Revenues Up, losses Down.
Big Picture provides year-end results
Big Picture Technologies Inc BPI
Shares issued 30,627,280 Mar 9 close $0.45
Mon 12 Mar 2001 News Release
Mr. Michael Anthony reports
Big Picture Technologies has released its year-end results for the fiscal
period ending Dec. 31, 2000. Revenues for the fourth quarter reached a
record level of $2,223,483, an increase of 39 per cent over the previous
quarter and nearly double that recorded for the same period last year.
Revenue for the year totalled $7.3-million, more than 3.5 times that of the
previous year's total of $2.1-million.
"Despite the solid growth, fourth quarter revenues fell short of
expectations," explained Michael Anthony, Big Picture president and chief
executive officer, "largely as a result of softening retail markets and a
corresponding decline in channel inventory levels. Nevertheless, we remain
reasonably satisfied with these results as they reflect continued
quarter-over-quarter and year-over-year growth, enabling the company to
make significant gains in meeting its objective of profitability during
2001."
Big Picture continued to post operating improvements: earnings before
interest, taxes, depreciation and amortization (EBITDA) loss for the fourth
quarter of $1,452,002 was down significantly from the $2,474,888 posted for
the previous quarter. This improvement is the result of increasing gross
margins and a decline of 17 per cent in operating expenses from the prior
quarter. "We are clearly trending in the right direction," Mr. Anthony
added.
Operating expenses for the quarter of $2,458,135 were down from $2,951,423
in the preceding quarter. Total expenses for the year of $11.3-million
reflect the company's significant investment in sales and marketing, and
product development. Over all, product development saw the largest
percentage increase with expenses increasing 381 per cent over the previous
year. Net loss before taxes for the year was $8.8-million.
Mr. Anthony concluded: "The current environment for many Internet-based
companies is particularly challenging and many companies are facing
declining prospects in terms of softening demand and weak financial
markets. While Big Picture is by no means immune from these pressures, we
believe we are better positioned than many vendors to meet these challenges
and to capitalize on the opportunities presented by a market undergoing
consolidation and amalgamation. We enter 2001 with a stronger product
lineup, multiple channel-centric routes to market, and several new and
strategic on-line partnerships. Our efforts are focused on growing and
expanding these relationships and on securing the financial, people and
technology resources necessary to advance the company in meeting ambitious
goals for 2001."
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
