RENTRAK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Dec 31 2004 ASSETS CURRENT ASSETS: Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $935,256 and $839,122 Advances to program suppliers, net of program supplier reserves of $4,326,284 and $4,520,759 Income tax receivable Deferred tax asset Other current assets Total current assets PROPERTY AND EQUIPMENT, net DEFERRED TAX ASSET OTHER ASSETS TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Accrued liabilities Accrued compensation Deferred revenue Total current liabilities LONG-TERM LIABILITIES: Lease obligations and deferred gain COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value; Authorized: 10,000,000 shares, none issued Common stock, $.001 par value; Authorized: 30,000,000 shares Issued and outstanding: 10,297,776 shares at Sept 30, 2004 and 9,739,537 at March 31, 2003 Capital in excess of par value Accumulated other comprehensive income Accumulated deficit Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 2004
$
18,210,464 15,850,554 1,709,436 87,435 1,772,387 1,059,910 38,690,186 3,038,507 208,566 962,829 42,900,088
$
8,735,683 15,389,867 4,188,222 68,384 2,262,186 1,160,952 31,805,294 2,466,668 1,099,660 831,617 36,203,239
$
$
$
12,395,974 1,411,726 1,114,541 445,250 15,367,491
$
15,446,818 889,377 598,875 237,575 17,172,645
101,718 -
234,922 -
-
-
$
10,298 45,245,936 180,879 (18,006,234) 27,430,879 42,900,088
$
9,740 41,093,976 180,879 (22,488,923) 18,795,672 36,203,239
The accompanying notes are an integral part of these consolidated statements.
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RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Dec. 31, 2004 2003 (Restated) 22,821,083 $ 20,383,860
Revenues Operating Expenses: Cost of sales Selling and administrative
$
15,500,652 5,132,430 20,633,082 2,188,001 92,464 (2,543) 89,921 2,277,922 990,837 1,287,085
15,647,821 3,831,739 19,479,560 904,300 41,025 (2,415) 38,610 942,910 235,727 707,183
Income (loss) from operations Other Income (expense): Interest income Interest expense Income (loss) before income taxes Provision (benefit) for income taxes Income from continuing operations Loss from discontinued operations, net of tax benefit of $78,850 Net income (loss) Net Income (loss) per share: Basic Diluted $
1,287,085 $
(128,649) 578,534
$ $
0.13 0.12
$ $
0.06 0.06
The accompanying notes are an integral part of these condensed consolidated statements.
RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Nine Months Ended Dec. 31, 2004 2003 (Restated) 75,151,870 $ 53,901,964
Revenues Operating Expenses: Cost of sales Selling and administrative
$
54,137,950 13,901,834 68,039,784 7,112,086 203,121 (4,839) 198,282 7,310,368 2,827,679 4,482,689 $ 4,482,689 $
42,572,315 12,302,997 54,875,312 (973,348) 163,892 (10,240) 153,652 (819,696) (204,925) (614,771) (128,649) (743,420)
Income (loss) from operations Other Income (expense): Interest income Interest expense Income (loss) before income taxes Provision (benefit) for income taxes Income from continuing operations Loss from discontinued operations, net of tax benefit of $78,850 Net income (loss) Net Income (loss) per share: Basic Diluted
$ $
0.46 0.43
$ $
(0.08) (0.08)
The accompanying notes are an integral part of these condensed consolidated statements.
RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Dec. 31, 2004 ENTERTAINMENT REVENUES OPERATING EXPENSES: Cost of sales Selling and administrative $ 22,821,083 FULFILLMENT $ TOTAL $ 22,821,083
15,500,652 5,120,057 20,620,709
12,373 12,373 (12,373) 53,981 53,981 41,608 15,186 26,422 $ 26,422
15,500,652 5,132,430 20,633,082 2,188,001 92,464 (2,543) 89,921 2,277,922 990,837 1,287,085 $ 1,287,085
INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income Interest expense
2,200,374 38,483 (2,543) 35,940
INCOME BEFORE TAXES PROVISION FOR INCOME TAXES INCOME FROM CONTINUING OPERATIONS LOSS FROM DISCONTINUED OPERATIONS NET INCOME NET INCOME PER SHARE: Basic Diluted $
2,236,314 975,651 1,260,663 1,260,663
$ $
0.13 0.12
$ $
-
$ $
0.13 0.12
RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Nine Months Ended Dec. 31, 2004 ENTERTAINMENT REVENUES OPERATING EXPENSES: Cost of sales Selling and administrative $ 75,151,870 FULFILLMENT $ TOTAL $75,151,870
54,131,911 13,869,239 68,001,150
6,039 32,595 38,634 (38,634) 122,630 122,630 83,996 30,657 53,339 -
54,137,950 13,901,834 68,039,784 7,112,086 203,121 (4,839) 198,282 7,310,368 2,827,679 4,482,689 -
INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income Interest expense
7,150,720 80,491 (4,839) 75,652
INCOME BEFORE TAXES PROVISION FOR INCOME TAXES INCOME FROM CONTINUING OPERATIONS LOSS FROM DISCONTINUED OPERATIONS
7,226,372 2,797,022 4,429,350 -
NET INCOME NET INCOME PER SHARE: Basic Diluted
$
4,429,350
$
53,339
$ 4,482,689
$ $
0.45 0.42
$ $
-
$ $
0.46 0.43
RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended December 31, 2003 (Restated) ENTERTAINMENT REVENUES OPERATING EXPENSES: Cost of sales Selling and administrative $ 20,383,860 $ FULFILLMENT TOTAL $ 20,383,860
16,176,252 3,834,164 20,010,416
(528,431) (2,425) (530,856) 530,856 16,263 (768) 15,495 546,351 136,588 409,763
15,647,821 3,831,739 19,479,560 904,300 41,025 (2,415) 38,610 942,910 235,727 707,183
INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income Interest expense
373,444 24,762 (1,647) 23,115
INCOME BEFORE TAXES PROVISION FOR INCOME TAXES INCOME FROM CONTINUING OPERATIONS LOSS FROM DISCONTINUED OPERATIONS NET OF TAX BENEFIT OF $78,850 NET INCOME NET INCOME PER SHARE: Basic Diluted $
396,559 99,140 297,419
(128,649) 168,770 $
409,763 $
(128,649) 578,534
$ $
0.02 0.02
$ $
0.05 0.05
$ $
0.06 0.06
RENTRAK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Nine Months Ended Dec. 31, 2003 (Restated) ENTERTAINMENT REVENUES OPERATING EXPENSES: Cost of sales Selling and administrative $ 48,747,521 $ FULFILLMENT 5,154,443 (1) $ TOTAL 53,901,964
37,377,857 (1) 11,564,827 48,942,684
5,724,602 738,170 6,462,772 (1,308,329) 87,427 (5,164) 82,263 (1,226,066) (306,517) (919,550)
42,572,315 12,302,997 54,875,312 (973,348) 163,892 (10,240) 153,652 (819,696) (204,925) (614,771)
INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income Interest expense
(195,163) 76,465 (5,076) 71,389
INCOME BEFORE TAXES PROVISION FOR INCOME TAXES INCOME FROM CONTINUING OPERATIONS LOSS FROM DISCONTINUED OPERATIONS NET OF TAX BENEFIT OF $78,850 NET INCOME NET INCOME PER SHARE: Basic Diluted $
(123,774) (30,944) (92,831)
(128,649) (221,480) $
(919,550) $
(128,649) (743,420)
$ $
(0.02) (0.02)
$ $
(0.10) (0.10)
$ $
(0.08) (0.08)
(1) - Includes Intercompany transactions of $530,144, which are eliminated in consolidated total amounts.