ZAYO GROUP LLC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 15, 2011

Attached files

file filename
8-K - FORM 8-K - ZAYO GROUP LLCc24799e8vk.htm
Exhibit 99.1
360networks Corporation
Consolidated Statement of Income
For the Three and Nine Months Ended September 30, 2011
(UNAUDITED)
                 
    Three months ended     Nine months ended  
    September 30, 2011     September 30, 2011  
Revenue
   $ 24,031,353     $ 68,079,065  
 
                
Operating Costs
     9,731,599       27,253,940  
 
                
Selling, general and administrative
     6,966,729       20,797,261  
Stock based compensation
     500,835       1,670,067  
Provision for bad debts
     (589,356 )     (460,867 )
Depreciation expense
     3,176,394       9,194,044  
Accretion expense
     62,473       189,717  
Restructuring expense
     25,006       66,445  
 
            
Operating income
     4,157,672       9,368,458  
 
            
 
                
Net gain/(loss) on settlements
     (3,255,445 )     (3,255,445 )
Net gain on sale of assets
     —       7,946  
Interest expense
     (17,717 )     (46,922 )
Interest and dividend income
     562,591       1,622,371  
Other income
     (131,572 )     (97,722 )
 
            
Income before income taxes
     1,315,530       7,598,686  
 
            
 
                
Provision for income taxes
     92,768       150,814  
 
            
 
                
Net income for the year
   $ 1,222,763     $ 7,447,872  
 
            

 

 

 

360networks Corporation
Consolidated Balance Sheet
As of September 30, 2011
(UNAUDITED)
         
    As of  
    September 30, 2011  
ASSETS
        
Current Assets:
        
Cash and cash equivalents
   $ 15,453,484  
Accounts receivable, net
     8,411,865  
Note receivable-current
     181,343  
Other
     1,951,631  
 
      
Total Current Assets
     25,998,323  
 
      
 
        
Restricted Cash
     357,500  
Investments
     115,610,415  
Property and equipment, net
     77,826,810  
Intangibles assets, net
     245,189  
Note receivable
     860,346  
 
      
Total Assets
   $ 220,898,583  
 
      
 
        
LIABILITIES
        
Current liabilities:
        
Accounts payable
   $ 7,117,308  
Wages payable
     5,662,850  
Leases payable
     49,353  
Income taxes payable
     366,008  
Other accrued liabilities
     17,634,316  
Deferred revenue
     3,308,027  
 
      
Total Current Liabilities
     34,137,862  
 
      
 
        
Deferred revenue, non-current
     39,611,743  
Other long-term liabilities
     354,326  
 
      
Total Liabilities
   $ 74,103,931  
 
      
 
        
STOCKHOLDERS’ EQUITY/(DEFICIT)
        
Capital stock
   $ 75,725,498  
Other capital accounts
     104,528,551  
Accumulated deficit
     (33,459,397 )
 
      
Total Stockholders’ Equity/(Deficit)
     146,794,652  
 
      
 
        
Total Liabilities and Stockholders Equity/(Deficit)
   $ 220,898,583  
 
      

 

 

ZAYO GROUP LLC Reports