Nexprise (CE) (USOTC:NXPS)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Nexprise (CE) Charts. Click Here for more Nexprise (CE) Charts.](/p.php?pid=staticchart&s=NO%5ENXPS&p=8&t=15)
NexPrise, Inc. Reports Results for the Fourth Quarter and Year 2003
CARLSBAD, Calif., Feb. 17 /PRNewswire-FirstCall/ -- NexPrise, Inc. (BULLETIN
BOARD: NXPS) , a provider of business process automation and management
applications, today announced results for the quarter and year ended December
31, 2003.
For the fourth quarter of 2003 NexPrise reported bookings, which represent
contracted revenue for the next twelve months, of approximately $801,000, a
decrease of 22% from the fourth quarter of 2002. The decrease results from
approximately $600,000 of bookings reported in the fourth quarter of 2002 that
converted to perpetual licenses during 2003 and so were not renewed in the
fourth quarter of 2003. Bookings for the twelve months ended December 31, 2003
were approximately $4.6 million, an increase of 83% from 2002. Revenues, which
are comprised of customer agreements recognized evenly over the length of the
contracts and up front perpetual licenses fees, were approximately $952,000 and
$3.5 million for the three and twelve months ended December 31, 2003, an
increase of 27% and 25% over the comparable periods in 2002.
Costs and expenses in the fourth quarter of 2003 were approximately $9.0
million, including $491,000 of intangible assetamortization and a write down of
intangible assets of approximately $6.4 million. In the fourth quarter of 2002,
costs and expenses totaled approximately $14.9 million and included $233,000 of
intangible asset amortization and a goodwill impairment charge of approximately
$11.7 million.
As of December 31, 2003, NexPrise's cash, cash equivalents and short-term
investments were approximately $6.0 million. Total cash used in the fourth
quarter of 2003 was $1.7 million, an increase of approximately $1.0 million from
the third quarter of 2003. The third quarter of 2003 included $1.0 million of
cash received as a result of the sale of NexPrise's interest in an investment.
Total cash used in 2003 was $4.3 million, down from $11.4 million used in 2002.
The net loss per share in the fourth quarter of 2003 was $2.54, compared with a
net loss per share of $4.44 in the same quarter last year. The net loss per
share for the year 2003 was $4.50, compared with a net loss per share of $9.21
for 2002.
NexPrise CEO Ted Drysdale said, "On the whole, we were able to show reasonable
growth in bookings and revenue this year and I'm pleased with the way we managed
our cash." Mr. Drysdale added, "We took additional steps in January of 2004 to
streamline our organization and reduce our cost structure, and feel we're well
positioned for 2004 and beyond."
About NexPrise
NexPrise, Inc., provides business process automation and management applications
that can enable manufacturers to rapidly automate and managekey 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 ofthe Securities Exchange Act of 1934, about NexPrise, Inc.
Forward-looking statements are denoted by such words as "contracted revenue" or
"well positioned," "beyond" 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec 31, Dec 31,
2003 2002
ASSETS audited audited
Current assets:
Cash and cash equivalents $991 $3,225
Short-term investments 5,000 7,050
Accounts receivable 743 560
Prepaid expenses 321 671
Other current assets 362 841
Total current assets 7,417 12,347
Property and equipment, net 40 339
Intangible assets, net 139 9,150
Other long-term assets, net 317 1,168
Total assets $7,913 $23,004
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $94 $160
Accrued compensation 552 646
Accrued expenses 1,158 2,374
Deferred revenue 1,590 711
Accrued liabilities relating to
discontinued operations -- 336
Total current liabilities 3,394 4,227
Notes payable 11,843 11,843
Commitments and contingencies
Stockholders' equity:
Preferred stock, no par
value: 2,500 shares authorized:
none issued or outstanding -- --
Common stock, $.0002 par value;
175,000 shares authorized; 3,236
and 3,230 shares issued and
outstanding respectively 10 10
Additional paid-in capital 631,774 631,764
Deferred compensation (143) (416)
Accumulated deficit (639,118) (624,576)
Accumulated other
comprehensive income 153 152
Total stockholders' equity (7,324) 6,934
Total liabilities and
stockholders' equity $7,913 $23,004
NEXPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
Net revenues $952 $747 $3,489 $2,802
Costs and expenses
Cost of product licenses and
services 313 350 1,137 1,498
Cost of amortization of
purchased technology 491 233 1,964 895
Research and development 538 892 2,637 5,295
In process research and
development -- -- -- 399
Sales and marketing 860 935 3,849 5,469
General and administrative 411 790 2,658 5,087
Restructuring and settlement
charges -- -- (493) --
Impairment of goodwill -- 11,652 -- 11,652
Write-down of intangible assets 6,385 -- 6,385 --
Total costs and expenses 8,998 14,852 18,137 30,295
Operating loss (8,046) (14,105) (14,648) (27,493)
Interest expense (189) (190) (756) (749)
Interest income and other, net 23 59 241 216
Investment Income (loss) -- -- 287 (1,420)
Loss from continuing operations (8,212) (14,236) (14,876) (29,446)
Gain from discontinued operations -- -- 334 --
Net loss $(8,212) $(14,236) $(14,542) $(29,446)
Basic and diluted loss per share
from continuing operations $(2.54) $(4.44) $(4.60) $(9.21)
Basic and diluted gain per share
from discontinued operations $-- $-- $0.10 $--
Basic and diluted net loss per
share $(2.54) $(4.44) $(4.50) $(9.21)
Weighted average common shares
outstanding used in computing
basic and diluted netincome
(loss) per share 3,236 3,208 3,232 3,196
DATASOURCE: NexPrise, Inc.
CONTACT: Jerome Natoli of NexPrise, Inc., +1-650-327-6850, or
Web site: http://www.nexprise.com/