ICC Announces First Quarter Fiscal 2002 Financial Results.Business & Technology Editors NEW YORK--(BUSINESS WIRE)--Dec. 17, 2001 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 Commerce Corporation (ICC ICC See: International Chamber of Commerce ) (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 :ICCA (Independent Computer Consultants Association, St. Louis, MO, www.icca.org) A membership organization of independent consultants in the information technology field. It is devoted to helping members improve their professional services capabilities. ), a leader in the 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. business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. communication services market, today announced financial results for its fiscal first quarter ended October 31, 2001. Total revenue for the first quarter of fiscal 2002 increased to $3.0 million from $1.3 million reported in the year-ago period. During the quarter, the Company implemented the Emerging Issues Task Force Issue No. 99-19, "Reporting Revenue Gross as a Principal Versus Net as an Agent"(EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 99-19). As a result, revenue for the first quarter of 2002 does not include $287,000 in software sales. The Company reported a net loss for the first quarter of fiscal 2002 of $2.1 million, or $0.22 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, compared with a net loss of $3.3 million, or $0.51 per diluted share, reported in the year-ago period. The net loss includes depreciation, amortization and non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for compensation and services of $694,000 in the first quarter of fiscal 2002 compared to $652,000 in the year-ago period. First quarter net loss decreased $2.1 million from the fourth quarter of fiscal 2001, excluding an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. in the amount of $14.8 million and a $0.3 million tax benefit recognized in the fourth quarter of fiscal 2001. G. Michael Cassidy For the actor, see . Michael Morris Cassidy (born May 10, 1937) is a Canadian politician. He served in the Legislative Assembly of Ontario from 1971 to 1984, and in the Canadian House of Commons from 1984 to 1988. , President and Chief Executive Officer of ICC, commented, "During the quarter, our core ICC.NET service grew 20%, as we leveraged our communications infrastructure and our customer base approaches critical mass. The professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. segment of our business continues to be challenged by the difficult economic environment, however, we believe our strong top-line results validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data the appeal of our cost saving network services." About Internet Commerce Corporation Internet Commerce Corporation (NASDAQ: ICCA) is a leader in the e-commerce business-to-business communication services market. ICC.NET, the Company's global Internet-based value added network (networking) Value Added Network - (VAN) A privately owned network that provides a specific service, such as legal research or access to a specialised database, for a fee. A Value Added Network usually offers some service or information that is not readily available on public , provides complete supply chain connectivity solutions for EDI/EC EDI/EC Electronic Data Interchange/Electronic Commerce while also offering users a sophisticated vehicle to securely transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting files of any format and size. ICC offers a broad range of consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" including, XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. technologies, data transformation, custom application development, an EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. service bureau, as well as comprehensive e-commerce education. ICC uniquely bridges the legacy investments of yesterday to today's Internet technologies. For further information, visit us at www.icc.net, www.rtci.com, www.intercoastaldata.com, or www.edipartners.com. Except for the historical information contained herein, this press release includes forward looking statements which are subject to a number of risks and uncertainties, including the risks and uncertainties associated with rapidly changing technologies such as 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 risks of technology development and the risks of competition. Actual results could differ materially. For more information about these risks and uncertainties, see the SEC filings of Internet Commerce Corporation.
Internet Commerce Corporation
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except for per share amounts)
Three Months Ended
October 31,
---------------------------------
2001 2000
------------- -------------
Revenues $ 3,046 $ 1,316
Expenses:
Cost of services 2,482 1,059
Product development
and enhancement 245 152
Selling and marketing 976 1,178
General and administrative 1,360 1,959
Non-cash charges for
stock-based
compensation
and services 132 450
------------- -------------
Total costs
and expenses 5,195 4,798
------------- -------------
Operating loss (2,149) (3,482)
------------- -------------
Other income, net 44 202
------------- -------------
NET LOSS $ (2,105) $ (3,280)
Dividends on
preferred stock (63) (106)
------------- -------------
Loss attributable
to common
stockholders $ (2,168) $ (3,386)
============= =============
Basic and diluted
loss per common share $ (.22) $ (.51)
============= =============
Weighted average
shares used in
per share calculation
- basic and diluted loss per
share 9,814 6,617
============= =============
Internet Commerce Corporation
Condensed Consolidated Balance Sheets
(in thousands) October 31, July 31,
2001 2001
------------------ ---------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,506 $ 2,223
Marketable securities 424 666
Accounts receivable,
net of allowance
for doubtful
accounts of
$260 and $224,
respectively 1,801 1,588
Prepaid expenses
and other current
assets 610 401
------------------ ---------------
Total current
assets 6,341 4,878
Restricted cash 277 277
Property and
equipment, net 1,712 1,921
Software development
costs, net 461 425
Goodwill, net 3,905 2,194
Other intangible
assets, net 3,824 5,918
Other assets 59 61
----------------- ------------------
Total assets $ 16,579 $ 15,674
================== ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 668 $ 714
Accrued expenses 2,322 2,382
Accrued dividends
- preferred stock 336 273
Deferred revenue 256 307
Capital lease obligation 304 328
Other liabilities 212 228
------------------ ---------------
Total current liabilities 4,098 4,232
Capital lease obligation
- less current portion 256 255
------------------ ---------------
Total liabilities 4,354 4,487
------------------ ---------------
Commitments and contingencies
Stockholders' Equity:
Preferred stock * *
Common stock 110 98
Additional paid-in capital 83,809 80,750
Accumulated deficit (71,366) (69,261)
Accumulated other
comprehensive loss (270) (210)
Deferred compensation
- restricted stock (58) (190)
------------------ -----------------
Total stockholders'
equity 12,225 11,187
------------------ -----------------
Total liabilities and
stockholders' equity $ 16,579 $ 15,674
================== =================
* less than 1,000
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