Press Release

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

I-MANY, INC.

Condensed Consolidated Balance Sheets

(in thousands)


	December 31, 2005		December 31, 2004
Assets
Current Assets:
Cash and cash equivalents	$	16,805	$	6,098
Restricted cash		—		161
Short-term investments and available for sale securities		—		14,610
Accounts receivable		9,577		9,964
Other current assets		845		518

Total current assets		27,227		31,351
Property and equipment, net		1,188		1,300
Restricted cash		555		663
Other assets		122		120
Acquired intangible assets, net		713		2,097
Goodwill		8,667		8,667

Total assets	$	38,472	$	44,198

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	5,618	$	6,571
Current portion of deferred revenue		12,194		9,975
Capital lease obligations		8		160

Total current liabilities		17,820		16,706
Deferred revenue, net of current portion		1,242		275
Other long-term liabilities		1,054		1,347
Stockholders’ equity		18,356		25,870

Total liabilities and stockholders’ equity	$	38,472	$	44,198

I-MANY, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)


	Three months ended December 31,						Twelve months ended December 31,
	2005			2004			2005			2004
Net Revenues:
Product	$	2,155		$	2,934		$	6,279		$	11,275
Services		6,071			6,587			26,297			27,138

Total net revenues		8,226			9,521			32,576			38,413
Operating Expenses:
Cost of third party technology		226			332			520			832
Cost of services		3,399			3,476			14,764			14,733
Amortization of acquired intangible assets		343			378			1,384			1,465
Sales and marketing		2,449			2,685			8,626			9,020
Research and development		2,540			2,995			11,267			11,874
General and administrative		1,206			1,631			4,819			5,552
Depreciation		205			253			796			917
In-process research and development		—			—			—			290
Restructuring and other charges (credits)		15			(25	)		(10	)		1,346

Total operating expenses		10,383			11,725			42,166			46,029

Loss from operations		(2,157	)		(2,204	)		(9,590	)		(7,616	)
Other income, net		103			77			285			244

Loss before income taxes		(2,054	)		(2,127	)		(9,305	)		(7,372	)
Benefit from income taxes		0			0			0			(82	)

Net loss	($	2,054	)	($	2,127	)	($	9,305	)	($	7,290	)

Basic and diluted net loss per common share	($	0.04	)	($	0.05	)	($	0.21	)	($	0.18	)

Weighted average shares outstanding		46,340			42,241			44,548			41,367

Reconciliation of Value of License Transactions to Reportable Product Revenue


	Three months ended December 31,				Twelve months ended December 31,
	2005		2004		2005		2004
	(AMOUNTS IN THOUSANDS)
Gross value of license contracts sold:
Health and Life Sciences	$	3,599	$	3,886	$	10,818	$	8,477
Industry Solutions		138		1,617		2,282		3,071

		3,737		5,503		13,100		11,548
Add product revenue recorded in current quarter from contracts sold in prior periods:
Health and Life Sciences—subscriptions		325		69		926		102
Health and Life Sciences—other deferrals		0		289		1,476		3,428
Industry Solutions—subscriptions		35		0		35		0
Industry Solutions—other deferrals		0		0		0		794

		360		358		2,437		4,324
Less value of license contracts sold in current quarter and deferred to future periods:
Health and Life Sciences		1,907		2,802		7,840		3,922
Industry Solutions		35		125		1,418		675

		1,942		2,927		9,258		4,597

Product revenue recorded:
Health and Life Sciences		2,017		1,442		5,380		8,085
Industry Solutions		138		1,492		899		3,190

	$	2,155	$	2,934	$	6,279	$	11,275

CONTACT:

I-many, Inc.

Kevin Harris, 732-452-1515

kharris@Imany.com

Investor Relations:

Liolios Group, Inc.

Scott Liolios, 949-574-3860

scott@liolios.com

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