Bright Station Announces Solid Progress and Strong Growth in Results for Fourth Quarter and Full-Year 2000.Business Editors LONDON--(BUSINESS WIRE)--Feb. 28, 2001 Bright Station plc (LSE LSE - Language Sensitive Editor :BSN BSN abbr. Bachelor of Science in Nursing , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BSTN) (www.brightstation.com), the technology company and leading provider 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 and eCommerce See e-commerce. solutions, today announced its fourth quarter results for the three-month period ending December December: see month. 31, 2000, and its full-year results for the calendar year to December 31, 2000. Highlights: -- The Group has continued to invest in the operating subsidiaries, building management teams and necessary infrastructures that have accelerated revenue growth in the second half of 2000; -- Smartlogik, Bright Station's largest division, delivered revenues up 42% on Q3 2000 and 134% over Q4 1999, illustrating strong momentum in the business; -- OfficeShopper revenues grew 79% for the full year 2000 over 1999 to $2.4 million; -- Sparza integrated boo.com technology and secured important reseller and partnership alliances with Egremont, Deutsche Post Fulfilment GmbH, Intel and Lakewest; -- Group full-year revenues reached $12.7 million, with Q4 2000 revenues of $4.0 million up 66% over Q4 1999; -- Closing cash balance for the year was $24.3 million. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , Chairman Bright Station plc, comments: "2000 saw a dramatic transformation of our business. During the year, we successfully carved carve v. carved, carv·ing, carves v.tr. 1. a. To divide into pieces by cutting; slice: carved a roast. b. out significant niches in two of the largest and highest growth areas in the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Internet technology space - knowledge management/information retrieval and eCommerce. "Throughout 2000, we put in place both the people and the resources to leverage the value in our underlying businesses. By year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , they had demonstrated real growth. "The strong closing quarter of 2000 saw us winning some significant new business across the Group and set the pattern for early 2001. Bright Station is now well-positioned to achieve the returns and release the value from our technologies that our shareholders expect. Due to the strength of our proprietary technologies and the customer-focused nature of our propositions, we confidently expect strong sequential revenue growth during 2001 and when market conditions improve we intend to IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. our Smartlogik business. " Financial Review Revenues for the full year were $12.7 million. In Q4 2000, revenues increased 14.6 % to $4.0 million, compared to Q3 2000 revenues of $3.6 million, and revenues were 66% higher compared to Q4 1999, for continuing businesses. The Group has continued to invest in its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , building very strong management teams and infrastructures that accelerated revenue growth in the second half. The investment required to build up the infrastructure and technology assets of the Group's underlying businesses resulted in an 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. of $25.1 million for the full year and an EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. loss of $0.58 before restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and other exceptional items. This compares to a loss of $0.02 per share for 1999. The Group expenses in full all costs associated with developing new technologies, across all its businesses. Results for the year also include the operating results of the Information Services See Information Systems. Division sold to Thomson Corporation on May 4, 2000, reflecting revenues of $73.3 million and a loss on disposal of $151.1 million. The proceeds from the disposal were used to repay the Company's indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. such that no interest was payable for the 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 after May 2000, and the majority of interest receivable of $1,138,047 for the year arose after that date. For the year ended December 31, 2000, the Board has reviewed the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , including goodwill and investments. Due to the significant change in market conditions and sentiment towards early stage Internet companies, the Board has prudently provided $1.8 million against the carrying value of its portfolio of minority investments. In addition, the Board has also made an exceptional provision of $5.7 million against the value of goodwill associated with the Company's previous acquisition of WriteWorks Ltd in November November: see month. 1998. Cash on hand as of December 31, 2000 amounted to $24.3 million. The infrastructure required to develop the continuing operations is largely in place and revenue growth is the priority. However, each business has revenue plans against which the Board is measuring progress and the Board is committed to taking whatever actions are necessary to maintain costs in line with the achievement of those revenue targets such that the Group as a whole continues to operate within its available cash resources. The Board of Bright Station plc believe that shareholder value will be maximized by further investment in the operating businesses and consequently, as previously indicated to shareholders, is not recommending the payment of a dividend for 2000. Operating Review Bright Station consists of businesses that have carved out significant niches in two of the largest and highest growth areas in the B2B Internet technology space - knowledge management/information retrieval and eCommerce. Web Solutions Division (WSD WSD Word Sense Disambiguation (computational linguistics) WSD Web Services on Devices (Information Technology) WSD Water Supplies Department (Hong Kong) ) WSD is focused on leveraging its proprietary content indexing technology, MuscatStructure (previously InfoSort) and its proprietary natural language search technology MuscatDiscovery. The Division consists of Smartlogik (the knowledge management suite of solutions), WebTop/WebCheck (the concept-based Web search tool), and Bright Station Contracts (which manages a five-year DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. contract to provide an online information system for UK exporters). Q4 revenues for the Division were $2.8 million, 30% higher compared to Q3 2000, and an 80% improvement compared to Q4 1999 results. Smartlogik In 2000, Smartlogik made strong progress, increasing Q4 2000 revenues by 42% over Q3 to $2.1 million, and producing full-year revenues of $6.1 million. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Hill (former Managing Director of Inktomi (Inktomi Corporation, Foster City, CA, www.inktomi.com) A company that specializes in high-performance software for Internet service providers (ISPs), carriers and large Web sites. ) joined as 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. in 2000, and he has further developed the consultancy and sales infrastructure in the US, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the UK. Smartlogik now has 126
employees based in offices in Central London The term Central London refers to the districts of London which are considered closest to the centre. There is no such conventional definition, nor any official one, for the entire area that can be called "central London". , on the East and West
coasts of the US, in Denmark Denmark (dĕn`märk), Dan. Danmark, officially Kingdom of Denmark, kingdom (2005 est. pop. 5,432,000), 16,629 sq mi (43,069 sq km), N Europe. and in an R&D facility in Cambridge Cambridge, city, CanadaCambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , UK. In December 2000, the senior management team was further strengthened by the addition of David Jefferies Allan David Jefferies (September 18, 1972 - May 29, 2003) was a British motorcycle racer who competed in a wide variety of racing classes, most notably, the Isle of Man TT. He was born in Shipley, West Yorkshire to parents Tony and Pauline along with his sister Louise. C.B.E., who joined as Chairman. Significant contract wins have included Yellow Pages, BAA Baa See BBB. , iVenturi and Thomson's Institute of Scientific Information. Smartlogik now provides Knowledge Management and Internet infrastructure solutions to over 100 major corporate clients, including Electronic Telegraph telegraph, term originally applied to any device or system for distant communication by means of visible or audible signals, now commonly restricted to electrically operated devices. Attempts at long-distance communication date back thousands of years (see signaling). , the DTI, BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. , Reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. , DHL DHL abbr. 1. Doctor of Hebrew Letters 2. Doctor of Hebrew Literature , Fujitsu (company) Fujitsu - A Japanese elecronics corporation. Fujitsu owns ICL, Amdahl Corporation, and DMR. Home USA, Japan. , the FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) , AstraZeneca AstraZeneca PLC[1] (LSE: AZN, ), is a large Anglo-Swedish pharmaceutical company formed on 6 April 1999 by the merger of Swedish Astra AB and British Zeneca Group PLC. , Nokia, The Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. , Lafferty, National Maritime Museum For the equivalents of other nations, see . The National Maritime Museum (NMM) in Greenwich, England is the leading maritime museum of the United Kingdom. Creation and official opening The Museum was created by the National Maritime Act of 1934 , the British Council The British Council is one of the United Kingdom's cultural relations organisations and which specialises in educational opportunities. It is a non-departmental public body and is registered as a charity in England. and NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. , amongst others. WebTop During 2000, WebTop launched the WebCheck personal desktop assistant (PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). ) - a revolutionary search tool that allows users to simply highlight text inside a desktop document, and with one mouse click find concept-related information from the Web. WebTop became the second most comprehensive search engine after Google (Google, Mountain View, CA, www.google.com) The largest search engine on the Web, founded by Larry Page and Sergey Brin, two Stanford University students. In 1996, they developed their "BackRub" search engine, named after its unique page ranking method (explained below). , with the indexation of over half a billion documents on the Web. In the year, revenue and marketing agreements were signed with beenz.com, Netscape Communications Corp (of the US) in the Netherlands, MGON MGON Media and Games Online Network , the market-leading games portal, Vigil vigil (vĭj`əl) [Lat.,=watch], in Christian calendars, eve of a feast, a day of penitential preparation. In ancient times worshipers gathered for vespers before a great feast and then waited outside the church until dawn for the liturgy (Mass). Technologies, Inc., a US-based pioneer in online intelligence solutions, and ZDNet. Bright Station Contracts Bright Station Contracts (BSC (Binary Synchronous Communications) See bisync. ) fulfills a five-year Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. (DTI) contract to provide an online information system about UK exporters to businesses, governments and British embassies around the world. BSC provides an Internet portal for small to medium sized companies and now has over 17,000 registered exporter companies using its service. eCommerce Division (ECD ECD Early Childhood Development ECD Electron Capture Detector ECD Energy Citations Database ECD Executive Creative Director (advertising) ECD Ethyl Cysteinate Dimer ECD Electron Capture Dissociation ECD Electronic Civil Disobedience ) ECD contains OfficeShopper, Bright Station's online business supplies operation, and Sparza, which licenses eCommerce technologies. Q4 2000 revenues for the Division were $1.2 million, down 11% on Q3 2000, but up 38% compared to Q4 1999. OfficeShopper Jeff Meers, who joined OfficeShopper as CEO in Q2 from IDG IDG International Data Group IDG Integrated Drive Generator IDG Installation Design Guide IDG Internet Discussion Group IDG Inset Dielectric Guide IDG International Dangerous Goods (mail, shipping) Global Solutions, has built a high caliber team. OfficeShopper relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. its Head Office to Chertsey (South West London South West London could mean:
Informal divisions of London ) and opened a Regional Distribution Center close to Heathrow Airport. At the end of 2000, OfficeShopper had increased its customer base from 400 corporate clients to over 900, and is now well-positioned as a leading UK online supplier of business products. Sparza In November, Sparza completed the integration of boo.com's eCommerce software. As a result, Sparza now offers a multi-currency, multi-lingual eCommerce hosting capability, linked to fulfilment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. and logistics companies throughout Europe. Sparza has been chosen as the exclusive solutions partner for a new `e-tail alliance' formed by Deutsche Post Deutsche Post AG (ISIN: DE0005552004, LSE: DPO) is a German post, logistics and courier headquartered in Bonn, previously the German state-owned mail monopoly. It has 520,000 employees in more than 220 countries and territories worldwide and generated revenue of € 60. Fulfilment GmbH, Egremont, Lakewest Consulting and Intel to provide a complete end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. for online retailing and fulfilment. Bright Station Ventures (BSV BSV Bundesschuldenverwaltung BSV Banana Streak Virus BSV BASIC Bsave Graphics (File Name Extension) BSV Binocular Single Vision BSV Beach Support Vehicle BSV Bundesschüler-Innenvertretung BSV Best State Vector BSV Basic Graphics File ) BSV was established to use the technology assets and commercial expertise within the Group to invest cash and technology in new commercially viable e-business opportunities. BSV has also provided an essential internal corporate finance role to assist in the acquisition and fundraising
Current Trading and Outlook The new senior management now in place across the Company is focused on driving their businesses forward, and good progress towards achieving many of Bright Station's business objectives was realized in Q4 2000. In 2000, the Group successfully carved out strong niche positions in two of the largest and highest revenue generating areas in the B2B Internet technology space - knowledge management/information retrieval and eCommerce. Management's priority is to deploy the resources currently available to the Company in such a way as to build the revenues in its businesses while maintaining costs in line with those revenues. The Board also continues to review options to ensure that additional capital is available for further investment in the underlying businesses so that their potential is fully exploited. Since the year-end, significant and wide-ranging alliances with Intel and Deutsche Post Fulfilment GmbH have been announced and important new client wins have been achieved. The new business pipelines for all the Bright Station businesses look strong. About Bright Station Bright Station plc is a leading creator of innovative Internet technologies and technology-driven businesses. It is comprised of the following: Smartlogik - Creates decision makers and corporate efficiencies through its superior knowledge management solutions. Smartlogik solutions combine state-of-the-art proprietary technologies that enable user-friendly searching, indexing and categorization of unstructured information with business-friendly implementation services to ensure that every corporation realizes maximum benefit from its Smartlogik knowledge management solution. Sparza - An eCommerce ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). providing online retailers with state-of-the-art Internet shopping solutions at a fraction of the cost. By outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. their entire Web store operations to Sparza, retailers can remove eCommerce from the balance sheet and concentrate on the value-adding parts of the business such as customer service, product development and marketing. WebTop - The next generation Internet See Internet2. search services company with one of the largest Web indexes in the world. Over 500 million Web pages have been catalogued and organized into information zones to deliver context specific and accurate information retrieval information retrieval Recovery of information, especially in a database stored in a computer. Two main approaches are matching words in the query against the database index (keyword searching) and traversing the database using hypertext or hypermedia links. on the Web. OfficeShopper - The Internet procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and business supplies vendor. Bright Station Ventures - Responsible for nurturing, and investing in, promising technology and Internet start-up Start-up The earliest stage of a new business venture. businesses leveraging Bright Station's world-class technology assets and expertise. This news announcement may 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "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. " created by those sections. The forward-looking statements can be identified by terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "inevitable," "believe" or "continue" or variations thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that , and include, among others, the launch dates of the Company's products noted above. The Company's actual results could differ materially from those discussed in the forward-looking statements as a result of certain factors, including, among others, those set forth under the caption "Risk Factors" in the Company's most recent Report on Form 20-F or generally in the Company's Reports on Form 6-K. The Company disclaims any obligation to update these forward-looking statements as a result of subsequent events.
Bright Station plc
Consolidated Profit And Loss Account (unaudited)
For the 12 months ended December 31, 2000
Restated
-------------------------------
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
---------- ------------ ----- ---------- ------------ -------
2000 2000 2000 1999 1999 1999
---------- ------------ ----- ---------- ------------ -------
$'000 $'000 $'000 $'000 $'000 $'000
Turnover 12,692 73,397 86,089 13,918 246,626 260,544
Cost of
sales (3,053) (33,006) (36,059) (2,075) (99,744) (101,819)
------- ---------- -------- ------- -------- ---------
Gross
profit 9,639 40,391 50,030 11,843 146,882 158,725
Distribution
costs (3,952) (11,370) (15,322) (1,707) (31,325) (33,032)
Administrative
expenses
Recurring (30,806) (23,581) (54,387) (11,343) (70,916) (82,259)
Exceptional
provision
for
diminution
in value of
goodwill (5,716) - (5,716) - - -
Amortisation
of
development
costs - (5,460) (5,460) - (13,653) (13,653)
------ ---------- -------- ------- -------- ---------
Operating
(loss)/profit
Before
exceptional
item (25,119) (20) (25,139) (1,207) 30,988 29,781
Exceptional
item (5,716) - (5,716) - - -
------- ---------- -------- ------- -------- ---------
Operating
(loss)/profit
after
exceptional
item (30,835) (20) (30,855) (1,207) 30,987 29,781
Exceptional items
Loss on
disposal
of ISD - (151,123)(151,123) - - -
Loss on
termination
of subsidiary - - - - (1,360) (1,360)
---------- ---------- -------- ------- -------- ---------
(Loss)/profit
on ordinary
activities
after
exceptional
items (30,835) (151,143)(181,978) (1,207) 29,627 28,421
---------- ---------- -------- ------- -------- ---------
Interest
receivable 1,137 455
Amounts
written
off
investments (1,792) (6,898)
Interest payable (9,945) (27,430)
------- --------
Loss on ordinary
activities
before taxation (192,578) (5,452)
Taxation on
loss on
ordinary
activities (405) (2,208)
------- --------
Loss on ordinary
activities after taxation (192,983) (7,660)
Minority equity interests (55) (74)
--------- --------
Retained loss (193,038) (7,734)
--------- --------
Loss per ADR (cents) (463.6) (20.4)
--------- --------
Continuing loss per ADR
excluding exceptional
items (cents) (57.6) (2.0)
--------- --------
Shares used in computing
loss per ADR (thousands) 41,643 37,982
Fully diluted loss
per ADR (cents) (463.1) (20.2)
--------- --------
Fully diluted continuing
loss per ADR excluding
exceptional items (cents) (57.5) (2.0)
--------- --------
Shares used in computing
fully diluted loss
per ADR (thousands) 41,683 38,278
Bright Station plc
Consolidated Profit And Loss Account (unaudited)
For the 3 months ended December 31, 2000
Restated
-------------------------------
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
---------- ------------ ----- ---------- ------------ -------
2000 2000 2000 1999 1999 1999
---------- ------------ ----- ---------- ------------ -------
$'000 $'000 $'000 $'000 $'000 $'000
Turnover 4,053 - 4,053 2,597 52,613 55,210
Cost of
sales (786) - (786) (461) (24,174) (24,635)
------- ---------- -------- ------- -------- ---------
Gross
profit 3,267 - 3,267 2,136 28,439 30,575
Distribution
costs (2,058) - (2,058) (491) (8,136) (8,627)
Administrative
expenses
including
exceptional
items
Recurring (11,321) - (11,321) (2,080) (20,053) (22,133)
Exceptional
provision
for
diminution
in value of
goodwill (5,716) - (5,716) - - -
Amortisation
of
development
costs - - - - (3,765) (3,765)
------ ---------- -------- ------- -------- ---------
Operating loss
Before
exceptional
item (10,112) - (10,112) (435) (3,515) (3,950)
Exceptional
item (5,716) - (5,716) - - -
------- ---------- -------- ------- -------- ---------
Operating
loss after
exceptional
item (15,828) - (15,828) (435) (3,515) (3,950)
Loss on
disposal
of ISD - (1,129) (1,129) - - -
------- ---------- -------- ------- -------- ---------
Loss on
ordinary
activities
after
exceptional
items (15,828) (1,129) (16,957) (435) (3,515) (3,950)
------- ---------- -------- ------- -------- ---------
Interest receivable 222 227
Amounts written
off investments (1,970) (6,898)
Interest payable - (7,011)
------- -------
Loss on ordinary
activities
before
taxation (18,705) (17,632)
Taxation on loss
on ordinary activities - (490)
------- -------
Loss on ordinary activities
after taxation (18,705) (18,122)
Minority equity interests - (88)
------- -------
Retained loss (18,705) (18,210)
------- -------
Loss per ADR (cents) (43.3) (47.6)
------- -------
Continuing loss per ADR
excluding exceptional
items (cents) (22.9) (0.5)
------- -------
Shares used in computing
loss per ADR (thousands) 43,154 38,216
Fully diluted loss
per ADR (cents) (43.3) (47.6)
------- -------
Fully diluted continuing
loss per ADR excluding
exceptional items (cents) (22.9) (0.5)
------- -------
Shares used in computing
fully diluted loss
per ADR (thousands) 43,156 38,259
Bright Station plc
Consolidated Balance Sheet (unaudited)
As at December 31, 2000
Restated
---------------
31-Dec 31-Dec
2000 1999
$'000 $'000
FIXED ASSETS
Intangible assets 441 38,464
Goodwill 3,914 14,644
Tangible assets 3,581 21,414
Investments 2,007 14,390
--------------------------
9,943 88,912
--------------------------
CURRENT ASSETS
Stocks - 90
Debtors 4,943 54,797
Cash at bank and in hand 24,395 15,713
--------------------------
29,338 70,600
CREDITORS (amounts falling
due within one year) (10,983) (106,897)
--------------------------
NET CURRENT ASSETS/(LIABILITIES) 18,355 (36,297)
--------------------------
TOTAL ASSETS LESS
CURRENT LIABILITIES 28,298 52,615
CREDITORS (amounts falling due
after more than one year) (25) (205,162)
Provisions for liabilities
and charges - (2,136)
--------------------------
28,273 (154,683)
--------------------------
CAPITAL AND RESERVES
Called up share capital 2,578 2,313
Share premium account 274,889 231,416
Shares to be issued 200 1,444
Profit and loss account (249,394) (390,667)
--------------------------
Ordinary shareholders' funds 28,273 (155,494)
Minority interest - 811
--------------------------
Total shareholders' funds 28,273 (154,683)
--------------------------
The financial results set forth above represent the company's
financial results under UK GAAP translated for convenience into US
Dollars at the rate of US$:(pound)1.4935 being the rate of exchange on
December 31, 2000, the last trading day of the period.
Bright Station plc
Consolidated Cash Flow Statement (unaudited)
For the 12 months ended December 31, 2000
12 months Restated 12 months
--------------- -----------------
2000 1999
$'000 $'000
NET CASH (OUTFLOW)/INFLOW
FROM OPERATING ACTIVITIES (16,107) 50,035
--------------- -----------------
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE
Interest received 1,168 453
Interest paid on bank
loans and overdrafts (11,646) (25,307)
Interest paid on
finance leases (37) (158)
--------------- -----------------
(10,515) (25,012)
--------------- -----------------
TAXATION PAID (370) (1,361)
--------------- -----------------
CAPITAL EXPENDITURE
Payments to acquire
intangible assets (4,325) (18,067)
Payments to acquire
tangible fixed assets (4,103) (6,775)
Payments to acquire
fixed asset investments (2,724) -
Receipts from sales of
tangible fixed assets 148 116
--------------- -----------------
(11,004) (24,726)
--------------- -----------------
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary
undertakings (384) (1,844)
Proceeds from sale
of investments 3,789 1,160
Payment to acquire minority
interest in subsidiary
undertaking - (639)
Expenses in connection with
purchase of subsidiary
undertaking - (453)
Cash transferred with
sale of ISD (7,188) -
Payment of deferred
consideration (2,136) -
Expenses in connection
with sale of ISD (8,051) -
Proceeds from sale of ISD 277,005 -
Provision for diminution in
value of fixed
asset investments
--------------- -----------------
263,035 (1,776)
--------------- -----------------
CASH INFLOW/(OUTFLOW) BEFORE
THE USE OF LIQUID
RESOURCES AND FINANCING 225,039 (2,840)
--------------- -----------------
FINANCING
Net proceeds on issue of
Ordinary share capital 42,265 212
Debt due within one year
- Increase in borrowings - 42,983
- Increase in finance leases - 2,313
- Repayment of loans (257,662) (32,863)
Debt due after one year
- Increase in lease finance - 2,254
Expenses on raising of debt - (1,861)
Repayment of capital element
of finance leases (959) (784)
--------------- -----------------
(216,356) 12,254
--------------- -----------------
INCREASE IN CASH 8,683 9,414
--------------- -----------------
RECONCILIATION OF NET CASH
FLOW TO MOVEMENT
IN NET FUNDS/(DEBT)
Increase in cash in the period 8,683 9,414
Cash used to decrease lease
financing 959 784
Cash acquired from issue of
debt (net of expenses) - (41,121)
Cash used to repay loans 257,662 32,863
Cash acquired from new
finance leases - (4,567)
--------------- -----------------
Change in net funds/(debt)
from cash flows 267,304 (2,627)
Other non-cash changes (9,148) (1,903)
New finance leases 55 (5,398)
Finance lease obligations
transferred to ISD 8,549 -
Effect of foreign exchange
rate changes (7,916) (7,829)
--------------- -----------------
Movement in net
funds/(debt) in period 258,844 (17,757)
Net debt at beginning
of period (234,448) (216,693)
--------------- -----------------
Net funds/(debt) at
end of period 24,396 (234,450)
--------------- -----------------
The financial results set forth above represent the company's
financial results under UK GAAP translated for convenience into US
Dollars at the rate of US$:(pound)1.4935 being the rate of exchange on
December 31, 2000, the last trading day of the period.
Bright Station plc
Analysis of Revenues
For the 12 months ended December 31, 2000 (unaudited)
Restated
----------------------------------------
1999
----------------------------------------
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total
$'000 $'000 $'000 $'000 $'000
ISD - discontinued
operations 61,849 58,844 73,165 52,768 246,626
WSD - continuing operations 1,441 7,227(1) 1,550 1,606 11,824
ECD - continuing operations 456 481 321 836 2,094
-----------------------------------------
1,897 7,708 1,871 2,442 13,918
-----------------------------------------
Total revenues 63,746 66,552 75,036 55,210 260,544
-----------------------------------------
----------------------------------------
2000
----------------------------------------
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total
$'000 $'000 $'000 $'000 $'000
ISD - discontinued
operations 57,295 16,102 - - 73,397
WSD - continuing operations 1,646 2,111 2,230 2,896 8,883
ECD - continuing operations 579 766 1,307 1,157 3,809
-----------------------------------------
2,225 2,877 3,537 4,053 12,692
-----------------------------------------
Total revenues 59,520 18,979 3,537 4,053 86,089
-----------------------------------------
(1) Includes(pound)4.0 million in respect of licence fee from
Fujitsu
These results are unaudited and do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.
The financial statements for the year ended 31 December 1999 have been
audited by the Company's auditors, PricewaterhouseCoopers, and
delivered to the Registrar of Companies. The audit report was not
qualified and neither did it contain any statements under Section 237
(2) or (3) of the Companies Act 1985. With the exception of the change
in accounting policy for capitalised development costs and the
restatement of software licensing revenues (see interim statement),
the unaudited results for the twelve months ended 31 December 2000
have been prepared in accordance with the accounting policies stated
in the 1999 Annual Report and Accounts.
The financial results set forth above represent the company's
financial results under UK GAAP translated for convenience into US
Dollars at the rate of US$:(pound)1.4935 being the rate of exchange on
December 31, 2000, the last trading day of the period.
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