UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 22, 2005
EDGAR ONLINE, INC.
(Exact name of registrant as specified in charter)
DELAWARE 0-26071 06-1447017
(State or Other Jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
50 Washington Street
Norwalk, Connecticut 06854
(Address of principal executive offices, with zip code)
(203) 852-5666
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On March 22, 2005, EDGAR Online, Inc. (the "Company") restated its
previously reported results for the fourth quarter and year ended December 31,
2004. The Company re-evaluated several factors used in its estimation of its
allowance for doubtful accounts and recorded an additional $200,000 provision in
order to reflect the possibility that certain customers will not fully satisfy
their obligations to the Company. As a result of the restatement, the previously
reported quarterly and annual net income/(loss) will be downwardly adjusted by
$200,000, or $0.01 per share.
The following table details the restatement:
Restated As Originally Reported
---------------------------- -------------------------------
Three months Three months
ended Year ended ended Year ended
December 31, December 31, December 31, December 31,
2004 2004 2004 2004
------------ ------------ ------------------ ------------
(in thousands, except per share data)
Selling, general and administrative
expenses $ 3,324 $ 12,167 $ 3,124 $ 11,967
Operating loss $(1,020) $ (3,406) $ (820) $ (3,206)
Net income/(loss) $ 197 $ (2,166) $ 397 $ (1,966)
Net Income/(loss) per share, basic and
diluted $ 0.01 $ (0.11) $ 0.02 $ (0.10)
Accounts receivable, net $ 1,895 $ 2,095
Total current assets $ 6,902 $ 7,102
Total assets $ 18,606 $ 18,806
Accumulated deficit $(46,310) $(46,110)
Total stockholders' equity $ 14,413 $ 14,613
Total liabilities and stockholders' equity $ 18,806 $ 18,806
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
(b) On March 22, 2005, Morton Mackof resigned from the Board of Directors,
effective immediately. Mr. Mackof will continue to serve in his capacity as
Executive Vice President of Sales for the Company
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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 hereunto duly authorized.
Date: March 23, 2005 EDGAR ONLINE, INC.
/s/ Susan Strausberg
-------------------------------------
Susan Strausberg
Chief Executive Officer and President
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