BrandPartners Reports First Quarter 2002 Revenue of $6.4 Million.Business Editors NEW YORK--(BUSINESS WIRE)--May 15, 2002 BrandPartners Group, Inc. (Nasdaq:BPTR) today reported first quarter 2002 revenues of $6.4 million compared with revenues of $10.3 million for the first quarter of 2001. Total expenses for the quarter declined to $10.8 million from $11.2 million for the first quarter of 2001. The first quarter 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. came to $4.4 million, versus an operating loss of $966,000 for the prior first quarter. Net loss for the first quarter was $5.0 million, or $0.28 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 with a net loss of $1.3 million, or $0.10 per diluted share for the first quarter of 2001. As of January January: see month. 1, 2002, the Company stopped amortizing goodwill in conformance con·for·mance n. Conformity. Noun 1. conformance - correspondence in form or appearance conformity agreement, correspondence - compatibility of observations; "there was no agreement between theory and with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142. Evaluations of goodwill under SFAS No. 142 have been performed, resulting in an 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 $185,553, or $0.01 per diluted share. Such impairment has been treated as a cumulative effect of change in accounting principle as of January 1, 2002. Chairman 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 S. Silverman Silverman is the surname of:
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the US economy, in general, and in 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, in particular. "The Willey Willey may refer to: People:
Historically, the majority of the year's revenues fall into the second half." Willey Brothers, which provides financial services firms and other service retailers with brand positioning, 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:
The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $18 million as of May 10, 2002. In the first quarter Willey Brothers completed a "wealth management center" for brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against for HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) and commenced work on an 18-month project for Old National Bank, estimated to generate revenues in excess of $10 million. More recently, Willey Brothers began a consulting contract with a large multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) money-center bank for a competitive assessment of retail branch customer communications in large US markets. iMapData, which provides business, demographic, political and other information based on proprietary digital computer mapping and charting software, is currently developing and implementing a series of 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 products that the company believes will give customers access to the vast proprietary databases available through iMapData. iMapData intends to license its databases as solutions for a broad range of users, including those in government, insurance, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , media, banking and energy. "We are prepared to build on the assets of Willey and iMapData and look forward to new developments over the course of the year," Mr. Silverman concluded. 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 merchandising, branch planning and design, and creative services for financial services companies, and iMapData, a majority owned subsidiary, providing data based solutions. 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; and general economic and business conditions, both nationally and in the regions in which the Company operates. These and other risks and uncertainties are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). from time to time in the Company's filings with the Securities and Exchange Commission, including the "Forward-Looking Statements" section of the Company's Annual Report on Form 10-KSB for the fiscal year ended December December: see month. 31, 2000, in the Company's press releases and in oral statements made by or with the approval of authorized au·thor·ize 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.
BrandPartners Group, Inc.
Consolidated Statements of Earnings
(in thousands) (unaudited)
Three Months Ended 03/31
2002 2001(a)
---- -----
Revenues $6,362 $10,250
---------------------
Costs and Expenses
Cost of revenues 5,983 7,331
Selling, general and administrative 4,297 2,980
Depreciation and amortization 503 905
---------------------
Total Expenses 10,783 11,216
---------------------
Operating Loss (4,421) (966)
Interest expense (605) (443)
Other Income
Interest income 28 24
Minority interest in earnings of subsidiary 95 75
---------------------
Total Other Income 123 99
---------------------
Loss before income taxes and cumulative
effect of change in accounting principle (4,903) (1,310)
Income taxes (43) 27
---------------------
Loss before cumulative effect of change
in accounting principle (4,860) (1,337)
Impairment of goodwill (186)
---------------------
Net Loss ($5,046) ($1,337)
=====================
Basic and diluted loss per share
Loss before cumulative effect of change in
accounting principle ($0.27) ($0.10)
Impairment of goodwill ($0.01)
---------------------
Net loss per share ($0.28) ($0.10)
=====================
Weighted-average shares outstanding 17,939 12,817
=====================
(a) Certain amounts in the prior year have been reclassified to
conform to the classifications used in 2002 and restated pursuant
to a fourth quarter adjustment as reported in Note R to the
consolidated financial statements contained in the Company's
Annual Report on Form 10-KSB for the year ended December 31, 2001.
BrandPartners Group, Inc.
Consolidated Balance Sheets
(in thousands)
Mar 31 Dec 31
------ ------
2002 2001
---- ----
ASSETS (unaudited) (audited)
Current Assets
Cash and cash equivalents $2,468 $5,669
Accounts receivable-net 5,923 6,868
Inventories 2,649 2,474
Costs in excess of billings 3,905 3,435
Prepaid expenses and other current assets 1,334 793
Deferred income taxes 104
----------------------
Total Current Assets 16,279 19,343
Property, plant and equipment-net 1,587 1,530
Restricted cash 4,000
Goodwill, net of accumulated amortization 34,372 34,557
Deferred acquisition & financing costs 499 709
Other assets 510 548
----------------------
Total Assets $57,247 $56,687
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Revolving credit facility $4,844 $1,142
Accounts payable and accrued expenses 9,566 8,560
Billings in excess of costs 841 393
Current maturities of long-term debt 1,689 1,613
Other current liabilities 776 531
----------------------
Total Current Liabilities 17,716 12,239
Loan payable-bank 6,250 6,500
Notes and interest payable 13,853 13,646
Put warrant liability 440 440
Capital lease obligation 66 105
----------------------
Total Liabilities 38,325 32,930
Minority interest in consolidated subsidiary 2,853 2,948
Stockholders' equity
Common stock 182 179
Additional paid in capital 40,144 39,842
Accumulated (deficit) (23,944) (18,899)
Less: treasury stock (313) (313)
----------------------
Total Stockholders' Equity 16,069 20,809
----------------------
Total Liabilities, Minority
Interest & Stockholders' Equity $57,247 $56,687
======================
The table below sets forth, for the three months ended March 31, 2001,
the net loss and (loss) per share as though goodwill had been
accounted for in the same manner for all periods presented
(in thousands) (unaudited)
March 31, March 31,
2002 2001
Net loss
Reported loss before cumulative effect of
change in accounting principle ($4,860) ($1,337)
Add back goodwill amortization, net of tax 664
Cumulative effect of change in accounting principle (186)
------------------
Adjusted net loss ($5,046) ($673)
==================
Loss per share
Reported loss per share before cumulative effect
of change in accounting principle ($0.27) ($0.10)
Add back goodwill amortization, net of tax,
per share $0.05
Cumulative effect of change in
accounting principle, per share ($0.01)
------------------
Adjusted net loss per share ($0.28) ($0.05)
==================
Weighted average shares-basic and diluted 17,939 12,817
==================
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