MarketWatch.com, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
June 30, December 31,
1999 1998
Assets
Current assets:
Cash and cash equivalents $18,922,000 $140,000
Investments 9,862,000 --
Accounts receivable, net 3,679,000 1,586,000
Prepaid expenses 570,000 2,000
Total current assets 33,033,000 1,728,000
Property and equipment, net 2,893,000 932,000
Deferred offering costs -- 1,816,000
Intangible assets, net 3,469,000 --
Goodwill, net 148,255,000 --
Other assets 23,000 11,000
Total assets $187,673,000 $4,487,000
Liabilities and
Stockholders' Equity
(Deficit)
Current liabilities:
Accounts payable and
accrued expenses $4,833,000 $3,657,000
Advances from DBC -- 3,946,000
Deferred revenue 246,000 14,000
Total current liabilities 5,079,000 7,617,000
Stockholders' equity (deficit):
Preferred stock -- --
Common stock 141,000 90,000
Additional paid-in capital 230,772,000 53,366,000
Deferred compensation (912,000) (1,144,000)
Contribution receivable (16,090,000) (42,948,000)
Other accumulated
comprehensive income 59,000 --
Accumulated deficit (31,376,000) (12,494,000)
Total stockholders'
equity (deficit) 182,594,000 (3,130,000)
Total liabilities and
stockholders' equity $187,673,000 $4,487,000
MarketWatch.com, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
Net revenues:
Advertising (including
$125,000 and $0 from
DBC for the three months
ended 1999 and 1998 and
$250,000 and $0 for the
six months ended
1999 and 1998) $3,611,000 $1,032,000 $5,998,000 $1,728,000
License 306,000 -- 306,000 --
News (including $398,000
and $316,000 from DBC for
the three months ended
1999 and 1998, and $763,000
and $627,000 for the six
months ended 1999
and 1998) 738,000 316,000 1,347,000 627,000
Subscriptions 163,000 171,000 314,000 340,000
Total net revenues 4,818,000 1,519,000 7,965,000 2,695,000
Cost of revenues:
Advertising
and news 2,025,000 577,000 3,086,000 763,000
License 24,000 -- 24,000 --
Subscriptions 150,000 95,000 290,000 189,000
Total cost
of revenues 2,199,000 672,000 3,400,000 952,000
Gross profit 2,619,000 847,000 4,565,000 1,743,000
Operating expenses:
Product development 842,000 371,000 1,469,000 607,000
General and
administrative 2,224,000 724,000 3,774,000 1,256,000
Sales and marketing 8,227,000 2,560,000 14,448,000 4,437,000
Purchased in-process
research and
development 200,000 -- 200,000 --
Amortization of
goodwill and
intangibles 4,284,000 -- 4,284,000 --
Total operating
expenses 15,777,000 3,655,000 24,175,000 6,300,000
Loss from
operations (13,158,000) (2,808,000) (19,610,000) (4,557,000)
Interest income
(expense) 345,000 (14,000) 728,000 (21,000)
Net loss $(12,813,000) $(2,822,000) $(18,882,000) $(4,578,000)
Basic and diluted
loss per share $(1.02) $(0.31) $(1.56) $(0.51)
Weighted average
shares used to
compute basic and
diluted loss
per share 12,548,000 9,000,000 12,094,000 9,000,000
MarketWatch.com, Inc.
Pro Forma Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
Net revenues:
Advertising (including
$125,000 and $0 from
DBC for the three months
ended 1999 and 1998 and
$250,000 and $0 for the
six months ended
1999 and 1998) $3,611,000 $1,032,000 $5,998,000 $1,728,000
License 306,000 -- 306,000 --
News (including $398,000
and $316,000 from DBC for
the three months ended
1999 and 1998, and $763,000
and $627,000 for the six
months ended 1999
and 1998) 738,000 316,000 1,347,000 627,000
Subscriptions 163,000 171,000 314,000 340,000
Total net revenues 4,818,000 1,519,000 7,965,000 2,695,000
Cost of revenues:
Advertising
and news 1,942,000 577,000 3,003,000 763,000
License 24,000 -- 24,000 --
Subscriptions 150,000 95,000 290,000 189,000
Total cost
of revenues 2,116,000 672,000 3,317,000 952,000
Gross profit 2,702,000 847,000 4,648,000 1,743,000
Operating expenses:
Product development 842,000 371,000 1,469,000 607,000
General and
administrative 2,224,000 724,000 3,774,000 1,256,000
Sales and marketing 4,524,000 671,000 7,589,000 1,014,000
Total operating
expenses 7,590,000 1,766,000 12,832,000 2,877,000
Loss from
operations (4,888,000) (919,000) (8,184,000) (1,134,000)
Interest income
(expense) 345,000 (14,000) 728,000 (21,000)
Pro forma
net loss $(4,543,000) $(933,000) $(7,456,000) $(1,155,000)
Pro forma basic
and diluted loss
per share $(0.36) $(0.10) $(0.62) $(0.13)
Weighted average
shares used to
compute basic
and diluted
loss per share 12,548,000 9,000,000 12,094,000 9,000,000
Note: The above unaudited pro forma condensed consolidated statements of
operations exclude the effects of the following:
- During the quarter ended March 31, 1999 and the six months ended March
31, 1999 $200,000 of in-process research and development was incurred in
connection with the acquisition of BigCharts.
- Amortization of purchased technology and goodwill.
- Non cash network advertising and promotion provided by CBS.
Web site: http://cbs.marketwatch.com
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