BrandPartners Group Completes Turnaround With Record First Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--April 28, 2004 Company Reports First Quarter 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. Operating EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Of $0.06 and Raises 2004 Full-year EPS Guidance to $0.12 to $0.14 BrandPartners Group, Inc. or "BrandPartners" (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BPTR) reported today record results for its first quarter ended March 31, 2004. The Company had record revenue of $15,676,229, an increase of 65% versus the same period in 2003 when the Company reported revenue of $9,488,813. BrandPartners generated record net income of $10,039,376, or $.40 per basic share ($0.33 per diluted share), versus a loss of ($1,828,154), or ($0.10) per share for the 2003 first quarter. The 2004 net income included a gain of approximately $8.3 million for the forgiveness Forgiveness Angelica, Suor is forgiven by the Virgin Mary for ill-considered suicide. [Ital. Opera: Puccini, Suor Angelica, Westerman, 364] Bishop of Digne of debt. Excluding the non-cash gain of $8.3 million, the Company earned $1,713,325 or $.07 per basic share ($0.06 per diluted share). BrandPartners had EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $2,036,810, versus a loss in the 2003 first quarter of ($923,172). The Company completed the first quarter with cash and cash equivalents of $1.1 million, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying of $6.9 million and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of $5.5 million. At the end of 2003, BrandPartners had cash and cash equivalents of $400,000, accounts receivable of $6 million and long-term debt of $13.3 million. The improvement to its balance sheet was a result of a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Company completed in January. The Company raised $3.2 million through a private placement and negotiated a reduction in the Company's debt and future liabilities by approximately $17.0 million, which will be fully realized by this July. These actions alone improved BrandPartners' annual cash flow by approximately $4.5 million. The financing enabled the Company to extend its $6 million senior credit facility until December 31, 2004, and renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. a substantial interest rate reduction on its subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". . "The first quarter capped a dramatic turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. for the Company, as the restructuring of our balance sheet allowed us to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in our Willey Brothers subsidiary," said BrandPartners' Chief Executive Officer James F. Brooks. "We completed a private placement and at the same time negotiated a reduction of approximately $17 million in debt and future obligations with our creditors. We believe our improved cost structure and balance sheet has increased the confidence level of our customers, which include many of the leading financial institutions in the country. We continue to see strong interest in our core business units and for many of our newer marketing solutions, which are designed to increase profitability for our financial customers. The Company has never been in a better position to pursue many of the opportunities within our clients' branch networks as consolidation in the banking industry continues." 2004 Guidance The Company increased its 2004 financial guidance today. It now expects full-year revenues of $54 million to $56 million, an increase from $48 million to $50 million it announced earlier in the year and EPS of $0.12 to $0.14 per diluted share, versus EPS of $0.04 per diluted share in its previous guidance. This guidance does not include the gain on forgiveness of debt, or any extraordinary charges beyond its operating results. The Company will hold a conference call at 9 am EST EST electroshock therapy. EST abbr. electroshock therapy today. Tony Cataldo, Chairman, and Mr. Brooks, Chief Executive Officer, will host the call. Interested participants should call (888) 214-7755 and use ID number 7075267. International participants should dial (706) 679-8133 and use the same ID number. There will be a playback Playback could mean:
The conference call will also be webcast at www.bptr.com and will be available through the Company's Home Page. BrandPartners Group, Inc (www.bptr.com) operates through Willey Brothers, Inc., a 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. , providing branch positioning and consulting, merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. , branch planning and design, and creative services Creative Services are a subsector of the creative industries, a part of the economy that creates wealth by offering creativity for hire to other businesses. Examples include:
Please [ improve this article] or discuss the issue on the talk page. companies. 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 Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts but rather reflect the Company's current expectations concerning future results. The words "believes," "anticipates," "expects," and similar expressions identify forward- looking statements, which are subject to certain risks, uncertainties and factors, including those which are economic, competitive and technological, that could cause actual results to differ materially from those forecast or anticipated. Such factors include, among others: the continued services of Mr. Brooks as Chief Executive Officer of the Company and Willey Brothers; our ability to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. or obtain an extension of our existing short term debt; our ability to make early payments to certain note holders, thereby entitling the Company to certain debt forgiveness; our ability to continue to obtain waivers of covenants and other defaults under our debt instruments and credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities ; our ability to identify appropriate acquisition candidates, finance and complete such acquisitions and successfully integrate acquired businesses; changes in our business strategies or development plans; competition; our ability to grow within the financial services industries; our ability to obtain sufficient financing to continue operations; and general economic and business conditions, both nationally and in the regions in which we operate. Readers are cautioned not to place undue reliance on these forward-looking statements, which 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" . The Company undertakes no obligation to republish re·pub·lish tr.v. re·pub·lished, re·pub·lish·ing, re·pub·lish·es 1. To publish again. 2. Law To revive (a libel or a canceled will). revised forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures made by the Company in this press release, as well as the Company's periodic reports on Forms 10-K and 10-Q, current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and other filings with the Securities and Exchange Commission.
BrandPartners Group, Inc.
Balance Sheet
ASSETS March 31, 2004 December 31, 2003
---------------- -------------------
(unaudited)
Cash $ 1,071,750 $ 413,946
Accounts receivable, net of
allowance for doubtful accounts
of $213,470 and $186,330
respectively 6,877,380 5,956,610
Costs and estimated earnings in
excess of billings 5,028,075 1,854,886
Inventories 541,443 969,020
Prepaid expenses and other
current assets 236,463 541,635
---------------- ----------------
Total current assets 13,755,112 9,736,097
---------------- ----------------
Property and equipment,
net of accumulated
depreciation 1,493,278 1,486,551
Goodwill 24,271,969 24,271,969
Deferred financing costs 278,623 304,126
Other assets 29,042 34,911
--------------- ----------------
Total assets 39,828,024 35,833,654
=============== ================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
March 31, 2004 December 31, 2003
---------------- ------------------
(unaudited)
Current Liabilities
Revolving credit facility $ - $ 3,666,441
Accounts payable and
accrued expenses 8,916,699 9,344,082
Billings in excess of
cost and estimated
earnings 7,867,441 6,333,235
Short term debt 5,684,596 2,542,584
Other current liabilities - 1,600,848
Notes payable - 350,000
---------------- ---------------
Total current liabilities 22,468,736 23,837,190
Long term debt
Notes and interest payable 5,481,125 13,327,668
Stockholders' equity (deficit)
Preferred stock, $.01 par value;
20,000 shares authorized; none
outstanding - -
Common stock, $.01 par value;
100,000,000 shares
authorized; issued
31,063,554 and 18,163,553 310,636 181,636
Additional paid in capital 43,675,822 40,634,822
Accumulated deficit (31,795,796) (41,835,162)
Treasury stock (312,500) (312,500)
Total stockholders'
equity (deficit) 11,878,162 (1,331,204)
Total liabilities and
stockholders' equity
(deficit) $ 39,828,023 $ 35,833,654
============== ==============
BrandPartners Group, Inc.
Income Statement
March 31, 2004 March 31, 2003
---------------- ---------------
(unaudited) (unaudited)
Revenues $ 15,676,229 $ 9,488,813
Costs and expenses
Cost of revenues 11,278,298 7,831,191
Selling, general
and administrative 2,371,435 2,588,294
Depreciation and
amortization 138,632 218,645
---------------- ---------------
Total expenses 13,788,365 10,638,130
---------------- ---------------
Operating income (loss) 1,887,864 (1,149,317)
Other income (expense)
Interest and other
income (174,539) 451,617
Gain on forgiveness
of debt 8,326,051 -
Settlement of lawsuit - 227,220
---------------- ----------------
Total other (income)
expense 8,151,512 678,837
---------------- ----------------
Income (loss) before income
taxes 10,039,376 (1,828,154)
Income taxes - -
---------------- ----------------
NET INCOME (LOSS) $ 10,039,376 $ (1,828,154)
================ ================
Basic and diluted earnings
(loss) per share
Basic 0.40
Diluted 0.33 (0.10)
Weighted - average shares outstanding
Basic 25,084,671
Diluted 30,333,210 18,468,553
================ ================
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