SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Excite Inc – ‘8-K’ for 12/31/98

As of:  Monday, 1/25/99   ·   For:  12/31/98   ·   Accession #:  891618-99-207   ·   File #:  0-28064

Previous ‘8-K’:  ‘8-K’ on 1/20/99 for 1/19/99   ·   Latest ‘8-K’:  This Filing

Magnifying glass tilted right emoji
 
  in    Show  and   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/25/99  Excite Inc                        8-K:5      12/31/98    1:9K                                     Bowne - Palo Alto/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5     22K 


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 5:. Other Events
8-K1st Page of 5TOCTopPreviousNextBottomJust 1st
 

================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): DECEMBER 31, 1998 EXCITE, INC. -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE ------------------------------------------------------ (State or other jurisdiction of incorporation) [Download Table] 0-28064 77-0378215 --------------------------- ------------------------- (Commission (IRS Employer File Number) Identification No.) 555 Broadway, Redwood City, CA 94063 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (650) 568-6000 -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) NOT APPLICABLE -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ================================================================================
8-K2nd Page of 5TOC1stPreviousNextBottomJust 2nd
ITEM 5: OTHER EVENTS The Company's revenue of $54.1 million for the fourth quarter ended December 31, 1998, was up 163% from the $20.5 million for the corresponding fourth quarter of 1997. Revenue for the fourth quarter represented a 23% sequential increase over the $44.0 million reported in the third quarter of 1998. The net loss for the fourth quarter of 1998 was $5.8 million, or $0.11 per share. These results compare to a net loss of $13.0 million, or $0.39 per share, for the corresponding quarter of the prior year. For the total year, the Company generated revenue of $154.1 million and a net loss of $37.0 million, or $0.78 per share. For 1997, the Company generated revenue of $54.1 million, and a net loss of $41.4 million, or $1.47 per share. The Company has taken the initiative to conform its accounting for acquisition-related in-process research and development charges in response to recent Securities and Exchange Commission interpretative guidelines. Accordingly, the Company has reduced this charge to $6.2 million from the $16.2 million charge it recorded in the Second Quarter of 1998 to reflect the acquisition of Throw, Inc., a small technology company. The $10.0 million reduction in the value of the in-process technology, will be capitalized as goodwill and amortized over 3 years. Amortization related to the Throw acquisition for the fourth quarter and total year amounted to $0.9 million and $2.7 million, respectively. The Company generated $25 million in cash flow from operations in the fourth quarter. Cash on hand at December 31, 1998 increased $21.3 million to $61.6 million, principally due to significantly improved cash collections. Days sales outstanding improved 15 days to 61 during the quarter. 2
8-K3rd Page of 5TOC1stPreviousNextBottomJust 3rd
EXCITE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED, IN THOUSANDS EXCEPT PER SHARE DATA) [Enlarge/Download Table] THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------------------- -------------------------------- 1998 1997 1998 1997 -------------- --------------- -------------- --------------- (1) Revenues (2) $ 54,095 $ 20,548 $ 154,105 $ 54,114 Cost of revenues: Hosting costs 5,259 2,532 16,161 8,586 Royalties and other cost of revenues 4,037 1,994 12,912 4,235 Amortization of purchased technology -- 1,938 -- 8,214 -------------- --------------- -------------- -------------- Total cost of revenues 9,296 6,464 29,073 21,035 -------------- --------------- -------------- -------------- Gross profit 44,799 14,084 125,032 33,079 Operating expenses: Research and development 7,863 5,679 29,205 16,694 Sales and marketing 21,086 10,671 62,372 32,009 Distribution license fees and data 6,894 4,412 21,723 9,365 acquisition costs General and administrative 5,625 3,508 16,573 9,477 In-process technology -- -- 6,200 2,346 Merger and acquisition related costs, including amortization of goodwill and 829 2,043 4,903 3,989 other purchased intangibles Amortization of prepaid Netscape service 7,574 -- 17,673 -- -------------- --------------- -------------- -------------- Total operating expenses 49,871 26,313 158,649 73,880 -------------- --------------- -------------- -------------- Operating loss (5,072) (12,229) (33,617) (40,801) Interest expense and other, net (239) (277) (1,223) (114) Equity share of losses of affiliated company (490) (477) (2,134) (477) -------------- --------------- -------------- --------------- Net loss $ (5,801) $ (12,983) $ (36,974) $ (41,392) ============== =============== ============== ============== Basic and diluted net loss per share (3) $ (0.11) $ (0.39) $ (0.78) $ (1.47) ============== =============== ============== ============== Shares used in computing net loss per share (3) 51,511 33,231 47,475 28,155 ============== =============== ============== ============== (1) Derived from audited consolidated financial statements at December 31, 1997. (2) Related party revenue was $5.2 million and $8.3 million for the three and twelve months ended December 31, 1998, respectively. (3) All of the share and per share data have been adjusted to reflect the two-for-one stock split for stockholders of record as of the close of business on July 6, 1998. 3
8-K4th Page of 5TOC1stPreviousNextBottomJust 4th
EXCITE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED, IN THOUSANDS) [Enlarge/Download Table] DECEMBER 31, DECEMBER 31, 1998 1997 ------------------ ----------------- (1) ASSETS Current assets: Cash, cash equivalents and short-term investments $ 61,605 $ 32,066 Accounts receivable, net 36,592 20,907 Prepaid Netscape distribution costs and trademarks, current portion 45,473 -- Prepaid expenses and other current assets 4,848 2,149 ------------------ ----------------- Total current assets 148,518 55,122 Property and equipment, net 35,937 15,143 Investment in affiliated company 2,243 -- Prepaid Netscape distribution costs and trademarks 20,954 -- Intangible assets, net 8,792 1,771 Other assets 4,229 4,657 ------------------ ----------------- $ 220,673 $ 76,693 ================== ================= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank line of credit and other notes payable $ 6,100 $ 6,100 Accounts payable 13,079 5,717 Accrued compensation 9,038 4,794 Related party liabilities 5,092 1,575 Capital lease obligations, current portion 7,133 3,178 Non-lease financing, current portion 1,531 1,176 Deferred revenue 2,843 4,588 Other accrued liabilities 14,222 5,024 ------------------ ----------------- Total current liabilities 59,038 32,152 Capital lease obligations 11,668 3,076 Non-lease financing 1,568 1,613 Convertible note 5,000 5,000 Stockholders' equity 143,399 34,852 ------------------ ---------------- $ 220,673 $ 76,693 ================== ================= (1) Derived from audited consolidated financial statements at December 31, 1997. 4
8-KLast Page of 5TOC1stPreviousNextBottomJust 5th
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. EXCITE, INC. Date: January 25, 1999 By: /s/ Robert C. Hood -------------------------------- Robert C. Hood Executive Vice President, Chief Administrative Officer and Chief Financial Officer 5

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘8-K’ Filing    Date First  Last      Other Filings
Filed on:1/25/995
For Period End:12/31/981310-K,  10-K/A
7/6/983S-3/A
12/31/973410-K
 List all Filings 
Top
Filing Submission 0000891618-99-000207   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2021 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Tue., Jan. 26, 5:29:11.1pm ET