Changed to NXPS
Carlsbad, CA-October 17, 2003-NexPrise, Inc. (Nasdaq: NXPS), a provider of business process automation and management applications, today announced results for the three months ended September 30, 2003.
For the third quarter of 2003 NexPrise reported bookings, which represent contracted revenue for the next twelve months, of approximately $1.1 million, an increase of 170% from the third quarter of 2002. Revenues, which are comprised of customer agreements recognized evenly over the length of the contracts and up front perpetual licenses fees, were approximately $835,000 for the quarter, an increase of 15% from the third quarter of 2002. Costs and expenses in the third quarter of 2003 were approximately $3.2 million, including $603,000 of intangible asset amortization. In the third quarter of 2002, costs and expenses totaled approximately $4.1 million and included $475,000 of intangible asset amortization.
As of September 30, 2003, NexPrise's cash, cash equivalents and short-term investments were approximately $7.7 million. Total cash used in the third quarter of 2003 was $628,000, an improvement of approximately $1.8 million from the third quarter of 2002. These results include $1.0 million of cash received as a result of the sale of NexPrise's interest in Ingenuity Systems and a $250,000 cash outlay for an insurance prepayment. The net loss per share in the third quarter of 2003 was $0.64 compared to $0.75 in the same quarter last year.
NexPrise CEO Ted Drysdale said, "We continue to be pleased with the business we have generated this year. Our bookings year to date are more than 250% of what we had achieved through three quarters last year. This past quarter we made a significant investment in expanding our sales team, we again did a good job of managing our cash and we believe we're well positioned to continue our rapid growth." |
