Printcafe Reports Q2 Loss: 10th Consecutive Quarter of Growth, 18% Rise in Sales
Press release from the issuing company
PITTSBURGH, July 23 -- Printcafe Software, Inc. today announced record revenue of $12.2 million for its second fiscal quarter ended June 30, 2002, an 18% increase over the $10.3 million recorded in the prior year period and a 4% increase over the $11.7 million recorded in its first fiscal quarter of 2002. Earnings before interest, taxes, depreciation, amortization, non-cash charges and other expense (EBITDA) for the second quarter were $366,000, compared to a loss of $2.9 million computed on the same basis in the prior year period and a 36% increase over EBITDA of $270,000 reported for the first quarter of 2002.
The Company's pro forma net loss for the second quarter was $1.8 million, compared to a pro forma net loss of $5.0 million in the prior year period and $2.1 million in the first quarter of 2002. Pro forma net loss is calculated as follows:
Quarter Ended Quarter Ended
June 30, 2001 June 30, 2002
* (in thousands, except share and per share amounts) EBITDA ($2,862) $366
Plus: depreciation & interest expense, net (2,138) (2,195)
Pro forma net loss (5,000) (1,829)
Pro forma net loss per share* (0.47) (0.17)
* Calculated using number of shares outstanding (10,595,000) as of June 30, 2002
The Company reported a $14.0 million net loss attributable to common stock calculated in accordance with generally accepted accounting principles (GAAP) for the second quarter of 2002. Excluding an extraordinary expense of $1.1 million related to the write-off of debt origination costs incurred in connection with certain long-term debt that was repaid during the quarter, the net loss for the second quarter calculated in accordance with GAAP was $12.9 million, compared to a GAAP net loss of $24.4 million in the prior year period and a GAAP net loss of $13.2 million for the first quarter of 2002.
The Company completed its initial public offering (IPO) on June 21, 2002. Prior to this date, the Company had both preferred stock and common stock outstanding. In conjunction with the IPO all of the outstanding shares of preferred stock converted to common stock, which increased the number of shares of common stock outstanding from 163,000 at March 31, 2002 to 10,595,000 at June 30, 2002.
"We delivered another quarter of solid revenue growth and operating results, marking ten consecutive quarters of top line growth," commented Marc Olin, Printcafe President and Chief Executive Officer. "We continued to control operating expenses this quarter by increasing our efficiency as an organization. We also rolled out a number of new cross-platform add-on modulesthat we intend to market to our existing customer base. Customer response to these new products has been very favorable thus far," added Olin.
-- Released Version 11 of EnterpriseSite(C), a Web-based purchasing software for large corporations, with enhanced Ariba integration
-- Released the Microsoft SQL Server(C) version of the Logic(C) enterprise resource planning (ERP) product
-- Released into beta Version 7.0 of the Hagen(C) ERP software product
-- Released PrintFlow(C), an add-on module to the Company's ERP software for dynamic scheduling of print manufacturing
-- Conducted the Company's third annual users' conference with over 900 customers, partners and staff in attendance
-- Completed the initial public offering of the Company's common stock
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