Brilliant Digital Entertainment, Inc. Reports Fiscal Year 2001 Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 1, 2002 Growing Advertiser ad·ver·tise v. ad·ver·tised, ad·ver·tis·ing, ad·ver·tis·es v.tr. 1. To make public announcement of, especially to proclaim the qualities or advantages of (a product or business) so as to increase Interest From Large Advertisers Fuels Success Of Rich Media Brilliant Banners Brilliant Digital Entertainment, Inc. (AMEX AMEX See: American Stock Exchange :BDE See Borland Database Engine. ), a developer of 3D rich media advertising and content creation technologies for the 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 , announced results today for the fiscal fourth quarter 2001 and for the fiscal year ended December December: see month. 31, 2001. Brilliant Digital reported a net 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 of ($6,635,000), or ($0.41) per share, for the year ended December 31, 2001, compared to a net loss from continuing operations of ($9,208,000), or ($0.62) per share for the year ended 2000. Net revenues for 2001 from continuing operations rose 76% to $1,816,000 from $1,030,000 in fiscal 2000. The Auction Channel has been accounted for as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. pursuant to Management's formal adoption on December 31, 2000 of a plan to dissolve A Web site design technique borrowed from the film and video industry in which the transition between two Web pages is represented visually by one page fading into another. Also known as a "soft cut," the result is achieved in the HTML coding of the images to gradual pre-determined the business unit. For the fiscal 2001 fourth quarter, Brilliant Digital reported a net loss from continuing operations of ($1,719,000), or ($0.10) per share, compared with a net loss from continuing operations of ($2,690,000), or ($0.17) per share, for the same period a year ago. Brilliant Digital's 2001 fourth quarter revenues from continuing operations increased to $377,000, compared to $268,000 from continuing operations in the fiscal 2000 fourth quarter, reflecting an increase in revenues related to content production. Kevin Bermeister Kevin Bermeister has developed substantial businesses in the computers, video games and multimedia industries. He established Ozisoft in 1982, based in Sydney, Australia, which was one of the first interactive multimedia companies. , president of Brilliant Digital commented, "2001 proved to be another challenging year for us. We continued with significant cost cutting measures through employee downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing , particularly in the area of production, as well as other cost cutting measures that have contributed to a substantial decrease in our operating costs operating costs npl → gastos mpl operacionales . We now use outside studios to produce our Brilliant Banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. content, our rich media advertising format that was launched to offer advertisers and websites an alternative solution to the current GIF GIF in full Graphics Interchange Format Standard computer file format for graphic images. GIF files use data compression to reduce the file size. The original version of the format was developed by CompuServe in 1987. banners that are prevalent prevalent widespread occurrence. on websites today. We are excited by the reception that Brilliant Banners are receiving in the marketplace as evidenced by the increasing number and diversity of advertisers, including Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. On Net and X10, that are choosing to advertise in this format." "We are encouraged by the recent financing transaction in which we raised $800,000 in a private placement transaction. This will allow us to continue with our sales efforts of the increasingly popular Brilliant Banner and position us to take advantage of other opportunities which we continue to identify." About Brilliant Digital Entertainment Brilliant Digital Entertainment, Inc. (Amex:BDE) is a developer of 3D rich media advertising and content creation technologies for the Internet. It sells its b3d Studio content creation and authoring toolset to enable the creation and delivery of interactive, streaming, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. 3D graphics over the Internet, and licenses its ad serving technology to the content and advertising communities. The b3d Studio toolset is targeted for use by studios, production houses, web content suppliers and advertising agencies to produce entertainment, advertising and music content for consumers distributed over the Internet. Brilliant also licenses its Brilliant Banner ad A graphic image used on Web sites to advertise a product or service. Banner ads come in numerous sizes, but are often rectangles 460 pixels wide by 60 pixels high. Also 460 x 55 and 392 x 72 sizes are commonly used. serving technology to the web based Coming from a Web server. See Web application. advertising industry. Find out more at www.brilliantdigital.com. For further information, please contact Robin Gore at 818/615-1500 X528 or rgore@bde3d.com. Information about Forward Looking Statements Brilliant Digital Entertainment's ability to continue as a going concern is dependent on securing external sources of funding to continue operations. Statements in this news release that relate to (i) the reception of Brilliant Banners in the marketplace, (ii) increases in the number and diversity of advertisers choosing to use rich media advertising format, (iii) the increasing popularity of Brilliant Banners, (iv) Brilliant Digital's ability to take advantage of other opportunities, and (vi) other projections, events or performance are 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Act of 1934, as amended. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievement of Brilliant Digital to be materially and adversely different from any future results, performance or achievement expressed or implied by theses forward-looking statements. Actual results may differ materially due to a variety of factors, including (i) the online users interest in Brilliant Banner advertisements, (ii) the desire by advertisers to invest in Brilliant Banner advertisements, (iii) the number of online users with an installed Digital Projector See data projector. , (iv) Brilliant Digital's ability to raise additional funds, which may require delaying implementation of Brilliant Digital's business plan, reducing overhead significantly or suspension of operations and (v) those factors set forth in Brilliant's most recently filed Form 10-KSB report which is available from Brilliant Digital Entertainment's Investor Relations Investor relations The process by which the corporation communicates with its investors. department and may be obtained by calling or writing to Robin Gore, at 818/615-1500 X528.
(financial statements follow)
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(audited)
(in thousands)
December 31,
2001
---------
Assets
Cash and cash equivalents $ 185
Other current assets 351
---------
Total current assets 536
Other assets 582
---------
Total assets $ 1,118
=========
Liabilities and stockholders' equity
Current liabilities $ 2,731
Long-term liabilities 2,636
---------
Total liabilities 5,367
Total stockholders' equity (4,249)
---------
Total liabilities and stockholders' equity $ 1,118
=========
BRILLIANT DIGITAL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
3 months 3 months Year Year
ended ended ended ended
12/31/01 12/31/00 12/31/01 12/31/00
--------- --------- --------- ---------
(unaudited) (unaudited) (audited) (audited)
Revenue:
Total revenues $ 377 $ 268 $ 1,816 $ 1,030
--------- --------- --------- ---------
Cost of revenues and
expenses:
Cost of revenues 21 60 463 268
Sales & marketing 275 522 839 1,651
General and
administrative 805 898 4,410 4,324
Research and
development 500 1,036 1,892 3,855
Depreciation and
amortization 49 87 284 319
--------- --------- --------- ---------
Total cost of
revenues and
expenses 1,650 2,603 7,888 10,417
--------- --------- --------- ---------
(Loss) from
operations (1,273) (2,335) (6,072) (9,387)
Other income
(expense):
Export market
development grant 129 (3) 185 116
Gain (loss) on
foreign exchange -- (5) 44 (1)
Loss on investment
in joint venture (264) (100) (264) (100)
Interest income
(expense), net (311) (247) (528) 164
--------- --------- --------- ---------
Total other income
(expense) (446) (355) (563) 179
--------- --------- --------- ---------
Loss on continuing
operations $ (1,719) $ (2,690) $ (6,635) $ (9,208)
Loss on discontinued
operations $ (317) $ (6,086) $ (317) $ (12,708)
Gain on disposal of
discontinued
operations $ 311 $ -- $ 624 $ --
--------- --------- --------- ---------
Net loss $ (1,725) $ (8,776) $ (6,328) $ (21,916)
========= ========= ========= =========
Comprehensive income
(loss) $ (1,759) $ (8,791) $ (6,451) $ (21,931)
========= ========= ========= =========
Basic and diluted
(loss) per share
from continuing
operations $ (0.10) $ (0.17) $ (0.41) $ (0.62)
========= ========= ========= =========
Basic and diluted
(loss) per share
from discontinued
operations $ (0.00) $ (0.38) $ 0.02 $ (0.85)
========= ========= ========= =========
Basic and diluted
net income (loss)
per share $ (0.10) $ (0.55) $ (0.39) $ (1.47)
========= ========= ========= =========
Common shares used
in computing basic
income (loss) per
share 16,485 16,054 16,236 14,931
========= ========= ========= =========
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