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Printcafe: Says Sluggish Q1 Related to Confusion Over Acquisition

Wednesday, April 16, 2003

Press release from the issuing company

PITTSBURGH, April 15 -- Printcafe Software, Inc. today announced preliminary financial results for the first quarter ending March 31, 2003. Based upon preliminary information, the Company expects total revenues for the quarter to fall within the range of $9.1 million and $9.3 million. On a GAAP basis, net loss for the quarter is expected to be in the range of $(0.97) to $(0.99) per share on both a basic and a fully diluted basis. (Editor's note: around $10 million) Pro forma net loss for the quarter is expected to be in the range of $(0.25) to $(0.27) per share on both a basic and fully diluted basis. (Editor's note: around $3 million) Pro forma net loss differs from GAAP net loss because it excludes the following expenses: amortization of intangible assets of approximately $5.1 million or $0.48 per share; amortization of deferred stock-based compensation of approximately $0.4 million or $0.04 per share; amortization of debt-origination costs of approximately $0.9 million or $0.08 per share; and one-time expenses of $1.4 million or $0.13 per share related to the pending sale of the company which was announced earlier in the quarter. "We saw a sharp disruption in our sales during the first two months of the quarter, which we believe was primarily related to confusion surrounding the pending acquisition as well as overall economic conditions," said Marc Olin, Printcafe Chairman and Chief Executive Officer. "However, conditions improved in March and we are hopeful that we will return to prior revenue levels later in the year." The Company will provide additional details in its first quarter earnings release on April 30, 2003. The Company believes that its pro forma results provide useful information to investors because they reveal the Company's results excluding non-cash and cash expenses that the Company believes are not indicative of its ongoing operations. However, Printcafe urges readers to review and consider carefully the GAAP financial information contained in the Company's SEC filings and in earnings releases.

 

 

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