DynamicWeb Enterprises, Inc. Reports Record Fiscal First Quarter Results -- Revenues Increase 223 Percent
Business Editors
FAIRFIELD, N.J.--(BUSINESS WIRE)--Feb. 16, 1999--DynamicWeb(TM) Enterprises, Inc. (OTC BB:DWEB), a developer of Internet electronic commerce and Electronic Data Interchange (EDI) business solutions, announced today results for the fiscal first quarter ended December 31, 1998.
The Company reported revenues for the fiscal first quarter ended December 31, 1998 of $540,000, a 223 percent increase over revenues of $167,000 reported for the same quarter in 1997.
In commenting on the Company's operating results, Steve Vanechanos, Jr. Chief Executive Officer, said, "Once again, revenue growth was strong from all revenue sources: EDIxchangeBuy, our flagship, Internet-based, automated procurement service; EDIxchangeOutsource, our EDI managed service; and EDIxchangeSupport our EC Consulting Services."
He added, "Our continuing revenue growth, is a reflection of marketplace acceptance of our electronic commerce service offerings. Notable achievements for the quarter were numerous. Another early market win for our EDIxchangeBuy with GTE Supply to automate their 2000 suppliers; an ongoing and successful ramp of EDIxchangeBuy with Rite Aid's supplier base; and a major win with Russ Berrie for our SAP (NYSE: SAP) to EDI outsource service."
"Looking forward, once again, our key leading indicator, the quality and quantity of prospects in our pipeline, has never looked better."
In commenting on a series of positive Wall Street developments, Vanechanos continued, "We engaged Raymond James & Associates, Inc. (NYSE: RJF) to assist us in funding our future growth plans; Robinson - Humphrey Company, LLC included us in their 'Who's Who in Electronic Commerce' industry report; Perry & Co. included us in their Watch List of Top 20 Internet Companies to watch in 1999; StocksToWatch.com added us to their Stock Journal of undervalued companies and most recently we witnessed the dramatic success of the VerticalNet (NASDAQ:VERT) Initial Public Offering, which we believe marks the beginning of a new appreciation of the business-to-business Internet space".
Located in Fairfield, NJ, DynamicWeb Enterprises, Inc. is a leading provider of Internet services and software for enabling business-to-business electronic commerce. DynamicWeb's EDIxchangeBuy provides an Internet-based electronic commerce solution for Fortune 1000 companies that expands EDI participation and compliance with their suppliers, including such companies as Southern New England Telephone (NYSE: SBC), GTE Supply (NYSE: GTE) and Rite Aid Corporation (NYSE: RAD). DynamicWeb also provides EDIxchangeOutsource, a complete turnkey EDI outsourcing service. EDIxchangeOutsource customers include Russ Berrie (NYSE: RUS) and Church & Dwight Co., Inc. (NYSE: CHD).
This press release contains forward-looking statements. All such
statements involve risks and uncertainties, including, without
limitation, the risks detailed in DynamicWeb's filings and reports
with the securities and Exchange Commission. Such statements are only
predictions and actual events or results may differ materially.
This release is available on the KCSA Public Relations Worldwide
website at www.kcsa.com
DynamicWeb Enterprises, Inc. and Subsidiaries
Financial Summary
Three Months Ended December 31,
1998 1997
Revenues $ 540,000 $ 167,000
Cost of Revenues 383,000 106,000
Gross Profit 157,000 61,000
Cost and Expenses 831,000 522,000
Interest and Other Income, Net (148,000) (344,000)
Net Loss $(822,000) $(805,000)
Net Loss Per Share $ (.36) $ (.43)
Weighted Average
Shares Outstanding 2,286,025 1,875,485
Selected Balance Sheet Data
Dec. 31, Sept. 30,
1998 1998
Assets:
Cash $ 320,000 $ 290,000
Other Current Assets 390,000 297,000
Property & Equipment, net 324,000 450,000
Other assets 689,000 713,000
Total Assets $1,723,000 $1,750,000
Liabilities:
Current Liabilities $ 637,000 $ 363,000
Other Liabilities 108,000 198,000
Total Liabilities 745,000 561,000
Total Stockholders' Equity 978,000 1,189,000
Total Liabilities and
Shareholders' Equity $1,723,000 $1,750,000
CONTACT: DYNAMICWEB ENTERPRISES, INC.
Steve Vanechanos Jr., Chairman and CEO
(973) 276-3100
or
KCSA
Robert Giordano/Joseph A. Mansi
(212) 682-6300, ext. 289 / 205
rgiordano@kcsa.com/jmansi@kcsa.com
www.kcsa.com |
