Watertown, MA ? Feb 17, 1999 ? Primix Solutions Inc. (NASDAQ: PMIX) today announced financial results for the fourth quarter and year ended December 31, 1999. Revenues for 1999 were $11,989,000 compared with $4,816,000 for 1998, representing a 149% increase. The net loss for 1999 was $6,423,000 ($.44 per share) compared to $4,202,000 ($.29 per share) in 1998. Revenues for the fourth quarter of 1999 were $3,796,000 compared to $1,371,000 for the quarter ended December 31, 1998, representing an increase of 177%. The fourth quarter 1999 loss was $1,974,000 ($.13 per share) compared to a loss of $1,221,000 ($.08 per share) in the comparable 1998 period.
"I am very pleased with all that was accomplished during the past year," said Lennart Mengwall, chairman and CEO of the Company. "The extraordinary efforts of our people increased our revenues nearly 150%. We had nearly three times the number of billable consultants at the end of 1999 as we did at the start. Many of these additions represented highly skilled professionals from two disciplines - creative design and strategy - that didn't exist here in January of 1999.
"The strength of our repeat business, which accounted for 84% of our revenue in the fourth quarter, speaks to the quality of our delivery capability and our success in helping clients achieve business results. I'm also pleased to report we added nine new customers in the fourth quarter. Three of these new customers were acquired through the acquisition of Black Bean Studios, also completed in the fourth quarter. The founding principals of that company will lead the creative organization within Primix, with Claudio Vera acting as chief creative officer and Alisha Vera in the role of executive creative director. Other additions to round out our management team included the addition of our new senior vice president of marketing and brand development, Frank Mainero, the naming of Tim Dion as our CTO, and finally the naming of our new president, Mike Troiano."
"We enter 2000 with a clear vision for how to differentiate ourselves in the rapidly growing market for e-business services, a solid plan to realize that vision, and a strong team focused on the implementation of that plan" said Michael Troiano, president of Primix Solutions. "We intend to grow faster than this market in 2000, to improve our gross margins along the way, and to set the stage for profitability. We will continue to make investments in people, infrastructure and brand awareness through 2000 to establish ourselves as the employer of choice among technologists, designers, and strategists who want collaboration without compromise, and to be the partner of choice for clients serious about using e-business tools and approaches to achieve real business results."
About Primix Solutions
Primix Solutions is a strategic Internet services firm dedicated to helping clients define, develop and deploy e-business solutions that deliver superior business results. The Company's "essential e-business" approach brings management consulting insight, creative talent and systems integration skills to customers, helping to leverage their existing business relationships through the strategic application of Internet technology. Primix Solutions partners with its clients to deliver e-commerce, customer relationship management (CRM), supply chain management (SCM) and knowledge management (KM) solutions. Primix Solutions has assisted companies such as A.T. Cross, Apple Computer, Baker Hughes, Data General, The Gillette Company, Lucent Technologies, Rockwell Collins and Standard & Poor's increase revenue, reduce costs, improve responsiveness, build customer loyalty and optimize assets. Additional information about the Company, its approach, clients and service offerings may be found at primix.com. You may also e-mail info@primix.com or call 617-923-6500. |
