Neoforma (NASDAQ:NEOF)
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Neoforma Reports Second Quarter 2005 Financial Results
SAN JOSE, Calif., July 25 /PRNewswire-FirstCall/ -- In the quarter ended June
30, 2005, Neoforma, Inc. (NASDAQ:NEOF), a leading provider of supply chain
management solutions for the healthcare industry, generated total revenue of
$2.8 million on a generally accepted accounting principles (GAAP) basis, a
decrease from the $3.3 million reported in the same quarter in the prior year.
Excluding the impact of Emerging Issues Task Force Abstract No. 01-9 (EITF No.
01-9), Neoforma generated total adjusted revenue of $18.2 million in the second
quarter of 2005, a decrease from the $18.8 million reported in the same quarter
of the previous year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030226/NEOFORMALOGO )
In the second quarter of 2005, in accordance with GAAP, Neoforma's net loss and
net loss per share were $14.7 million and $0.74, respectively, an improvement
from the $18.4 million net loss and $0.95 net loss per share recorded in the
same quarter of 2004. On an adjusted basis, net income and net income per
share were $4.3 million and $0.22, respectively, decreasing from the $5.5
million net income and $0.28 net income per share recorded in the second
quarter of 2004.
Neoforma's adjusted financial information, which is not in accordance with
GAAP, excludes the application of EITF No. 01-9 and certain expenses, gains and
losses. Adjusted financial information serves as a measure of the performance
of Neoforma's ongoing core operations. A description of the adjusted financial
information for the periods presented and a reconciliation of these results to
GAAP financial information are included in the attached financial statements
and are available in the investor relations section of Neoforma's Web site at
http://www.neoforma.com/ .
"Neoforma made steady progress during the second quarter, highlighted by the
generation of $4.4 million in free cash flow," says Bob Zollars, chairman and
chief executive officer of Neoforma. "We met our revenue guidance for the
quarter, although our non-related party revenue results were lower than we had
hoped, and we were pleased by our significant increase in connectivity, growing
marketplace volume, new functionality releases and continued progress on the
evaluation of our strategic alternatives."
Second Quarter 2005 Highlights
In the second quarter, Neoforma made progress in several key areas, including:
* Developed a new on-demand spend intelligence solution for healthcare
providers, which is currently in pilot in several hospitals;
* Renewed Marketplace@Novation(R) contracts for seven hospitals, representing
100% of the hospitals up for renewal during the quarter;
* Implemented approximately 1,250 connections, a significant increase over the
number of connections completed in the prior quarter;
* Supported $3.4 billion in volume, representing a 23% increase from the same
quarter in the prior year and comprised of $1.2 billion in gross transaction
volume and $2.2 billion in supply chain data;
* Hosted a series of industry Webinars focusing on critical issues in materials
management, attracting more than 450 participants; and
* Ended the quarter with $35.0 million in cash, cash equivalents and short-term
investments.
Second Quarter 2005 Financial Results
For the second quarter ended June 30, 2005, on a GAAP basis, Neoforma generated
$2.8 million in total revenue, consisting entirely of non-related party revenue
and decreasing from the $3.3 million in both total revenue and non-related
party revenue recognized in the second quarter of 2004. This decline was
primarily the result of an anticipated $282,000 decrease in revenue related to
a technology license sale that occurred in 2001. The revenue from this license
sale was recognized over the three-year life of the underlying agreement through
August 2004. As a result, Neoforma recognized $282,000 in non-related party
revenue related to this license sale in the second quarter of 2004 and none in
the second quarter of 2005.
Excluding the impact of EITF No. 01-9, on an adjusted basis, Neoforma generated
total revenue of $18.2 million in the second quarter of 2005, comprised of $15.4
million in related party revenue and $2.8 million in non- related party revenue.
The Company's adjusted revenue results in the second quarter decreased from the
$18.8 million in total revenue, $15.5 million in related party revenue and $3.3
million in non-related party revenue reported in the same period in 2004.
In accordance with EITF No. 01-9, Neoforma classifies non-cash amortization of
partnership costs as an offset against related party revenue. As the reductions
to operating expenses and revenue are equal, this accounting treatment has no
impact on Neoforma's loss from operations, net loss, net loss per share or
total cash flow.
Neoforma's total operating expenses, on a GAAP basis, were $17.7 million in the
second quarter of 2005, an improvement from the $21.8 million reported in the
same quarter in the prior year. In the second quarter of 2004, Neoforma
recorded a $4.1 million write-off of stockholder notes receivable; there was no
such write-off in the second quarter of 2005, resulting in the decrease in GAAP
operating expenses. In the most recent quarter, in comparison to the same
quarter in the prior year, Neoforma also reported a $1.1 million decrease in
amortization of partnership costs and a $656,000 decrease in software
development costs capitalized.
Adjusted operating expenses for the second quarter of 2005 totaled $14.1
million, increasing from the $13.4 million reported in the same period in the
previous year. The increase in adjusted operating expenses was primarily due
to the decrease in the amount of software development costs capitalized during
the quarter.
In the second quarter of 2005, on a GAAP basis, Neoforma's loss from operations
equaled $14.9 million, an improvement from the $18.5 million loss reported in
the second quarter of 2004.
Neoforma generated $4.1 million in EBITDA in the second quarter of 2005,
decreasing from the $5.4 million generated in the same quarter in the prior
year.
As of June 30, 2005, Neoforma's cash, cash equivalents and short-term
investments totaled $35.0 million, a $4.5 million increase from the $30.5
million reported as of the end of the prior quarter and a $9.1 million increase
from the $25.9 million reported as of year-end 2004. Neoforma remains
debt-free.
Neoforma's free cash flow in the second quarter of 2005 totaled $4.4 million.
Free cash flow is calculated as net cash used in operating activities, plus
amortization of partnership costs offset against related party revenue, minus
purchases of property and equipment and capitalization of software development
costs.
"We met our revenue guidance, continued to manage our expenses and strengthened
our balance sheet with strong cash flow in the second quarter," says Andrew
Guggenhime, chief financial officer of Neoforma. "We're looking forward to
concluding our evaluation of strategic alternatives, which we expect to do this
quarter."
Third Quarter 2005 Revenue Outlook
Neoforma expects to generate approximately $12.5 million in GAAP revenue and
$18.4 million in adjusted revenue in the third quarter of 2005. Neoforma's GAAP
revenue projections represent a significant increase over prior period results
due to a reduction in the amortization of partnership costs to be offset
against related party revenue in the third quarter. Neoforma anticipates that
the amortization of partnership costs resulting from the initial shares granted
to VHA and UHC in July 2000 will be completed in the third quarter of 2005. As
a result, the amortization of partnership costs offset against related party
revenue will be significantly reduced, thereby increasing Neoforma's projected
revenue on a GAAP basis.
About Neoforma
Neoforma is a leading supply chain management solutions provider for the
healthcare industry. Through a unique combination of technology, information
and services, Neoforma provides innovative solutions to over 1,600 hospitals
and suppliers, supporting more than $13 billion in annualized marketplace
volume. By bringing together contract information and order data, Neoforma's
integrated solution set delivers a comprehensive view of an organization's
supply chain, driving significant cost savings and better decision-making for
both hospitals and suppliers. For more information, point your browser to
http://www.neoforma.com/ .
This news release contains forward-looking information within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
include, but are not limited to, the statements under the caption "Third
Quarter 2005 Revenue Outlook" and the anticipated conclusion of Neoforma's
evaluation of strategic alternatives. There are a number of risks that could
cause actual results to differ materially from those anticipated by these
forward-looking statements. These risks include the ongoing process of
exploring strategic alternatives and the risks associated with the previously
announced desire of Novation, LLC to lower the fees it pays to Neoforma under
its outsourcing agreement, and the willingness of customers to accept
Neoforma's business model of providing supply chain management solutions for
the healthcare industry. Some of these risks and other risks are described in
Neoforma's periodic reports filed with the SEC, including its Form 10-Q for the
quarter ended March 31, 2005. These statements are current as of the date of
this release and Neoforma assumes no obligation to update the forward- looking
information contained in this news release.
NOTE: Neoforma is a trademark of Neoforma, Inc. Other Neoforma logos, product
names and service names are also trademarks of Neoforma, Inc., which may be
registered in other countries. Other product and brand names are trademarks of
their respective owners.
NEOFORMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2005 2004 2005
REVENUE:
Related party, net of amortization
of partnership costs of $15,459,
$15,387, $30,937 and $30,808 for
the three months ended June 30,
2004 and 2005 and the six months
ended June 30, 2004 and 2005,
respectively $-- $-- $-- $--
Non-related party 3,340 2,816 6,268 5,436
Total revenue 3,340 2,816 6,268 5,436
OPERATING EXPENSES:
Cost of services 2,682 2,857 4,743 5,825
Operations 2,811 3,095 5,809 6,263
Product development 4,403 5,097 8,041 10,159
Selling and marketing 3,513 3,115 7,169 6,659
General and administrative 2,468 2,840 4,706 5,886
Amortization of intangibles 147 147 294 294
Amortization of partnership costs 1,669 588 3,141 1,630
Write-off of stockholder notes
receivable 4,115 -- 4,115 --
Restructuring -- -- -- 767
Total operating expenses 21,808 17,739 38,018 37,483
Loss from operations (18,468) (14,923) (31,750) (32,047)
OTHER INCOME (EXPENSE) 54 245 122 412
Net loss $(18,414) $(14,678) $(31,628) $(31,635)
NET LOSS PER SHARE:
Basic and diluted $(0.95) $(0.74) $(1.65) $(1.61)
Weighted average shares -- basic
and diluted 19,357 19,810 19,213 19,698
In addition to our consolidated financial statements presented in accordance
with GAAP, Neoforma, Inc. uses non-GAAP, or adjusted, measures of operating
results, net income and net income per share, which are adjusted from results
based on GAAP to exclude the application of EITF No. 01-9 and certain expenses,
gains and losses. Neoforma management believes that the non-GAAP adjusted
results provide added insight into the Company's performance by focusing on
results generated by the Company's ongoing core operations. Neoforma management
uses the non-GAAP adjusted results when assessing the performance of its ongoing
core operations, in making resource allocation decisions and for planning and
forecasting. Additionally, incentive compensation for the Company, including
management, is based on results on this basis. In addition, because we
historically have reported adjusted results, we believe the inclusion of
comparative numbers provides consistency in our financial reporting. The
non-GAAP financial measures should be considered in addition to, not as a
substitute for, or superior to, the measures of financial performance prepared
in accordance with GAAP. Investors are encouraged to review the reconciliation
of the non-GAAP financial measures to their most directly comparable GAAP
financial measures.
NEOFORMA, INC.
ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1)
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2005 2004 2005
REVENUE:
Related party $15,459 $15,387 $30,937 $30,808
Non-related party 3,340 2,816 6,268 5,436
Total adjusted revenue 18,799 18,203 37,205 36,244
OPERATING EXPENSES:
Cost of services 1,897 2,220 3,583 4,684
Operations 2,268 2,391 4,753 4,841
Product development 4,003 4,362 7,351 8,674
Selling and marketing 3,144 2,751 6,551 5,768
General and administrative 2,074 2,391 4,081 4,901
Adjusted operating expenses 13,386 14,115 26,319 28,868
EBITDA 5,413 4,088 10,886 7,376
OTHER INCOME (EXPENSE) 54 245 122 412
Adjusted net income $5,467 $4,333 $11,008 $7,788
ADJUSTED NET INCOME PER SHARE:
Basic $0.28 $0.22 $0.57 $0.40
Weighted average shares -- basic 19,357 19,810 19,213 19,698
(1) These adjusted condensed consolidated statements of operations exclude the
impact of EITF No. 01-9 and certain expenses, gains and losses. Under EITF No.
01-9, the Company offsets non-cash amortization of partnership costs against
related party revenue in an amount equal to the lesser of the two in any
period. Any amortization of partnership costs in excess of related party
revenue in any period is classified as an operating expense. As a result of
the adoption of EITF No. 01-9, the Company offset $15,459, $15,387, $30,937 and
$30,808 of amortization of partnership costs against related party revenue in
its GAAP condensed consolidated statements of operations for the three months
ended June 30, 2004 and 2005 and the six months ended June 30, 2004 and 2005,
respectively. As reclassifications, the application of EITF No. 01-9 had no
impact on loss from operations, net loss or net loss per share. The excluded
expenses, gains and losses consisted of depreciation and amortization of
property and equipment, amortization of intangibles, amortization of deferred
compensation, amortization of partnership costs and restructuring.
NEOFORMA, INC.
RECONCILIATION OF ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
TO GAAP
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30, 2005
Excluded Application
Expenses, of
Adjusted Gains EITF
Results and Losses No. 01-9
REVENUE:
Related party $15,387 $-- $(15,387)
Non-related party 2,816 -- --
Total revenue 18,203 -- (15,387)
OPERATING EXPENSES:
Cost of services 2,220 -- --
Operations 2,391 -- --
Product development 4,362 -- --
Selling and marketing 2,751 -- --
General and administrative 2,391 -- --
Adjusted operating expenses 14,115
EBITDA 4,088
Depreciation and amortization of
property and equipment -- 1,866 --
Amortization of intangibles -- 147 --
Amortization of deferred compensation -- 1,023 --
Amortization of partnership costs 15,975 (15,387)
Total operating expenses 19,011 (15,387)
Loss from operations (19,011) --
OTHER INCOME (EXPENSE) 245 -- --
Net income (loss) $4,333 $(19,011) $--
NET INCOME (LOSS) PER SHARE:
Basic $0.22
Weighted average shares - basic 19,810
GAAP Allocations
Depreciation
and
Amortization Amortization GAAP
of of Results
Property and Deferred As
Equipment Compensation Reported
REVENUE:
Related party $-- $-- $--
Non-related party -- -- 2,816
Total revenue -- -- 2,816
OPERATING EXPENSES:
Cost of services 428 209 2,857
Operations 550 154 3,095
Product development 458 277 5,097
Selling and marketing 217 147 3,115
General and administrative 213 236 2,840
Depreciation and amortization of
property and equipment (1,866) -- --
Amortization of intangibles -- -- 147
Amortization of deferred
compensation -- (1,023) --
Amortization of partnership costs -- -- 588
Total operating expenses -- -- 17,739
Loss from operations -- -- (14,923)
OTHER INCOME (EXPENSE) -- -- 245
Net income (loss) $-- $-- $(14,678)
NET INCOME (LOSS) PER SHARE:
Basic $(0.74)
Weighted average shares - basic 19,810
Three Months Ended June 30, 2004
Excluded Application
Expenses, of
Adjusted Gains EITF
Results and Losses No. 01-9
REVENUE:
Related party $15,459 $-- $(15,459)
Non-related party 3,340 -- --
Total revenue 18,799 -- (15,459)
OPERATING EXPENSES:
Cost of services 1,897 -- --
Operations 2,268 -- --
Product development 4,003 -- --
Selling and marketing 3,144 -- --
General and administrative 2,074 -- --
Adjusted operating expenses 13,386
EBITDA 5,413
Depreciation and amortization of
property and equipment -- 1,292 --
Amortization of intangibles -- 147 --
Amortization of deferred compensation -- 1,199 --
Amortization of partnership costs -- 17,128 (15,459)
Write-off of stockholder notes receivable -- 4,115 --
Total operating expenses 23,881 (15,459)
Loss from operations (23,881) --
OTHER INCOME (EXPENSE) 54 -- --
Net income (loss) $5,467 $(23,881) $--
NET INCOME (LOSS) PER SHARE:
Basic $0.28
Weighted average shares - basic 19,357
GAAP Allocations
Depreciation
and
Amortization Amortization GAAP
of of Results
Property and Deferred As
Equipment Compensation Reported
REVENUE:
Related party $-- $-- $--
Non-related party -- -- 3,340
Total revenue -- -- 3,340
OPERATING EXPENSES:
Cost of services 608 177 2,682
Operations 409 134 2,811
Product development 126 274 4,403
Selling and marketing 76 293 3,513
General and administrative 73 321 2,468
Depreciation and amortization of
property and equipment (1,292) -- --
Amortization of intangibles -- -- 147
Amortization of deferred compensation -- (1,199) --
Amortization of partnership costs -- -- 1,669
Write-off of stockholder notes receivable -- -- 4,115
Total operating expenses -- -- 21,808
Loss from operations -- -- (18,468)
OTHER INCOME (EXPENSE) -- -- 54
Net income (loss) $-- $-- $(18,414)
NET INCOME (LOSS) PER SHARE:
Basic $(0.95)
Weighted average shares - basic 19,357
NEOFORMA, INC.
RECONCILIATION OF ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
TO GAAP
(in thousands, except per share amounts)
(unaudited)
Six Months Ended June 30, 2005
Excluded Application
Expenses, of
Adjusted Gains EITF
Results and Losses No. 01-9
REVENUE:
Related party $30,808 $-- $(30,808)
Non-related party 5,436 -- --
Total revenue 36,244 -- (30,808)
OPERATING EXPENSES:
Cost of services 4,684 -- --
Operations 4,841 -- --
Product development 8,674 -- --
Selling and marketing 5,768 -- --
General and administrative 4,901 -- --
Adjusted operating expenses 28,868
EBITDA 7,376
Depreciation and amortization of
property and equipment -- 3,729 --
Amortization of intangibles -- 294 --
Amortization of deferred compensation -- 2,195 --
Amortization of partnership costs -- 32,438 (30,808)
Restructuring -- 767 --
Total operating expenses 39,423 (30,808)
Loss from operations (39,423) --
OTHER INCOME (EXPENSE) 412 -- --
Net income (loss) $7,788 $(39,423) $--
NET INCOME (LOSS) PER SHARE:
Basic $0.40
Weighted average shares - basic 19,698
GAAP Allocations
Depreciation
and
Amortization Amortization GAAP
of of Results
Property and Deferred As
Equipment Compensation Reported
REVENUE:
Related party $-- $-- $--
Non-related party -- -- 5,436
Total revenue -- -- 5,436
OPERATING EXPENSES:
Cost of services 735 406 5,825
Operations 1,120 302 6,263
Product development 938 547 10,159
Selling and marketing 475 416 6,659
General and administrative 461 524 5,886
Depreciation and amortization of
property and equipment (3,729) -- --
Amortization of intangibles -- -- 294
Amortization of deferred compensation -- (2,195) --
Amortization of partnership costs -- -- 1,630
Restructuring -- -- 767
Total operating expenses -- -- 37,483
Loss from operations -- -- (32,047)
OTHER INCOME (EXPENSE) -- -- 412
Net income (loss) $-- $-- $(31,635)
NET INCOME (LOSS) PER SHARE:
Basic $(1.61)
Weighted average shares - basic 19,698
Six Months Ended June 30, 2004
Excluded Application
Expenses, of
Adjusted Gains EITF
Results and Losses No. 01-9
REVENUE:
Related party $30,937 $-- $(30,937)
Non-related party 6,268 -- --
Total revenue 37,205 -- (30,937)
OPERATING EXPENSES:
Cost of services 3,583 -- --
Operations 4,753 -- --
Product development 7,351 -- --
Selling and marketing 6,551 -- --
General and administrative 4,081 -- --
Adjusted operating expenses 26,319
EBITDA 10,886
Depreciation and amortization of
property and equipment -- 2,483 --
Amortization of intangibles -- 294 --
Amortization of deferred
compensation -- 1,666 --
Amortization of partnership costs -- 34,078 (30,937)
Write-off of stockholder notes receivable -- 4,115 --
Total operating expenses 42,636 (30,937)
Loss from operations (42,636) --
OTHER INCOME (EXPENSE) 122 -- --
Net income (loss) $11,008 $(42,636) $--
NET INCOME (LOSS) PER SHARE:
Basic $0.57
Weighted average shares - basic 19,213
GAAP Allocations
Depreciation
Amortization Amortization GAAP
of of Results
Property and Deferred As
Equipment Compensation Reported
REVENUE:
Related party $-- $-- $--
Non-related party -- -- 6,268
Total revenue -- -- 6,268
OPERATING EXPENSES:
Cost of services 913 247 4,743
Operations 873 183 5,809
Product development 316 374 8,041
Selling and marketing 205 413 7,169
General and administrative 176 449 4,706
Depreciation and amortization of
property and equipment (2,483) -- --
Amortization of intangibles -- -- 294
Amortization of deferred
compensation -- (1,666) --
Amortization of partnership costs -- -- 3,141
Write-off of stockholder notes
receivable -- -- 4,115
Total operating expenses -- -- 38,018
Loss from operations -- -- (31,750)
OTHER INCOME (EXPENSE) -- -- 122
Net income (loss) $-- $-- $(31,628)
NET INCOME (LOSS) PER SHARE:
Basic $(1.65)
Weighted average shares - basic 19,213
NEOFORMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
ASSETS
December 31, June 30,
2004 2005
CURRENT ASSETS:
Cash and cash equivalents $13,277 $21,211
Short-term investments 12,593 13,757
Accounts receivable, net of allowance
for doubtful accounts 2,898 2,994
Related party accounts receivable 5,250 --
Prepaid expenses and other current assets 2,983 2,942
Total current assets 37,001 40,904
PROPERTY AND EQUIPMENT, net 11,501 10,106
INTANGIBLES, net 1,434 1,140
GOODWILL 1,652 1,652
CAPITALIZED PARTNERSHIP COSTS, net 40,996 8,557
RESTRICTED CASH 1,020 1,020
OTHER ASSETS 845 717
Total assets $94,449 $64,096
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $3,994 $1,525
Accrued payroll 3,974 3,936
Other accrued liabilities 2,839 3,581
Deferred revenue, current portion 1,564 1,835
Total current liabilities 12,371 10,877
DEFERRED RENT 387 245
DEFERRED REVENUE, less current portion 326 235
Total liabilities 13,084 11,357
STOCKHOLDERS' EQUITY:
Common Stock $0.001 par value:
Authorized -- 300,000 shares at June 30, 2005
Issued and outstanding: 20,244 and
20,606 shares at December 31, 2004
and June 30, 2005, respectively 20 21
Additional paid-in capital 839,307 842,352
Notes receivable from stockholders (225) (208)
Deferred compensation (3,775) (3,798)
Unrealized loss on available-for-sale
securities (25) (56)
Accumulated deficit (753,937) (785,572)
Total stockholders' equity 81,365 52,739
Total liabilities and stockholders' equity $94,449 $64,096
NEOFORMA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(all items unaudited)
Six Months Ended
June 30,
2004 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(31,628) $(31,635)
Adjustments to reconcile net loss to
net cash used in operating activities:
Provision for doubtful accounts 110 --
Accrued interest receivable on stockholder
notes receivable (11) (2)
Depreciation and amortization of
property and equipment 2,483 3,729
Amortization of intangibles 294 294
Amortization of partnership costs
classified as an operating expense 3,141 1,630
Amortization of deferred compensation 1,666 2,195
Write-off of stockholder notes receivable 4,115 --
Restructuring -- 767
Change in assets and liabilities:
Accounts receivable 589 5,154
Prepaid expenses and other current assets 192 41
Other assets 491 128
Accounts payable (1,194) (1,850)
Accrued liabilities and accrued payroll (797) (114)
Deferred revenue (815) 180
Deferred rent (36) (91)
Net cash used in operating activities (21,400) (19,574)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable investments (9,589) (6,507)
Proceeds from the sale or maturity of
marketable investments 4,414 5,312
Purchases of property and equipment (1,652) (1,397)
Capitalization of software
development costs (3,236) (1,446)
Net cash used in investing activities (10,063) (4,038)
CASH FLOWS FROM FINANCING ACTIVITIES:
Amortization of partnership costs
offset against related party revenue 30,937 30,808
Cash received related to options
exercised 622 245
Proceeds from the issuance of common
stock under the employee stock
purchase plan 526 474
Common stock repurchased, net of
notes receivable issued to common
stockholders (177) --
Collections of notes receivable from
stockholders 274 19
Net cash provided by financing activities 32,182 31,546
Net increase in cash and cash equivalents 719 7,934
Cash and cash equivalents, beginning of period 9,981 13,277
Cash and cash equivalents, end of period $10,700 $21,211
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DATASOURCE: Neoforma, Inc.
CONTACT: media, Rebecca Oles, +1-408-468-4363, or
, or investors, Amanda Mogin, +1-408-468-4251, or
, both of Neoforma, Inc.
Web site: http://www.neoforma.com/