CellPoint Inc. Reports Preliminary Quarterly Results Including Financials; Revenues Surge as Industry Growth Takes Off.Business Editors LONDON--(BUSINESS WIRE)--April 30, 2001 CellPoint Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLPT) today announced the Company's unaudited results for the fiscal third quarter ended March 31, 2001. Peter Henricsson, Chairman and Chief Executive Officer of CellPoint Inc. reported Q3 revenues of $2,463,294 compared to revenues of $265,511 in the quarter ended March 31, 2000 and $946,886 in fiscal Q2. 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 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. excluding other receivables and inventory were $7.5m compared to $10.4m 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 was -$8,703,881. 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. This compares to a Net loss of $6,511,820 for the equivalent period ending March 31, 2000. "We are very pleased to announce this strong progress, especially considering the difficult backdrop Backdrop may refer to:
Henricsson concludes, "The undoubted un·doubt·ed adj. Accepted as beyond question; undisputed. See Synonyms at authentic. un·doubt  ed·ly adv. highlight of this quarter
is our installation with E-Plus for the world's first commercial,
network-based location offering; we look forward to working with E-Plus
and many other providers into the future. At a time when the telecoms
industry is announcing revenue downturns and headcount reductions, we
are growing with this emerging business, both in terms of sales Terms of saleConditions under which a firm proposes to sell its goods or services for cash or credit. results and personnel to meet the increasing demand." Peter Henricsson discussed the quarterly report in a question and answer 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 www.cellpt.com/corporateupdate2.htm Summary Highlights E-Plus - CellPoint delivers world's first commercial network-based location services for leading German operator, E-Plus Listing in Europe - CellPoint successfully gains secondary listing and begins trading on Stockholm O-List CellPoint Launches Channel Sales Division - expert Channel and Business Partner team deployed CellPoint Unwire Strikes M-commerce Deal with MINT mint, in finance mint, place where legal coinage is manufactured. The name is derived from the temple of Juno Moneta, Rome, where silver coins were made as early as 269 B.C. - joint development will allow consumers to purchase goods from vending machines vending machine, coin-operated, automatic device for selling goods. Many vending machines are capable of making change, and some of the more sophisticated ones accept paper money or credit cards. using mobile phones CellPoint Unwire Secures More Telematics Business - strategic implementation of wireless application servers for transportation ticketing system 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 will be filed with the SEC before May 15 and will be available at http://www.freeedgar.com 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 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 networks and uses standard GSM or WAP phones WAP phone n → teléfono WAP and standard Internet services. Several commercial applications are available for business and personal location services including Resource Managertm for mobile resource management, iMatetm for location-sensitive information and Findertm, 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. CellPointtm and CellPoint Systemstm 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 which may cause actual results to differ from those described.
CELLPOINT INC. And SUBSIDIARIES
Consolidated Statements of Operations
(Amounts in US$)
Three months ended Nine months 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 $619 274
Cost of
sales -460 351 -62 458 -920 325 -62 458
Gross
profit 2 002 943 203 053 3 467 976 556 816
Selling,
general -4 742 237 -600 521 -11 063 744 -2 580 902
and
administrative
expenses
Professional
fees -369 154 -1 027 433 -1 108 042 -1 270 967
Depreciation
and -3 254 529 -1 379 378 -9 593 495 -2 398 419
amortization
Total
operating -8 365 920 -3 007 332 -21 765 282 -6 250 288
expenses
Loss from -6 362 977 -2 804 279 -18 297 306 -5 693 472
operations
Loss on
sale of 0 0 -342 285 0
investment
Net
interest -633 797 -9 172 -1 386 785 -818 348
income (expense)
Minority
share of 0 0 0 0
income
Net Loss -6 996 774 -2 813 451 -20 026 376 -6 511 820
Net loss
per share -0,66 -0,29 -1,91 -0,73
basic and diluted
Weighted
average 10 609 015 9 748 333 10 511 861 8 933 361
shares
outstanding
basic and diluted
EBITDA(*) -3 108 448 -1 424 901 -8 703 811 -3 295 053
(*) EBITDA is defined as: Earnings (loss) before
investment expenses, taxes, depreciation and amortization
CELLPOINT INC. and SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in US$)
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 of
$nil and 36,732,
respectively 1 184 325 211 948
Prepaid expenses and other 1 927 815 160 717
current assets
Other receivables 552 501 614 098
Inventory 424 446 169 635
Total current assets 8 500 330 7 781 060
Long-term assets:
Acquired technology net of
amortization of $11,153,363
and $3,415,787
respectively 61 064 009 68 801 585
Investment in affiliated 0 500 000
company
Other intangible assets, net 7 259 643 8 993 080
of amortization of
$4,356,624 and $2,760,972
respectively
Furniture, equipment and 1 355 114 630 585
motor vehicles, net of
depreciation of $338,962 and
$180,108 respectively
Total long-term assets 69 678 766 78 925 250
Total assets $78 179 096 $86 706 310
LIABILITIES AND
STOCKHOLDERS' EQUITY
March 31, 2001 June 30, 2000
(unaudited) (audited)
Current liabilities
Accrued expenses and other $2 222 575 $1 623 441
current liabilities
Accounts payable 1 443 786 786 766
Due to affiliate 0 55 517
Other loans and overdrafts 4 101 086 140 510
and current maturities of
long term debt
Total current liabilities 7 767 447 2 606 234
Long term debt, net of 7 938 371 4 000 000
current maturities
Total liabilities $15 705 818 $6 606 234
Stockholders' equity:
Common Stock ($0.001 par $10 733 $10 465
value; authorized -
22,000,000 shares,
10,733,030 shares and
10,465,000 shares issued and
outstanding, respectively)
Additional paid-in capital 98 359 043 95 434 348
Cumulative translation -232 518 292 866
adjustment
Accumulated deficit -35 663 980 -15 637 603
Total stockholders' equity 62 473 278 80 100 076
Total liabilities and $78 179 096 $86 706 310
stockholders' equity
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