SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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x |
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2005. |
or
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o |
Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from ____________ to ____________ |
Commission file number: 000-26393
Jupitermedia Corporation
(Exact name of Registrant as specified in its charter)
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Delaware |
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06-1542480 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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23 Old Kings Highway South |
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Darien, Connecticut |
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06820 |
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(Address of principal executive offices) |
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(Zip Code) |
(203) 662-2800
(Registrant s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes x |
No o |
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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Yes x |
No o |
The number of outstanding shares the Registrant s common stock, par value $.01 per share, as of May 5, 2005 was 34,161,066.
Jupitermedia Corporation
Index
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PART I. |
Financial Information |
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Item 1. |
Financial Statements |
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Unaudited Consolidated Condensed Balance Sheets December 31, 2004 and March 31, 2005 |
3 |
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Unaudited Consolidated Condensed Statements of Operations For the Three Months Ended March 31, 2004 and 2005 |
4 |
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Unaudited Consolidated Condensed Statements of Cash Flows For the Three Months Ended March 31, 2004 and 2005 |
5 |
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Notes to Consolidated Condensed Financial Statements |
6 |
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Item 2. |
Management s Discussion and Analysis of Financial Condition and Results of Operations |
14 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
27 |
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Item 4. |
Controls and Procedures |
27 |
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PART II. |
Other Information |
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Item 1. |
Legal Proceedings |
28 |
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Item 2. |
Changes in Securities |
28 |
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Item 3. |
Defaults Upon Senior Securities |
28 |
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Item 4. |
Submission of Matters to a Vote of Security Holders |
29 |
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Item 5. |
Other Information |
29 |
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Item 6. |
Exhibits |
29 |
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Signatures |
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30 |
Jupitermedia Corporation
Unaudited Consolidated Condensed Balance Sheets
December 31, 2004 and March 31, 2005
(in thousands, except share and per share amounts)
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ASSETS |
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December 31, 2004 |
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March 31, 2005 |
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Current assets: |
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Cash and cash equivalents |
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$ |
30,179 |
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$ |
19,586 |
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Accounts receivable, net of allowances of $966 and $1,550, respectively |
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15,385 |
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20,496 |
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Unbilled accounts receivable |
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1,530 |
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1,580 |
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Prepaid expenses and other |
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2,713 |
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3,970 |
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Total current assets |
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49,807 |
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45,632 |
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Property and equipment, net of accumulated depreciation of $9,256 and $9,495, respectively |
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Intangible assets, net |
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20,939 |
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28,695 |
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Goodwill |
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42,015 |
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95,259 |
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Investments and other assets |
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1,197 |
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1,336 |
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Total assets |
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$ |
116,297 |
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$ |
179,567 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,277 |
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$ |
9,423 |
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Accrued payroll and related expenses |
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1,785 |
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2,525 |
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Accrued expenses and other |
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5,037 |
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7,263 |
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Deferred revenues |
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14,183 |
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19,457 |
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Current portion of long-term debt |
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— |
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6,667 |
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Total current liabilities |
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23,282 |
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45,335 |
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Long-term debt |
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— |
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13,333 |
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Deferred revenues |
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510 |
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586 |
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Deferred income tax liabilities |
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121 |
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606 |
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Other long-term liabilities |
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225 |
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197 |
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Total liabilities |
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24,138 |
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60,057 |
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Stockholders equity: |
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Preferred stock, $.01 par value, 4,000,000 shares authorized, no shares issued |
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— |
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Common stock, $.01 par value, 75,000,000 shares authorized, 32,378,361 and 33,912,127 shares issued at December 31, 2004 and March 31, 2005, respectively |
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324 |
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