BarPoint.com Announces Results for Second Quarter Ended June 30, 2002; Also Announces Issuance of US Patent No. 6,430,554.Business Editors/High-Tech Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Aug. 14, 2002 BarPoint.com (Nasdaq:BPNT), an online and wireless product information and shopping service provider and applications developer, today announced results for the second quarter ended June June: see month. 30, 2002. In addition, the company has announced that it has been issued U.S. Patent No. 6,430,554 for its "INTERACTIVE SYSTEM FOR INVESTIGATING PRODUCTS ON A NETWORK." The issued patent protects technology related to the utilization of unique identifiers With reference to a given (possibly implicit) set of objects, a unique identifier is any identifier which is guaranteed to be unique among all identifiers used for those objects and for a specific purpose. such as UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). numbers, barcodes For the machine-readable representation of information in a visual format on a surface see barcode. For the British Blues Jazz group see The Barcodes , manufacturers' codes and other coded input to gather product-related information from a database and the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the from both wired and wireless devices. This technology is underlying the core BarPoint product information and shopping service as well as other applications. Now that the patent has been issued, the Company is actively exploring its options and strategies with regard to the exploitation and enforcement of its intellectual property rights. For the quarter ended June 30, 2002, net revenue was $23,185, a decrease of 97% as compared to the same quarter last year revenue of $664,342. All of the revenues for the quarter came from sales of software applications. During the same quarter last year, approximately 84% of revenue was from sales of BarPoint services and related sales of scanning devices See scanner. with the remaining 16% from the sales of software applications. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. BarPoint President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeffrey W. Sass, "We attribute our decline in revenue during the quarter to the continued softness in the wireless commerce marketplace and lack of widespread commercial adoption of mobile commerce services. We have made significant progress in continuing to reduce our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as we aggressively explore strategic opportunities, including the potential sale of some or all of our principal operating assets Operating Assets Another term for working capital. . We are pleased that our primary patent has been issued and we are actively evaluating ways to leverage our intellectual property in the best interest of our Company and shareholders." The loss from operations for the second quarter ended June 30, 2002 was $3,603,374. The loss from operations for the same quarter last year was $4,731,567. The net loss for the second quarter ended June 30, 2002, was $3,535,276, or $0.19 per share basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. . For the quarter ended June 30, 2001, the Company had a net loss of $3,963,844, or $0.23 per share basic and diluted. For the six-month period ended June 30, 2002, revenues were $434,807, a decrease of 62% from the comparable 2001 period revenues of $1,149,398. The loss from operations for the six months ended June 30, 2002 was $5,691,714 as compared to $8,807,352 for the same period in 2001. The loss from operations for the six months ended June 30, 2002 includes approximately $2.2 million in non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. consisting of depreciation and losses on the disposition of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → of approximately $1.7 million, goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of $325,000 and software inventory write downs of approximately $123,000. In the comparable six month period ended June 30, 2001 there were approximately $1.5 million of non-cash charges consisting of depreciation of approximately $993,000 and the amortization of warrants issued in exchange for services of approximately $489,000. Additionally, the loss from operations for the six-months ended June 30, 2002 includes a lease termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. of $585,000 and goodwill impairment of $325,000, which are non-recurring charges. The net loss for the six months ended June 30, 2002 was $5,307,768 or $0.28 per share basic and diluted as compared to a net loss of $6,391,979 or $0.37 per share basic and diluted for the comparable 2001 period. The Company reiterates that business conditions in its primary markets continue to be soft, and visibility regarding the near-term near-term adj. Of, for, or involving a short period of time in the near future. and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. opportunities in key areas such as wireless Internet adoption, mobile commerce, handheld handheld: see personal digital assistant. software applications, consumer scanning, and Internet advertising Delivering ads to Internet users via Web sites, e-mail, ad-supported software and Internet-enabled cellphones. Also called an "ad network," Internet advertising organizations act as a middleman between the advertiser and the Web sites and software publishers that display the ads. and promotion remains limited. In addition, there continues to be significant uncertainty regarding prospects for revenue growth in the current environment. On June 14, 2002, the Company paid a $0.12 per common share cash dividend to shareholders. The dividend of $0.12 per common share (approximately $2.3 million) was paid on June 14, 2002, to shareholders of record as of May 30, 2002. The Company further announced that it would continue to explore various alternatives to maximize shareholder value, including the active pursuit of the sale of certain or all of the Company's principal operating assets. About BarPoint.com BarPoint.com is an online and wireless product information and commerce platform as well as an applications developer and a pioneer in the use of unique product identifiers, such as the UPC barcode number, and patented "reverse-search" technology to simplify the process of finding meaningful product information. As a technology service provider, retail sales facilitator, and applications developer, BarPoint is dedicated to helping businesses and consumers make better buying decisions. Through its proprietary data aggregation and integration processes and a device-independent platform for secure mobile commerce, BarPoint provides cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. turnkey See turnkey system. solutions for retail partners who want to enable their customers to shop anytime, anywhere, from any mobile device. The Company has previously announced strategic alliances with companies such as Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. (VZ), Cingular Wireless, AT&T Wireless (AWE AWE - Advanced WavEffect ), Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. (PCS), Office Depot Office Depot (NYSE: ODP) is one of the world's leading suppliers of office products and services. The Company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, (ODP ODP - Open Distributed Processing ), The Sharper Image and Symbol Technologies (SBL SBL Society of Biblical Literature SBL Symbol Technologies, Inc. (NYSE symbol) SBL Spamhaus Block List SBL Space-Based Laser SBL Securities Borrowing and Lending SBL Supreme Beings of Leisure (band) ) and in 1999 acquired Synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. Solutions, acting as BarPoint's application development division. BarPoint.com is located at: 800 Corporate Drive, Suite 600, Fort Lauderdale, FL 33334. For information, contact BarPoint.com at: 954/492-4003 or via the web: http://www.barpoint.com. BarPoint.com's common stock is traded on NASDAQ under the symbol BPNT. This press release contains 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. 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, regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including the Company's ability to find acceptable strategic opportunities, sell certain or all of its principal operating assets, attract new customers, maintain the Company's relationships with strategic partners and acquire new strategic partners, the Company's ability to raise additional capital and other factors mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company's actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's expectations or future events. BarPoint, BarPoint.com and My BarPoint are trademarks or registered trademarks of BarPoint.com, Inc.
BarPoint.com, Inc. and Subsidiaries
(A Development Stage Company)
Condensed Consolidated Balance Sheets
ASSETS
June 30, 2002 December 31,
(Unaudited) 2001
------------- -------------
CURRENT ASSETS
Cash and cash equivalents $ 5,844,392 $ 12,614,583
Certificates of deposit 700,000 -
Marketable securities 251,325 468,444
Restricted investments 800,000 1,500,000
Accounts receivable, net - 394,761
Inventories - 475,826
Prepaid expenses 103,393 332,788
Other current assets 21,039 152,300
------------- -------------
Total Current Assets 7,720,149 15,938,702
------------- -------------
PROPERTY AND EQUIPMENT 3,648,264 5,445,970
------------- -------------
OTHER ASSETS
Goodwill-net of accumulated amortization
of $594,728 at December 31, 2001. - 325,000
Other, net 33,066 46,471
------------- -------------
33,066 371,471
------------- -------------
TOTAL ASSETS $ 11,401,479 $ 21,756,143
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 727,642 $ 965,205
Dividends payable - 2,234,586
Income taxes payable 475,129 478,424
Current portion of obligations under
capital leases 136,902 144,451
------------- -------------
Total Current Liabilities 1,339,673 3,822,666
OTHER LIABILITIES
Obligations under capital leases 64,152 142,305
Other long-term liabilities - 112,500
------------- -------------
TOTAL LIABILITIES 1,403,825 4,077,471
------------- -------------
STOCKHOLDERS' EQUITY
Preferred stock: $.001 par value;
authorized 5,000,000 shares; 3 issued and
outstanding - -
Common stock: $.001 par value; authorized
100,000,000 shares; issued and outstanding
of 18,638,099 at June 30, 2002 and
December 31, 2001 18,638 18,631
Additional paid in capital 34,434,357 34,433,089
Deferred compensation (33,333) (82,242)
(Deficit) accumulated during development
stage (24,269,967) (16,726,528)
Accumulated other comprehensive income
(loss) (152,041) 35,722
------------- -------------
Total Stockholders' Equity 9,997,654 17,678,672
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,401,479 $ 21,756,143
============= =============
BarPoint.com, Inc. and Subsidiaries
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2002 2001 2002 2001
------------ ------------ ------------ ------------
Revenue
BarPoint services
and related
sales $ - $ 555,741 $ 387,734 $ 860,782
Applications 23,185 108,601 47,073 288,616
------------ ------------ ------------ ------------
Total Revenue 23,185 664,342 434,807 1,149,398
Cost of sales 1,098 499,746 355,309 669,740
------------ ------------ ------------ ------------
Gross profit 22,087 164,596 79,498 479,658
------------ ------------ ------------ ------------
Operating Expenses:
Selling, general
and administrative 1,848,808 3,989,906 3,368,708 7,805,324
Research and
development - 258,860 - 488,555
Depreciation and
amortization 623,244 647,397 1,249,095 993,131
Restructuring
charges 1,153,409 - 1,153,409 -
------------ ------------ ------------ ------------
Total Operating
Expenses 3,625,461 4,896,163 5,771,212 9,287,010
------------ ------------ ------------ ------------
Loss from
operations (3,603,374) (4,731,567) (5,691,714) (8,807,352)
------------ ------------ ------------ ------------
Other Income:
Interest and other
income 68,733 159,775 113,444 499,968
Net (losses) gains
on sales of
marketable
securities and
other assets (635) 10,523 18,215 10,523
------------ ------------ ------------ ------------
Total Other Income 68,098 170,298 131,659 510,491
------------ ------------ ------------ ------------
Loss before income
tax benefit (3,535,276) (4,561,269) (5,560,055) (8,296,861)
Income tax benefit - 597,425 252,287 1,904,882
------------ ------------ ------------ ------------
Net loss $(3,535,276) $(3,963,844) $(5,307,768) $(6,391,979)
============ ============ ============ ============
Loss per common
share--
Basic and Diluted $(0.19) $(0.23) $(0.28) $(0.37)
============ ============ ============ ============
Weighted average
common shares
outstanding -
Basic and Diluted 18,630,766 17,358,780 18,630,682 17,254,429
============ ============ ============ ============
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