iPrint Reports Strong Fourth Quarter Results
Tuesday, January 23, 2001
Menlo Park, CA - - iPrint, inc. (NASDAQ: IPRT), the leading online print shop and print infrastructure provider located at http://www.iPrint.com, today announced revenues for the fourth fiscal quarter of 2000 of $4.5 million, up 203% from $1.5 million in the same period last year. iPrint's fiscal revenues for 2000 were $17.1 million, more than five times greater than fiscal 1999 revenues of $3.3 million. Pro-forma net loss for the fourth quarter was $7.0 million, or a loss of $0.23 per share, compared with a pro-forma net loss of $6.9 million, or $0.23 per share, in the third quarter of 2000. On a comparable basis, the pro-forma net loss for the quarter beat the First Call consensus estimate of a loss of $0.24 per share by $0.01. Pro-forma net loss for fiscal 2000 was $34.1 million, or a loss of $1.31 per share, compared with a pro-forma net loss of $12.3 million, or $1.69 per share, during fiscal 1999. Pro-forma net loss and pro-forma net loss per share excludes non-cash compensation charges. "We are proud of our five-fold revenue growth in fiscal 2000, but more importantly, Q4 marks the start of an important strategic transition for us," stated Royal P. Farros, Chairman and CEO of iPrint. "E-procurement exploded in corporate America during 2000 and we believe there is significant demand for integrated, enterprise-wide e-printing solutions that leverage the large investments corporations have made in this area." Farros continued, "As the technology leader in the e-printing space--and because of this rapid e-procurement adoption--we are seeing corporate opportunities that were non-existent in 2000. As a result, we are focusing our sales and development resources towards growing our corporate presence and will be investing less in our traditional SOHO and consumer areas. While we saw a revenue shortfall during this transition period, we are pleased that we saw better-than-expected EPS and gross margins, and we are especially pleased with our significantly reduced cash burn." Cash, short-term investments, and short-term restricted cash totaled $27.5 million as of December 31, 2000 (with a quarterly cash burn of $4.7 million), compared to $32.2 million (with a quarterly cash burn of $6.9 million) as of September 30, 2000. As of December 31, 2000, there were approximately 30.0 million shares of common stock outstanding.