Operating loss. As measured over [ ], the Company must reduce operating losses to a total of $[ ] (which represents [ ]% of the Company’s budgeted target of $[ ]).
Operating loss. Suffer or permit any of its Subsidiaries to suffer any aggregate operating loss for two consecutive fiscal quarters which exceeds $400,000; provided, however, that (a) for purposes of determining whether the Borrower and its Subsidiaries have suffered such a loss, any Project Costs incurred by the Borrower or its Subsidiaries shall be excluded, (b) any non-cash extraordinary or non-recurring charges (not to exceed $1,000,000 in the aggregate) shall be excluded, and (c) the results of operations of any Subsidiary established for purposes of opening a new restaurant shall be excluded from any calculation related to compliance with this Section 7.11 for any fiscal quarter which includes at least one full month of the first twelve calendar months following the commencement of operations of the new restaurant operated by such Subsidiary.
Operating loss. 122,168 ---------- 422,168 ---------- (422,168) 692,185 ----------- 4,659,474 ----------- (4,659,474) 7,708,740 ------------ 20,304,909 ------------ (20,304,909) 8,523,093 ------------ 25,386,551 ------------ (25,386,551) Interest income..................... Net loss before income taxes........ 33,961 ---------- (388,207) 160,689 ----------- (4,498,785) 2,825,919 ------------ (17,478,990) 3,020,569 ------------ (22,365,982) Income tax expense.................. Net loss............................ 800 ---------- (389,007) 800 ----------- (4,499,585) 800 ------------ (17,479,790) 2,400 ------------ (22,368,382) Return to series C preferred shareholders for beneficial conversion feature................ -- -- (14,231,595) (14,231,595) Loss available to common ---------- ----------- ------------ ------------ shareholders...................... Basic and diluted loss per share.... $ (389,007) ========== $ (0.39) $(4,499,585) =========== $ (1.35) $(31,711,385) ============ $ (2.33) $(36,599,977) ============ ========== Weighted average shares used in =========== ============ computing basic and diluted loss per share......................... 985,961 3,345,397 13,634,513 ========== =========== ============ --------------------------------------- BALANCE SHEET DATA: 1998 ---------- 1999 ---------- 2000 ----------- Cash and cash equivalents............................. $2,333,512 $9,339,669 $78,926,830 Working capital....................................... 2,264,038 9,095,831 77,320,445 Total assets.......................................... 2,382,600 9,441,173 81,147,046 Total liabilities..................................... 108,108 300,587 2,452,378 Series C redeemable convertible preferred stock....... -- -- -- Series B redeemable convertible preferred stock....... -- 9,703,903 -- Series A convertible preferred stock.................. 2,660 2,660 -- Total stockholders' equity (deficit).................. 2,274,492 (563,317) 78,694,668 19 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis should be read in conjunction with our financial statements and accompanying notes included elsewhere in this report. Operating results are not necessarily indicative of results that may occur in future periods. The following discussion contains forward-looking statements that are based upon current expectations. Our actual results and the timing of events may differ significantly from the results discussed in ...
Operating loss. For each Taxable Year, Operating Loss shall be allocated 92% to the Class A Interest Holder, 7% to the Class B Interest Holders and 1% to the General Partner.
Operating loss. (14) ----- 616 ----- (235) (4)(a)------ (17) ------ -- -- ---- 5 ---- (5) (18) ------ 604 ------ (240) Interest expense, net.............................. 20 -- 7 (c) 27 Other expense, net................................. Loss before provision for income taxes............. 4 ----- (259) -- ------ -- -- ---- (12) 4 ------ (271) Provision (benefit) for income taxes............... Net loss........................................... Share information: 13 ----- $(272) ===== -- ------ $ -- ====== (3)---- $ (9)==== (d) 10 ------ $ (281) ====== Pro forma net loss per share: Basic.......................................... $(4.81) Weighted average number of common shares outstanding: Basic.......................................... 58.4 Diluted........................................ 58.4
Operating loss. 1,926 --------- 4,753 --------- (4,753) 3,442 --------- 13,179 --------- (14,100) 2,801 --------- 20,361 --------- (19,990) 2,962 --------- 73,210 --------- (73,948) Accretion on preferred stock ............................... --------- --------- --------- (2,183) ---------
Operating loss. 19 7.04. Capital Net Income.........................................19 7.05. Capital Net Losses.........................................20 7.06. Winding Up Income and Loss.................................20 7.07. Special Allocations and Compliance with Section 704(b).....20
Operating loss. 2,184 --------- 22,989 --------- (17,618) 3,469 --------- 26,705 --------- (16,186) 4,593 --------- 122,785 --------- (104,572) 3,777 --------- 947,562 --------- (923,834) Accretion on preferred stock ............................... (8,354) --------- --------- --------- --------- Supplier warrant costs ................................... --------- --------- 3,029 --------- Warrant costs, net ....................................... 57,979 Sales and marketing ...................................... $ 1,130 6,635 8,160 8,463 General and administrative ............................... 1,697 3,102 9,400 3,806
Operating loss. 346,565 --------- (113,201) 17,685 ---------- 555,066 ---------- (180,924) -- ---------- 410,569 ---------- (60,776) --------- ---------- ---------- Interest income...................................... 22,810 22,670 5,775 Interest expense..................................... (20,168) (18,602) (5,222) Other, net........................................... Loss before income taxes.......................... (2,354) --------- 288 --------- (112,913) (2,269) ---------- 1,799 ---------- (179,125) (636) ---------- (83) ---------- (60,859) Income tax benefit..................................... Net loss.......................................... Net loss per share -- --------- $(112,913) ========= (34,526) ---------- $ (144,599) ========== (30,183) ---------- $ (30,676) ========== Basic................................................ Diluted.............................................. Number of shares used in per share calculations $ (2.93) ========= $ (2.93) ========= $ (3.80) ========== $ (3.80) ========== $ (0.83) ========== $ (0.83) ========== Basic................................................ Diluted.............................................. 38,492 ========= 38,492 ========= 38,057 ========== 38,057 ========== 36,919 ========== 36,919 ========== Other income (expense): CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) ------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: 1999 ----------- 1998 ----------- 1997 --------- Net loss............................................. $ (112,913) $ (144,599) $ (30,676) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization..................... 50,924 62,265 55,694 Restructurings.................................... 34,141 91,543 -- Purchased technology for research and development..................................... 5,000 12,100 -- Changes in certain working capital accounts: Accounts receivable, net of allowance........... (502) 51,795 33,547 Inventories..................................... 33,727 4,467 59,707 Prepaid expenses and other assets............... 8,632 11,898 (19,767) Accrued expenses and other liabilities.......... (36,229) 36,922 6,349 ----------- ----------- --------- Total adjustments............................ 75,698 195,844 111,654 ----------- ----------- --------- Net cash provided by (used in) operating activities................................. (37,215) 51,245 80,978 CASH FLOWS FROM INVESTING ACTIVITIE...
Operating loss. 35,760 --------- (29,871) 41,679 -------- (31,499) 24,578 -------- (8,710) 13,690 -------- (8,289) 9,942 -------- (6,811) Other income and expense.... Net loss.................... 2,974 --------- $ (26,897) --------- 817 -------- $(30,682) -------- 1,644 -------- $ (7,066) -------- 968 -------- $ (7,321) -------- 703 -------- $ (6,108) -------- Net loss per share--Basic and diluted................ $ (1.79) $ (2.63) $ (0.66) $ (0.77) $ (0.72) ========= ======== ======== ======== ======== ------------------------------------------------- 2000 1999 1998 1997 1996 --------- -------- -------- (in thousands) -------- -------- Balance Sheet Data: Cash, cash equivalents and investments................ $ 207,793 $ 17,805 $ 34,828 $ 33,690 $ 18,237 Total assets................ 229,557 38,476 53,690 36,897 20,039 Long-term liabilities....... 25,558 22,308 10,598 35 45 Accumulated deficit......... (114,702) (87,805) (57,123) (50,057) (42,736) Stockholders' equity........ 199,551 11,287 31,281 33,398 19,267 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Emisphere Technologies, Inc. is a biopharmaceutical company specializing in the oral delivery of therapeutic macromolecules and other compounds that are not currently deliverable by oral means. Since our inception in 1986, we have devoted substantially all of our efforts and resources to research and development conducted on our own behalf and through collaborations with corporate partners and academic research institutions. We have had no product sales to date. The timing of future product sales depends on many factors, including the progress of our products in development through clinical trials, regulatory approval, commercialization and market acceptance. These and other factors that may impact future results are described under "Risk Factors" below.
