Peapod Reports Record Third Quarter Results; Revenues up 106%.SKOKIE Skokie (skō`kē), village (1990 pop. 59,432), Cook co., NE Ill., an industrial suburb adjacent to Chicago; inc. 1888. Its varied products include communications, computer, and electrical equipment; rubber, iron, and steel products; and tools. , Ill.--(BUSINESS WIRE)--Oct. 23, 1997--Peapod, 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 :PPOD PPOD Peapod.com (online grocery business; NASDAQ code) ) today reported results for the third quarter and nine months ended September 30, 1997. Revenues for the third quarter increased by 106% to $14.2 million from $6.9 million a year ago. The net loss for the third quarter was $2.8 million versus a loss of $2.3 million for the same period in 1996. The primary net loss per share decreased to $0.17 from $0.18 last year. For the first nine months of 1997, revenues were $41.6 million, up 111% from $19.7 million for the comparable period of 1996. The net loshare, compared with a loss of $6.2 million, or $0.48 per share a year ago. Revenue growth for the quarter was strong across each of Peapod's businesses. Net groceries gro·cer·y n. pl. gro·cer·ies 1. A store selling foodstuffs and various household supplies. 2. groceries Commodities sold by a grocer. sold increased 112% to $10.2 million from $4.8 million a year ago. Revenues from the sale of interactive marketing services grew 116% to $.6 million from $.3 million. Member and retailer services revenues increased 88% to $3.4 million from $1.8 million last year. The Company's strong revenue growth resulted from significant increases in members as well as orders. Membership during the past year jumped 166% from 21,200 to 56,300 members. Orders during the third quarter were 93,700, up 114% from 43,700 orders processed during the same period in 1996. The Company's increased net loss for the third quarter resulted from its continuing and aggressive growth. Grocery operations expense increased due to the addition of 37 fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. centers during the past 12 months, covering an additional 3.6 million households. However, during the quarter, other expense items grew at rates substantially lower than revenues. Total costs and expenses, exclusive of the cost of groceries sold and grocery operations expense, increased by only 43% for the third quarter year-to-year. Andrew B. Parkinson Par·kin·son , James 1755-1824. British physician who gave (1817) a comprehensive description of paralysis agitans, or Parkinson's disease, and was the first to recognize (1812) perforation of the appendix as a cause of death in appendicitis. , Chairman, President and Chief Executive Officer, stated, "We are encouraged by our third quarter results, particularly our growth in revenues and our ability to begin leveraging our centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operations." Parkinson further noted, "We are continuing to pursue aggressive growth in membership, orders and geographic coverage. As membership and usage increase, we look forward to providing interactive research, promotion and advertising of increasing value to consumer package goods companies and to offering additional services to our members." Peapod, Inc. is the leading interactive, online grocery shopping and delivery company and provider of targeted media and research services. The Company currently provides branded grocery services in eight metropolitan markets in the U.S. and serves over 56,000 households. Peapod also offers its unique forum to consumer package goods companies for targeting promotions and advertising at the point of purchase and conducting cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. research. Certain statements in this release relative to markets for the Company's products and trends in the Company's operations or financial results, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend" or other similar expressions, constitute "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. " under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, among other things: (1) the developing nature of the markets for the Company's services and the rapid technological change relating thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. ; (2) the Company's relationships with its retail partners and its interactive marketing services and research customers; (3) the Company's ability to execute its growth strategies; (4) the extent to which the Company is able to attract and retain key personnel; (5) competition; (6) general economic conditities and Exchange Commission. -0-
PEAPOD, INC.
Financial Summary
(In thousands, except per share and operating data)
(unauditedment of Operations Data:
Revenues
Grocery 1,605 686
Total revenues 8 12,333 5,252
General and administra144
Depreciation and amortization 366
Operating loss (3,675) (2,460) (9,944) (6,480)
Other income (expense)
58) (54)
Net income $(2,814) $(2,284) $(8,792) $(6,172)
Net income per weighted average
common share $ (0.17) $ (0.18) $ (0.61) $ (0.48)
Weighted average common
shares outstanding 16,672 12,807 14,412 12,807
h and cash equivalents $ 56
1,496 1,31
0
Total stockh 271,800 135,500
Number of markets Andrew B. Parkinson
Chief Execut83-9400
KEYWORD: ILLINOIS
INDUSTRY K with Hyperlinks to your home page.
Systems
Announces Third Quarter Financial Results and Appointment of a New
Director
Business Edito quarter, without giving effect to non-recurring
charges, was $559,784, or 8 cents per share, compared with net income
of $631,658, or 9 cents per share, for the preceding quarter. Gross
margin for the third quarter increased to 53.1%, compared with 43.7%
for the preceding quarters
following the announcement in June 1997 by the Health Care Financing
Administration (HCFA) of its proposal to significantly reduce in 1998
the Medicare reimbursement rate for central bone densitometry tests.
For the quarter ended September 30, 1997, sales of the pDEXA(R) and
Osts.
Commenting on the operating results, Reynald G. Bonmati,
Chairman and Chief Executive Officer, stan the Company's sales mix adversely affected overall sales
for the
quarter, but I personally believe that the Company is well positioned
for growth as evidenced by greater demand for peripheral scanners,
which doubled compared with last quarter, and the stronger gross
margin."
The Company recorded non-recurring charges in the quarter ended
September 30, 1997 of $18,462,540, or $2.23 per share, Medical Systems subsidiary; and
a $1.5 million charge for the write-off of certain used bone
densitometry systems carried in inventory. In the quarter ended
September 30, 1996, the Company recorded a non-recurring stock
offering chd to Merck & Co., Inc.),
and Merck. Prior to joining Norland, Mr. Allen was the Founder and
President of the Bone Measurement Institute, and Vice President
Marketingproved access to bone densitometry
at a lower cost. I believe Norland alone has both the product line
andoporosis. Osteoporosis affects more than 25 million
Americans, 80% of whom are women. Driven by the availability of new
treatments for bone-related disorders, Norland gies, Inc. and IMRO, Inc.
-0-
"Safe Harbor" Statement under the Private Securities Litigation
Reformges and difficulties, the results of financing efforts, the
effect of the Company's accounting policies, and other risks detailed
in the Company's Securities and Exchange Commission filings.
-0-
NORLAND MEDICAL SYSTEMS, INC. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statements of Operations (Unaudited) For the For the Three Months Ended Nine Months Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1997 1996 1997 1996 Revenue $6,360,537 $8,066,882 $19,491,446 $20,234,288 Cost of revenue 2,980,956 5,414,587 10,412,167 13,210,628 Gross profit 3,379,581 2,652,295 9,079,279 7,023,660 Sales and marketing expense 1,515,775 941,743 4,196,122 2,400,263 General and administrative expense 765,574 544,931 2,174,643 1,400,364 Research and development expense 165,502 47,371 165,502 91,710 ---------- ---------- ---------- ---------- 2,446,851 1,534,045 6,536,267 3,892,337 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. before non-recurring charges 932,730 1,118,250 2,543,012 3,131,323 Non-recurring charges 18,462,540 397,697 18,462,540 397,697 Operating income (17,529,810) 720,553 (15,919,528) 2,733,626 Interest expense (66,096) 0 (66,096) 0 Interest income 75,764 146,782 326,238 560,480 Income (loss) before taxes (17,520,142) 867,335 (15,659,386) 3,294,106 Provision (benefit) for income taxes (2,054,000) 352,000 (1,298,000) 1,337,459 Net income (loss) ($15,466,142) $515,335 ($14,361,386) $1,956,647 Net income before non-recurring charges $559,784 $751,429 $1,665,073 $2,192,931 Earnings (loss) per share ($2.15) $0.07 ($2.00) $0.27 Earnings per share before non-recurring charges $0.08 $0.10 ($0.23) $0.30 Weighted average number of common and common equivalent shares 7,198,818 7,259,480 7,193,309 7,203,390 -0- NORLAND MEDICAL SYSTEMS, INC. Condensed Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Sept. 30, 1997 Dec. 31, 1996 (Unaudited) ASSETS 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. : Cash and cash equivalents $2,385,127 $8,133,468 Investment 1,949,039 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying - trade, less allowance for doubtful accounts of $250,000 at September 30, 1997 and $221,000 at December 31, 1996 13,615,546 9,182,488 Income taxes recoverable 161,907 794,285 Inventories, net 3,132,377 616,865 Officers' loans receivable 85,294 581,704 Current portion of product development loan receivable - affiliate 38,685 Deferred income taxes 2,434,205 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 321,827 361,902 Total current assets 22,136,283 21,658,436 Demonstration systems inventory, net 75,393 1,234,848 Investment in Vitel, Inc. 260,000 260,000 Property and equipment, net 703,898 406,375 Product development loan receivable - affiliate 251,100 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. , net 10,205,399 6,432,619 Total assets $33,380,973 $30,243,378 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable $1,804,763 $3,016,359 Accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. and other current liabilities 3,557,159 706,154 Current portion of note payable 2,335,060 Total current liabilities 7,696,982 3,722,513 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. : Note payable, net of discount 13,194,284 Deferred income taxes 292,586 Total other liabilities 13,486,870 Stockholders' equity: Common stock, par value of $0.0005 per share, 20,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. , 7,155,031 shares issued at September 30, 1997 3,578 3,452 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 22,195,686 22,158,170 Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. (accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. deficit) (10,002,143) 4,359,243 Total stockholders' equity 12,197,121 26,520,865 Total liabilities and stockholders' equity $33,380,973 $30,243,378 CONTACT: Norland Medical Systems, Inc. Reynald Bonmati President 914-694-2285 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Voss / Sue Yeoh Lippert/Heilshorn 212-838-3777 |
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