iPrint Announces Q1 Results, Beats Original Consensus EPS Estimate
Press release from the issuing company
(Menlo Park, CA - April 23, 2001) - iPrint, inc. (NASDAQ: IPRT), the leading online printing technology and infrastructure provider, today announced revenues of $3.2 million for the first fiscal quarter of 2001, an increase of 5% from $3.0 million in the same period last year. Pro-forma net loss for the first quarter was $5.5 million, or a loss of $0.18 per share, compared with a pro-forma net loss of $7.0 million, or $0.23 per share, in the fourth quarter of 2000, and a pro-forma net loss of $11.1 million, or $0.80 per share, in the first quarter of 2000.
On a comparative basis, the pro-forma net loss for the first quarter beat the unrevised First Call consensus estimate of a net loss of $0.22 per share by $0.04. Pro-forma net loss and pro-forma net loss per share excludes non-cash compensation charges and corporate restructure costs.
"The important message this quarter is our rapidly reducing loss," stated Royal P. Farros, Chairman and CEO of iPrint. "During a time when it seemed like everyone slammed the brakes on buying, we still managed to grow revenues 5% over the comparable quarter last year and, most importantly, significantly reduced our cost structure and beat pro-forma net loss per share consensus. Our overriding mission is to have a solid, profitable company regardless of how the economy is performing."
Cash, short-term investments, and short-term restricted cash totaled $23.1 million as of March 31, 2001, compared to $27.5 million as of December 31, 2000. As of March 31, 2001, there were approximately 30.1 million shares of common stock outstanding.
"Last quarter we announced that we were entering the enterprise space, and we're excited about our partnership progress here," Farros said. "Besides partnering with Oracle, Microsoft highlighted our newly formed .NET participation at their March 26th opening of the Microsoft Technology Center-Silicon Valley. We're also pleased to say that we'll be announcing technology support for a few more of the dominant e-procurement platforms in the coming weeks as well."
Farros continued, "As the technology leader in the e-printing space, we strongly believe we're partnering with all the right organizations to help standardize iPrint's 'Enterprise Publishing' products and solutions within the enterprise."
The company believes near-term revenues will continue to be affected by its transition from a SOHO/consumer to a corporate focus and the company anticipates it will also continue to experience the effects of reduced spending throughout the market. As a result, the company believes it will see flat revenue with Q1 2001 but, as a result of cost cutting initiatives, show a $0.03-$0.05 EPS improvement during Q2 2001.
The company is keeping its annual guidance of $22.5 million to $28 million in revenues and pro-forma net loss per share of $0.45 to $0.50 but may revise this guidance as appropriate in accordance with economic conditions in the second half of 2001.
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