02/14 16:01 BISPoint Technologies Reports Third Quarter Results for Fiscal
Year 2000 <BIS.A>
BISPoint Technologies Reports Third Quarter Results for Fiscal Year 2000
BUFFALO, N.Y., Feb. 14 /PRNewswire/ -- Barrister Information Systems Corporation, d/b/a BISPoint Technologies (Amex: BIS) reported a loss of $289,000 for its fiscal 2000 third quarter, compared to a profit of $25,000 for the third quarter of last year. For the nine months ended December 31, 1999, the Company experienced a net loss of $1,055,000 compared to a net profit of $142,000 for the comparable period for the prior year. The Company's loss in its third quarter was due to several factors including a decrease in software revenues and margins, and expected increases in product development, selling and general and administrative expenses.
Total revenues for the quarter increased to $3,963,000 compared to $3,576,000 for the same quarter of the prior year. For the nine month periods ended December 31, 1999 and December 25, 1998, revenues increased to $11,423,000 from $10,912.000. Product revenues for the quarter were $291,000 compared to $629,000 for the same quarter of the prior year. Services revenues for the quarter increased to $3,672,000 compared to $2,947,000 for the same quarter last year.
Henry P. Semmelhack, President of BISPoint Technologies, stated: "In the third quarter, equipment maintenance revenues and profitability improved over the same quarter last year. On February 4, 2000 the Company announced a strategic alliance with Pioneer Standard, a $2.4 billion international distributor of computer systems and electronics. The Company will provide national maintenance service delivery for Intel based desktop and server platforms. We are very enthusiastic about the future business impact of this relationship.
In the third quarter, the Company incurred expenses to build software and web sites to support the e-commerce and business-to-business Internet activities expected from the Pioneer relationship. These investments in software and web sites will be used in conjunction with the Barrister Global Services Network to provide services nationwide. Significant revenues from the Pioneer strategic partnership are not expected until Fiscal 2001, which begins April, 2000.
Product revenues were substantially less than expectations because the startup processes for selling and installing the LegalHouse and OnBudget products has taken longer than expected. Simultaneously, development and selling expenses grew as we worked on development and sales of the Javelan and LegalHouse products.
While product sales did not meet expectations, there were several noteworthy events. In the third quarter, the Company completed its 22nd LegalHouse sale, with most sales going into firms which are among the top 100 law firms in the United States. In addition, the largest software sale in the quarter was to a large consulting firm for JavelanX, our new web-based time entry product. It is anticipated that the Company will achieve improved product sales in future quarters and that the product startup issues will be behind us."
BISPoint Technologies is a national company listed on the American Stock Exchange which sells software and software services to the legal market and professional organizations and which provides maintenance services to the general marketplace.
BISPoint Technologies is a tradename and trademark, Javelan is a registered trademark, Barrister is a registered trademark and service mark, Barrister Global Services Network is a trademark, tradename and service mark, and JavelanX and LegalHouse are trademarks of Barrister Information Systems Corporation.
SELECTED FINANCIAL DATA
(In Thousands, except per share data)
Three Months Ended Nine Months Ended
12/31/99 12/25/98 12/31/99 12/25/98
Revenues:
Product sales $291 $629 $878 $1,385
Services 3,672 2,947 10,545 9,527
Total revenues 3,963 3,576 11,423 10,912
Costs and expenses:
Cost of product sales -- 117 63 294
Cost of services 2,893 2,382 8,269 7,304
Total cost of
revenues 2,893 2,499 8,332 7,598
Selling, general &
administrative expenses 980 865 3,131 2,586
Product development &
engineering expenses 342 141 913 441
Total costs and expenses 4,215 3,505 12,376 10,625
Operating
earnings (loss) (252) 71 (953) 287
Interest expense 37 46 102 145
Net earnings (loss) $(289) $25 $(1,055) $142
Net earnings (loss)
per common share $(0.02) $0.00 $(0.10) $0.02
Average Common
Shares Outstanding 11,702 8,226 10,080 8,224
Balance Sheet Data: 12/31/99 3/31/99
Current Assets $5,022 $5,703
Net Equipment 614 583
Other Assets 2,421 2,420
Total Assets 8,057 8,706
Current Liabilities 3,630 3,407
Long-term Debt 1,223 1,487
Shareholder's Equity 3,204 3,812 SOURCE BISPoint Technologies
-0- 02/14/2000
/CONTACT: Mark C. Donadio, Vice President of BISPoint Technologies, 716-845-5010, fax, 716-845-5033, or mdonad@barrister.com/
/Web site: barrister.com -- NYM130 -- 9286 02/14/2000 15:45 EST prnewswire.com Copyright PR Newswire 1998. All rights reserved.
COPYRIGHT ¸ 1999 REUTERS LIMITED. ALL RIGHTS RESERVED.
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