Critical Path Announces Preliminary First Quarter Results.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--April 15, 2003 Critical Path, Inc. (Nasdaq:CPTH), a global leader in digital communications Transmitting text, voice and video in binary form. See communications. software and services, today announced that it expects to report first quarter 2003 revenue of approximately $18 million and cash 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. of approximately $26 million. "Revenue was lower than anticipated in the first quarter due to delayed purchases by several customers because of current economic conditions and an uncertain political environment. We expect the majority of those deals to close early in the second quarter," commented William McGlashan, Jr., chairman and chief executive officer. "We remain committed to our goals of achieving 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 break-even by the end of the second quarter and becoming EBITDA profitable in the second half of the year." During the quarter, Critical Path delivered software solutions to UBS AG UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657 ) is a diversified global financial services company, with its main headquarters in London and New York. It is the world's largest manager of private wealth assets,, "the world's biggest manager of other people's money"[1] , Telia Group, SEAT, Wind Telecomunicazioni and a major US-based conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. , among other firms. On March 31, it also launched its next-generation hosted messaging platform with HP, its strategic partner. Critical Path will report results for the first quarter 2003 on April 29, 2003. Those who would like to participate in the conference call should dial 877/231-3543 or 706/634-1329 (international) prior to 4:50 PM ET on the day of the call. The conference call and its replay will also be Web cast and are accessible from the Company's Web site, www.criticalpath.net. A telephone replay of the conference call will be available for seven days following the call. To access the replay, please dial 800/642-1687 or 706/645-9291 (international), passcode 9811034. About Critical Path, Inc. Critical Path, Inc. (Nasdaq:CPTH) is a global leader in digital communications software and services. The company provides messaging solutions -- from wireless, secure and unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. to basic email and personal information management -- as well as identity management solutions that simplify user profile management and strengthen information security. The standards-based Critical Path Communications Platform, built to perform reliably at the scale of public networks, delivers the industry's lowest total cost of ownership for messaging solutions and lays a solid foundation for next-generation communications services. Solutions are available on a hosted or licensed basis. Critical Path's customers include more than 700 enterprises, 190 carriers and service providers, eight national postal authorities A postal authority organises collection and delivery of domestic mail (US), or post (UK), within its area of control, or in the case of foreign mail, delivery to or receipt of mail from other postal authorities. Payment for the service has been performed in many ways. and 35 government agencies. Critical Path is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . More information can be found at www.criticalpath.net 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. : This press release contains forward-looking statements, including the Company's statements regarding, its finance, business and operations including anticipated or projected revenue, expenses and operational growth, markets, strategic partners and potential customers for Critical Path products and services. The words "anticipate," "expect," "intend," "plan," "believe," "seek," and "estimate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, difficulties of forecasting future results due to our limited operating history, failure to meet sales and revenue objectives, forecasts and earnings guidance, general economic conditions in markets in which the Company does business, worldwide slow down in technology spending by our customers and potential customers, failure to negotiate favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. or timely deals with strategic partners for the distribution of our products and services, the relative success of strategic partnerships and global sales alliances, our evolving business strategies and the emerging nature of the market for our products and services, turnover within and integration of senior management, board of directors members and other key personnel, difficulties in delivering and marketing our product and service offerings, protection of our intellectual property, failure to successfully expand our sales and marketing activities, potential difficulties associated with restructuring, strategic relationships, investments and uncollected bills, volatility in the market for stock and risks associated with potential delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. actions by the market on which we are listed, risks associated with our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , foreign currency fluctuations, unplanned system interruptions and capacity constraints, software defects, and those discussed elsewhere in this announcement and the attached statements. These and other risks and uncertainties are described in more detail in Critical Path'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 fiscal year ended December 31, 2002, as may be amended from time to time, and all subsequent filings with the Securities and Exchange Commission (www.sec.gov) Note to Editors: Critical Path and the Critical Path logo are the trademarks of Critical Path, Inc. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion