CellPoint Inc. Files Third Quarter Results; Announces Financial Calendar for 2001/2.Business Editors LONDON--(BUSINESS WIRE)--May 16, 2001 CellPoint Inc. (Nasdaq:CLPT) has filed the Company's unaudited financial results for the fiscal third quarter ended March 31, 2001. Revenues were $2,463,294 for the quarter and $4,388,301 for the nine months ended March 31, 2001. Revenues grew 2.5 times faster than operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and increased 828% over the same time last year and 160% over the previous quarter. During the quarter, the Company focused on keeping operating expenses under control; this together with the increased sales resulted in an improvement in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (1) to -$3,108,448, with the average burn-rate down to just over $1 million per month. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. at the end of the quarter were $8.5 million, compared to $11.6 million at the end of Q2. The Company has grown to 150 staff from 66 a year ago. Results for the nine-month period ending March 31, 2001 report revenues of $4,388,301 compared to $619,274 for the period ending March 31, 2000, an increase of 609%. For the nine-month period, EBITDA(1) was -$8,703,811. Selling, general and administrative expenses were $11,063,744 for the nine-month period compared to $2,580,902 in 2000. The Company incurred a Net loss of $20,026,376 which included depreciation and amortization expenses of $9,593,495, $7,737,576 of which was attributable to the acquisition of Unwire in February February: see month. 2000. This compares to a Net loss of $6,511,820 for the same period ending March 31, 2000. Preliminary results were released in a press release on April 30, 2001, http://www.cellpt.com/PR/010214eng.htm. There are no material changes in the final results from the preliminary results reported therein. Peter Henricsson, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CellPoint Inc., discussed the quarterly report in a Q&A session; a full transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record is posted at http://www.cellpt.com/corporateupdate2.htm. The Company's full report on Form 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound can be viewed at http://www.freeedgar.com. CellPoint's financial calendar for upcoming reporting: Fiscal Year 2000/2001 for the year ending June 30, 2001 - August 29,2001 Q1 2001/2002 for the quarter ending September 30, 2001 - November 15,2001 Q2 2001/2002 for the quarter ending December, 2001 - February 14, 2002 Q3 2001/2002 for the quarter ending March 31, 2002 - May 15, 2002 Fiscal Year 2001/2002 for the year ending June 30, 2002 - August 29,2002 (1) EBITDA is defined as: Earnings (loss) before financial items, taxes, depreciation and amortization.
CELLPOINT INC. and SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in US$)
March 31, 2001 June 30, 2000
ASSETS (unaudited) (audited)
Current assets:
Cash and cash equivalents $4,411,243 $6,624,662
Accounts receivable, net of allowance for
doubtful accounts of $nil and $36,732,
respectively 1,184,325 211,948
Prepaid expenses and other current assets 1,927,815 532,617
Other receivables 552,501 242,198
Inventory 424,446 169,635
8,500,330 7,781,060
Total current assets
Long-term assets:
Acquired technology net of amortization 61,064,009 68,801,585
of $11,153,363 and $3,415,787,
respectively
Investment in affiliated company 500,000
Other intangible assets, net of
amortization of $4,356,624 and
$2,760,972, respectively 7,259,643 8,993,080
Furniture, equipment and motor vehicles,
net of depreciation of $440,375 and
$180,108, respectively 1,355,114 630,585
Total long-term assets 69,678,766 78,925,250
Total assets $78,179,096 $86,706,310
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accrued expenses and other current
liabilities $ 2,222,575 $ 1,623,441
Accounts payable 1,443,786 786,766
Due to affiliate 55,517
Other loans and overdrafts and current
maturities of long term debt 4,101,086 140,510
Total current liabilities 7,767,447 2,606,234
Long term debt, net of current maturities 7,938,371 4,000,000
Total liabilities $15,705,818 $ 6,606,234
Stockholders' equity:
Common Stock ($0.001 par value;
22,000,000 shares authorized, 10,733,030
shares and 10,465,000 shares issued and
outstanding, respectively) $ 10,733 $ 10,465
Additional paid-in capital 98,359,043 95,434,348
Cumulative translation adjustment (232,518) 292,866
Accumulated deficit (35,663,980) (15,637,603)
Total stockholders' equity 62,473,278 80,100,076
Total liabilities and stockholders'
equity $78,179,096 $86,706,310
CELLPOINT INC. and SUBSIDIARIES
Consolidated Statements of Operations
(Amounts in US$)
Three Months Nine Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2001 2000 2001 2000
(unaudited) (unaudited) (unaudited) (unaudited)
Sales, net $2,463,294 $265,511 $4,388,301 $619,274
Cost of sales 460,351 62,458 920,325 62,458
Gross profit 2,002,943 203,053 3,467,976 556,816
Selling, general and (4,742,237) (600,521) (11,063,744) (2,580,902)
administrative
expenses
Professional fees (369,154) (1,027,433) (1,108,043) (1,270,967)
Depreciation and (3,254,529) (1,379,378) (9,593,495) (2,398,419)
amortization
Total operating (8,365,920) (3,007,332) (21,765,282) (6,250,288)
expenses
Loss from operations (6,362,977) (2,804,279) (18,297,306) (5,693,472)
Financial Items
Loss on sale of
investment 0 0 (342,285) 0
Net interest income
(expense) (633,797) (9,172) (1,386,785) (818,348)
Net Loss (6,996,774) (2,813,451) (20,026,376) (6,511,820)
Net loss per share
basic and diluted (.66) (.29) (1.91) (.73)
Weighted average
shares outstanding
basic and diluted 10,609,015 9,748,333 10,511,861 8,933,361
CellPoint Inc. (Nasdaq and Stockholm OM Exchange: CLPT, www.cellpoint.com) is a US company with subsidiary operations in Sweden, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. delivering location and wireless telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. services in cooperation with cellular operators worldwide. CellPoint's end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. cellular location technology is a high-capacity system that works in unmodified Adj. 1. unmodified - not changed in form or character unqualified - not limited or restricted; "an unqualified denial" modified - changed in form or character; "their modified stand made the issue more acceptable"; "the performance of the modified aircraft GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. networks and uses standard GSM or WAP phones WAP phone n → teléfono WAP and standard 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 services. Several commercial applications are available for business and personal location services See mobile positioning. including Resource Manager(tm) for mobile resource management, iMate(tm) for location-sensitive information and Finder(tm), an application for locating friends and family. Subsidiary Unwire's programmable telemetry terminal servers are also integrated with the CellPoint System Platform enabling a broad range of applications for wireless remote management and control. CellPoint(tm) and CellPoint Systems(tm) are trademarks of CellPoint Inc. 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. in this release are made pursuant to the 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. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Actual results may differ materially from those projected in any forward- looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties that may cause actual results to differ from those described. Copyright(c)CellPoint Inc. 2001 --------------- This information was brought to you by BIT http://www.bit.se The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2001/05/16/20010516BIT00200/bit0002.doc http://www.bit.se/bitonline/2001/05/16/20010516BIT00200/bit0002.pdf |
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