UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the Quarterly Period Ended March 31, 2004 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the transition period from to . |
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Commission File No. 1-14371 |
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INFORMATION HOLDINGS INC. |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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06-1518007 |
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(State or other jurisdiction of |
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(IRS Employer |
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2777 Summer Street, Suite 602 |
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Stamford, Connecticut |
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06905 |
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(Address of principal executive offices) |
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(Zip Code) |
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(203) 961-9106 |
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(Registrant’s telephone number, including area code) |
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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. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) ý Yes o No
As of May 4, 2004, there were 20,895,692 shares of the Company’s common stock, par value $0.01 per share, outstanding.
INFORMATION HOLDINGS INC.
Form 10-Q for the Quarter Ended March 31, 2004
Table of Contents
INFORMATION HOLDINGS INC.
(In thousands, except share data)
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March 31, |
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December 31, |
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(Unaudited |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
52,959 |
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$ |
39,693 |
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Short-term investments |
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7,027 |
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12,271 |
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Restricted cash |
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3,000 |
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3,000 |
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Accounts receivable (net of allowance for doubtful accounts of $694 and $693, respectively) |
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38,878 |
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37,650 |
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Prepaid expenses and other current assets |
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4,049 |
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5,669 |
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Income taxes receivable |
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— |
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11,899 |
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Deferred income taxes |
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2,001 |
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2,001 |
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Total current assets |
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107,914 |
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112,183 |
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Investments |
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88,843 |
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83,207 |
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Property and equipment, net |
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4,100 |
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4,281 |
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Identified intangible assets, net |
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69,224 |
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70,248 |
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Goodwill |
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99,808 |
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100,871 |
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Other assets |
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4,546 |
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3,880 |
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TOTAL |
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$ |
374,435 |
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$ |
374,670 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
33,083 |
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$ |
32,073 |
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Accrued expenses |
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12,651 |
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18,124 |
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Deferred revenue |
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26,930 |
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25,753 |
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Total current liabilities |
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72,664 |
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75,950 |
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Long-term deferred income taxes |
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16,114 |
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16,307 |
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Total liabilities |
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88,778 |
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92,257 |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $.01 par value; 1,000,000 shares authorized; none issued |
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$ |
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$ |
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Common stock, $.01 par value; authorized 50,000,000 shares; issued 21,894,079 and 21,882,604 shares, respectively; outstanding 20,886,879 and 20,875,404 shares, respectively |
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219 |
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219 |
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Additional paid-in capital |
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248,208 |
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247,964 |
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Retained earnings |
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41,535 |
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38,304 |
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Treasury stock, at cost, 1,007,200 shares, in both periods |
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(14,723 |
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(14,723 |
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Accumulated other comprehensive income |
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10,418 |
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10,649 |
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Total stockholders’ equity |
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285,657 |
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282,413 |
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TOTAL |
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$ |
374,435 |
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$ |
374,670 |
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See notes to unaudited consolidated financial statements.
1
INFORMATION HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
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Three
Months Ended |
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2004 |
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2003 |
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Revenues |
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$ |
24,600 |
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$ |
19,657 |
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Cost of sales |
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6,511 |
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6,368 |
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Gross profit |
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18,089 |
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13,289 |
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Operating expenses: |
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Selling, general and administrative |
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11,040 |
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8,857 |
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Depreciation and amortization |
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3,037 |
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2,709 |
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Total operating expenses |
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14,077 |
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11,566 |
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Income from operations |
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4,012 |
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1,723 |
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Other income (expense): |
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Interest income |
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841 |
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