implementing a
focused marketing and sales effort for our web-based products. Since July 1999,
we have offered new subscriptions only for our web-based products. Some revenue
from compact disc sales will continue as we fulfill obligations to our current
compact disc customers. Revenues from compact disc products also include a
small amount of revenue from one-time sales of bar association publications. We
will continue to make these one-time compact disc sales.
The migration of our customers to our web-based products will increase our
average revenue per customer if most customers purchase our unlimited Internet
access package, National CollectionSM, featuring substantially all of our
primary state and federal law databases. It will also decrease our average cost
per customer if fewer customers use our compact disc products. This is because
we currently provide our compact disc customers with updated discs every 90 days
and because compact disc products typically require significantly more customer
and technical support due to the reinstallation of updated compact discs and
issues with customer hardware configuration changes.
Upon the sale of a new subscription, the total amount of the subscription
fee is accounted for as deferred revenue. Revenues from subscription sales are
recognized on a monthly basis
Page 7
over the subscription period, which is typically one year. Subscription fees are
paid up front in cash or on a monthly basis by electronic funds transfer or
credit card.
Database costs consist primarily of database production costs that support
both our web-based products and our compact disc products. Database production
costs represent amounts incurred for data acquisition and conversion, editing,
coding and quality control of legal information, related salaries and benefits,
facilities cost allocation and related expenses associated with computers for
data processing. We capitalize costs, other than overhead allocations, related
to the production of databases. Because court decisions have significant value
for long periods of time or indefinitely, we amortize our court decision
databases over 20 years. We amortize databases containing statutes and
regulations, which have a more limited useful life, over two years. We expense
as incurred database maintenance and updating costs.
Results of Operations
Comparison of Results for the Three Months Ended June 30, 2000 and 1999
Revenues. Total revenues increased 128.5% to $3.4 million for the three
months ended June 30, 2000 from $1.5 million for the three months ended June 30,
1999. We believe the revenues from subscriptions increased due primarily to the
increase in the number of legal databases we offered to 2,023 at June 30, 2000
from 986 at June 30, 1999 and the increase in our marketing efforts. We expect
that this trend will continue and that web-based subscription revenues will
represent substantially all of our total revenues in future periods. Total
database seats increased 129.9% to 20,302 at June 30, 2000 from 8,829 at
June 30, 1999.
Database Costs. Total database costs increased 18.6% to $1.9 million for
the three months ended June 30, 2000 from $1.6 million for the three months
ended June 30, 1999. The increase is primarily attributable to increased
amortization and updating costs as a result of having more databases.
Selling and Marketing Expense. Selling and marketing expense increased
51.2% to $3.9 million for the three months ended June 30, 2000 from $2.6 million
for the three months ended June 30, 1999. This was principally due to an
increase of 304.1% in our commission expenses associated with an increase in the
amount of commissionable sales for the three months ended June 30, 2000 compared
to the three months ended June 30, 1999. Selling and marketing expense consists
primarily of:
. employee salaries and benefits for marketing and customer support
personnel;
. sales commissions paid to our sales force;
. advertising expenses;
. the cost of direct marketing promotional materials; and
. facilities cost allocation and related expenses.
We pay sales commissions upon receipt of an initial subscription payment
after subscription agreements are signed. We record commissions as prepaid
costs and amortize them ratably over the term of the contract, typically one
year, as we recognize the associated revenues. We do not pay commissions on
renewals of subscriptions. We expense all other selling and marketing costs as
incurred.
Page 8
General and Administrative Expense. General and administrative expense
increased 47.0% to $1.4 million for the three months ended June 30, 2000 from
$936,000 for the three months ended June 30, 1999. This increase resulted
primarily from an increase of 33.9% in compensation expenses associated with an
increase in the number of administrative employees, including technical support
employees who support our web site, to 86 at June 30, 2000 from 75 at June 30,
1999. General and administrative expense consists primarily of employee
salaries and benefits, facilities cost allocation and related expenses
associated with our management, finance, human resources, management information
systems and administrative groups.
Interest Income. Interest income increased 551.0% to $153,000 for the
three months ended June 30, 2000 from $23,000 for the three months ended June
30, 1999. This increase was due primarily to an increase in funds available for
investment as a result of our initial public offering in September 1999.
Interest Expense. Interest expense decreased 98.8% to $8,594 for the
three months ended June 30, 2000 from $738,000 for the three months ended June
30, 1999. This decrease was due primarily to the reduction of debt using
proceeds from our initial public offering.
Comparison of Results for the Six Months Ended June 30, 2000 and 1999
Revenues. Total revenues increased 123.1% to $6.2 million for the six
months ended June 30, 2000 from $2.8 million for the six months ended June 30,
1999. We believe revenues from subscriptions increased for the same reasons
discussed above in the comparison of the quarter ended June 30, 2000 to the
quarter ended June 30, 1999.
Database Costs. Total database costs increased 38.7% to $3.8 million for
the six months ended June 30, 2000 from $2.7 million for the six months ended
June 30, 1999. The increase is attributable to the same reasons discussed above
in the comparison of the quarter ended June 30, 2000 to the quarter ended June
30, 1999.
Selling and Marketing Expense. Selling and marketing expense increased
84.8% to $8.0 million for the six months ended June 30, 2000 from $4.3 million
for the six months ended June 30, 1999. This was principally due to the same
reasons discussed above in the comparison of the quarter ended June 30, 2000 to
the quarter ended June 30, 1999.
General and Administrative Expense. General and administrative expense
increased 79.9% to $3.1 million for the six months ended June 30, 2000 from $1.7
million for the six months ended June 30, 1999. This increase resulted
primarily from the same factors discussed above in the comparison of the quarter
ended June 30, 2000 to the quarter ended June 30, 1999.
Interest Income. Interest income increased 1,199.8% to $387,000 for the
six months ended June 30, 2000 from $30,000 for the six months ended June 30,
1999. This increase was due primarily to an increase in funds available for
investment as a result of our initial public offering in September 1999.
Interest Expense. Interest expense decreased 99.3% to $9,000 for the six
months ended June 30, 2000 from $1.3 million for the six months ended June 30,
1999. This decrease was due primarily to the reduction of debt using proceeds
from our initial public offering and the elimination of interest expense
associated with amortization of deferred loan costs of $396,000 for the six
months ended June 30, 1999.
Page 9
Liquidity and Capital Resources
We have used substantial amounts of cash in the growth of our company. Net
cash used in operating activities was $6.5 million and $5.9 million for the six
months ended June 30, 2000 and 1999, respectively. The primary use of cash was
the payment of operating expenses, including database production costs. We
expect to continue to incur significant database production costs for the
foreseeable future. The continued payment and amortization of database
production costs, together with increased selling and marketing expenditures, is
expected to generate losses for 2000 and at least through the first half of
2001.
Net cash used in investing activities was $5.3 million and $7.6 million for
the six months ended June 30, 2000 and 1999, respectively. The primary use of
cash was the payment of the capitalized portion of our database production
costs. For the six months ended June 30, 1999, $5.7 million of these
expenditures was for the payment of database production costs, which we
capitalized, and $1.7 million was for property and equipment and other assets
purchased to support the growth of our business. For the six months ended June
30, 2000, $4.4 million of these expenditures was for the payment of database
production costs, which we capitalized, and $971,000 was for property and
equipment and other assets purchased to support the growth of our business.
For the six months ended June 30, 2000, financing of our operations and
continued expansion was from cash reserves remaining from additional capital
obtained through our initial public offering of 3.9 million shares of common
stock in September 1999, the proceeds from a term loan for $600,000 from a
financial institution, and the sale of common stock from the exercise of stock
options. Total financing, net of repayments, was approximately $788,000 for the
six-month period ended June 30, 2000. To finance our operations and continued
expansion during the first six months of 1999, we obtained additional capital
through private placements of debt from a related party. Total financing, net
of repayments, was approximately $16.7 million for the six months ended June 30,
1999.
During 2000, we anticipate our selling and marketing expenses will increase
due to more aggressive marketing. We believe available cash on hand generated
from operations and our initial public offering will be adequate to meet our
anticipated cash needs for working capital and capital expenditures throughout
the year 2000. However, we may choose to seek additional financing to
accelerate our growth by, for example, adding new specialty databases at a
faster pace, to expand our marketing activities or for other purposes.
As part of our growth strategy, we may consider acquiring companies or
businesses, and any acquisition could significantly increase our cash
requirements. An acquisition, or any other increase in our anticipated cash
requirements, could require us to obtain additional financing. We cannot assure
you that additional financing would be available to us or, if available, that we
would be able to obtain it on terms we considered satisfactory.
On April 28, 2000, the Company executed a promissory note with Bank of
America for the purchase of computer equipment. This note was for $600,000 with
a term of 36 months. As of June 30, 2000, the balance of the note was $571,000.
Page 10
Net Operating Loss Carryforwards
Since 1994, we have incurred significant net losses. Through June 30,
2000, our accumulated deficit totaled $46.2 million. At December 31, 1999, we
had net operating loss carryforwards of approximately $49 million, which will
begin to expire in 2010 for federal income tax purposes and in 2000 for state
purposes. We cannot assure you that we will have income that is sufficient to
allow us to use these loss carryforwards.
Recently Issued Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement No. 133, "Accounting for Derivative Instruments and Hedging
Activities," which is required to be adopted in years beginning after June 15,
2000. Because Loislaw.com does not use derivatives, Statement No. 133 will have
no significant effect on earnings or the financial position of Loislaw.com, Inc.
In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" (SAB
101), which, as amended, must be adopted no later than October 1, 2000. SAB 101
deals with various revenue recognition issues. Management believes adoption of
Interpretation No. 44 will have no significant effect on earnings or the
financial position of Loislaw.com, Inc.
In March 2000, the FASB issued Interpretation No. 44, "Accounting for
Certain Transactions Involving Stock Compensation," which is generally effective
July 1, 2000. This interpretation clarifies the application of Accounting
Principles Board Opinion No. 25. Management believes adoption of Interpretation
No. 44 will have no significant effect on earnings or the financial position of
Loislaw.com, Inc.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed
in this report on Form 10-Q are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that are dependent on certain risks
and uncertainties. We have based these forward-looking statements largely on
our current expectations and projections about future events and financial
trends affecting Loislaw.com and the financial condition of our business.
Actual results may differ materially from those anticipated or implied in the
forward-looking statements due to a variety of factors. These factors include,
among other things, our ability to predict and respond to rapid technological
changes; the presence of competitors in the web-based legal information market
with larger databases and greater financial resources; the availability of free
legal information from Internet portal companies and government agencies; the
acceptance of our products by the market; our potential loss of relationships
with legal information providers; difficulties managing growth; difficulties
caused by Year 2000 problems; difficulties caused by Internet accessibility and
increased usage; potential system failures due to viruses, telecommunications
failures or other damage to our computer systems; risks due to our reliance on
foreign data converters; legal liability caused by legal information provided in
our databases; and the other risks detailed from time to time in the reports we
file with the Securities and Exchange Commission, including the factors
discussed under the heading "Risk Factors" in the Company's annual report on
Form 10-K for the year ended December 31, 1999.
Page 11
In addition, in this report, the words "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," and similar expressions are
intended to identify forward-looking statements. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
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We do not engage in commodity futures trading or hedging activities and do not
enter into derivative financial instrument transactions for trading or other
speculative purposes. We also do not engage in transactions in foreign
currencies or in interest rate swap transactions that could expose us to market
risk.
We are not subject to interest rate risk in connection with our promissory
note with Bank of America. The interest rate term of this note is fixed for the
term of the note.
Page 12
FORM 10-Q
LOISLAW.COM, INC.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
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The Annual Meeting of Stockholders of the Company was held on June 13, 2000.
At the meeting, the stockholders elected the person set forth in the table below
to serve as a director for a term expiring at the 2003 Annual Meeting of
Stockholders:
Votes Votes
Nominee For Against Abstention
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Hannah C. Stone 18,475,612 -0- -0-
Also, at the meeting the stockholders approved the 1999 Nonqualified Stock
Option Plan for Nonemployee Directors. The results of the vote on this item
were as set forth below:
FOR 11,375,018 AGAINST 684,018 ABSTAIN 6,158,400
Also, at the meeting the stockholders approved the adoption of the 2000 Stock
Option Plan for Sales and Marketing Personnel. The results of the vote on this
item were as set forth below:
FOR 18,001,116 AGAINST 474,496 ABSTAIN -0-
Also, at the meeting the stockholders approved an Amendment to the 1996 Stock
Option Plan to increase the number of available shares from 1,500,000 shares to
1,950,000 shares. The results of the vote on this item were as set forth below:
FOR 18,126,504 AGAINST 349,108 ABSTAIN -0-
Item 5. Other Information.
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Loislaw.com has elected to comply with the requirement to make quarterly
financial information available to its stockholders by making its quarterly
reports on Form 10-Q available through its web site. To view or print this
information, please visit our web site at www.loislaw.com and select "Investor
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Relations -- SEC Filings." You may also request that a copy of our most recent
report on Form 10-Q be mailed to you by submitting a request through our web
site by selecting "Investor Relations -- Info Request" or by calling
Loislaw.com's Investor Resources Information Line toll free at (877) 447-5647.
Item 6. Exhibits and Reports on Form 8-K.
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(A) Exhibits
--------
27.1 Financial Data Schedule
(B) Reports on Form 8-K
-------------------
The Company did not file any reports on Form 8-K during the three
months ended June 30, 2000.
Page 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LOISLAW.COM, INC.
----------------------------------------
(Registrant)
Date: 08/11/2000 /s/ MARK O. BEYLAND
---------------- ----------------------------------------
Mark O. Beyland
President and Chief Financial Officer
(Principal Financial and Duly Authorized Officer)
Page 14
FORM 10-Q
INDEX TO EXHIBITS
LOISLAW.COM, INC.
Sequentially
Exhibit Numbered
Number Exhibit Page
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27.1 Financial Data Schedule 16
Page 15