Exhibit 99.5
UNAUDITED PRO FORMA
CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2004
(In thousands)
| Historical |
Pro Forma | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) AccessIT |
(1) FiberSat Global Services |
Acquisition Adjustment |
Combined | |||||||||||
| Revenues | $ | 7,201 | $ | 3,408 | $ | -- | $ | 10,609 | ||||||
| -- | ||||||||||||||
| Cost of revenues | 3,667 | 1,093 | -- | 4,760 | ||||||||||
| Gross profit | 3,534 | 2,315 | -- | 5,849 | ||||||||||
| Operating Expenses | ||||||||||||||
| Selling, General and Administrative | 3,277 | 1,833 | -- | 5,110 | ||||||||||
| Research and Development | 55 | -- | -- | 55 | ||||||||||
| Non-Cash Stock-Based Compensation | 15 | -- | -- | 15 | ||||||||||
| Depreciation and Amortization | 2,692 | 884 | (247 | ) (3) | 3,329 | |||||||||
| Total Operating Expenses | 6,039 | 2,717 | (247 | ) | 8,509 | |||||||||
| Loss From Operations | (2,505 | ) | (402 | ) | 247 | (2,660 | ) | |||||||
| Interest Income | 6 | 51 | -- | 57 | ||||||||||
| Loss on early extinguishment of debt | (126 | ) | -- | -- | (126 | ) | ||||||||
| Interest Expense | (542 | ) | (245 | ) | 124 | (2) | (663 | ) | ||||||
| Non-Cash Interest Expense | (1,823 | ) | -- | -- | (1,823 | ) | ||||||||
| Other Expense, Net | (52 | ) | -- | -- | (52 | ) | ||||||||
| Net Loss Before Income Taxes and minority interest in subsidiary | (5,042 | ) | (596 | ) | 371 | (5,267 | ) | |||||||
| Income Tax Benefit (Expense) | 212 | (3 | ) | -- | 209 | |||||||||
| Net Loss before minority interest in subsidiary | (4,830 | ) | (599 | ) | 371 | (5,058 | ) | |||||||
| Minority Interest in subsidiary | 25 | -- | -- | 25 | ||||||||||
| Net Loss | (4,805 | ) | (599 | ) | 371 | (5,033 | ) | |||||||
| Accretion Related to Redeemable Convertible Preferred Stock | (1,588 | ) | -- | -- | (1,588 | ) | ||||||||
| Accretion of Preferred Dividends | (220 | ) | -- | -- | (220 | ) | ||||||||
| Net Loss Available to Common Stockholders | $ | (6,613 | ) | $ | (599 | ) | $ | 371 | $ | (6,841 | ) | |||
| Net Loss Available to Common Stockholders Per Common Share | ||||||||||||||
| Basic and Diluted | $ | (1.37 | ) | $ | -- | $ | -- | $ | (1.27 | ) | ||||
| Weighted Average Number of Common Shares Outstanding | ||||||||||||||
| Basic and Diluted | 4,826,776 | -- | 540,000 | 5,366,776 | ||||||||||
(1) Statements of Operations presented for AccessIT are for the year ended March 31, 2004. Statements of Operations presented for FiberSat Global Services, LLC are for the year ended December 31, 2003.
(2) Represents a reduction of interest expense due to certain leases and notes payable retained by the seller.
(3) Represents an adjustment to exclude depreciation on assets that were retained by the seller.
P-3
UNAUDITED PRO FORMA
CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2004
(In thousands)
| Historical |
Pro Forma | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) AccessIT |
(1) FiberSat Global Services |
Acquisition Adjustment |
Combined | |||||||||||
| Revenues | $ | 4,396 | $ | 2,567 | $ | -- | $ | 6,963 | ||||||
| 2,382 | 740 | -- | 3,122 | |||||||||||
| Cost of revenues | 2,014 | 1,827 | -- | 3,841 | ||||||||||
| Gross profit | ||||||||||||||
| Operating Expenses | ||||||||||||||
| Selling, General and Administrative | 2,286 | 981 | -- | 3,267 | ||||||||||
| Provisions for doubtful accounts | 576 | -- | -- | 576 | ||||||||||
| Research and Development | 167 | -- | -- | 167 | ||||||||||
| Non-Cash Stock-Based Compensation | 4 | -- | -- | 4 | ||||||||||
| Depreciation and Amortization | 1,562 | 548 | (108 | ) (3) | 2,002 | |||||||||
| Impairment Loss | -- | 358 | (358 | ) (4) | -- | |||||||||
| Total Operating Expenses | 4,595 | 1,887 | (466 | ) | 6,016 | |||||||||
| Loss From Operations | (2,581 | ) | (60 | ) | 466 | (2,175 | ) | |||||||
| Interest Income | -- | 2 | 2 | |||||||||||
| Interest Expense | (188 | ) | (120 | ) | 58 | (2) | (250 | ) | ||||||
| Non-Cash Interest Expense | (113 | ) | -- | -- | (113 | ) | ||||||||
| Other Expense, Net | 45 | -- | -- | 45 | ||||||||||
| Net Loss Before Income Taxes and minority interest in subsidiary | (2,837 | ) | (178 | ) | 524 | (2,491 | ) | |||||||
| Income Tax Benefit (Expense) | 156 | (5 | ) | -- | 151 | |||||||||
| Net Loss before minority interest in subsidiary | (2,681 | ) | (183 | ) | 524 | (2,340 | ) | |||||||
| Minority Interest in subsidiary | 10 | -- | -- | 10 | ||||||||||
| Net Loss | (2,671 | ) | (183 | ) | 524 | (2,330 | ) | |||||||
| Accretion Related to Redeemable Convertible Preferred Stock | -- | -- | -- | -- | ||||||||||
| Accretion of Preferred Dividends | -- | -- | -- | -- | ||||||||||
| Net Loss Available to Common Stockholders | $ | (2,671 | ) | $ | (183 | ) | $ | 524 | $ | (2,330 | ) | |||
| Net Loss Available to Common Stockholders Per Common Share | ||||||||||||||
| Basic and Diluted | $ | (0.29 | ) | $ | -- | $ | -- | $ | (0.24 | ) | ||||
| Weighted Average Number of Common Shares Outstanding | ||||||||||||||
| Basic and Diluted | 9,304,008 | -- | 540,000 | 9,844,008 | ||||||||||
| (1) | Statements of Operations presented for AccessIT are for the six months ended September 30, 2004. Statements of Operations presented for FiberSat Global Services, LLC are for the nine months ended September 30, 2004. |
| (2) | Represents a reduction of interest expense due to certain leases and notes payable retained by the seller. |
| (3) | an adjustment to exclude depreciation on assets that were retained by the seller. |
| (4) | Represents the exclusion of the impairment loss related to assets that were retained by the seller. |
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