eLOT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except Three Months Ended Six Months Ended
for per share amounts) June 30, June 30,
------------------- -------------------
2000 1999 2000 1999
-------- -------- -------- --------
REVENUES $ 100 $ --- $ 250 $ ---
COSTS AND EXPENSES:
Prizes, content,
advertising and promotion 676 --- 1,295 ---
General and Administrative 2,720 1,026 4,322 1,809
Depreciation and
Amortization 490 293 687 588
-------- -------- -------- --------
3,886 1,319 6,304 2,397
-------- -------- -------- --------
OPERATING LOSS (3,786) (1,319) (6,054) (2,397)
INTEREST EXPENSE (388) (723) (802) (1,476)
OTHER INCOME, NET 691 (162) 804 1,007
-------- -------- -------- --------
LOSS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES (3,483) (2,204) (6,052) (2,866)
INCOME TAXES --- --- --- ---
-------- -------- -------- --------
LOSS FROM CONTINUING
OPERATIONS (3,483) (2,204) (6,052) (2,866)
DISCONTINUED OPERATIONS:
Income (loss) from
discontinued operations (2,822) (2,063) (4,053) (4,432)
Gain (loss) on sale of
discontinued operations,
(net of tax provision of
$15,924 for the six months
ended June 30, 2000) (3,500) --- 387 ---
-------- -------- -------- --------
Income (loss) from
discontinued operations (6,322) (2,063) (3,666) (4,432)
-------- -------- -------- --------
NET INCOME (LOSS) $ (9,805) $ (4,267) $ (9,718) $ (7,298)
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BASIC AND DILUTED LOSS
PER SHARE:
Loss from continuing
operations $ (0.05) $ (0.04) $ (0.09) $ (0.05)
Loss from discontinued
operations (0.04) (0.03) (0.06) (0.08)
Loss on sale of
discontinued operations (0.06) --- --- ---
-------- -------- -------- --------
NET INCOME (LOSS)
PER SHARE $ (0.15) $ (0.07) $ (0.15) $ (0.13)
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AVERAGE COMMON SHARES
OUTSTANDING: 64,805 59,512 64,212 54,520
======== ======== ======== ========
eLOT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for
share and per share amounts) June 30, December 31,
2000 1999
-------- -----------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 7,849 $ 1,060
Restricted Cash 4,122 ---
Accounts receivable 178 12
Prepaid expenses and other current assets 443 174
Net assets of discontinued operations 13,771 53,402
-------- --------
Total Current Assets 26,363 54,648
PROPERTY AND EQUIPMENT, net 3,953 2,480
INTANGIBLE ASSETS, net 4,122
OTHER ASSETS 2,339 5,034
-------- --------
$ 36,777 $ 62,162
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 243 $ 19,818
Accounts payable 1,856 5,342
Accrued payroll and related costs 92 772
Accrued liabilities 4,347 3,808
-------- --------
Total Current Liabilities 6,538 29,740
LONG-TERM DEBT 13,265 13,660
-------- --------
Total Liabilities 19,803 43,400
-------- --------
STOCKHOLDERS' EQUITY:
Common stock: $.01 par value; 80,000,000
shares authorized; 65,623,217 and
63,010,953 issued and outstanding 656 630
Additional paid-in capital 89,140 81,054
Accumulated other comprehensive loss (518) (336)
Accumulated deficit (72,304) (62,586)
-------- --------
Total Stockholders' Equity 16,974 18,762
-------- --------
$ 36,777 $ 62,162
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