Digimarc Board Approves $310 Million All-Cash Offer from L-1 Identity Solutions for Digimarc's ID System... (d stock-based compensation impairments o...)

Digimarc Board Approves $310 Million All-Cash Offer from L-1 Identity Solutions for Digimarc's ID Systems Business

Date:6/30/2008

d stock-based compensation, impairments of long term assets as well as non-operating charges for interest and income taxes, investors can evaluate the company's operations and can compare its results on a more consistent basis to the results of other companies in the industry. Management also uses Adjusted EBITDA to evaluate potential acquisitions, establish internal budgets and goals, and evaluate performance of its business units and management.

L-1 considers Adjusted EBITDA to be an important indicator of the company's operational strength and performance of its business and a useful measure of the company's historical and prospective operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense and income taxes, all of which impact the company's profitability, as well as depreciation and amortization and impairments related to the use of long term assets which benefit multiple periods. L-1 believes that these limitations are compensated by clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities.

Unlevered Free Cash Flow

Unlevered Free Cash Flow represents cash flow from operating activities, plus cash interest expense and cash income taxes, less interest income, and capital expenditures. L-1 believes unlevered free cash flow is a useful measure for assessing the company's liquidity, meeting its debt service requirements and making acquisitions. Unlevered free cash flow is not necessarily comparable to similar measures used by other entities and is not a substitute for GAAP measures of liquidity such as cash flows from operating activities.

Forward Looking Statements

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Digimarc Board Approves $310 Million All-Cash Offer from L-1 Identity Solutions for Digimarc's ID System...(d stock-based compensation impairments o...)