PurchasePro Reports 2001 Fourth Quarter and Year-End Results
LAS VEGAS, March 27, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO - news) today reported a net loss for the fourth quarter ended December 31, 2001 of $71.3 million, or $0.98 per fully diluted share, on revenues of $2.4 million, compared with net loss in the comparable quarter a year ago of $36.8 million, or $0.55 per fully diluted share, on revenues of $33.6 million. The company's 2001 fourth quarter results include special charges totaling $48.8 million related to write-downs and write-offs of certain property and equipment, intangibles, investments, and lease termination costs, as well as workforce reductions and associated costs.
For the year ended December 31, 2001, net loss was $272.2 million, or $3.80 per fully diluted share, on revenues of $38.8 million, compared with net loss of $72.8 million, or $1.15 per fully diluted share, on revenues of $65.0 million in the prior year.
Additional key metrics from PurchasePro's fourth quarter include:
-- Revenue from software licenses sold in the quarter totaled
$524,000, compared with $818,000 in the prior quarter and $22.0
million a year earlier.
-- Transaction revenue was $57,000, compared with $58,000 in the
prior quarter and $9,000 in the comparable quarter a year ago.
-- Hosting revenue was $367,000 in the quarter, compared with
$323,000 in the prior quarter and $689,000 a year ago.
-- Maintenance revenue in the quarter was $437,000, compared with
$463,000 in the prior quarter and $273,000 a year earlier.
-- Professional fees were $466,000, compared with $944,000 in the
prior quarter and $198,000 a year earlier.
-- Gross margins were 41 percent compared with 64 percent in the
prior quarter and 94 percent a year earlier.
-- Operating expenses were $72.2 million, compared with
$108.8 million in the prior quarter and $72.0 million a year ago.
-- 78,000 purchase orders totaling $88 million were received in the
quarter, compared with 83,000 purchase orders valued at
$88 million in the prior quarter. For all of 2001, $262 million
in purchase orders crossed the commerce network.
-- In the fourth quarter, PurchasePro's customers ran $377 million
in reverse auction volume resulting in $116 million in implied
savings through the PurchasePro commerce network, and
$864 million in reverse auction volume resulting in $275 million
in savings in the full year.
Richard L. Clemmer, president and chief executive officer, said, ``In 2001, we implemented and completed an overhaul of PurchasePro's operations, and we have emerged with a streamlined infrastructure, additional customers and improved products. This year we are seeing the results of those efforts. To date in 2002 we've announced six revenue-producing contracts, five of which are with new customers, launched e-Source 7.5 and completed a $6 million equity financing. We believe we have turned the corner and hope to be EBITDA positive in the spring and generate cash in the fall.''
The company also said it will hold an open conference call to discuss its results at 10:00 a.m. (PST) later today. The company has secured a limited number of lines for the conference call which may be accessed domestically at (877) 440-9648 or internationally at (706) 679-0668 or through a webcast at PurchasePro's investor relations website, irconnect.com.
The call will be replayed beginning on March 28, 2002 and ending on April 3, 2002. The replay call in number is (800) 642-1687 and the international replay call in number is (706) 645-9291. The replay pass code is 3566770. Investors may also access a ``web replay'' of the call through irconnect.com beginning on March 28, 2002 through April 30, 2002. |
