ESPS a lot to like on this one IMO
Thursday July 15, 8:19 am Eastern Time
Company Press Release
SOURCE: ESPS, Inc.
ESPS Announces First Quarter Results; Revenues Increased 100% from First Quarter of Prior Fiscal Year
FORT WASHINGTON, Pa., July 14 /PRNewswire/ -- ESPS, Inc. (Nasdaq: ESPS - news), the leading provider of electronic compliance (e-Compliance) management solutions to businesses in highly regulated industries, today announced its financial results for the quarter ending June 30, 1999, the first quarter of fiscal year 2000.
During the first quarter, the Company completed its initial public offering of 3.5 million shares of common stock, which resulted in net proceeds to the Company of approximately $22.2 million.
Total revenues for the first quarter were $5.91 million, compared to $2.96 million for the same period in fiscal 1999, an increase of 100%.
Net income for the first quarter was $106,000, or $.01 per diluted share, compared to $313,000, or $.02 per diluted share, for the same period in fiscal 1999. Weighted average shares used in computing diluted earnings per share in the first fiscal quarter were 15.5 million versus 14.1 million in the same period in the prior fiscal year.
Terrence P. Brennan, president and CEO of ESPS, commented, ''This has been a very exciting time at ESPS. In addition to our recent IPO, we have launched version 4.0 of our CoreDossier® software suite, which has received favorable reviews from industry analysts, such as the Aberdeen Group and AMR.''
''We are pleased with the results of our first quarter as a public company and we believe that our business strategy of delivering electronic compliance (e-Compliance) management solutions to manage and publish regulatory and business compliance information has been well received by our customers in the US and Europe. e-Compliance is the application of Internet and intranet technologies to reduce the burgeoning compliance burden for companies in highly regulated industries. We are well positioned as the leader for providing e-Compliance management solutions to these industries.''
''We continue to make significant headway in the pharmaceutical, biotechnology, chemical and utilities markets, as well as in identifying new opportunities in emerging markets, such as manufacturing,'' added Brennan. ''We believe our success will continue as new companies and industries adopt CoreDossier as their e-Compliance solution and the acceptance of electronic submissions becomes more widespread among regulatory agencies.''
Other noteworthy events that occurred this quarter include:
-- President and CEO Terrence P. Brennan was named the Greater
Philadelphia Ernst & Young Entrepreneur of the Year for 1999.
-- Quintiles Transnational chose CoreDossier as its preferred e-Compliance
solution for pharmaceutical and medical products customers worldwide.
-- Three CoreDossier pilot projects commenced, at Bay State Gas, Duke
Power and with the National Association of Regulatory Utility
Commissioners (NARUC).
-- The Company launched a strategic partnership with FileNET Corp.
(Nasdaq: FILE - news), integrating FileNET's Panagon(TM) IDM software with
CoreDossier.
-- Barbara Losey joined the Company as director of regulatory and
compliance, chemicals. With 20 years of chemical industry compliance
experience, Losey has acted as an industry advisor to the EPA on
electronic data management and regulatory process improvement
initiatives.
-- Edward LoTurco joined the Company as director, manufacturing markets,
bringing to ESPS almost three decades of engineering and manufacturing
documentation experience.
-- The Company has successfully renegotiated its royalty agreement with
Versant Object Technology Corporation, on commercially favorable terms,
for an indefinite period of time. Versant provides technology that is
embedded within CoreDossier.
About ESPS:
ESPS, Inc. is the leading developer of electronic compliance (e-Compliance) management solutions used to manage, publish and share regulatory submissions and other business compliance information. ESPS solutions address the needs of companies faced with regulatory compliance submission requirements through the application of industry expertise, advanced technology and a commitment to high-quality implementations. The ESPS CoreDossier software solution has set the standard for electronic compliance management in several industries, including utilities, pharmaceutical and chemical. The ESPS world headquarters is located in suburban Philadelphia, with additional offices throughout North America and in Europe. More information can be found at esps.com, or by reaching the Company at 800-515-ESPS (North America) or +44-1753-725203 (Europe).
There will be a conference call hosted by management on Thursday, July 15, at 9:00 a.m. EST. This call will be broadcast live on the Internet and can be accessed through www.vcall.com. It is recommended that participants register at least ten minutes prior to the broadcast. The call will be archived for 90 days.
The statements in this news release which are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties that could render them materially different, including, but not limited to, the effect of fluctuations in our operating results, our reliance on a limited number of significant customers, our reliance on the CoreDossier product family, our ability to market and sell our products and services in our targeted industries, our ability to expand our sales and professional services organizations, our ability to attract and retain qualified personnel, our reliance on relationships with service vendors, potential year 2000 problems, our ability to compete in the rapidly evolving electronic compliance management market, the development and growth of the electronic compliance management market, our ability to respond to changes in the electronic compliance management market, and other risks detailed in our Securities and Exchange Commission filings, including our Registration Statement on Form S-1. |
