Billserv, Inc. Reports Results for Fourth Quarter and Year End 2002; Key Metrics Show Impressive Growth Through 1Q '03
Tuesday April 15, 6:52 pm ET
SAN ANTONIO, April 15 /PRNewswire-FirstCall/ -- Billserv, Inc. (OTC Bulletin Board: BLLS - News) today announced financial results for the year end and three months ended December 31, 2002.
Revenues for the fourth quarter of 2002 decreased over the same period in 2001, totaling $907,000 and $937,000, respectively. Billserv reported a net loss of $4.6 million, or $0.23 per common share, for the three months ended December 31, 2002, compared with a loss of $2.1 million, or $0.11 per common share, for the three months ended December 31, 2001.
Included in the $4.6 million fourth quarter loss were three significant charges. The Company recorded an $855,000 write-down of assets relating to software that has not been deployed as a result of the Company's limited resources. In addition, the Company recorded interest expense and penalties of $947,000 related to its convertible debt instrument, including accelerated amortization of financing costs. The Company also recorded a $1.3 million loss on related party guarantees. Without these significant charges, the Company would have recorded a loss of $1.6 million.
For the year ended December 31, 2002, Billserv reported revenues of $4.2 million and a net loss of $11.0 million, or $0.53 per common share, compared with revenues of $3.0 million and a net loss of $10.4 million, or $0.58 per common share, for the year ended December 31, 2001. . .
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