Bristol Retail Solutions Inc. Reports Net Income and Record Revenues for the Quarter Ended June 30, 1999.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)--Aug. 6, 1999-- 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. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BRTL) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced $45,000 net income for the second quarter ended June June: see month. 30, 1999 or $0.01 per share up from $4,000 or $0.00 per share for the second quarter of 1998. Revenue for the second quarter increased 22% from the comparable quarter one year ago. Net loss applicable to common stockholders for the quarter was $20,000 or $0.00 per basic and 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. Net loss applicable to common stockholders includes accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the and cumulative dividends related to the issuance of 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. . For the six months ended June 30, 1999, revenue increased 25% to $17,749,000 from $14,181,000 for the comparable period one year ago. The net loss was $453,000, or $0.07 per diluted share. This compares with a net loss of $449,000, or $0.17 per diluted share, for the same period last year. Including preferred accretion and dividends, the net loss applicable to common stockholders was $518,000 for the first six months of 1999. Revenue from POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. and installation increased 28% to $6,553,000 for this year's second quarter from $5,115,000 a year earlier. Service and supplies revenue increased 10% to $3,086,000 from $2,804,000 for the 1998 second quarter. "We were pleased with the improvement in the latest quarter reflecting the work of our employees and the new management team," said Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. 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. "I believe that this is the first real operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the history of the Company. I believe we have made significant strides with the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. of the Company. Our earnings would even have been $100,000 higher but we put aside a reserve related to the proposed settlement of our class action complaint." Bristol Retail Solutions, with headquarters in Newport Beach, provides retail automation products and services through an expanding network of point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point businesses. Except for historical information contained in this document, the matters included in this news release are forward looking and involve a number of risks and uncertainties. The Company's actual results could differ materially from those described for a variety of factors. These factors could include, but are not limited to, those discussed in "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in Bristol Retail Solutions Inc. form 10-KSB Annual Report filed for the year ended Dec. 31, 1998, the Company's form 10-QSB Quarterly Report for the quarter ended March 31, 1999, as well as those discussed elsewhere in other public filings made by the Company with the Securities and Exchange Commission. Forward looking statements included the Company's statement regarding liquidity, anticipated cash needs and availability, and anticipated expense levels in "Management's Discussion and Analysis of Financial Conditions and Results of Operations." All forward looking statements included in this document are based on information available to the Company on the date of this news release, and the Company assumes no obligation to update any of these forward looking statements. It is important to note that the Company's actual results could defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. materially from those in these forward looking statements. -0-
BRISTOL RETAIL SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
($ in thousands, except for per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Revenue
Systems sales and installation $ 6,553 $ 5,115 $11,737 $ 8,907
Service and supplies sales 3,086 2,804 6,012 5,274
Total revenue 9,639 7,919 17,749 14,181
Cost of revenue
Systems sales and installation 4,284 3,377 7,717 5,699
Service and supplies sales 2,250 1,889 4,391 3,629
Total cost of revenue 6,534 5,266 12,108 9,328
Gross margin 3,105 2,653 5,641 4,853
Operating expenses
Selling, general &
administrative 2,786 2,430 5,460 4,857
Software development costs 168 155 404 321
Total operating expenses 2,954 2,585 5,864 5,178
Operating income (loss) 151 68 (223) (325)
Other expense 103 64 227 121
Income (loss) before income taxes 48 4 (450) (446)
Provision for income taxes 3 - 3 3
Net income (loss) $ 45 $ 4 $ (453) $ (449)
Preferred stock accretion
and dividends:
Accretion related to Series A
Convertible Preferred Stock - - - (242)
Accretion related to Series B
Preferred Stock (52) - (52) -
Imputed dividends for Series A
Convertible Preferred Stock - - - (228)
Cumulative dividends for Series A
Convertible Preferred Stock - (15) - (17)
Cumulative dividends for Series B
Preferred Stock (13) - (13) -
Net loss applicable to common
stockholders $ (20) $ (11) $ (518) $ (936)
Net income (loss) to
common stockholders per share
Basic $(0.00) $(0.00) $(0.07) $(0.17)
Diluted $(0.00) $ 0.00 $(0.07) $(0.17)
Weighted average common
Shares outstanding
Basic 6,963 5,661 6,940 5,606
Diluted 6,963 6,116 6,940 5,606
BRISTOL RETAIL SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands) (1999 unaudited)
June 30, December 31,
1999 1998
ASSETS
Current assets
Cash and cash equivalents $ 785 $ 146
Accounts receivable - net 5,416 5,526
Inventories 4,300 4,773
Prepaid & other current assets 452 384
Current portion of
note receivable 171 153
Total current assets 11,124 10,982
Property & equipment, net 778 845
Intangibles, net 4,410 4,539
Note receivable - noncurrent 104 186
Other assets 686 733
Total assets $ 17,102 $ 17,285
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 3,576 $ 3,230
Accounts payable 3,502 3,886
Accrued wages, salaries and
related benefits 915 970
Accrued expenses 490 535
Deferred revenue 1,602 1,848
Customer advances 780 572
Current maturity of
Long-term debt 91 118
Total current liabilities 10,956 11,159
Long-term debt and other 233 269
Stockholders' equity 5,913 5,857
Total liabilities and
Stockholders' equity $ 17,102 $ 17,285
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