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iPrint Announces 1Q Results, Revenues of $11.9 Million

Wednesday, May 08, 2002

Press release from the issuing company

SANTA CLARA, Calif., May 7, 2002 -- iPrint Technologies, inc., a leading supplier of online and offline marketing and customized branding solutions, today announced revenues of $11.9 million for the first quarter of 2002, compared with revenues of $10.7 million for the fourth quarter 2001, and $3.2 million for the first quarter 2001. Net loss for the first quarter 2002, before giving effect to the mandatory adoption of new accounting standards detailed below, was $2.4 million, or $0.04 per share, compared with a net loss of $4.0 million, or $0.09 per share, in the fourth quarter of 2001, and a net loss of $5.3 million, or $0.18 per share, in the first quarter of 2001. The Company has adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangibles'' (SFASNo. 142) effective January 1, 2002. As a result of this adoption, the Company has estimated and recorded an $18.0 million non-cash charge to reduce goodwill in accordance with this mandatory change. Under the new standard, the Company must complete a valuation of the impairment of goodwill by June 30, 2002. As this analysis of the effect of SFAS No. 142 is in process, actual results may differ from the $18.0 million. The impact on earnings per share for the cumulative effect of the accounting change is a $0.33 loss per share for the three months ended March 31, 2002. The merger has been accounted for under the purchase method of accounting. Pro-forma net loss before cumulative effect of the accounting change, excluding depreciation and amortization, deferred compensation, and restructuring charges, for the first quarter 2002 was $1.4 million, or $0.03 per share, compared with a net loss of $2.1 million, or $0.04 per share, in the fourth quarter of 2001, and a net loss of $5.0 million, or $0.16 per share, in the first quarter of 2001. During the first quarter of 2002, the Company did not record any restructuring charge. Cash and cash equivalents, short-term investments and restricted cash totaled $4.0 million as of March 31, 2002, compared to $6.8 million as of December 31, 2001. Restricted cash totaled $2.4 million as of March 31, 2002, unchanged from December 31, 2001. As of March 31, 2002, there were approximately 54.8 million shares of common stock outstanding.

 

 

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