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Marvel releases fourth quarter numbers, 2002 income

Official Press Release

NEW YORK--(BUSINESS WIRE)--March 3, 2003--

- Global Sales of Marvel-Licensed Consumer Products Exceeded $2

Billion in 2002 -

Marvel Enterprises, Inc. (NYSE: MVL), a global provider ofentertainment content, today reported financial results for its fourthquarter and year ended December 31, 2002 and raised its financialguidance for 2003. Marvel's 2002 results and strong 2003 prospectsmark its successful transformation to a licensing-driven businessfocused on entertainment media (film, comics, TV, video games, online,toys, etc.) and consumer products and promotions.

The year 2002, with the launch of Spider-Man: The Movie, alsomarked the debut of improved feature film economics that provideMarvel the potential for substantial royalty income, based on thesuccess of films featuring its characters.

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Q4 Overview:

Reflecting particularly strong contributions from licensing andtoys, Q4 net sales rose 74% to $86.5 million, EBITDA increased 136% to$24.8 million and free cash flow increased $33.6 million to $33.1million. Reflecting previously announced one-time, non-cash chargesprincipally related to the Convertible Preferred Stock exchange offerin November and the early retirement of a bank loan, Marvel reported aQ4 2002 net loss applicable to common stockholders of $48.7 million,or $1.03 per share. Excluding these one-time, non-cash charges, Marvelwould have reported Q4 earnings applicable to common stockholders of$12.4 million, or $0.19 per share.

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Q4 results included approximately $4.3 million in royalty incomefrom DVD/video sales of Spider-Man: The Movie and approximately $6.7million in EBITDA from Marvel's equity interest in net income from theSpider-Man: The Movie licensing joint venture with Sony. Initialroyalties related to the DVD/video sales were recognized earlier thanthe previous forecast of Q1 2003.

Marvel President and CEO, Allen Lipson, commented, "In 2002 Marvelre-emerged as one of the leading providers of entertainment contentfor global media and consumer products, demonstrating that Marvel'sreach goes well beyond our comic books and legions of fans. A tellingillustration of Marvel's reach is our estimate, based on the reportedsales of our licensees, that more than $2 billion worth of Marvelcharacter licensed consumer products were purchased at retail in 2002.This figure excludes over $1.4 billion in Spider-Man: The Movie ticketand DVD/video sales. Tens of millions of people around the world sawSpider-Man: The Movie and many millions more read our comic bookofferings, played Marvel character video games, or purchased orreceived Marvel branded toys or licensed products. We are now able toleverage our intellectual property across multiple revenue streams andbenefit from the related consumer exposure and project synergies. Withthree films, six video game titles, several TV series, untold numbersof licensed products slated for release in 2003, and a growingpipeline of entertainment events and products for 2004 and beyond, welook forward to continued future success within our business model.

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"The influence, power and consumer reach of the entire Marvelcharacter universe was again showcased by the success of the recentrelease of the Fox feature film, DareDevil, which has amassed over $84million in box office revenues just in the U.S. during its first 17days of release. Importantly, DareDevil generated approximately $42.5million in domestic box office revenue its first weekend, more thandoubling the previous box office record for a President's Day weekendrelease, despite a bitter snowstorm in the Northeast. This performancecontinues an impressive streak of Marvel character-based feature filmsachieving blockbuster opening weekends and underscores Marvel's richhistory of timeless storytelling and creativity with a broaddemographic reach. We continue to prove that all of our characters,even those less well known, are unrivaled in their power to entertainand captivate consumers through both entertainment projects andconsumer products."

Marvel Enterprises, Inc. Divisional Revenue/EBITDA---------------------------------------------------------------------- Three Months Twelve Months (in millions) Ended Ended December 31, December 31, YTD % 2002 2001 2002 2001 Change------------------------------- ------------- --------------- --------Licensing: Net Sales $28.2 $17.4 $79.6 $40.0 + 99 %------------------------------- ------ ------ ------- ------- -------- EBITDA (1) $26.1 $9.2 $69.4 $25.1 + 176 %------------------------------- ------ ------ ------- ------- --------Publishing: Net Sales $16.7 $15.3 $64.5 $49.5 +30 %------------------------------- ------ ------ ------- ------- -------- EBITDA (2) $5.2 $8.5 $19.5 $17.6 + 11 %------------------------------- ------ ------ ------- ------- --------Toys: Net Sales $41.6 $16.9 $155.0 $91.7 + 69 %------------------------------- ------ ------ ------- ------- -------- EBITDA (3) $1.6 $(4.7) $14.5 $0.4 + 3525 %------------------------------- ------ ------ ------- ------- --------Corporate: Net Sales -- -- -- --------------------------------- ------ ------ ------- ------- -------- EBITDA (4) (5) $(8.1) $(2.5) $(17.3) $(12.5) N/A------------------------------- ------ ------ ------- ------- -------- TOTAL NET SALES $86.5 $49.6 $299.1 $181.2 + 65 %------------------------------- ------ ------ ------- ------- -------- TOTAL EBITDA $24.8 $10.5 $86.1 $30.6 + 181 %------------------------------- ------ ------ ------- ------- --------

(1) Toy licensing royalties from Toy Biz Worldwide Ltd. (reportedin Licensing segment) totaled $14.8 million and $21.8 million in thefourth quarter and twelve months of 2002, respectively, and $1.6million and $3.2 million in the fourth quarter and twelve months of2001, respectively.

(2) 2001 Q4 and full year Publishing EBITDA reflects an incomeitem of approximately $3.5 million from the reversal of administrativeclaim accruals that are no longer required related to the bankruptcyof Marvel Entertainment Group.

(3) 2002 Q4 and full year Toys EBITDA results include charges of$2.5 million and $3.4 million, respectively, for the planneddiscontinuance of the Spectra Star division and charges of $4.8million and $7.9 million, respectively, related to the acceleratedwrite-off of prepaid royalty advances related to the Lord of the Ringstoy license.

(4) 2002 Q4 and full year Corporate EBITDA results includereserves totaling approximately $4.4 million for estimated settlementvalues associated with three litigation matters.

(5) Twelve months 2001 Corporate EBITDA results include a $3million charge from a litigation settlement regarding a 1994 toylicense between the Company and The Coleman Company.

Divisional Review

Balance Sheet Improvements in 2002:

In November, Marvel exchanged approximately 85% of its 8%convertible preferred shares for 24.5 million shares of Marvel commonstock, reducing future annualized paid in-kind dividends byapproximately $14.5 million. Additionally, utilizing growing cashflows, Marvel prepaid the balance of a three-year $37 million termloan which was initiated in December 2001. Marvel had approximately$53.7 million in cash and $151.0 million in 12% Senior Notes as ofDecember 31, 2002, or net debt of $97.3 million. This compares to cashof $21.6 million and debt of $188.0 million at December 31, 2001, ornet debt of $166.4 million, and reflects Marvel's improving free cashflows.

Mr. Lipson commented on Marvel's strategy for 2003 and beyond,"From a business standpoint, our focus continues to be on maximizingprofits and free cash flow while minimizing capital risk andinvestment. Our capital expenditure budget remains a very modest $2-$3million in 2003, allowing us to accumulate our free cash flows for therepayment of our high yield debt, when callable, in June 2004. Weremain committed to leveraging our vast pipeline of intellectualproperty across a growing array of consumer and entertainment markets,and we will continue to minimize capital investments of any kind. Thisefficient business model is built upon the teaming of our incomparableportfolio of entertainment content and our tremendous creative talentsin comic publishing, entertainment development and toy design anddevelopment, with a broad and diversified base of world-class partnersthat are committed to our characters and to ensuring high qualityoutput and timely development. Though unique in the entertainmentrealm, we believe our strategy is ideally suited for Marvel tocontinue building on our successful transformation to yield strongyear-over-year financial performance with expected variability inquarter-over-quarter comparisons."

Pro Forma Comparison:

The following pro forma comparison excludes a number ofnon-recurring and non-cash items in order to derive a more usefulcomparison of year-over-year operating results. Please review thefootnotes below which reflect assumptions and adjustments that weremade to arrive at the pro forma figures:

Marvel Enterprises, Inc. Pro Forma Comparison---------------------------------------------------------------------- Quarter Ended Twelve Months Ended December 31, 2002 December 31, 2002(in millions, except Pro Forma Reported Pro Forma Reportedper share data) ---------------------------------- ----------------- -----------------Net sales $86.5 $86.5 $299.1 $299.1---------------------------------- ----------------- -----------------EBITDA $24.8 $24.8 $86.1 $86.1---------------------------------- ----------------- -----------------Interest expense (1) $4.8 $14.0 $20.5 $41.7---------------------------------- ----------------- -----------------Income before income taxes $18.2 $8.9 $59.8 $38.7---------------------------------- ----------------- -----------------Income tax provision (2) $1.5 $1.9 $5.0 $11.9---------------------------------- ----------------- -----------------Net income (2) (3) $16.7 $7.2 $54.8 $22.6---------------------------------- ----------------- -----------------Net income attributable to common stock (4) $16.0 $(48.7) $41.9 $(45.5)---------------------------------- ----------------- -----------------Net income per share attributable to common stock (4) $ 0.25 $ (1.03) $ 0.86 $ (1.18)---------------------------------- ----------------- -----------------Weighted average number of Diluted common shares (4) 67.8 47.3 63.4 38.5---------------------------------- ----------------- -----------------

(1) Pro forma excludes non-cash expense of $9.2 million and $21.2million in Q4 and the full year, respectively, from amortization ofnon-cash HSBC loan costs and warrants, warrants issued to IsaacPerlmutter for his bank loan guarantee, and from senior note offeringcosts.

(2) Pro forma excludes non-cash charges applicable to theutilization of pre-acquisition NOLs for the three-months and yearended December 31, 2002. These charges represent the estimated currentcash tax provision for state and foreign taxes.

(3) Pro forma results for Q4 2002 excludes a non-cash tax benefitof $200,000 and also full year 2002 excludes a one-time, non-cash,after-tax charge of $4.2 million, initially recorded in the firstquarter, related to the implementation of FAS 142.

(4) Excludes a one-time, non-cash preferred stock dividend of$55.3 million in the fourth quarter and full year 2002 related toMarvel's exchange offer for its 8% convertible preferred stock. Thedividend reflects the value of the issuance of 6.2 million shares ofMarvel common stock (valued at $8.95 per share), which was in excessof the conversion terms of the convertible preferred stock.

Marvel Character Feature Film Line-UpRelease dates and development timing are not within Marvel's control----------------------------------------------------------------------

Film/Character Studio/Distributor Targeted Release Date----------------------------------------------------------------------DareDevil New Regency/Fox February 14, 2003----------------------------------------------------------------------X2 (X-Men Sequel) Fox May 2, 2003----------------------------------------------------------------------The Incredible Hulk Universal June 20, 2003----------------------------------------------------------------------The Punisher Artisan 2004 (1)----------------------------------------------------------------------Spider-Man II Sony/Columbia May 7, 2004----------------------------------------------------------------------Iron Fist Artisan 2004 (1)----------------------------------------------------------------------Ghost Rider Paramount 2004 (1)----------------------------------------------------------------------Deathlok Paramount 2004 (1)----------------------------------------------------------------------Elektra New Regency/Fox 2005 (1)----------------------------------------------------------------------DareDevil sequel New Regency/Fox 2005 (1)----------------------------------------------------------------------Dr. Strange Miramax 2005 (1)----------------------------------------------------------------------Namor Universal 2005 (1)----------------------------------------------------------------------Fantastic 4 Fox TBD (1)----------------------------------------------------------------------Silver Surfer Fox TBD (1)----------------------------------------------------------------------Iron Man New Line TBD (1)----------------------------------------------------------------------Blade III New Line TBD (1)----------------------------------------------------------------------Prime Universal TBD----------------------------------------------------------------------(1) Denotes new or adjusted release timing----------------------------------------------------------------------

Marvel Character Video Game and Online Game Line-Up:(development/release schedule timing are outside Marvel's control)----------------------------------------------------------------------Marvel Character/Property Publisher Release Date (2)----------------------------------------------------------------------Blade Activision 2000, 2002----------------------------------------------------------------------Spider-Man Activision 2001, 2002, 2005/2006 (1)----------------------------------------------------------------------X-Men Activision 2001, 2002, 2003----------------------------------------------------------------------Marvel vs Capcom Capcom 2002, 2003----------------------------------------------------------------------DareDevil Encore 2003----------------------------------------------------------------------Iron Man Activision 2002----------------------------------------------------------------------The Incredible Hulk Universal Interactive 2003----------------------------------------------------------------------The Punisher THQ Inc. 2003----------------------------------------------------------------------Wolverine Activision 2003----------------------------------------------------------------------Elektra Encore 2004----------------------------------------------------------------------Fantastic Four Activision In development----------------------------------------------------------------------Captain America THQ Inc. TBD----------------------------------------------------------------------Nick Fury THQ Inc. TBD----------------------------------------------------------------------

----------------------------------------------------------------------Marvel Universe (3) Universal Interactive 2006 (1)----------------------------------------------------------------------(1) Denotes new or adjusted release timing----------------------------------------------------------------------(2) Actual and potential timing of release----------------------------------------------------------------------(3) Online Massive Multi-Player Persistent Universe Game----------------------------------------------------------------------

Updated Financial Guidance: Based on stronger than expectedperformances across the company and notwithstanding the earlyrealization of approximately $4.3 million in Spider-Man The Movierevenues in Q4 '02 from Q1 '03, Marvel is raising its Q1 andfull-year 2003 guidance as reflected in the table below. Thesubstantial increase in Q1 guidance reflects license royaltiesexpected to be earned associated with contracts executed well inadvance of Marvel's earlier expectations, including expectedcontributions from Marvel's toy licensee for action figures andaccessories (principally from the Hulk toy line). Accordingly, Marvelis raising its full year EBITDA guidance range by $4 million to$92-$97 million. As previously noted, Q1 and fiscal 2003 guidance alsoreflects contributions associated with Marvel's recently amended videogame agreement with Activision.

Marvel estimates that approximately 10% of EBITDA guidance for2003 is directly attributable to royalties the Company anticipatesfrom the three Marvel-character feature films slated for 2003 release.Contributions from these films, excluding The Hulk, for which there isa gross participation cap on the first film (no cap on any sequels),are expected to continue into 2004 and beyond. Marvel's guidance alsoincludes expected contributions from a growing array of consumerproduct and toy licenses; a growing lineup of TV exposures from firstrun series; continued growth in the Company's comic book and tradepaperback business; and an unprecedented lineup of six Marvelcharacter video game releases on all of the major game platforms.

Marvel's guidance is based on management's current view ofbusiness trends and expectations for all operating divisions. Marvelcautions investors that changes in the timing of entertainmentprojects and licensing opportunities and their relative success aswell as timing of revenue recognition for entertainment and licensingrevenue streams, could have a material impact on quarterly and fullyear results.

Marvel Enterprises, Inc. - Updated Q1 and Full-Year 2003 Guidance----------------------------------------------------------------------(in millions - except per New Previous New share amounts) Q1 2003 Q1 2003 FY 2003 Guidance Guidance Guidance----------------------------------------- -------------- -------------Total revenues $80 - $85 $67 - $72 $215 -$220----------------------------------------- -------------- -------------EBITDA $45 - $50 $22 - $27 $92 - $97----------------------------------------- -------------- -------------Net income (3) $27 - $31 $10 - $14 $50 - $54----------------------------------------- -------------- -------------EPS attributable to common stock (1) (2) (3) $0.36 - $0.41 $0.15 - $0.19 $0.64 -$0.69----------------------------------------- -------------- -------------Weighted average diluted common shares 73.7 73.1 73.7----------------------------------------- -------------- -------------Free cash flow $23 - $28 $16 - $20 $69 - $74----------------------------------------- -------------- -------------Free cash flow per share $0.31 -$0.38 $0.22 - $0.29 $0.94 -$1.00----------------------------------------- -------------- -------------

(in millions - except per share Previous Actual Actual amounts) FY 2003 Q1 2002 FY 2002 Guidance----------------------------------------------------- -------- -------Total revenues $205 - $215 $57.2 $299.1----------------------------------------------------- -------- -------EBITDA $88 - $93 $10.3 $86.1----------------------------------------------------- -------- -------Net income (3) $42 - $45 $1.0 $26.8----------------------------------------------------- -------- -------EPS attributable to common stock (1) (2) (3) $0.57 - $0.62 ($0.09) $0.32----------------------------------------------------- -------- -------Weighted average diluted common shares 69.7 34.4 44.0----------------------------------------------------- -------- -------Free cash flow $69 - $74 $3.1 $91.8----------------------------------------------------- -------- -------Free cash flow per share $0.99 - $1.06 $0.09 $2.09----------------------------------------------------- -------- -------

(see accompanying footnotes)

(1) Full-year 2002 net income per share attributable to commonstock excludes a $55.3 million non-cash charge related to thecompletion of Marvel's Preferred Share exchange offer (describedabove).

(2) Q1 2003 and FY 2003 net income attributable to common stockincludes approximately $700,000 and $2.7 million in preferred stockdividends, respectively. Q1 2002 and FY 2002 net income attributableto common stock includes approximately $4.1 million and $12.8 million(excluding the above one-time, non-cash charge of $55.3 million) inpreferred stock dividends respectively.

(3) Q1 and FY 2002 net income excludes the impact of the non-cashSFAS 142 impairment charge of $4.6 million and $4.2 million,respectively.

About Marvel Enterprises

Marvel Enterprises, Inc. is leading global character-basedentertainment company that has developed and owns a library of over4,700 characters which have entertained generations around the worldfor over 60 years. Marvel's operations are focused in entertainmentand consumer product licensing and comic book publishing. Marvel'screative teams support the development of feature films (and DVD/homevideo); video games, TV series and toy lines based on its characters,and Marvel licenses its characters for a broad and growing range ofconsumer products and services including apparel, collectibles, foodsand promotions. Marvel's comic book division is a leading publisher inthe global marketplace while also serving as an invaluable source ofintellectual property. Marvel's Toy Biz division is a recognizedcreative force and leader in toy design, sales and marketing,developing and overseeing both licensee and in-house toy lines. Foradditional information visit http://www.marvel.com.

Except for historical information contained herein, the statementsin this news release regarding the Company's plans are forward-lookingstatements that are dependent upon certain risks and uncertainties,including the Company's potential inability to successfully implementits business strategy, a decrease in the level of media exposure orpopularity of the Company's characters resulting in declining revenuesfrom products based on those characters, the timing of releases andthe decisions to proceed with feature films and TV series based on theCompany's characters, the lack of commercial success of entertainmentprojects based on the Company's characters, the lack of commercialsuccess of properties owned by major entertainment companies that havegranted the Company toy licenses, the lack of consumer acceptance ofnew product introductions, the imposition of quotas or tariffs on toysmanufactured in China as a result of a deterioration in traderelations between the U.S. and China, changing consumer preferences,production delays or shortfalls, continued pressure by certain of theCompany's major retail customers to significantly reduce their toyinventory levels, the impact of competition and changes to thecompetitive environment on the Company's products and services, theability of the Company's licensees to successfully market and sell thelicensed products, changes in technology and changes in governmentalregulation and the continued financial stability of major licensees ofthe Company. Those and other risks and uncertainties are described inthe Company's filings with the Securities and Exchange Commission,including the Company's Annual Report on Form 10-K, Quarterly Reportson Form 10-Q and Current Reports on Form 8-K. Marvel assumes noobligation to publicly update or revise any forward-lookingstatements.

Marvel Enterprises, Inc. Summary Consolidated Statements Of Operations (in thousands, except per share data)---------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31, December 31, 2002 2001 2002 2001------------------------------------------------ ---------------------Net sales $86,507 $49,594 $299,046 $181,224-------------------------------------- --------- ---------- ----------Cost of sales 37,940 18,795 142,103 88,709-------------------------------------- --------- ---------- ----------Gross profit 48,567 30,799 156,943 92,515-------------------------------------- --------- ---------- ----------Selling, general and administrative expenses 30,612 23,704 85,800 62,048-------------------------------------- --------- ---------- ----------Pre-acquisition litigation charge (1) ---- ---- ---- 3,000-------------------------------------- --------- ---------- ----------Administrative claims payable no longer required ---- (3,474) ---- (3,474)-------------------------------------- --------- ---------- ----------Equity in net income (loss) of joint venture (2) 6,676 (55) 13,802 (325)-------------------------------------- --------- ---------- ----------Other income 203 ---- 1,170 ------------------------------------------ --------- ---------- ----------EBITDA (3) 24,834 10,514 86,115 30,616-------------------------------------- --------- ---------- ----------Depreciation and amortization 1,791 1,578 5,433 5,559-------------------------------------- --------- ---------- ----------Amortization of goodwill and other intangibles 84 5,983 339 23,764-------------------------------------- --------- ---------- ----------Operating income 22,959 2,953 80,343 1,293-------------------------------------- --------- ---------- ----------Interest expense, including amortization of debt discount (4) 14,015 5,328 41,667 28,119-------------------------------------- --------- ---------- ----------Income (loss) before income taxes 8,944 (2,375) 38,676 (26,826)-------------------------------------- --------- ---------- ----------Income tax provision (benefit) (5) 1,947 (5,742) 11,902 647-------------------------------------- --------- ---------- ----------Income (loss) before cumulative effect of change in accounting principle and extraordinary gain 6,997 3,367 26,774 (27,473)-------------------------------------- --------- ---------- ----------Cumulative effect of change in accounting principle, net of taxes (222) ---- 4,164 ------------------------------------------ --------- ---------- ----------Extraordinary gain, net of income tax provision ---- 19,093 ----- 32,738-------------------------------------- --------- ---------- ----------Net income $7,219 $22,460 $22,610 $5,265-------------------------------------- --------- ---------- ----------Preferred dividend requirement (6) 55,916 4,077 68,132 16,034-------------------------------------- --------- ---------- ----------Net (loss) income attributable to common stock $(48,697) $18,383 $(45,522) $(10,769)-------------------------------------- --------- ---------- ----------Diluted loss per common share from continuing operations $(1.04) $(0.02) $(1.07) $(1.27)-------------------------------------- --------- ---------- ----------Diluted (loss) income per common share after cumulative effect of change in accounting principle and extraordinary gain $(1.03) $0.53 $(1.18) $(0.31)-------------------------------------- --------- ---------- ----------Weighted average number of diluted common shares 47,278 34,763 38,514 34,322-------------------------------------- --------- ---------- ----------

(1) Reflects a $3 million litigation charge related to a 1994 toylicense between Toy Biz and The Coleman Company.

(2) Marvel's share of revenues, net of expenses, from itslicensing joint venture with Sony for Spider-Man: The Movie.

(3) EBITDA is defined as earnings before cumulative effect ofchange in accounting principle, extraordinary gain, interest expense,income taxes, and depreciation and amortization. EBITDA does notrepresent net income or cash flows from operations as those terms aredefined by generally accepted accounting principles. EBITDA does notnecessarily indicate whether cash flows will be sufficient to fundcash needs.

(4) Q4 and FY 2002 interest expense include, respectively, $1.5million and $9.4 million in non-cash items related to the amortizationof HSBC credit facility costs, warrants issued to Isaac Perlmutter andsenior note offering costs. The amounts also include $7.7 and $11.8million in non-cash loan costs amortization that were accelerated intoQ4 and FY 2002 as a result of Marvel's prepayments, in August 2002 andDecember 2002, of its bank debt.

(5) Q4 and FY 2002 estimated cash state and foreign taxes amountto $0 and $1.0 million, respectively. The remaining provisionrepresents non-cash provisions relating to the use of net operatingloss carry forwards incurred in the operating period before thebankruptcy and are available to offset current year taxable income.

(6) Q4 and FY 2002 include a one-time, non-cash preferred stockdividend of $55.3 million related to Marvel's exchange offer for its8% convertible preferred stock. The dividend reflected the value ofthe issuance of 6.2 million shares of Marvel common stock (valued at$8.95) in excess of conversion terms of the convertible preferred.

                       MARVEL ENTERPRISES, INC.                      CONSOLIDATED BALANCE SHEETS                            (in thousands)

December 31, December 31, 2002 2001 -------------------------ASSETSCurrent assets: Cash and cash equivalents $53,690 $21,591 Accounts receivable, net 43,420 35,648 Inventories, net 16,036 20,916 Income tax receivable ----- 334 Amounts due from joint venture 2,102 ---- Deferred financing costs 667 9,144 Prepaid expenses and other 6,700 12,594 -------------------------

Total current assets 122,615 100,227

Molds, tools and equipment, net 6,997 8,076 Product and package design costs, net 859 2,218 Accounts receivable, non-current portion 17,284 11,890 Goodwill, net 365,604 380,675 Other intangibles, net 649 988 Deferred charges and other assets 65 139 Deferred financing costs, net 3,446 13,357 -------------------------

Total assets $517,519 $517,570 =========================

LIABILITIES, CUMULATIVE CONVERTIBLE EXCHANGEABLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITYCurrent liabilities: Accounts payable $11,607 $13,052 Accrued expenses and other 48,371 35,146 Current portion of credit facility ------ 6,172 Administrative claims payable 1,303 3,500 Unsecured creditors payable 3,034 5,239 Deferred revenue 25,696 7,128 -------------------------

Total current liabilities 90,011 70,237 -------------------------

Senior Notes 150,962 150,962 Long term portion of credit facility ------ 30,828 Accrued rent 897 1,064 Deferred revenue, non-current portion ------ 14,546

-------------------------

Total liabilities 241,870 267,637 -------------------------

Cumulative convertible exchangeable redeemable preferred stock 32,780 207,975 -------------------------

Stockholders' equity Common stock 685 421 Additional paid-in capital 486,106 238,769 Accumulated deficit (208,419) (162,897) Accumulated other comprehensive loss (2,548) (1,380) -------------------------

Total stockholders' equity before treasury stock 275,824 74,913 Treasury stock (32,955) (32,955) -------------------------

Total stockholders' equity 242,869 41,958 -------------------------

Total liabilities, cumulative convertible exchangeable redeemable preferred stock and stockholders' equity $517,519 $517,570 =========================

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