DBT Online 1Q00 Results Rebound from 4Q99.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April 25, 2000 DBT DBT Department of Biotechnology (India) DBT Dibenzothiophene DBT Drive-By Truckers (band) DBT Design Basis Threat DBT Deutscher Bundestag (German Parliament) Online, Inc. (NYSE NYSE See: New York Stock Exchange : DBT) reported results for the first quarter ended March 31, 2000. Total revenues and royalties were $24.2 million with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $1.5 million and net income of $1.3 million, or $0.06 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. Results reflect a significant turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from the fourth quarter ended December December: see month. 31, 1999, when DBT reported $21.8 million in total revenues and royalties with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $2.1 million and a net loss of $760,000 or ($0.04) per diluted share. From the fourth quarter to the first quarter, total revenues increased 11%. Total expenses, excluding one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. items, declined slightly. As a result, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , excluding one-time items, expanded from a negative 6% in the fourth quarter to a positive 6% in the first quarter. Ron Fournet, 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 DBT, commented, "We're very pleased with our e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. revenue momentum from internal growth, new products, and acquisitions, and our ability to control costs and expand margins. This strong improvement was in line with our plans for the first quarter, and we look forward to continued progress throughout the year." Compared to the year ago first quarter, total revenues and royalties increased 33% to $24.2 million from $18.2 million. Operating income declined $1.0 million to $1.5 million compared to $2.5 million. Net income declined $700,000 to $1.3 million, or $0.06 per diluted share, compared to $2.0 million, or $0.10 per diluted share. Year over year changes reflect increased revenues from core growth and acquisitions offset by goodwill amortization, higher costs associated with ramping up sales, and integrating the acquisitions of KnowX.com and WinSHAPES. These results are in line with the Company's plan to expand from a smaller one-product/one-market company to a larger multi-product/multi-market company with greater ability to leverage its large database of public records and its Internet-based search and delivery systems. Revenue from Investigative Services reflected strong sequential and year over year growth due to the continued success of AutoTrackXP(SM) (www.autotrackxp.com); expanding revenues from helping insurance companies detect and prevent fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. claims; and the fourth quarter introduction of the new FAIR(SM) 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 service, which helps government agencies fight welfare fraud. Federal revenues expanded on a sequential quarter basis as DBT continued to successfully rebuild this business. Revenues from Employment Services also reflected strong sequential and year over year growth due to the first quarter introduction of The Screening Network(TM) (www.screeningnetwork.com), a new Internet See Web 2.0 and Internet2. service that helps companies fight employment fraud, and expanded offline search revenue generated through AutoTrackXP. "Acquisitions added to the Company's strength," Mr. Fournet explained. "While goodwill and transition costs affected results, KnowX.com continues to be an exciting business, on track to be profitable in the fourth quarter. Meanwhile, WinSHAPES has helped us create Link IT(SM), a new e-commerce feature that will be formally launched on AutoTrackXP, and CORE(SM), a robust graphics display software package." Patent enforcement royalties declined slightly compared to the year ago quarter. DBT ended the quarter with $41.3 million in cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments. About DBT Online, Inc. DBT Online, Inc. (www.dbtonline.com) is a leading nationwide provider of organized online public record data and other information. DBT's database is one of the country's largest depositories of public records combined with other information, containing 6 billion records and more than 27 terabytes of online data storage capacity. DBT's customers use its online information services See Information Systems. to detect fraudulent activity, assist law enforcement efforts, locate people and assets, and verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. information and identities, as well as many other purposes. DBT currently has more than 14,000 customers, consisting primarily of insurance companies, law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
DBT ONLINE CONTACT: Gary Fishman at 212-889-1727 x110 or Kimberly Ferro at 212-889-1727 x106. 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. : Information contained above with respect to the Company's Results of Operations, regarding expected future events and financial results, is forward-looking and subject to risks and uncertainties. Those statements are forward-looking statements within the meaning of Section 31E of the Securities Exchange Act of 1934. The following important factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the forward-looking statements: (i) the ability to manage DBT's rapid expansion, (ii) protecting DBT's proprietary technology, (iii) impact of future government regulation on the availability of public records, and (iv) the extent, timing and success of competition from other database providers.
-- Financials Attached --
DBT ONLINE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS(a)
(in 000's except per share amounts)
Three Months Ended
March 31,
----------------------------
2000 1999
---- ----
Revenues $22,657 $16,535
Patent royalties 1,543 1,653
------------ ------------
Total revenues and royalties 24,200 18,188
Cost of revenues 9,100 7,432
Sales and marketing 4,510 2,286
Research and development 2,248 1,179
General and administrative (b) 6,821 4,779
------------ ------------
Total expenses 22,679 15,676
Income from operations 1,521 2,512
Interest income, net 418 443
------------ ------------
Income before income taxes 1,939 2,955
Provision for income taxes 678 1,005
------------ ------------
Net income $1,261 $1,950
============ ============
Basic net income per common share $0.06 $0.10
============ ============
Diluted net income per common share $0.06 $0.10
============ ============
Basic wtd avg shares outstanding 20,211 18,914
============ ============
Diluted wtd avg shares outstanding 20,769 19,694
============ ============
EBITDA(c) $4,550 $4,480
============ ============
a. The May 1999 acquisition of I.R.S.C., Inc. was accounted for as a
pooling of interests, and thus, all current and historical
financial data have been restated to reflect the combined results
of operations.
b. General and administrative expenses for the three months ended
March 31, 2000 includes $663 in goodwill amortization from the
acquisition of KnowX.com in September 1999 and WinSHAPES in May
1999.
c. Earnings before interest, taxes, depreciation and amortization
("EBITDA") is presented not as a substitute for income from
operations, net income or cash flows from operating activities.
The Company has included EBITDA data (which are not a measure of
financial performance under generally accepted accounting
principles) because such data are used by certain investors to
analyze and compare companies on the basis of operating
performance, leverage and liquidity, and to determine a company's
ability to service debt.
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