iPrint Announces 1Q Results, Revenues of $11.9 Million
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.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.