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Realnetworks Inc (RNWK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Realnetworks Inc

CIK: 1046327 Ticker: RNWK
Exhibit 99.1
RealNetworks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
                                 
    Quarters Ended     Years Ended  
    December 31,     December 31,  
    2009     2008     2009     2008  
    (in thousands, except per share data)  
Net revenue
  $ 145,502     $ 152,644     $ 562,264     $ 604,810  
 
                               
Cost of revenue
    56,821       60,042       222,142       233,244  
Impairment of deferred costs and prepaid royalties
          19,666             19,666  
 
                       
 
                               
Gross profit
    88,681       72,936       340,122       351,900  
 
                       
 
                               
Operating expenses:
                               
Research and development
    32,541       28,533       119,448       113,680  
Sales and marketing
    40,325       50,192       165,856       211,922  
Advertising with related party (A)
    11,063       12,480       33,292       44,213  
General and administrative
    23,956       19,107       79,164       69,981  
Impairment of goodwill and long-lived assets
          192,676       175,583       192,676  
Restructuring and other charges
    2,346       6,147       4,017       6,833  
 
                       
 
                               
Total operating expenses
    110,231       309,135       577,360       639,305  
 
                       
 
                               
Operating loss
    (21,550 )     (236,199 )     (237,238 )     (287,405 )
 
                       
 
                               
Other income (expenses):
                               
Interest income, net
    779       2,255       3,969       13,453  
Equity in net loss of investments
    (116 )     (271 )     (1,313 )     (695 )
Gain (loss) on sale of equity investments, net
    (121 )     (12 )     688       210  
Impairment of equity investments
    (5,020 )           (5,020 )      
Gain on sale of interest in Rhapsody America (B)
                      14,502  
Other income (expense), net
    (312 )     (1,306 )     (794 )     330  
 
                       
 
                               
Total other income (expense), net
    (4,790 )     666       (2,470 )     27,800  
 
                       
 
                               
Loss before income taxes
    (26,340 )     (235,533 )     (239,708 )     (259,605 )
Income tax benefit (expense)
    124       (17,392 )     (3,321 )     (25,828 )
 
                       
 
                               
Net loss
    (26,216 )     (252,925 )     (243,029 )     (285,433 )
Net loss attributable to the noncontrolling interest in Rhapsody America (C)
    8,397       12,426       26,265       41,555  
 
                       
Net loss attributable to common shareholders
  $ (17,819 )   $ (240,499 )   $ (216,764 )   $ (243,878 )
 
                       
 
                               
Basic net loss per share available to common shareholders
  $ (0.14 )   $ (1.78 )   $ (1.64 )   $ (1.74 )
 
                               
Diluted net loss per share available to common shareholders
  $ (0.14 )   $ (1.78 )   $ (1.64 )   $ (1.74 )
 
                               
Shares used to compute basic net loss per share available to common shareholders
    134,844       135,402       134,612       140,432  
Shares used to compute diluted net loss per share available to common shareholders
    134,844       135,402       134,612       140,432  
 
(A)   Consists of advertising purchased by Rhapsody America from MTV Networks (MTVN). MTVN has a 49% ownership interest in Rhapsody America.
 
(B)   Consists of gains realized from MTVN’s note payments to Rhapsody America. Effective January 1, 2009, the Company adopted SFAS No. 160 Noncontrolling Interests in Consolidated Financial Statements, an amendment to ARB No. 51 (SFAS 160) which requires the appreciation of gains on the sale of noncontrolling interest to be recorded as an equity transaction.
 
(C)   Noncontrolling interest in Rhapsody America reflects MTVN’s 49% ownership share in the losses of Rhapsody America.

 


The following information was filed by Realnetworks Inc (RNWK) on Thursday, March 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: RNWK
CIK: 1046327
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-023158
Submitted to the SEC: Wed Mar 10 2010 5:23:52 PM EST
Accepted by the SEC: Wed Mar 10 2010
Period: Thursday, December 31, 2009
Industry: Computer Programming Services

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