SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission file number: 000-29391 |
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VIA NET.WORKS, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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84-1412512 |
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(State or other jurisdiction) |
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(I.R.S. Employer Identification No.) |
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H. Walaardt Sacrestraat 401-403 |
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1117 BM Schiphol |
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The Netherlands |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: +31 20 502 0000 |
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(Former name or former address, if changed since last report) |
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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 report) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is: an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of August 2, 2004, there were outstanding 56,053,988 shares of the registrant’s common stock and 5,050,000 shares of the registrant’s non-voting common stock.
VIA NET.WORKS, INC.
TABLE OF CONTENTS
2
VIA NET.WORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
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December 31, 2003 |
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June 30, |
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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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$ |
65,803 |
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$ |
42,291 |
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Restricted cash |
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1,391 |
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1,409 |
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Trade and other accounts receivable, net of allowance of $1,911 and $2,879 respectively |
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14,295 |
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13,868 |
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Other current assets |
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4,542 |
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6,157 |
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Deferred tax assets |
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— |
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1,637 |
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Total current assets |
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86,031 |
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65,362 |
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Property and equipment, net |
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12,003 |
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12,455 |
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Goodwill |
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3,111 |
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14,154 |
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Intangible assets, net |
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731 |
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4,420 |
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Other non-current assets |
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884 |
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1,224 |
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Deferred tax asset |
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7,928 |
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7,928 |
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Total assets |
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$ |
110,688 |
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$ |
105,543 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
10,021 |
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$ |
11,997 |
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VAT and other taxes payable |
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1,303 |
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1,952 |
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Current portion of capital lease obligations and long-term payables |
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173 |
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426 |
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Deferred revenue |
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13,264 |
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18,636 |
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Accrued expenses |
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7,659 |
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8,950 |
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Deferred tax liability |
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7,928 |
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7,928 |
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Other current liabilities |
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1,848 |
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3,083 |
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Total current liabilities |
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42,196 |
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52,972 |
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Capital lease obligations and long-term payables, less current portion |
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328 |
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228 |
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Deferred tax liability |
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— |
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1,142 |
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Total liabilities |
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42,524 |
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54,342 |
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Commitments and contingencies (Note 11) |
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Stockholders’ equity: |
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Preferred stock, $.001 par value; 10,000,000 shares authorized; no shares issued and outstanding |
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— |
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— |
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Common stock, $.001 par value; 132,500,000 shares authorized; 61,507,694 and 62,624,777 shares issued, respectively |
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62 |
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63 |
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Additional paid-in capital |
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556,112 |
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557,909 |
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Treasury stock, 1,520,789 shares |
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(1,521 |
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(1,521 |
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Accumulated deficit |
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(452,154 |
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(473,448 |
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Accumulated other comprehensive loss |
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(34,335 |
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(31,802 |
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Total stockholders’ equity |
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68,164 |
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51,201 |
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Total liabilities and stockholders’ equity |
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$ |
110,688 |
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$ |
105,543 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
VIA NET.WORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share and per share data)
(Unaudited)
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For the three months ended June 30, |
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For the six months ended June 30, |
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2003 |
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2004 |
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2003 |
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2004 |
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Revenue |
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$ |
16,612 |
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$ |
18,256 |
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$ |
34,378 |
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$ |
36,474 |
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Operating costs and expenses: |
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Internet services |
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7,829 |
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8,842 |
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16,349 |
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17,589 |
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Selling, general and administrative |
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15,713 |
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17,477 |
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30,410 |
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34,589 |
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Impairment and restructuring charges |
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1,415 |
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483 |
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2,282 |
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783 |
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Depreciation and amortization |
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1,799 |
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2,284 |
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3,848 |
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4,718 |
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Total operating costs and expenses |
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26,756 |
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