C-bridge --CBIS-- Reports First Quarter 2001 Results; Total Revenue Up 48% Over Q1 2000 as Company Continues Its Disciplined Fiscal Fitness Strategy.Business/Technology Editors BOSTON--(BUSINESS WIRE)--April 26, 2001 C-bridge 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 Solutions, Inc. (Nasdaq:CBIS CBIS Computer Based Information System CBIS Christian Brothers Investment Services CBIS Cincinnati Bell Information Systems CBIS Chinese Biodiversity Information System CBIS Certified Brain Injury Specialist ), the originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting of the iSolutions approach to e-Enterprise consulting and services, today reported results for its first quarter ended March 31, 2001. Total revenues for the first quarter of 2001 were in line with the company's revised estimate Revised estimate The third estimate of GDP released about three months after the measurement period. for the quarter at $18.0 million, an increase of 48% from total revenues of $12.2 million for the first quarter of 2000. C-bridge's gross margin was 31% for the first quarter of 2001. Gross margin was 49% for the fourth quarter of 2000 and 50% for the first quarter of 2000. The company's cash position as of March 31, 2001 was $49.0 million, as projected. The cash position for the company's fourth quarter of 2000 was $52.0 million. C-bridge also announced it was taking additional steps to conservatively align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. its costs with today's cautious marketplace. These steps include further reducing headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. and rent costs in selected cities. C-bridge will reduce current headcount by 90 employees. As previously announced, C-bridge reduced headcount by 95 people in January January: see month. and 105 people in March 2001. C-bridge's billable headcount was 314 on March 31, 2001, as compared to billable headcount of 463 on December December: see month. 31, 2000. Billable headcount was 208 on March 31, 2000. The Company's current total and billable headcount are 480 and 312 respectively as of April 24, 2001. C-bridge also previously announced cost-related measures which included the closing of selected sales related offices in its Asia Pacific and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. regions, the intended termination of its 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. agreement with CEE cee n. The letter c. and the related building lease in Cambridge. In connection with the measures previously announced, the Company incurred non-recurring 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 of approximately $3.7 million, which are recorded as a part of first quarter 2001 operations. C-bridge anticipates that the non-recurring charge related to this further restructuring will be approximately $1.5 to $2 million and will be recorded in the quarter ended June 30, 2001. "Our focus as a company is to continuously increase the speed at which we are able to deliver measurable and sustainable business A business is sustainable if it has adapted its practices for the use of renewable resources and holds itself accountable for the environmental and human rights impacts of its activities. value to our clients," said Joe Bellini Bellini (bĕl-lē`nē), illustrious family of Venetian painters of the Renaissance. Jacopo Bellini (yä`kōpō), c.1400–1470, was a pupil of Gentile da Fabriano. , C-bridge chairman and 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. . "We feel that our ability to meet our projected revenue goal for Q-1, while implementing both our vertical restructuring and launching our product development initiative is a positive indicator that our focus is the right one. Although cautious, the marketplace is responding to our value-centered approach to industry focused sales and marketing and we are getting traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. ." For the first quarter of 2001, C-bridge's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss (excluding stock compensation expense, goodwill amortization expense and restructuring costs) was $7.8 million, representing a net loss per share of $0.37. For the preceding quarter ended December 31, 2000, C-bridge's pro forma net loss (excluding stock compensation and goodwill amortization expense) was $727 thousand, or net income per share of $0.03. For the quarter ended March 31, 2000, C-bridge's pro forma net loss (excluding stock compensation expense) was $236 thousand, or a net loss per share of $0.01. Net loss (including stock compensation expense and goodwill amortization expense) for the first quarter of 2001 was $12.4 million, or a net loss per share of $0.58, as compared to a net loss of $990 thousand, or a net loss of $0.05 per share for the first quarter of 2000. About C-bridge C-bridge (NASDAQ: CBIS) is the originator of the iSolutions approach to e-Enterprise consulting and services. A noted provider of quality, industry-focused e-Enterprise solutions and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to the Global 2000 and emerging industry leaders, C-bridge's experience, execution and strategic counsel to enterprises striving to manage their value chains have earned recognition worldwide. C-bridge iSolutions are the new breed of "productized" services designed to provide organizations with reliable, standards-based, business and technology architecture. iSolutions integrate the e-Enterprise and value chains to retain customers, expand markets and improve efficiencies. Headquartered in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New , C-bridge is distinguished by its commitment to ensure the success of its clients by providing mentoring, knowledge transfer and executive education to thousands of industry leaders per year. More information can be found at www.c-bridge.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 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 release contains information about future expectations, plans, and prospects of C-bridge's management that constitute 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. for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, the profitability of the Company's contracts, the Company's ability to retain existing clients and attract new clients, the Company's ability to hire, train, and retain qualified employees, the Company's ability to continue to develop effective sales and marketing capabilities, the Company's ability to keep pace with the Internet's rapid technological changes, evolving industry standards and changing client requirements, worldwide business use of the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises growth in the number of web access devices per user, the occurrence of any failure of the Internet, the continued improvement of security on the Internet, general economic and industry conditions, as well as other factors reflected in the Company's filings with the Securities and Exchange Commission from time to time, including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. C-bridge is a trademark of C-bridge Internet Solutions, Inc. All other trademarks are the property of their respective companies. EDITORS' NOTE: This and other information about C-bridge is available on the company Web site (www.c-bridge.com).
C-BRIDGE INTERNET SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2001 2000
Assets (unaudited)
Current Assets:
Cash and cash equivalents $46,362,310 $48,999,076
Accounts receivable,net 7,785,956 16,838,654
Unbilled receivables 5,775,535 7,508,262
Other current assets 1,325,126 1,512,668
Total Current Assets 61,248,927 74,858,660
Property and equipment, net 10,102,802 10,423,068
Restricted cash equivalents 3,186,261 3,166,386
Goodwill and other assets 8,730,535 10,012,318
Total Assets $83,268,525 $98,460,432
Liabilities and Stockholders' Equity
Current Liabilities:
Short term debt $180,991 $220,438
Accounts payable 2,216,217 5,521,718
Accrued expenses 4,704,589 4,874,301
Deferred revenue 4,601,252 4,598,415
Total Current Liabilities 11,703,049 15,214,872
Long term debt 23,481 44,089
Total Liabilities 11,726,530 15,258,961
Stockholders' Equity:
Common stock, $.01 par value 219,889 216,883
Additional paid-in capital 100,289,727 100,889,335
Deferred compensation (2,433,992) (3,668,495)
Cumulative translation adjustment 120,114 --
Accumulated deficit (26,500,743) (14,083,252)
Treasury stock, at cost (153,000) (153,000)
Total Stockholders' Equity 71,541,995 83,201,471
Total Liabilities and
Stockholders' Equity $83,268,525 $98,460,432
C-BRIDGE INTERNET SOLUTIONS AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
For the Three Months Ended
March 31, March 31,
2001 2000
Actual Actual
(unaudited)
Net Revenues
Professional service revenues,
including $1,437,147 in related
party revenues in 2001 and 2000 $18,045,392 $12,172,903
Costs and expenses
Direct costs of professional services 12,368,734 6,046,127
Selling and marketing 5,239,441 3,147,581
General and administrative 9,033,473 4,272,791
Amortization of intangible assets 463,851 --
Compensation expense related to stock
options and warrants 373,612 753,768
Restructuring costs 3,693,698 --
Total operating expenses 31,172,809 14,220,267
Loss from operations (13,127,417) (2,047,364)
Interest expense (13,650) --
Interest income 656,280 902,083
Other Income 67,296 155,551
Net loss $(12,417,491) $(989,730)
Basic and Diluted net loss per share $(0.58) $(0.05)
Basic and diluted weighted
average shares outstanding 21,424,287 19,252,938
Pro forma net loss (excluding
compensation expense related to
stock options and warrants, amortization
of goodwill and restructuring costs) $(7,886,330) $(235,962)
Pro forma basic and diluted
net loss per share $(0.37) $(0.01)
Basic and diluted weighted
average shares outstanding 21,424,287 19,252,938
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