Exhibit 99.1
PROXYMED, INC.
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
MARCH 31, 2001
MDP Pro Forma Adjustments Pro Forma
---------------------
ProxyMed, Inc. (a) Corporation (b) Total # Dr. (Cr.) Combined
ASSETS ------------------ ---------------- ------------- --------------------- --------------
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Current assets:
Cash and cash equivalents $ 4,447,000 $ 484,000 $ 4,931,000 (1) (484,000) $ 1,447,000
(2) (3,000,000)
Investments 3,000,000 - 3,000,000 3,000,000
Accounts receivable, net 4,606,000 670,000 5,276,000 5,276,000
Other receivables 169,100 - 169,100 169,100
Inventory 2,763,900 53,500 2,817,400 2,817,400
Other current assets 736,900 31,500 768,400 (1) (5,300) 763,100
------------- ------------ ------------ -------------
Total current assets 15,722,900 1,239,000 16,961,900 13,472,600
Property and equipment, net 3,811,100 268,600 4,079,700 (1) (25,500) 3,976,000
(2) (78,200)
Goodwill, net 1,472,500 - 1,472,500 (2) 9,595,100 11,067,600
Purchased technology, capitalized software
and other intangibles, net 2,872,800 - 2,872,800 2,872,800
Other assets 55,900 22,800 78,700 (1) (18,900) 59,800
------------- ------------ ------------ -------------
Total assets $ 23,935,200 $ 1,530,400 $ 25,465,600 $ 31,448,800
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
Note payable $ - $ - $ - (2) (7,000,000) $ 7,000,000
Current portion of long-term debt - 23,400 23,400 23,400
Accounts payable and accrued expenses 3,855,500 272,900 4,128,400 (1) 27,100 4,151,300
(2) (50,000)
Deferred revenue and other current
liabilities 666,100 167,600 833,700 833,700
------------- ------------ ------------ -------------
Total current liabilities 4,521,600 463,900 4,985,500 12,008,400
Long-term debt, less current portion - 221,100 221,100 (1) 194,300 26,800
Long-term deferred revenue and other
long-term liabilities 509,000 - 509,000 509,000
------------- ------------ ------------ -------------
Total liabilities 5,030,600 685,000 5,715,600 12,544,200
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Stockholders' equity:
Preferred stock 2,500 - 2,500 2,500
Common stock 21,000 - 21,000 21,000
Additional paid-in capital 113,209,600 819,200 114,028,800 (1) 819,200 113,209,600
Retained earnings (deficit) (93,892,600) 26,200 (93,866,400) (1) 26,200 (93,892,600)
Note receivable from stockholder (435,900) - (435,900) (435,900)
------------- ------------ ------------ -------------
Total stockholders' equity 18,904,600 845,400 19,750,000 18,904,600
------------- ------------ ------------ -------------
Total liabilities and stockholders'
equity $ 23,935,200 $ 1,530,400 $ 25,465,600 $ 31,448,800
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(1) To eliminate certain assets, liabilities and equity accounts of MDP not
acquired by ProxyMed.
(2) To record the acquisition MDP by ProxyMed including allocation of purchase
price to long-lived assets and concurrent recording of goodwill.
(a) This column is derived from the unaudited consolidated financial statements
of ProxyMed, Inc. as of March 31, 2001.
(b) This column is derived from the unaudited financial statements of MDP
Corporation as of March 31, 2001. Amounts have been rounded to the nearest
$100.