REVENUES:
Barrister Global Services Network Announces Fiscal 2000 Year-End And Fourth Quarter Results for Continuing Operations
BUFFALO, N.Y., Jun 29, 2000 /PRNewswire via COMTEX/ -- Barrister Global
Services Network, Inc. (Amex: BIS) a provider of computer equipment maintenance
services to the global information technology marketplace, today announced its
results for the fiscal year and fourth quarter ended March 31, 2000. As
announced on May 5, 2000, Barrister (formerly known as Barrister Information
Systems Corporation) sold substantially all of the assets of the Company's
Software Business to Keystone Solutions US, Inc., which is henceforth being
reported as a discontinued operation.
"We are now offering our customers unique capabilities through the Global
Services Network, a proprietary Web-based service-management system," President,
Chief Executive Officer and Chairman Henry P. Semmelhack stated. "The sale of
our software division has positioned Barrister to focus our energies and
resources exclusively on our growing equipment maintenance service business,
where we can make a significant impact in the market. We have warranty
authorizations for over 20 manufacturers and provide services for over 200
different manufacturers' products. This has us excited about the future, and the
potential we have to grow our 'B-2-B' e-commerce business through our growing
partnership base."
Fiscal Year 2000
Revenue from continuing operations for fiscal 2000 was $8.48 million compared to
$8.59 million for the previous year. In fiscal 2000, the Company incurred a net
loss from continuing operations of $600,000 which included a tax benefit of
$1.15 million. This compares to a net loss of $1.16 million from continuing
operations for the previous year. Revenues from discontinued operations were
$6.46 million compared to $6.40 million in fiscal 1999. Discontinued operations
incurred a net loss of $163,000, compared to net earnings of $1.17 million the
previous year. The total net loss was $763,000 for fiscal 2000, or $.07 per
common share, compared with net income of $8,000, or less than $.01 per common
share generated in fiscal 1999.
Cancellations of service contracts during the year, including a significant
contract in the third quarter, offset new business successes during the year.
Barrister earned some notable new maintenance contracts at the end of its fiscal
year which, along with the warranty service agreement signed with
Pioneer-Standard Electronics, Inc. during the fourth quarter of the year,
presents an opportunity to significantly increase contract maintenance revenues
in fiscal 2001.
Fiscal Year 2000 Fourth Quarter
In the Company's fourth quarter, total revenue from continuing operations was
$2.10 million compared to $1.99 million for the previous year. Net earnings from
continuing operations were $427,000, which included a tax benefit of $1.15
million, or $.03 per common share in the fourth quarter, compared to a net loss
of $472,000, or $.05 per common share for the prior year's fourth quarter.
Outlook
"The recent months have produced some very exciting events," Mr. Semmelhack
said. "In addition to the sale of our software operations and the Company's name
change, we have secured several new business contracts and established
partnerships and service relationships that position us for future success.
Being selected as an authorized Intel ISP Server/NetStructure service provider,
generating an alliance agreement with Pioneer Standard, and being named Warranty
Service Provider for Oracle 8i Appliances, are just some of the fruits of our
recent efforts."
Barrister Global Services Network, Inc. is a provider of multi-vendor computer
equipment maintenance services with warranty authorizations for over 20
manufacturers, including Intel, and provides services for products of over 200
different manufacturers. The Company provides its customers with unusual value
and powerful online information through its Global Services Network, a unique
Web-based service management system. Barrister offers a wide variety of services
from on-site, mission-critical equipment services to depot repair, with services
currently being provided in thousands of locations throughout North America.
Barrister provides national service delivery through centralized administration
and computerized logistics; equipment repair both during and after equipment
warranty periods; and cost-effective and expedient repairs through in-house
repair expertise.
Barrister Global Services Network, Inc.
Balance Sheet
(in thousands)
March 31, 2000 March 31, 1999
ASSETS
Cash $ 161 $ 222
Accounts receivable 934 1,261
Inventories 1,734 2,341
Prepaid expenses 9 26
Deferred income taxes 1,146 ---
Net current assets of
discontinued operations 775 1,461
Total current assets 4,759 5,311
Fixed assets 2,578 2,647
Accumulated depreciation 2,219 2,318
Net fixed assets 359 329
Other assets 25 32
Net non-current assets of
discontinued operations 2,413 2,289
$ 7,556 $ 7,961
LIABILITIES AND STOCKHOLDERS' EQUITY
Note payable to a related party $ 264 $ ---
Current installments
of long-term debt 443 309
Accounts payable 1,075 1,108
Other liabilities 1,431 1,598
Total current liabilities 3,213 3,015
Long-term debt, excluding
current installments 791 1,134
Preferred stock --- 1,250
Common stock 2,846 2,134
Additional paid-in capital 23,005 21,964
Accumulated deficit (22,299) (21,536)
Total stockholders' equity 3,552 3,812
$ 7,556 $ 7,961
Barrister Global Services Network, Inc.
Statements of Operations
(In thousands except per share amounts)
Year Year Quarter Quarter
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2000 1999 2000 1999
Revenues $ 8,476 $ 8,590 $ 2,103 $ 1,991
Costs and expenses
Cost of services 7,156 6,977 2,081 1,771
Selling, general and
administrative expenses 2,924 2,594 701 657
Operating loss (1,604) (981) (679) (437)
Interest expense 142 180 40 35
Net loss from continuing
operations before
income taxes (1,746) (1,161) (719) (472)
Income tax benefit (1,146) --- (1,146) ---
Net earnings (loss) from
continuing operations (600) (1,161) 427 (472)
Earnings (loss) from
discontinued operations (163) 1,169 (135) 338
Net earnings (loss) $ (763) $ 8 $ 292 $ (134)
Basic and diluted earnings
(loss) per share
Continuing operations $ (.06) $ (.14) $ .03 $ (.05)
Discontinued operations (.01) .14 (.01) .03
Total $ (.07) $ --- $ .02 $ (.02)
Average shares 10,519 8,363 11,834 8,781
This press release contains "forward-looking statements," within the meaning of
the Private Security Litigation Reform Act of 1995, that are based on current
expectations, estimates and projections about the industry, markets and economic
environment in which the Company operates. Such statements involve risks and
uncertainties that could cause actual results to differ materially from those
discussed in these statements. These risks are detailed in the Company's
periodic reports filed with the Securities and Exchange Commission.
Barrister Global Services Network is a trademark, trade name and service mark,
and Barrister is a registered trademark and service mark of Barrister Global
Services Network, Inc.
Contact: Richard P. Beyer, Vice President, 716-845-5010, or fax, 716-845-5033,
or rbeyer@barrister.com.
SOURCE Barrister Global Services Network, Inc.
CONTACT: Richard P. Beyer, Vice President, 716-845-5010, or fax,
716-845-5033, or rbeyer@barrister.com
(BIS) |
