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Gold/Mining/Energy : BPI, Big Picture Technologies -- Ignore unavailable to you. Want to Upgrade?

To: rajaggs who wrote (245)	3/12/2001 5:05:01 PM
From: rajaggs	Read Replies (1) \| Respond to of 249

Revenues Up, losses Down. Big Picture provides year-end results Big Picture Technologies Inc BPI Shares issued 30,627,280 Mar 9 close $0.45 Mon 12 Mar 2001 News Release Mr. Michael Anthony reports Big Picture Technologies has released its year-end results for the fiscal period ending Dec. 31, 2000. Revenues for the fourth quarter reached a record level of $2,223,483, an increase of 39 per cent over the previous quarter and nearly double that recorded for the same period last year. Revenue for the year totalled $7.3-million, more than 3.5 times that of the previous year's total of $2.1-million. "Despite the solid growth, fourth quarter revenues fell short of expectations," explained Michael Anthony, Big Picture president and chief executive officer, "largely as a result of softening retail markets and a corresponding decline in channel inventory levels. Nevertheless, we remain reasonably satisfied with these results as they reflect continued quarter-over-quarter and year-over-year growth, enabling the company to make significant gains in meeting its objective of profitability during 2001." Big Picture continued to post operating improvements: earnings before interest, taxes, depreciation and amortization (EBITDA) loss for the fourth quarter of $1,452,002 was down significantly from the $2,474,888 posted for the previous quarter. This improvement is the result of increasing gross margins and a decline of 17 per cent in operating expenses from the prior quarter. "We are clearly trending in the right direction," Mr. Anthony added. Operating expenses for the quarter of $2,458,135 were down from $2,951,423 in the preceding quarter. Total expenses for the year of $11.3-million reflect the company's significant investment in sales and marketing, and product development. Over all, product development saw the largest percentage increase with expenses increasing 381 per cent over the previous year. Net loss before taxes for the year was $8.8-million. Mr. Anthony concluded: "The current environment for many Internet-based companies is particularly challenging and many companies are facing declining prospects in terms of softening demand and weak financial markets. While Big Picture is by no means immune from these pressures, we believe we are better positioned than many vendors to meet these challenges and to capitalize on the opportunities presented by a market undergoing consolidation and amalgamation. We enter 2001 with a stronger product lineup, multiple channel-centric routes to market, and several new and strategic on-line partnerships. Our efforts are focused on growing and expanding these relationships and on securing the financial, people and technology resources necessary to advance the company in meeting ambitious goals for 2001." WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com