C-bridge Internet Solutions, Inc. --CBIS-- Reports Fourth Quarter and Year End 2000 Results Inline With Revised Expectations.Business/Technology Editors CAMBRIDGE Cambridge, city, Canada Cambridge (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. , Mass.--(BUSINESS WIRE)--Jan. 23, 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 ), a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. provider of eBusiness See e-business. solutions, today reported results for its fourth quarter and year ended December December: see month. 31, 2000. Total revenues for the fourth quarter of 2000 were $26.2 million, a sequential increase of 1% from total revenues of $25.8 for the third quarter of 2000 and an increase of 196% from total revenues of $8.8 million for the fourth quarter of 1999. Total revenues for the year ended December 31, 2000 were $83.0 million, an increase of 266% from total revenues of $22.7 million for the year ended December 31, 1999. C-bridge's gross margin was 49% for the fourth quarter of 2000. Gross margin was 51% for the third quarter of 2000 and 50% for the fourth quarter of 1999. For the year ended December 31, 2000, C-bridge's gross margin increased to 51% from a gross margin of 47% for the year ended December 31, 1999. C-bridge's total 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. was 709 at December 31, 2000, as compared to total headcount of 665 at September September: see month. 30, 2000. Total headcount was 249 at December 31, 1999. C-bridge's billable headcount was 463 at December 31, 2000, as compared to billable headcount of 445 at September 30, 2000. Billable headcount was 147 at December 31, 1999. The Company's current total and billable headcount are 608 and 376, respectively as of January January: see month. 23, 2001. Commenting on the results, 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. , President 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. of C-bridge said, "Our top line revenue growth in FY00 has given C-bridge the scale to deliver significant business value to our client base. Our focus as a company has been and continues to be to hire and retain the specific skill sets required to identify business opportunities for our clients and deliver solutions that will exploit these business opportunities. To increase the speed at which we are able to deliver client business value, we have developed a set of frameworks by Industry vertical that are essentially productized services. These frameworks allow for the rapid implementation of flexible solutions that are built to accept interchangeable in·ter·change·a·ble adj. That can be interchanged: interchangeable items of clothing; interchangeable automotive parts. in packaged software See software package. components based on customer need." For the fourth quarter of 2000, 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 and goodwill amortization expense) was $727 thousand, representing a net loss per share of $0.03. For the preceding quarter ended September 30, 2000, C-bridge's pro forma net income (excluding stock compensation and goodwill amortization expense) was $278 thousand, or net income 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 of $0.01. For the quarter ended December 31, 1999, C-bridge's pro forma net loss (excluding stock compensation expense) was $312 thousand, or a net loss per share of $0.02. Net loss (including stock compensation expense and goodwill amortization expense) for the fourth quarter of 2000 was $1.7 million, or a net loss per share of $0.08 as compared to a net loss of $1.9 million, or a net loss of $0.15 per share for the fourth quarter of 1999. For the year ended December 31, 2000, C-bridge's pro forma net loss (excluding stock compensation expense and goodwill amortization expense) was $800 thousand, representing a net loss per share of $0.04. For the year ended December 31, 1999, C-bridge's pro forma net loss (excluding stock compensation expense) was $490 thousand, or a net loss per share of $0.04. Net loss (including stock compensation expense and goodwill amortization expense) for the year ended December 31, 2000 was $3.9 million, or a net loss per share of $0.19 as compared to a net loss of $4.8 million, or a net loss of $0.43 per share, for the year ended December 31, 1999. About C-bridge Founded in 1996 and based in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , C-bridge is a full-service provider of e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. solutions. C-bridge creates business value for clients through its experience-driven ability to diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. and resolve business and technology issues, develop business and technology strategies, and deliver advanced Internet applications and eBusiness solutions. C-bridge also provides executive educational services to assist business leaders in successfully defining and implementing e-business transformation and collaboration Working together on a project. See collaborative software. . For more information on C-bridge, visit 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 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 Act of 1934, 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. . Statements beginning with such words as "believes", "intends", "plans", and "expects" and similar expressions include forward-looking statements that are based on management's expectations given facts as currently known by management. Actual results may differ materially from those discussed in these forward-looking statements. Factors that could cause the Company's future results to differ materially from the expectations described herein include, but are 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 noted in the Company's filings with the Securities and Exchange Commission including the Company's Registration Statement on Form S-1 dated December 16, 1999, as filed with the Securities and Exchange Commission and in the Company's Annual Report on Form 10-K/A for the year ended December 31, 1999. C-bridge is a trademark of C-bridge Internet Solutions, Inc. All other trademarks are the property of their respective companies.
C-BRIDGE INTERNET SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2000 1999
(Unaudited) (Unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 48,999,076 $ 65,312,334
Restricted cash 3,166,386 -
Accounts receivable, net 16,838,654 3,499,356
Unbilled receivables 7,508,262 1,792,133
Other current assets 1,512,668 584,794
Total current assets 78,025,046 71,188,617
Property and equipment, net 10,423,068 2,343,718
Goodwill and other assets, net 10,012,318 1,361,326
Total assets $ 98,460,432 $ 74,893,661
Liabilities and Stockholders' Equity
Current Liabilities:
Short term debt $ 220,438 $ 191,206
Accounts payable 5,521,718 2,018,741
Accrued expenses 4,874,301 3,431,285
Deferred revenue 4,598,415 1,877,628
Total current liabilities 15,214,872 7,518,860
Long term debt 44,089 263,100
Total liabilities 15,258,961 7,781,960
Stockholders' Equity:
Common stock, $.01 par value 216,883 189,063
Additional paid-in capital 100,889,335 82,394,326
Deferred compensation (3,668,495) (5,107,259)
Accumulated deficit (14,083,252) (10,211,429)
Treasury stock, at cost (153,000) (153,000)
Total stockholders' equity 83,201,471 67,111,701
Total liabilities and
stockholders' equity $ 98,460,432 $ 74,893,661
C-BRIDGE INTERNET SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
For the Three Months Ended For the Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
(Unaudited) (Unaudited) (Unaudited)
Net Revenues:
Professional
services $ 24,159,759 $ 7,236,228 $ 75,732,446 $ 18,578,766
Educational
services 2,003,147 1,598,417 7,237,140 4,094,044
Total net
revenues 26,162,906 8,834,645 82,969,586 22,672,810
Costs and Expenses:
Direct costs
of professional
services 12,193,176 3,986,789 37,599,099 10,443,351
Direct costs
of educational
services 1,037,414 473,240 3,453,673 1,615,523
Selling and
marketing 4,872,942 1,518,119 17,997,830 3,402,669
General and
administrative 9,544,971 3,312,830 28,516,917 8,033,547
Amortization of
intangible assets 463,851 - 927,702 -
Compensation expense
related to stock
options and
warrants 547,190 1,593,017 2,144,532 4,345,096
Total operating
expenses 28,659,544 10,883,995 90,639,753 27,840,186
Loss from
operations (2,496,638) (2,049,350) (7,670,167) (5,167,376)
Interest Expense (9,954) (24,139) (24,489) (189,506)
Interest Income 762,202 162,415 3,434,125 162,415
Other Income, net 6,482 6,482 388,708 359,167
Net Loss $ (1,737,908)$ (1,904,592) $ (3,871,823) $ (4,835,300)
Basic and Diluted
Net Loss per Share $ (0.08) $ (0.15) $ (0.19) $ (0.43)
Basic and Diluted
Weighted
Average Shares
Outstanding 21,144,144 12,953,029 20,307,555 11,338,305
Pro Forma Information:
Pro forma net loss -
excludes 1) compensation
expense related to stock
options and warrants and
2) amortization expense
related to
goodwill $ (726,867) $ (311,575) $ (799,589) $ (490,204)
Pro forma basic
and diluted net
loss per share $ (0.03) $ (0.02) $ (0.04) $ (0.04)
Basic and diluted
weighted average
shares outstanding
used in computing
pro forma diluted
net loss per
share 21,144,144 12,953,029 20,307,555 11,338,305
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