Braun Consulting Inc. Reports Record Fourth Quarter Results.Business & High Tech Editors CHICAGO--(BUSINESS WIRE)--Jan. 19, 2000 Braun Braun , Eva 1912-1945. German lover and later wife of Adolf Hitler. They began living together in 1936, but the liaison was kept secret, and she was never seen in public with him. They were married hours before their double suicide on April 30, 1945. Consulting, Inc. (Nasdaq: BRNC BRNC Britannia Royal Naval College (Dartmouth, England) ) Company Posts 74 Percent Increase in Fourth Quarter Revenues Braun Consulting, Inc. (Nasdaq: BRNC), a leading 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 professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. provider, today announced record revenues for the fourth quarter and year ended December December: see month. , 31, 1999. For the fourth quarter of 1999, revenues increased 74 percent to $14.7 million, compared to $8.5 million over the same period of last year. This represents a sequential increase of 22% from revenues of $12.1 million in the third quarter ended September 30, 1999. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income before special items, consisting of goodwill amortization, stock compensation and merger costs, was $1.1 million, or $0.06 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, in the fourth quarter of 1999, compared to $342,000, or $0.03 per diluted share, for the same period last year. For the year ended December 31, 1999, the company recorded revenues of $47.3 million, a 70 percent increase over revenues of $27.9 million for 1998. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , excluding special items, increased significantly to $5.5 million versus $1.0 million in 1998. Pro forma net income for the year before special items, was $3.5 million, or $0.23 per diluted share, compared to $594,000, or $0.05 per diluted share, for the prior year. Commenting on the results, Steven Braun, President and Chief Executive Officer stated, "Our superior financial results reflect the continued strong demand for our customer-oriented eSolutions. Our eSolutions expertly prepare companies for the unprecedented changes occurring in today's evolving Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. by helping them manage the convergence of business strategy, technology and the emerging demands of a customer-centric marketplace. Our consistent investments in infrastructure, recruiting and sales and marketing have allowed us to profitably manage our aggressive growth. Furthermore, we are proud to maintain our industry-low employee turnover rate of under 11%, emphasizing once again that people are our key asset." "In the fourth quarter, we have again demonstrated the differentiated quality of our end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. eSolutions approach by winning contracts with 19 new clients, including significant new contracts signed with Onstar, a division of GM, General Electric, Charles Schwab Charles Schwab can refer to:
Which past endurance sting the tender cit. - Emerson. Group and Chase. While over 90 percent of our business will continue to come from Fortune 1000 companies, we recently unveiled our new '.com incubator' program, which will be the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of our Business-to-Consumer approach for clients. This platform offers a strategic environment to help Internet companies develop products, define business strategies and build their information technology infrastructure. The first company to be launched from our .com initiative is BidBuyBuild.com, which is using the Internet to create a new, more efficient materials marketplace for the $3.2 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. global construction industry. Finally, our proven eSolutions approach has consistently driven higher revenue growth and improved operating efficiencies for our clients by cementing stronger and longer-lasting bonds with their customers. As a result of our ability to uniquely drive greater value for our clients, they have continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. rewarded us with new and larger strategic opportunities. Today, 70 percent of our revenues are from repeat business and our average project size continues to increase reaching nearly $2 million. Such client loyalty allows us to maintain and expand our strategic relationships at the highest levels while permitting us to focus our sales and marketing efforts on our key target industries. To that end, we have developed industry-specific pre-packaged solutions, which offer our clients the timely and highly-efficient delivery of critical business strategies. For Braun, these dynamic solutions have created greatly improved efficiencies and contributed to our expanding margins." Braun continued, "In our efforts to further advance the competitive advantages inherently derived from our end-to-end, customer-oriented business model, we acquired Emerging Technologies Consultants, Inc. (ETCI ETCI Electro - Technical Council of Ireland ), which specializes in customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ). Our combined expertise fully consolidates our unique, integrated vision of strategy, web integration and customer-oriented solutions. We feel our eCRM practice will continue to be a source of differentiation in the marketplace as it positions our clients to build customer loyalty in the Internet economy." About Braun Consulting, Inc. Braun Consulting, Inc. (Nasdaq: BRNC) is an Internet professional services provider offering eSolutions, a strategic approach that combines advanced business intelligence methodologies with cutting-edge technology to help Fortune 500 and middle-market companies build customer-focused e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. solutions. Founded in 1993, Chicago-based Braun Consulting has eleven offices throughout the U.S., including Boston, Dallas and Denver. Braun Consulting maintains strategic alliances with top developers of enterprise applications, including Microsoft, Oracle, Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Business Objects, Hyperion, i2 Technologies, Clarify, Inc. and others. Additional information about Braun Consulting is available at http://www.braunconsult.com. Statements in this press release that are not strictly historical are "forward-looking" statements that involve risks or uncertainties, many of which are not under the control of the company. The risks and uncertainties include, but are not limited to, competition, general economic conditions, the number of projects undertaken and completed during a period, attracting and retaining highly skilled employees, as well as other risks identified in the company's prospectus dated August 10, 1999. The company is under no duty to update any of the 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. after the date of this report or to conform these statements to actual results or changes in its expectations. The results of operations for any previous quarters do not necessarily indicate results for any future period.
BRAUN CONSULTING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
Three Months Ended Year Ended
December 31, December 31,
------------------- ----------------
1999 1998 1999 1998
Revenues:
Consulting services $13,182 $ 8,425 $ 44,973 $ 26,907
Product sales 1,537 37 2,331 955
------------------- ----------------
Total revenues 14,719 8,462 47,304 27,862
Costs and expenses:
Project personnel and expenses 6,846 4,738 24,124 15,879
Cost of products sold 1,364 33 2,017 884
Selling and marketing expenses 819 610 3,761 2,303
General and administrative
expenses 4,074 2,337 11,948 7,777
Goodwill amortization 719 - 719 -
Stock compensation 180 91 620 271
Merger costs - - 170 -
-------------------- -----------------
Total costs and expenses 14,002 7,809 43,359 27,114
-------------------- -----------------
Operating income 717 653 3,945 748
Interest (income) expense - net (293) 24 (324) 121
-------------------- -----------------
Income from continuing
operations 1,010 629 4,269 627
Income from discontinued
operations - - - 153
-------------------- -----------------
Income before provision for
income taxes 1,010 629 4,269 780
Pro forma provision for income
taxes 782 378 2,249 457
-------------------- -----------------
Pro forma net income $ 228 $ 251 $ 2,020 $ 323
==================== =================
Pro forma earnings per share:
Basic $ 0.00 $ 0.02 $ 0.14 $ 0.03
Diluted 0.00 0.02 0.13 0.03
Pro forma earnings per share,
excluding special items:
Basic $ 0.07 $ 0.03 $ 0.25 $ 0.05
Diluted 0.06 0.03 0.23 0.05
Weighted average shares:
Basic 16,753,195 11,720,080 13,979,399 11,572,451
Diluted 19,067,032 12,138,956 15,340,400 12,570,533
Notes: Prior to July 28,1999, Braun Consulting, Inc. was treated as a subchapter S corporation subchapter S corporation n. the choice by a small corporation to be treated under "subchapter S" by the Internal Revenue Service, which allows the corporation to be treated like a partnership for taxation purposes. for federal and certain state income tax purposes. The pro forma provision for income taxes include pro forma forma, adj/n minor elements between the members of a botanical species. income taxes for periods prior to the termination of the company's S corporation status as if it were a C corporation. Excluded special items consist of goodwill amortization, stock compensation and merger costs. |
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