BrandPartners Reports 47% Revenue Increase for Third Quarter 2002 and Narrows Loss before Non-Cash Charge.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 14, 2002 Sale of iMapData Subsidiary Aligns Strategy, Improves Liquidity BrandPartners Group, Inc. (Nasdaq: BPTR) today reported third quarter 2002 revenues of $9.4 million compared with revenues of $6.4 million for the third quarter of 2001. Chairman and Chief Executive Officer Edward T. Stolarski stated that the revenue increase in the third quarter reflected Willey Brothers' successful marketing drive and the signing of several contracts at the end of the second quarter. "In addition to further revenue development, we have concentrated our efforts on reducing costs and improving efficiencies," he added. 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. Willey Brothers had a contract backlog of approximately $18.1 million as of November 8, 2002. Operating loss 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. for the third quarter ended September 30, 2002 was $7.3 million compared to an operating loss of $2.8 million in the prior year period. Operating loss for the third quarter of 2002 includes a non-cash charge 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. for the 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 goodwill of $6.6 million related to the sale of iMapData, announced on November 1, 2002. Excluding this charge operating loss would have been $.7 million compared to $2.8 million in the prior year period. Net loss for the third quarter was $7.6 million or $0.41 per 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. share compared to net loss of $3.1 million or $0.22 per diluted share, before giving recognition to the beneficial conversion on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ($0.18 per diluted share), in the prior year period. Excluding the impairment charge net loss for the third quarter of 2002 would have been $1.0 million or $0.05 per diluted share compared to net loss of $3.1 million or $0.22 per diluted share, before giving recognition to the beneficial conversion on preferred stock $(0.18 per diluted share), in the prior year period. Weighted average shares outstanding for the third quarter rose to 18.5 million from 14.0 million in the prior year period. For the nine months ended September 30, 2002, revenues were $25.8 million compared to revenues of $27.5 million in the prior year period. Operating loss for the nine months of 2002 was $13.0 million compared to an operating loss of $4.3 million in the prior year period. Excluding the impairment charge the operating loss would have been $6.4 million compared to an operating loss of $4.3 million in the prior year period. Net loss for the nine months of 2002 was $14.1 million or $0.76 per diluted share compared to net loss of $5.3 million or $0.40 per diluted share, before giving recognition to the beneficial conversion on preferred stock ($0.19 per diluted share), in the prior year period. Excluding the impairment charge net loss would have been $7.5 million or $0.41 per diluted share in 2002 compared to net loss of $5.3 or $0.40 per diluted share, before giving recognition to the beneficial conversion on preferred stock ($0.19 per diluted share), in the prior year period. Weighted average shares outstanding for the nine-month period rose to 18.4 million from 13.3 million in the prior year period. The Company recently announced the sale of its majority stake in iMapData.com, Inc. for approximately $2 million. Mr. Stolarski commented: "The sale of iMapData improves the liquidity of BrandPartners' balance sheet and consolidates its resources. BrandPartners is now well positioned to pursue its strategy of building upon the growth of Willey Brothers. Our goal is to expand upon the foundation Willey Brothers has established through organic growth and acquisitions while continuing to gain efficiencies through operational improvements. We are focused on creating value through strategic acquisitions in the branding and communication services industry, which complement Willey Brothers and enhance its product and service offerings." BrandPartners Group, Inc (www.bptr.com) operates through Willey Brothers, Inc., a wholly owned subsidiary, 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. " as 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. These statements are based on the Company's current expectations of future events and are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from those described in the forward-looking statements. Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, among others, the Company's ability to identify appropriate acquisition candidates, complete such acquisitions and successfully integrate acquired businesses; changes in the Company's business strategies or development plans; effects of competition; the Company's anticipated growth within the financial services industry; the Company's ability to obtain sufficient financing to continue operations; the Company's ability to recover losses resulting from the unauthorized, improper
tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: personnel. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.) |
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