Billing Concepts Corp. Announces Results for Quarter Ended December 31, 2000.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers SAN ANTONIO--(BUSINESS WIRE)--Jan. 30, 2001 Billing Concepts Corp. (Nasdaq:BILL) today reported results for the quarter ended December December: see month. 31, 2000. As previously announced, the Company sold its LEC Billing A form of billing for internet based or other usually electronic services where the user is charged through his account with the local telephone company (also known as the Local Exchange Carrier), rather than directly from the provider of the service. , OSC O.S.C. n. short for Order to Show Cause. (See: Order to Show Cause) and Aptis Software divisions to Platinum Equity Platinum Equity is an American information technology and private equity firm. It was founded by billionaire Tom Gores in 1995 and is headquartered in Beverly Hills, California. Holdings of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ("Platinum") on October October: see month. 23, 2000 (the "Transaction"). Total consideration consisted of $52.5 million in cash and a royalty, assuming achievement of certain revenue targets associated with the divested divisions, of up to $20 million. Additionally, the Company will receive payments totaling $7.5 million for consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" provided to Platinum over the 24-month, post-closing period. All financial information presented has been restated to reflect the divested LEC Billing, OSC and Aptis Software businesses as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the The Company generated revenue from continuing operations of $163,000 and $31,000, for the quarters ended December 31, 2000 and 1999, respectively. This revenue relates entirely to FIData, Inc., the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. which provides Internet-based instant loan approval products and services to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from continuing operations for the quarters ended December 31, 2000 and 1999 were $2.3 million and $5.3 million, respectively. The $2.3 million operating loss for the quarter ended December 31, 2000, included $1.1 million in corporate expenses and an operating loss of $1.1 million generated by FIData. Non-operating income and expense for the quarter ended December 31, 2000 included, (i) a $4.2 million equity loss pick up related primarily to Princeton Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. eCom and (ii) consulting income of $0.6 million received from Platinum for the months of November November: see month. and December 2000. The Company generated a net loss from continuing operations of $5.1 million, or $0.13 per share for the quarter ended December 31, 2000. Balance Sheet The Company's December 31, 2000 balance sheet reflects current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $40.2 million, total assets of $81.2 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $72.7 million. For the period from February February: see month. 2000 through December 31, 2000, the Company completed treasury stock purchases of $18.8 million, or 6.8 million shares. Treasury share purchases for the period October 1, 2000 through December 31, 2000 were $16.9 million, or 6.3 million shares. The Company's program has reduced the outstanding shares to 35.7 million at December 31, 2000. Business Discussion Regarding FIData, Parris Parris is a given name or surname, and may refer to: In politics:
Holmes added, "The Coreintellect team also successfully launched their unique business intelligence portal A corporate portal that enables users to query and produce reports on enterprise-wide databases. The term was coined by Information Advantage, makers of the MyEureka software, which was the first to combine BI software with a corporate portal. See MyEureka and BI software. , Core360. We believe that Core360 will play a significant role in the business intelligence space by addressing the problem of information overload A symptom of the high-tech age, which is too much information for one human being to absorb in an expanding world of people and technology. It comes from all sources including TV, newspapers, magazines as well as wanted and unwanted regular mail, e-mail and faxes. . The Coreintellect team continues to implement an aggressive sales and marketing campaign aimed at Fortune 1000 companies. "We're we're Contraction of we are. we're we are also pleased with the progress of Princeton eCom and their continued leadership position in the EBPP/IBPP arena. Princeton now has strategic alliances with 850 banks, credit unions and financial institutions. Also, in December of 2000 Princeton presented 301,000 bills. "Throughout 2000, Princeton's progress and performance was very impressive. The Company now has 53 consumer billers either live or in implementation, representing 100 million consumers. The Company also tripled the number of transactions it processes from about 1.1 million in 1999 to more than 3 million per month in 2000. Consumer enrollments more than doubled during the calendar year with more than 700,000 consumers now signed up for online billing with Princeton eCom's client companies. "Recently, Princeton announced a strategic alliance with ComTec, a leading provider of software-based customer communication services, to provide online bill payment capabilities. Also, WebCFO, a business service provider that automates manual accounting processes for small to medium size businesses, selected Princeton to process its online payments." Holmes concluded, "We believe the Company is well positioned with its significant cash resources 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. value approach to our FIData operations as well as the Coreintellect and Princeton eCom investments. Our cash resources provide us with the flexibility to support our FIData operations, and participate in the anticipated growth and strategic opportunities available to Princeton eCom." As previously announced on December 22, 2000, Billing Concepts Corp. changed its fiscal year to January January: see month. 1 through December 31, effective January 1, 2001. Previously, the Company's fiscal year was from October 1 through September September: see month. 30. Consistent with its agreement with Platinum, the Company will change its name and Nasdaq symbol prior to May 31, 2001. About Billing Concepts Billing Concepts Corp.'s (Nasdaq:BILL) holdings include its wholly owned operation, FIData, Inc., and its investments in Princeton eCom and Coreintellect, Inc. FIData (www.fidata.com) provides Internet-based instant loan approval products and services to the financial services industry. Billing Concepts (www.billingconcepts.com) is the lead investor in both Princeton eCom Corporation (www.princetonecom.com), a leading application service provider for electronic and 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 bill presentment and payment See EBPP. solutions, and Coreintellect, Inc. (www.coreintellect.com), a B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business content delivery application service provider. Billing Concepts Corp. is headquartered in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . Certain statements contained herein are "forward-looking" statements (as such term is defined in 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). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such 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. . Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.
Billing Concepts Corp. and Subsidiaries
Consolidating Statements of Operations
Quarter Ended December 31, 2000
(Unaudited)
In Thousands, Except Per Share Amounts
CONSOLIDATED
CORPORATE FIDATA CUVILLE TOTAL
--------- -------- -------- --------
Revenues $ -- $ 163 $ -- $ 163
Cost of revenues -- 153 -- 153
-------- -------- -------- --------
Gross profit -- 10 -- 10
Selling, general
and administrative
expenses 1,100 648 134 1,882
-------- -------- -------- --------
EBITDA (1,100) (638) (134) (1,872)
Depreciation and
amortization expense 22 422 -- 444
-------- -------- -------- --------
Loss from operations (1,122) (1,060) (134) (2,316)
Other income (expense):
Interest income, net 536 -- -- 536
Equity in net loss of
equity affiliates (4,220) -- -- (4,220)
Consulting income 625 -- -- 625
Other, net 15 -- (7) 8
-------- -------- -------- --------
Total other
expense, net (3,044) -- (7) (3,051)
-------- -------- -------- --------
Loss before income
tax benefit $ (4,166) $ (1,060) $ (141) (5,367)
======== ======== ========
Income tax benefit 281
--------
Net loss $ (5,086)
========
Basic and Diluted net
loss per common share $ (0.13)
========
Weighted average common
shares outstanding 38,737
========
Billing Concepts Corp. and Subsidiaries
Consolidating Statements of Operations
Quarter Ended December 31, 1999
(Unaudited)
In Thousands, Except Per Share Amounts
CONSOLIDATED
CORPORATE FIDATA CUVILLE TOTAL
-------- -------- -------- --------
Revenues $ -- $ 31 $ -- $ 31
Cost of revenues -- 34 -- 34
-------- -------- -------- --------
Gross profit -- (3) -- (3)
Selling, general and
administrative expenses 1,231 170 598 1,999
Research and development -- -- 1,370 1,370
-------- -------- -------- --------
EBITDA (1,231) (173) (1,968) (3,372)
Depreciation and
amortization expense 11 260 -- 271
Special charges -- 1,700 -- 1,700
-------- -------- -------- --------
Loss from continuing
operations (1,242) (2,133) (1,968) (5,343)
Other income (expense):
Interest income, net -- (3) 6 3
Equity in net loss of
equity affiliates (1,018) -- -- (1,018)
Other, net -- (3) -- (3)
-------- -------- -------- --------
Total other
expense, net (1,018) (6) 6 (1,018)
-------- -------- -------- --------
Loss from continuing
operations before
income tax benefit $ (2,260) $ (2,139) $ (1,962) (6,361)
======== ======== ========
Income tax benefit 1,258
--------
Net loss from continuing
operations (5,103)
Discontinued operations:
Net income from
discontinued operations 1,443
--------
Net loss $ (3,660)
========
Basic and Diluted:
Net loss from continuing
operations per
common share $ (0.14)
Net income from
discontinued operations
per common share 0.04
--------
Net loss per common share $ (0.10)
========
Weighted average common
shares outstanding 38,061
========
Billing Concepts Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
In Thousands
ASSETS Pro Forma
December 31, September 30,
2000 2000
----------- -----------
Current assets:
Cash and cash equivalents $ 36,478 $ 52,344
Accounts receivable, net 3,427 5,013
Prepaids and other 254 224
-------- --------
Total current assets 40,159 57,581
Property and equipment, net 723 620
Other assets, net 6,775 6,784
Investments in equity affiliates 33,519 37,832
-------- --------
Total assets $ 81,176 $102,817
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 95 $ 74
Accrued liabilities 1,564 609
Accrued income taxes 2,525 2,806
Net current liabilities
from discontinued operations 3,521 6,157
-------- --------
Total current liabilities 7,705 9,646
Other liabilities 741 569
-------- --------
Total liabilities 8,446 10,215
Stockholders' equity 72,730 92,602
-------- --------
Total liabilities and
stockholders' equity $ 81,176 $102,817
======== ========
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