Enliven Marketing Technologies News
Enliven Marketing Technologies Corporation Announces First Quarter 2008 Financial Results
Enliven reported total revenue of
Yesterday Enliven and DG FastChannel announced that they have entered into a definitive agreement to merge in a stock-for-stock transaction. The merger will combine DG FastChannel's leadership in traditional advertising and media distribution services with Enliven's groundbreaking digital marketing technologies for online, mobile and in-game advertising solutions. Based on DG FastChannel's last reported sales price of
Operating loss for the first quarter of 2008 was
Net loss for the first quarter of 2008 was
Enliven's working capital as of
FINANCIAL INFORMATION
Management prepares and is responsible for the Company's consolidated financial statements which are prepared in accordance with accounting principles generally accepted in
FINANCIAL MEASURES
In addition to the results presented above in accordance with generally accepted accounting principles, or GAAP, the Company presents financial measures that are non-GAAP measures, specifically adjusted operating income. The Company believes that this non-GAAP measure, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors regarding its performance and overall results of operations. These metrics are an integral part of the Company's internal reporting to measure the performance of the Company and the overall effectiveness of senior management. Reconciliations to comparable GAAP measures are available in the accompanying schedules and on the Company's website. The financial measures presented are consistent with the Company's historical financial reporting practices. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies, and are not identical to corresponding measures used in our various agreements or public filings.
ABOUT ENLIVEN MARKETING TECHNOLOGIES
Enliven Marketing Technologies Corporation is a leading Internet Marketing Technology Company, offering Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are leveraged by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. More information can be found at www.enliven.com. The company has approximately 140 employees with offices in
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this Press Release may contain certain forward-looking statements relating to Enliven Marketing Technologies and its expectations for the proposed merger with DG FastChannel. All statements included in this Press Release concerning activities, events or developments that Enliven Marketing Technologies expects, believes or anticipates will or may occur in the future are forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by forward-looking statements, including the following: the risk that the Merger will not close because of a failure to satisfy one or more of the closing conditions; the risk that Enliven Marketing Technologies' business will have been adversely impacted during the pendency of the Merger; the risk that the operations will not be integrated successfully; and the risk that the expected cost savings and other synergies from the transaction may not be fully realized, realized at all or take longer to realize than anticipated. Additional information on these and other risks, uncertainties and factors is included in Enliven Marketing Technologies' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with the SEC.
ADDITIONAL INFORMATION
In connection with the proposed merger, DG FastChannel and Enliven Marketing Technologies will file a proxy/registration statement and other related documents with the Securities and Exchange Commission (SEC). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY/REGISTRATION STATEMENT WHEN IT BECOMES AVAILABLE AS IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS WILL HAVE ACCESS TO FREE COPIES OF THE PROXY STATEMENT (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED WITH THE SEC BY DG THROUGH THE SEC WEB SITE AT WWW.SEC.GOV. THE PROXY/REGISTRATION STATEMENT AND RELATED MATERIALS MAY ALSO BE OBTAINED FOR FREE (WHEN AVAILABLE) FROM DG FASTCHANNEL, INC. BY DIRECTING A REQUEST TO: DG FASTCHANNEL, INC. ATTN: INVESTOR RELATIONS DEPARTMENT, 750 WEST JOHN CARPENTER Freeway, Suite 700,
PARTICIPANTS IN THE SOLICITATION
Enliven Marketing Technologies and its executive officers and directors and certain other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Enliven Marketing Technologies' stockholders with respect to the proposed merger. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the companies' stockholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities, holdings or otherwise, will also be set forth in the definitive proxy statement. You can find more information about Enliven Marketing Technologies' executive officers and directors in Amendment No. 1 to its annual report on Form 10-K filed with the SEC on
Copyright (C) 2008 Enliven Marketing Technologies Corporation. All Rights Reserved. Enliven, Unicast, and Springbox are trademarks or registered trademarks of Enliven Marketing Technologies Corporation.
Contact: Investor Relations: 212-201-0800 ir@Enliven.com ENLIVEN MARKETING TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, 2008 2007 2007 Revenue: Advertising systems $1,377 $1,116 $4,271 Search 958 1,485 1,338 Services 2,069 719 1,455 Total revenue 4,404 3,320 7,064 Cost of revenue: Advertising systems 730 452 2,993 Search 28 43 28 Services 1,801 481 1,492 Total cost of revenue 2,559 976 4,513 Gross profit 1,845 2,344 2,551 Operating expenses: Sales and marketing 938 1,195 1,023 Research and development 868 810 759 General and administrative 2,849 2,078 2,405 Depreciation 119 115 297 Amortization of intangible assets 952 128 748 Total operating expenses 5,726 4,326 5,232 Loss from operations (3,881) (1,982) (2,681) Other income (expense) Interest and other income, net 39 51 84 Interest expense (208) (204) (201) Changes in fair values of warrants to purchase common stock and conversion feature of convertible notes 4,055 157 (3,311) Total other income (expense) 3,886 4 (3,428) Gail/loss before provision for income taxes 5 (1,978) (6,109) Provision for income taxes 12 12 7 Net Loss from continuing operations $(7) $(1,990) $(6,116) Net Loss $(7) $(1,990) $(6,116) Basic and diluted net loss per common share $(0.00) $(0.03) $(0.06) Weighted average number of shares outstanding- basic and diluted 99,079 67,670 95,918 ENLIVEN MARKETING TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (Unaudited) March 31, December 31, 2008 2007 Assets Current assets: Cash and cash equivalents $1,951 $6,929 Marketable securities 296 311 Accounts receivable, net of reserve of $229 and $202, respectively 6,938 7,701 Prepaid expenses and other current assets 712 723 Total current assets 9,897 15,664 Restricted cash 420 417 Property and equipment, net 2,081 1,403 Goodwill 15,103 15,103 Intangible assets, net 8,585 9,553 Other assets 92 61 Total assets $36,178 $42,201 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,172 $ 4,712 Accrued expenses 407 345 Deferred revenue 469 234 Current portion of notes payable 488 488 Current portion of warrants 102 469 Accrued incentive compensation 545 545 Current liabilities related to discontinued operations 231 231 Total current liabilities 4,414 7,024 Accrued expenses - Deferred Rent 244 271 Warrants to purchase common stock 4,776 8,464 Subordinate notes 2,706 2,616 Unicast notes 1,344 1,381 Springbox accrual 2,690 2,818 Stockholders' equity Preferred stock - - Common stock 99 99 Paid-in capital 320,037 319,644 Treasury stock (1,015) (1,015) Accumulated other comprehensive loss - 9 Accumulated deficit (299,117) (299,110) Total stockholders' equity 20,004 19,627 Total liabilities and stockholders' equity $36,178 $42,201 ENLIVEN MARKETING TECHNOLOGIES CORPORATION
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO ADJUSTED OPERATING INCOME
(LOSS) (in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, 2008 2007 2007 Income (Loss) from Operations $(3,881) $(1,982) $(2,681) Plus: Stock based Compensation: COS-Ad Systems 4 4 4 COS - Services 27 7 18 Sales and marketing 88 86 89 Research and development 33 28 31 General and administrative 220 213 220 Depreciation 209 141 365 Amortization 952 156 776 Adjusted Operating Income (Loss) $(2,348) $(1,347) $ (1,178)
SOURCE Enliven Marketing Technologies
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