Juno 2012 Annual Report Download - page 176
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Table of Contents
The financial statements for United Online, Inc. (the "Parent Company") summarize the results of operations and cash flows of the Parent
Company for the years ended December 31, 2012, 2011 and 2010 and its financial position at December 31, 2012 and 2011.
In these statements, the Parent Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the
date the Parent Company began consolidating them ("date of acquisition"). The Parent Company's share of net income of its subsidiaries is included in
net income using the equity method. The Parent Company financial statements should be read in conjunction with the consolidated financial statements
of United Online, Inc. for the corresponding years.
Under the terms of the Credit Agreement, FTD Group, Inc., a subsidiary of United Online, Inc., is generally restricted from transferring funds to
United Online, Inc., with certain exceptions, including an annual basket of $15 million (subject to adjustment based on excess cash flow calculations)
which may be used to make cash dividends, loans and advances to United Online, Inc., provided certain terms and conditions specified in the Credit
Agreement are satisfied. These restrictions have resulted in restricted net assets (as defined in Rule 4-08(e)(3) of Regulation S-X) of FTD Group, Inc.
and its subsidiaries totaling $277.6 million and $262.1 million at December 31, 2012 and 2011, respectively, which exceeded 25% of the consolidated
net assets of United Online, Inc. and its subsidiaries.
During the year ended December 31, 2012, FTD Group, Inc. paid $19.3 million in dividends to the Parent Company, including $4.3 million of
equity-related compensation payments. During the year ended December 31, 2011, FTD Group, Inc. paid $15.0 million in dividends to the Parent
Company. During the year ended December 31, 2010, no dividends were paid to the Parent Company by its subsidiaries.
F-59