Bridge Technology Inc. Reports Profitability for 1999; Revenues Increase 155% for Fourth Quarter.Business Editors and High-Tech Writers GARDEN GROVE Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. , Calif.--(BUSINESS WIRE)--March 9, 2000 Bridge Technology Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BTGY), a computer peripherals and systems enhancement company, Thursday announced record earnings and revenues for the fourth quarter and 1999 year end results. Management attributed the strong revenue growth to its expanded international distribution channels. Revenues for the fourth quarter ended Dec. 31, 1999 climbed 155% to approximately $16,000,000, compared with $6,200,000 during the same prior year period. Net income was approximately $500,000 or $0.04 per share versus a loss of $245,000 or $0.02 per share for the prior year. These results are preliminary and do not include the sales and earnings for the Centennial Electronics Ltd. acquisition that was announced on Dec. 3, 1999. A confirmation audit is presently under way and the company is awaiting results. James Djen, President commented, "The fourth quarter of 1999 was an extraordinary finish to a transformation year for Bridge Technology. During this period we acquired a majority interest in China based CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. Technology, Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. based Autec Power Systems, and signed a Letter of Intent to purchase 90% of Centennial Electronics Ltd. of Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . "The synergistic and seamless infusion of Autec into the Bridge family has had a tremendous impact on our business, especially the addition of 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. , Winston Gu to our top management group. Upon completion, the Centennial and CMS acquisitions should be as successful. To summarize 1999, we have taken steps to diversify our product lines, grow distribution channels and establish important alliances. Bridge Technology hopes to continue this momentum going forward in 2000." For the year ended Dec. 31, 1999, revenues were approximately $35,600,000 versus $20,700,000 for the prior year's period. Net Income was approximately $586,000 or $0.05 per share compared with a loss of $379,000 or $0.03 per share. Bridge Technology Inc. is a design innovator for various computer, digital voice, data, telecommunications and Internet related products. The company, with subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Japan and Hong Kong, has the ability to mass-produce, market and distribute through an established international channel system. More information on Bridge Technology Inc. may be obtained over the Internet at www.bridgeus.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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: The statements contained in this release, which are not historical facts may be deemed to contain, 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. , including, but not limited to, deployment of new services, growth of the customer base, and growth of the service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing or other factors. Deviation may result from risk and uncertainties, including, without limitation, the company's dependence on third parties, market conditions for the sale of services, technical factors affecting networks, availability of capital, and other risks and uncertainties. The company disclaims any obligation to update information contained in any forward-looking statement.
SELECTED FINANCIAL DATA
Three Months Ended Year Ended
Dec. 31 Dec. 31
1999 1998 1999 1998
Revenues 16,000,000 6,269,000 35,600,000 20,737,017
Net Income (Loss) 500,000 (245,000) 586,000 (379,000)
Earnings (Loss)
per common share 0.04 (0.02) 0.05 (0.03)
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