Darn I just sold MANA. Here's AWWC's numbers--
biz.yahoo.com
Thursday March 2, 7:02 am Eastern Time
Company Press Release
SOURCE: Access Worldwide Communications, Inc.
Access Worldwide Reports Fourth Quarter and Year End Results
- Company's Fourth Quarter Revenue Increases 33% Over Previous Quarter - - Total Year Revenue Reaches Record High Level -
BOCA RATON, Fla., March 2 /PRNewswire/ -- Access Worldwide Communications, Inc. (Nasdaq: AWWC - news), a leading marketing services company, today reported record high revenues for 1999, reaching $82.5 million, up 13% from the previous year. The increase was driven by rising sample fulfillment shipments and the acquisition of AM Medica Communications, Ltd. in October 1998. Access Worldwide sent 20 million sample units during the year from the Company's sample fulfillment center, the largest Drug Enforcement Agency-approved site of its kind in the nation.
Despite these achievements, the Company reported a net loss for the fourth quarter ended December 31, 1999. For the fourth quarter, revenues decreased by $3.5 million, or 14%, to $22.3 million, compared with $25.8 million for the same quarter of the previous year. Net loss and diluted loss per share were $(275,000) and $(0.03), respectively, for the quarter ended December 31, 1999, compared to net income and diluted earnings per share of $2.0 million and $0.21, respectively, for the quarter ended December 31, 1998. The net loss was due in large part to costs associated with the ongoing negotiations to refinance certain debt obligations. Total average shares outstanding for the fourth quarter of 1999 were 9,528,478 compared to 9,558,471 for the same period in 1998.
Revenues for the year ended December 31, 1999 increased by $9.3 million, or 13%, to $82.5 million, compared to $73.2 million for the year ended December 31, 1998. Net loss and diluted loss per share for the twelve months ended December 31, 1999 were $(3.9) million and $(0.42), respectively, compared to net income and diluted earnings per share of $4.5 million and $0.51, respectively, for the twelve months ended December 31, 1998. Earnings were impacted by costs from company-wide restructuring and revenue softness from the Company's pharmaceutical services operation as well as additional interest and fees related to the ongoing negotiation of certain debt obligations. Total average shares outstanding in 1999 were 9,403,291 compared to 8,880,633 in 1998.
Michael Dinkins, Chairman and Chief Executive Officer of Access Worldwide commented, ``Our fourth quarter results mark a tremendous improvement from the previous quarter. Access Worldwide has undergone a significant restructuring and as a result, I am excited to see that the Company is revitalized and strengthened. The area of our financial results that excites me the most is our EBITDA that has risen to $2.3 million from $(2.2) million in the previous quarter. This is a substantial change in a relatively short period of time. I believe it is a good indicator that we are firmly down the road to recovery.'
Mr. Dinkins continued, ``We have an active sales and proposal pipeline. We announced $12.3 million in new and expanded contracts in December 1999 and since then we have signed more than $5 million in new agreements. I am encouraged by our recent success and believe that we can continue forward with this momentum.'
Access Worldwide provides sales, marketing and medical education services to more than 100 clients in the pharmaceutical, telecommunications, financial services and consumer products industries. The Company designs and delivers innovative, data-driven sales and marketing solutions that maximize clients' sales and profits. The Company has particular expertise in reaching key pharmaceutical audiences -- physicians, pharmacists and patients -- and targeted consumer groups. Access Worldwide's resources include proprietary databases of targeted consumers, physicians and pharmacies; strategic planning and market research services; medical education; medical meetings management; medical publications; inbound and outbound teleservices in 15 different languages; electronic territory management systems (ETMS); and Drug Enforcement Administration approved drug sample fulfillment and direct mail capabilities. Additionally, the Company has significant information technology and Internet solutions capabilities, offering real-time customer services initiated from client web sites. Access Worldwide has over 1,600 employees and representatives in offices throughout the United States.
This release contains forward-looking statements that are subject to risk and uncertainty. Access Worldwide's actual results could differ materially from those discussed in such forward-looking statements due to various factors which are outside the Company's control, such as a reliance on a limited number of major customers, the need for growth management, acquisition risk, competition, industry consolidation, potential consumer saturation, and the uncertainty as to whether the Company will be able to restructure its debt with its banks. For a more detailed discussion of these factors and others, see the risk factors section of Access Worldwide's Annual Report filed on Form 10-K.
Access Worldwide Communications, Inc.
Statement of Operations
For the
Three Months ended Year ended
December 31, December 31,
1999 1998 1999 1998
Revenues $22,317,012 $25,837,030 $82,515,114 $73,234,285
Cost of
revenues 13,115,678 14,838,822 50,861,641 41,091,313
Gross
profit 9,201,334 10,998,208 31,653,473 32,142,972
Selling, general
and adminis-
trative
expenses 8,363,228 7,160,176 32,034,928 23,162,746
Unusual charge -- -- 1,526,351 --
Income (loss)
from operations 838,106 3,838,032 (1,907,806) 8,980,226
Interest
expense, net 1,229,181 333,355 3,723,666 907,311
(Loss) income
before income
tax (benefit)
expense and
extraordinary
charge (391,075) 3,504,677 (5,631,472) 8,072,915
Income tax
(benefit)
expense (116,203) 1,542,058 (1,793,130) 3,552,083
(Loss) income before
extraordinary
charge (274,872) 1,962,619 (3,838,342) 4,520,832
Extraordinary charge
on extinguishments
of debt (net of
applicable
income taxes
of $82,195) -- -- 101,686 --
Net (loss)
income $ (274,872) $ 1,962,619 $(3,940,028) $ 4,520,832
Average shares outstanding
- Basic 9,528,478 9,027,730 9,403,291 8,645,076
- Diluted 9,528,478 9,558,471 9,403,291 8,880,633
Net (loss) income per share
- Basic $ (0.03) $ 0.22 $ (0.42) $ 0.52
- Diluted $ (0.03) $ 0.21 $ (0.42) $ 0.51
SOURCE: Access Worldwide Communications, Inc.
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