Nexprise (CE) (USOTC:NXPS)
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NexPrise, Inc. Reports Results for the First Quarter of 2004
CARLSBAD, Calif., April 21 /PRNewswire-FirstCall/ -- NexPrise, Inc. (BULLETIN
BOARD: NXPS.OB) , a provider of business process automation and management
applications, today announced results for the three months ended March 31,
2004.
For the first quarter of 2004 NexPrise reported bookings, which represent
contracted revenue for the next twelve months, of approximately $170,000, a
decrease of 89% from the first quarter of 2003. Bookings for the first quarter
of 2003 included approximately $900,000 of perpetual licenses. Revenues, which
are comprised of customer agreements recognized evenly over the length of the
contracts and up front perpetual license fees, were approximately $654,000 for
the three months ended March 31, 2004, a decrease of 9% over the comparable
period in 2003.
Costs and expenses in the first quarter of 2004 were approximately $2.1
million, including $34,000 of intangible asset amortization. That is a
reduction of 34% from the costs and expenses total of approximately $3.2
million, including $491,000 of intangible asset amortization, reported in the
first quarter of 2003. As of March 31, 2004, NexPrise's cash, cash equivalents
and short-term investments were approximately $4.8 million. Total cash used in
the first quarter of 2004 was $1.2 million, an increase of approximately
$500,000 from the first quarter of 2003, which included the collection of
$500,000 of other receivables that did not recur in 2004. The net loss per
share in the first quarter of 2004 was $0.49, a 41% improvement from the $0.83
net loss per share reported in the same quarter last year.
About NexPrise
NexPrise, Inc., provides business process automation and management
applications that can enable manufacturers to rapidly automate and manage key
business processes and produce a return on investment in less than 6 months.
These solutions complement and expand on currently installed enterprise systems
and allow for the ongoing process improvements companies require to meet their
changing business demands. NexPrise, Inc. is headquartered in Carlsbad,
California. For more information, please visit http://www.nexprise.com/.
Safe Harbor Statement
This press release contains "forward-looking" statements, as that term is used
in Section 21E of the Securities Exchange Act of 1934, about NexPrise, Inc.
Forward-looking statements are denoted by such words as "contracted revenue" or
"can enable" and similar terms and phrases. These types of statements address
matters that are subject to risks and uncertainties, which could cause actual
results to differ materially. Factors that could cause or contribute to such
differences include, but are not limited to, NexPrise's ability to collect
revenues associated with such contracts and its ability to continue to generate
business from new contracts. In addition, our forward- looking statements
should be considered in the context of other risk factors discussed in our
filings with the Securities and Exchange Commission, including but not limited
to our on Form 10-K and 10-Q filings, available online at http://www.sec.gov/.
All forward-looking statements are based on information available to the
company on the date hereof, and the company assumes no obligation to update
such statements.
NEXPRISE, INC
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share value)
March 31, December 31,
2004 2003
ASSETS unaudited audited
Current assets:
Cash and cash equivalents $2,185 $991
Short-term investments 2,600 5,000
Accounts receivable 312 743
Prepaid expenses 323 321
Other current assets 285 362
Total current assets 5,705 7,417
Property and equipment, net 57 40
Intangible assets, net 104 139
Other long-term assets, net 285 317
Total assets $6,151 $7,913
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $190 $94
Accrued compensation 373 552
Accrued expenses 1,143 1,158
Deferred revenue 1,467 1,590
Total current liabilities 3,173 3,394
Notes payable 11,843 11,843
Commitments and contingencies
Stockholders' deficit:
Preferred stock, no par value: 2,500 shares
authorized: none issued or outstanding -- --
Common stock, $.0002 par value; 175,000
shares authorized; 3,238 and 3,237 shares
issued and outstanding 10 10
Additional paid-in capital 631,771 631,774
Deferred compensation (87) (143)
Accumulated deficit (640,712) (639,118)
Accumulated other comprehensive income 153 153
Total stockholders' deficit (8,865) (7,324)
Total liabilities and stockholders'
deficit $6,151 $7,913
NEXPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months
Ended March 31,
2004 2003
Net revenues $654 $721
Cost of product licenses and services 312 281
Cost of amortization of purchased technology 34 491
Research and development 615 794
Sales and marketing 595 967
General and administrative 543 699
Total costs and expenses 2,099 3,232
Operating loss (1,445) (2,511)
Interest expense (189) (189)
Interest income and other, net 40 33
Net loss $(1,594) $(2,667)
Basic and diluted loss per share $(0.49) $(0.83)
Weighted average common shares outstanding
used in computing basic and diluted net loss
per share 3,237 3,218
DATASOURCE: NexPrise, Inc.
CONTACT: investors, Jerome Natoli of NexPrise, Inc., +1-650-327-6850, or
Web site: http://www.nexprise.com/