Bristol Retail Solutions, Inc. Reports 1999 Year-End Results.Business Editors/Hi-Tech Writers NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--April 17, 2000 Bristol Bristol, cities, United States Bristol. 1 Industrial city (1990 pop. 60,640), Hartford co., central Conn., on the Pequabuck River; settled 1727, inc. 1785. Its clock-making industry dates from 1790. Retail Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BRTL) (the "Company") today reported results for its year ended December 31, 1999. The Company announced that it recorded a net loss of $362,000 or $.05 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 for 1999 compared to a 1998 net loss of $1.7 million or $.30 per diluted share. The results for 1999 include a one-time gain of $1,171,000 on the sale of a division of Smyth Systems selling proprietary, point-of-sale software to private and resort golf courses. The results for 1998 include proceeds of $504,000 from a key man life insurance policy on a former owner of one of the subsidiaries who had passed away. After accounting for the Series B preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , the 1999 net loss applicable to common stockholders was $441,000 or $.06 per diluted share compared to a 1998 net loss applicable to common stockholders of $2,225,000 or $.38 per diluted share. The Company also reported an increase of 14% in revenues for the twelve month period ended December 31, 1999 to a record $36.7 million from $32.2 million reported for the twelve month period ended December 31, 1998. On a proforma Proforma A financial projection based on assumptions. basis, the Company reported that excluding the division of Smyth Systems that was sold and after adjustments for operating charges that are not expected to reoccur, the 1999 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. was breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations versus a 1998 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 $1,812,969. Lawrence Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Chairman, stated, "We are pleased with the revenue growth and the significant improvement in our operating results. As we began the year, our plan was to increase sales by expanding our market presence in the regions that we operate." Mr. Cohen continued, "this past year was a year of accomplishments. The Company settled with former management on the various legal issues. The Company solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its relationships with our suppliers. The Company has integrated its operations and accounting to one centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. platform. The Company has added new products to penetrate new markets and to enhance existing product lines. The Company is integrating its subsidiaries under one brand name: Bristol POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale . Lastly, the Company sold the division of Smyth Systems that sold point-of-sale systems to private golf courses and resorts that was unrelated to the Company's core business." Mr. Cohen closed by stating, "The Company is financially stronger than we were one year ago. The Company's improved financial position will permit the Company to explore synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. extensions to our business. We are anticipating an exciting 2000". Bristol Retail Solutions, headquartered in Newport Beach, California Newport Harbor redirects here. For the MTV reality series, see . Newport Beach, incorporated in 1906, is a city in Orange County, California, 10 miles south of downtown Santa Ana. , provides retail automation products and services through an expanding network of point-of-sale businesses. In conjunction with the provisions of the new "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. " section of the 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, this press release 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. pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to future anticipated projected plans, performance and developments, as well as other statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors which could affect Bristol Retail Solutions, Inc. are included in the Company's 10-K for the year ended December 31, 1999 filed with the Securities and Exchange Commission.
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except for per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
------- ------- ------- -------
(Unaudited) (Unaudited)
Net revenue
Systems sales
and installation $ 6,117 $ 5,494 $ 24,380 $ 20,785
Service and
supplies sales 3,083 3,099 12,321 11,412
------- ------- ------- -------
Total revenue 9,200 8,593 36,701 32,197
Cost of revenue
Systems sales
and installation 4,411 3,663 16,452 13,792
Service and
supplies sales 2,392 2,288 9,072 8,251
------- ------- ------- -------
Total cost of
revenue 6,803 5,951 25,524 22,043
------- ------- ------- -------
Gross margin 2,397 2,642 11,177 10,154
Operating expenses
Selling, general
& administrative 3,137 3,677 11,525 11,228
Software
development costs 87 237 619 739
------- ------- ------- -------
Total operating
expenses 3,224 3,914 12,144 11,967
------- ------- ------- -------
Operating loss (827) (1,272) (967) (1,813)
------- ------- ------- -------
Gain on sale of
Smyth Imager assets 1,171 -- 1,171 --
Other expense
(income), net 187 (339) 557 (101)
Income (loss) before
income taxes 157 (933) (353) (1,712)
Provision for
income taxes 5 9 9 20
------- ------- ------- -------
Net income (loss) $ 152 $ (942) $ (362) $ (1,732)
Preferred stock
accretion and
dividends:
Accretion related
to Series A
Convertible
Preferred Stock -- -- (53) (242)
Imputed dividends
for Series A
Convertible
Preferred Stock -- -- -- (228)
Cumulative
dividends for
Series A
Convertible
Preferred Stock (1) (7) (26) (23)
Net income (loss)
available to
common stockholders $ 153 $ (949) $ (441) $(2,225)
------- ------- ------- -------
Basic and diluted
net loss to common
stockholders per
share $ .02 $(0.15) $(0.06) $ (0.38)
Basic and diluted
weighted average
common shares
outstanding 6,963 6,472 6,951 5,827
CONSOLIDATED CONDENSED BALANCE SHEET ($ in thousands)
December 31, December 31,
1999 1998
------ ------
Assets
Current assets
Cash and cash equivalents $ 333 $ 146
Accounts receivable - net 5,378 5,527
Inventories - net 3,853 4,773
Prepaid expenses & other current assets 396 384
Current portion of
note receivable 82 153
------ ------
Total current assets 10,042 10,983
Property & equipment, net 597 845
Intangibles assets, net 4,272 4,539
Note receivable, noncurrent 117 186
Other assets 193 732
------ ------
Total assets $15,221 $17,285
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Liabilities & Stockholders' Equity
Current liabilities
Short-term borrowings $ 3,351 $ 3,230
Accounts payable 2,506 3,886
Accrued wages, salaries and
related benefits 644 970
Accrued expenses 587 535
Deferred service revenue 1,327 1,848
Customer advances 652 572
Current maturity of
long term debt 71 118
------ ------
Total current liabilities 9,138 11,159
Long term debt and other 192 269
Stockholders' equity 5,891 5,857
Total liabilities and
Stockholders' equity $15,221 $17,285
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