Accesspoint Revenue Up 500% Last Two Years, 190% for 2002, Reports First Quarterly Operating Profit.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Jan. 8, 2003 Accesspoint Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASAP (chat) asap - As soon as possible. ) today reported unaudited revenue of $12.05 million for the year 2002, achieving growth of more than 190% over 2001 and more than 500% over the last two years. In an amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. turnaround from the prior years activity, the Company today reported it expects to realize its first quarterly profit ever for the 3 months ended December 31, 2002. The Company reported its highest monthly revenue ever in December 2002 with total processing activity of more than $44.8 million; this compares to the prior year's December processing activity of $32.2 million, an increase of more than $12.6 million (40%). The Company's' overall merchant base increased by 34% year-over-year. An analysis conducted on consolidated financial information reviewed by the Company's outside auditors for the nine months ended September 30, 2002, 2001 and 2000 yielded the following information: Sales for the period ended September 30, 2002 are up $8.754 million (520%) compared with the same period in the year 2000 and $6.841 million (190%) compared to the same period in the year 2001. Gross Profit for the period ended September 30, 2002 is up $510 thousand (34%) compared with 2000 and $126 thousand (7%) compared to 2001. Sales and marketing expense for the period ended September 30, 2002 is down $191 thousand (-95%) compared with the same period in the year 2000 and $294 thousand (-97%) compared to the same period in the year 2001. General and administrative expenses for the period ended September 30, 2002 are down $1.674 million (-36%) compared with the same period in the year 2000 and $1.000 million (-26%) compared to the same period in the year 2001. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Monthly card processing activity, which represents more than 90% of the Company's total revenue, has shown month-to-month increases for every period, except November, since current management assumed control. December card processing activity set a new record in terms of both gross and profitability. In November 2002, the Company's Processing Source International subsidiary showed the first monthly profit in its history. The modest income of approximately $17,500 was earned with staffing levels almost 50% lower than a year ago, rent cut by 2/3 and no marketing dollars spent. Accesspoint Corporation is a software, e-commerce and credit card processing company whose software products include Merchant Manager Enterprise, a complete and secure fully-hosted e-commerce solution for small to midsize businesses, which provides an online store, catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. and credit card processing abilities; Transaction Manager, an online credit card and ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to processing solution for small to midsize businesses; and Merchant Manager, a hosted e-commerce solution providing a simple-to-learn and simple-to-use set of tools derived from Merchant Manager Enterprise. We provide hosting services in conjunction with our software products. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Investors are cautioned that certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results. |
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