Nexprise (CE) (USOTC:NXPS)
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NexPrise, Inc. Reports Results for the Third Quarter of 2004
CARLSBAD, Calif., Oct. 21 /PRNewswire-FirstCall/ -- NexPrise, Inc.
(OTC:NXPS.OB) (BULLETIN BOARD: NXPS.OB) , a provider of business process
automation and management applications, today announced results for the three
months ended September 30, 2004.
For the third quarter of 2004, NexPrise reported bookings, which represent
contracted revenue for the next twelve months, of approximately $587,000, a
decrease of 48% from the third quarter of 2003 and a decrease of 44% from the
approximately $1.0 million of bookings reported in the second quarter of 2004.
Revenues, which are comprised of customer agreements recognized evenly over the
length of the contracts and up front perpetual license fees, were approximately
$1.0 million for the three months ended September 30, 2004, an increase of 26%
from the comparable period in 2003 and an increase of 52% over the second
quarter of 2004.
Costs and expenses in the third quarter of 2004 were approximately $1.4
million, a reduction of 55% from the costs and expenses of approximately $3.2
million, reported in the third quarter of 2003. As of September 30, 2004,
NexPrise's cash, cash equivalents and short-term investments were approximately
$2.6 million. Total cash and short term investments used in the third quarter
of 2004 was approximately $1.0 million, approximately $600,000 less than that
used in the third quarter of 2003 after adjusting the 2003 figure for the $1.0
million received for the sale of an investment. The net loss per share in the
third quarter of 2004 was $0.18, a 72% improvement from the $0.65 net loss per
share reported in the same quarter last year.
About NexPrise
NexPrise, Inc., provides document management applications that can enable the
secure storage and sharing of key documents, the automation of processes
through creation of simple and complex workflows and the management of programs
through action item tracking and document revision control. 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 data)
Sept 30, December 31,
2004 2003
ASSETS unaudited audited
Current assets:
Cash and cash equivalents $1,094 $991
Short-term investments 1,500 5,000
Accounts receivable 296 743
Prepaid expenses 429 321
Other current assets 190 362
Total current assets 3,509 7,417
Property and equipment, net 75 40
Intangible assets, net 35 139
Other long-term assets, net 242 317
Total assets $3,861 $7,913
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $81 $94
Accrued compensation 299 552
Accrued expenses 1,201 1,158
Deferred revenue 1,204 1,590
Total current liabilities 2,785 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; 20,000 shares
authorized; 3,238 and 3,237 shares issued
and outstanding 10 10
Additional paid-in capital 631,771 631,774
Deferred compensation (14) (143)
Accumulated deficit (642,687) (639,118)
Accumulated other comprehensive income 153 153
Total stockholders' deficit (10,767) (7,324)
Total liabilities and stockholders'
deficit $3,861 $7,913
NEXPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Net revenues $1,024 $814 $2,350 $2,537
Costs and expenses
Cost of product licenses
and services 297 238 851 824
Cost of amortization of
purchased technology 34 491 102 1,473
Research and development 463 749 1,649 2,099
Sales and marketing 263 1,068 1,265 2,989
General and administrative 362 631 1,541 2,247
Restructuring & settlement
(benefit) -- -- -- (493)
Total costs and expenses 1,419 3,177 5,408 9,139
Operating loss (395) (2,363) (3,058) (6,602)
Interest expense (189) (189) (567) (567)
Interest income and other, net 7 57 56 218
Investment losses -- 400 -- 287
Loss from continuing operations (577) (2,095) (3,569) (6,664)
Gain from discontinued
operations -- -- -- 334
Net loss $(577) $(2,095) $(3,569) $(6,330)
Basic and diluted loss per
share from continuing
operations $(0.18) $(0.65) $(1.10) $(2.06)
Basic and diluted gain per
share from discontinued
operations $-- $-- $-- $0.10
Basic and diluted net loss
per share $(0.18) $(0.65) $(1.10) $(1.96)
Weighted average common shares
outstanding used in computing
basic and diluted net loss
per share 3,238 3,233 3,238 3,229
DATASOURCE: NexPrise, Inc.
CONTACT: Jerome Natoli of NexPrise, Inc., +1-650-327-6850, or
Web site: http://www.nexprise.com/