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PBIZ Private Business (MM)

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Share Name Share Symbol Market Type
Private Business (MM) NASDAQ:PBIZ NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
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PBiz Reports First Quarter Financial Results

12/05/2005 11:31pm

Business Wire


Private Business (NASDAQ:PBIZ)
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Private Business, Inc. (NASDAQ:PBIZ), a leading provider of financial technology to community banks and middle-market businesses, today announced its operating results for the first quarter of 2005. Revenues for the three months ended March 31, 2005, totaled $9.2 million, compared with $9.8 million in the first quarter of the previous year. Operating income was $693,000 for the first quarter of 2005 compared with an operating loss of $982,000 for the first quarter of 2004. Net loss available to common shareholders totaled $161,000, or $(0.01) per diluted share, in the first quarter of 2005, versus a net loss of $1.2 million, or $(0.08) per diluted share, in the year-earlier quarter. The Company's operating results for the first quarter of 2004 reflected two unusual charges, consisting of the write-off of unamortized deferred financing costs and a one-time expense for directors' and officers' insurance premiums, totaling $1.7 million. Operating income for 2005 and 2004, excluding the unusual charges described above, would have been $693,000 and $694,000, respectively, and net income would have been $379,000 and $307,000, respectively. Diluted loss per share for the quarters ended March 31, 2005 and 2004, excluding the unusual charges, would have been $(0.01) and $(0.01), respectively, versus the $(0.01) loss per share for the quarter ended March 31, 2005, and the $(0.08) loss per share for the quarter ended March 31, 2004, as reported. Commenting on the first quarter 2005 results, Henry M. Baroco, Private Business' Chief Executive Officer and Board member, stated, "Our new sales management team is in place now and business development activity has improved moderately in the first quarter of 2005. We expect to see further improvement in the coming quarters. We will continue to expand our sales force and focus on increasing their productivity. "We continue to control expenses, as evidenced by the $643,000 decline in the first quarter of 2005 compared with the same period of 2004, which excludes the unusual charges discussed above." About PBiz Private Business, Inc. (PBiz) is a leading supplier of financial technology to community banks and middle-market businesses. The Company is headquartered in Brentwood, Tennessee, and its common stock trades on The Nasdaq Stock Market under the symbol PBIZ. PBiz provides information related to non-GAAP financial measurements from time to time that adjust for certain items outside of the ordinary course of its business. Such non-GAAP financial measures are not determined in accordance with generally accepted accounting principles and are susceptible to varying calculations. Accordingly, non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. To enable interested parties to reconcile non-GAAP measures to the Company's GAAP financials, the Company clearly defines and quantifies all adjustments to GAAP measurements. The Company provides non-GAAP financial measurements that adjust for certain items outside of the ordinary course of business in order to assist in comparing the Company's current operating performance to its historical performance. These adjustments typically reflect non-recurring items but sometimes reflect items, such as dispositions of assets that are not technically non-recurring but are outside of the ordinary course of operations. Investors are encouraged to use this information in connection with the information contained in the Company's GAAP financial statements. Certain statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company's actual results or performance to materially differ from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including, without limitation, risks and uncertainties associated with the company's ability to achieve its growth plans. These risks and uncertainties are in addition to other factors detailed from time to time in the company's filings with the Securities and Exchange Commission. The company cautions investors that any forward-looking statements made by the company are not necessarily indicative of future performance. The company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services. -0- *T PRIVATE BUSINESS, INC. Consolidated Financial Highlights (in thousands, except per share amounts) Three Months Ended March 31, -------------------- 2005 2004 Operating Highlights: -------- -------- Revenue: Participation Fees $ 5,590 $ 6,297 Software license 194 53 Retail planning services 2,202 2,251 Maintenance and other 1,213 1,242 -------- -------- 9,199 9,843 Operating costs and expenses: General and administrative 3,817 4,309 Selling and marketing 4,390 4,376 Research and development 91 113 Amortization 208 326 Other operating expense, net -- 1,701 -------- -------- 8,506 10,825 Operating income (loss) 693 (982) Interest expense, net (70) (190) -------- -------- Income (loss) before income taxes 623 (1,172) Income tax provision (benefit) 244 (457) -------- -------- Net income (loss) 379 (715) Preferred stock dividends (540) (438) -------- -------- Net income (loss) available to common shareholders $ (161) $ (1,153) ======== ======== Loss per share: Basic $ (0.01) $ (0.08) ======== ======== Diluted $ (0.01) $ (0.08) ======== ======== Weighted average shares outstanding: Basic 14,575 14,079 ======== ======== Diluted 14,575 14,079 ======== ======== As of -------------------- March 31, Dec. 31, 2005 2004 -------- -------- Balance Sheet Highlights: Cash and Cash equivalents $ 7 $ 7 Working capital (deficit) 647 (158) Total assets 20,658 21,336 Long-term debt, net of current portion 1,760 1,776 Stockholders' equity 13,608 13,396 PRIVATE BUSINESS, INC. Reconciliation of Reported Results to Effect of Lightyear Transaction Charges (in thousands, except per share amounts) Three Months Ended March 31, -------------------- 2005 2004 -------- -------- Operating income (loss) as reported $ 693 $ (982) Add: Write-off unamortized deferred financing costs related to 1998 Credit Agreement -- 780 Add: Directors and officers insurance premiums related to periods prior to Lightyear transaction closing -- 896 -------- -------- Adjusted operating income 693 694 Interest expense, net (70) (190) -------- -------- Adjusted income before income taxes 623 504 Adjusted income tax provision 244 197 -------- -------- Adjusted net income 379 307 Preferred stock dividends (540) (438) -------- -------- Adjusted net loss available to common shareholders $ (161) $ (131) ======== ======== Adjusted diluted loss per share $ (0.01) $ (0.01) ======== ======== Diluted weighted average shares outstanding 14,575 14,079 ======== ======== Additional information can be found on the World Wide Web http://www.pbizinc.com For further information, please contact: Michael Berman at (615) 565-7379 *T

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