Attached files
file | filename |
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8-K - FORM 8-K - L-1 IDENTITY SOLUTIONS, INC. | y04203e8vk.htm |
EX-99.2 - EX-99.2 - L-1 IDENTITY SOLUTIONS, INC. | y04203exv99w2.htm |
EX-99.3 - EX-99.3 - L-1 IDENTITY SOLUTIONS, INC. | y04203exv99w3.htm |
EX-23.1 - EX-23.1 - L-1 IDENTITY SOLUTIONS, INC. | y04203exv23w1.htm |
EXHIBIT 99.1
PART II, ITEM 6. SELECTED FINANCIAL DATA
The financial data set forth below should be read in conjunction with Managements Discussion and
Analysis of Financial Condition and Results of Operations and L-1s audited consolidated financial
statements as of December 31, 2009 and 2008 and for each of the three years in the period ended
December 31, 2009 included in this Current Report on Form 8-K, from which the data have been
derived for the dates and periods indicated. The balance sheet data for all dates and the income
statement data for 2005 have been derived from the audited financial statements for the respective
years. The income statement data for 2006 have been derived from unaudited statement of operations
reflecting the intelligence services business as discontinued operations. The historical results of
operations are not necessarily indicative of future results. Except for the year ended December 31,
2005, the financial data set forth below has been revised to retroactively reflect the Companys
intelligence services business as discontinued operations.
Years Ended December 31, | ||||||||||||||||||||
2009(1)(3)(4) | 2008(1)(2)(3)(4) | 2007(1)(2)(3)(4) | 2006(1)(3)(4) | 2005(3) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Statement of Operations Data: |
||||||||||||||||||||
Revenues |
$ | 437,129 | $ | 358,139 | $ | 272,533 | $ | 151,285 | $ | 66,224 | ||||||||||
Cost of revenues |
309,583 | 251,099 | 188,444 | 105,056 | 47,568 | |||||||||||||||
Gross profit |
127,546 | 107,040 | 84,089 | 46,229 | 18,656 | |||||||||||||||
Operating expenses: |
||||||||||||||||||||
Sales and marketing |
38,651 | 36,425 | 27,719 | 14,430 | 7,832 | |||||||||||||||
Research and development |
20,730 | 25,244 | 18,482 | 11,589 | 4,618 | |||||||||||||||
General and administrative |
54,953 | 49,185 | 39,667 | 28,358 | 12,068 | |||||||||||||||
Asset impairments and merger
related expenses |
| 529,683 | 5,000 | 22,767 | | |||||||||||||||
Acquisition
related expenses and amortization of acquired
intangible assets |
662 | 900 | 1,266 | 300 | 681 | |||||||||||||||
Total operating expenses |
114,996 | 641,437 | 92,134 | 77,444 | 25,199 | |||||||||||||||
Operating income (loss) |
12,550 | (534,397 | ) | (8,045 | ) | (31,215 | ) | (6,543 | ) | |||||||||||
Interest income |
97 | 252 | 376 | 1,770 | 362 | |||||||||||||||
Interest expense |
(14,666 | ) | (13,281 | ) | (7,926 | ) | (310 | ) | (159 | ) | ||||||||||
Other income (expense), net |
(421 | ) | (240 | ) | (519 | ) | (124 | ) | 369 | |||||||||||
Loss before income taxes and
discontinued operations |
(2,440 | ) | (547,666 | ) | (16,114 | ) | (29,879 | ) | (5,971 | ) | ||||||||||
Benefit (provision) for income
taxes |
1,325 | (7,643 | ) | 27,758 | (2,177 | ) | (1,382 | ) | ||||||||||||
Net income (loss) from continuing
operations |
(1,115 | ) | (555,309 | ) | 11,644 | (32,056 | ) | (7,353 | ) | |||||||||||
Net income (loss) from
discontinued operations, net of
income taxes |
(2,888 | ) | 3,715 | 4,163 | 1,019 | | ||||||||||||||
Net income (loss) |
(4,003 | ) | (551,594 | ) | 15,807 | (31,037 | ) | (7,353 | ) | |||||||||||
Net income attributable to non-controlling interest |
(195 | ) | | | | | ||||||||||||||
Net income (loss) attributable to
L-1 shareholders |
$ | (4,198 | ) | $ | (551,594 | ) | $ | 15,807 | $ | (31,037 | ) | $ | (7,353 | ) | ||||||
Basis and diluted net income
(loss) per share
Continuing operations |
$ | (0.01 | ) | $ | (7.16 | ) | $ | 0.16 | $ | (0.73 | ) | $ | (0.37 | ) | ||||||
Discontinued operations |
$ | (0.03 | ) | $ | 0.05 | $ | 0.06 | $ | 0.02 | | ||||||||||
Attributable to L-1 shareholders |
$ | (0.05 | ) | $ | (7.12 | ) | $ | 0.22 | $ | (0.71 | ) | $ | (0.37 | ) | ||||||
Weighted average common
shares outstanding: |
||||||||||||||||||||
Basic |
85,516 | 77,518 | 71,663 | 43,823 | 19,630 | |||||||||||||||
Diluted |
85,516 | 77,518 | 72,385 | 43,823 | 19,630 | |||||||||||||||
Balance Sheet Data: |
||||||||||||||||||||
Current assets, net of current
liabilities |
$ | 9,403 | $ | 24,371 | $ | 40,869 | $ | 11,658 | $ | 77,482 | ||||||||||
Total assets |
1,323,825 | 1,309,821 | 1,435,595 | 1,227,225 | 294,108 | |||||||||||||||
Long-term debt, including current
maturities |
446,366 | 448,491 | 234,918 | 80,000 | 215 | |||||||||||||||
Equity |
730,461 | 708,480 | 1,098,749 | 1,067,085 | 274,660 |
(1) | The results reflect the adoption of the accounting standard, Share-Based Payments, effective January 1, 2006. | |
(2) | See Note 14 to the consolidated financial statements. | |
(3) | The results of each of the years presented have been materially impacted by acquisitions, including the intelligence services businesses initially included in the results of operations in 2006. See Note 13 to the consolidated financial statements. | |
(4) | Beginning in 2007, the results of operations reflects the retrospective adoption of guidance related to the accounting for convertible debt instruments and guidance related to the expensing of acquisition related costs. See Note 2 to the consolidated financial statements. Beginning in 2006 the results of operations also reflects the retroactive presentation of the intelligence services business as discontinued operations. See Note 15 to the consolidated financial statements. |