BrandPartners Restates 2002 and Reports Second Quarter 2003 Results; Wins $5.8 Million Contract, Bringing Backlog to $15 Million.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 26, 2003 36% SG&A Reduction Narrows Loss for Six Months of 2003 BrandPartners Group, Inc. (Nasdaq: BPTR) announced today that it has filed an amendment to its Annual Report on Form 10-KSB for the year ended December 31, 2002 containing restated consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for 2002, and reported results for the second quarter of 2003. The restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of the 2002 financials reflects the effect of certain federal tax laws allowing Willey Brothers, Inc., the Company's wholly-owned subsidiary, to carry back its 2002 tax loss for a period of five years, resulting in a refund with respect to the tax year 2002. The Company learned of the refund during the second quarter of 2003 in the course of preparing its 2002 income tax returns. The Company delayed reporting its second quarter 2003 results until the restatement was complete. Net loss for 2002 was adjusted from $13.1 million or $(0.71) 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 to $12.4 million or $(0.67) per diluted share. Loss from 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 for 2002 was adjusted from $6.0 million or $(0.32) per diluted share to $5.3 million or $(0.28) per diluted share. Fourth quarter 2002 net income and income from continuing operations were adjusted from $0.9 million or $0.05 per diluted share to $1.6 million or $0.09 per diluted share. For the second quarter of 2003, the Company reported revenues from continuing operations of $6.9 million, compared to revenues from continuing operations of $9.6 million for the second quarter of 2002. Selling, general and administrative expenses for the second quarter of 2003 decreased to $2.0 million, from $3.3 million for the second quarter of 2002. Loss from continuing operations for the second quarter of 2003 was $2.2 million or $(0.12) per diluted share compared to a loss from continuing operations of $1.2 million or $(0.07) per diluted share for the same period in 2002. Net loss for the quarter was $2.2 million or $(0.12) per diluted share compared to a net loss of $1.4 million or $(0.08) per diluted share in 2002. Chairman and Chief Executive Officer Edward T. Stolarski stated that seasonality and economic weakness have delayed several contracts for Willey Brothers, affecting results for the second quarter. "We recently secured a $5.8 million contract with a 1,150 branch, super regional bank, to provide services including field analysis, merchandising floor plan recommendations, fixture An article in the nature of Personal Property which has been so annexed to the realty that it is regarded as a part of the real property. That which is fixed or attached to something permanently as an appendage and is not removable. design and manufacturing, distribution and logistics, installation, and database design, development and maintenance. This new contract brings our current backlog to approximately $15 million, and we anticipate further revenue growth in the coming months." Revenues from continuing operations for the first six months of 2003 were $16.4 million compared to revenues from continuing operations of $15.4 million in the first six months of 2002. Six-month selling, general and administrative expenses decreased to $4.6 million, from $7.2 million for the same period in 2002. Loss from continuing operations was $4.0 million or $(0.22) per diluted share for the first six months of 2003 compared to a loss from continuing operations of $5.9 million or $(0.33) per diluted share for the same period in 2002. Net loss was $4.0 million or $(0.22) per diluted share compared to net loss of $6.5 million or $(0.36) per diluted share in the prior year period. "The improvement reflected in the first six months of the year is a direct result of the cost reductions and efficiencies we have achieved over the past twelve months," continued Mr. Stolarski. "We continue to aggressively manage our debt in order to enhance liquidity. Our goal is to pay off our senior term loan by the end of the first quarter of 2004. We are also pursuing additional capital to finance further organic growth and acquisitions. "Looking forward to the remainder of the year, we anticipate increased revenues over 2002, reduced leverage, and enhanced liquidity. We believe that Willey Brothers is well-positioned to succeed in this competitive market." 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, 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, 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. Stolarski as Chief Executive Officer of the Company and Willey Brothers, and of James Brooks James Brooks may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of 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 noteholders, 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 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. |
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