OSRC .035 news.B: OneSource Reports Third Quarter 2003 Results ( PRIMEZO=1
B: OneSource Reports Third Quarter 2003 Results ( PRIMEZO=1
SCOTTSDALE, Ariz., Nov 20, 2003 (PRIMEZONE via COMTEX) -- OneSource
Technologies, Inc., (OTCBB:OSRC) reported consolidated revenues of $802 thousand
for the quarter ended September 30, 2003, a 6% increase over third quarter 2002
revenues of $760 thousand. Consolidated year-to-date revenues of $2.4 million
were 9% greater than the $2.2 million reported for the first nine months of
2002. The Company reported Net Losses of $18 thousand (less than $0.00 per
share) of $115 thousand (less than $0.00 per share) for the quarter-ended
September 30 and year-to-date 2003 respectively, compared to Net Income of $37
thousand (less than $0.00 per share) and Net Loss of $20 thousand (less than
$0.00 per share) respectively for the quarter ended September 30 and
year-to-date 2002.
"Revenues through the third quarter 2003 continued to show improvement over the
prior year," said Michael Hirschey, CEO of the Company. "And both operating
divisions continued to contribute positive cash flow," continued Hirschey. "As
part of our focus on again growing the Company we initiated a relationship with
a west coast toner remanufacturing supplier that gives the Company the ability
to significantly extend its product mix and at the same time do so at lower
cost," added Hirschey. "Consequently we elected to discontinue the Company's
remanufacturing operations in Scottsdale and to focus on expanding our toner
remanufacturing customer base as a distributor for this west coast
remanufacturer. "Doing so will save the Company approximately $15 thousand a
month in direct costs without sacrificing our ability to service both our
existing customers as well as significantly expand our market penetration in
that space," concluded Hirschey.
About OneSource
OneSource is engaged in three closely related and complimentary lines of IT and
business equipment support products and services, 1) equipment maintenance
services, 2) equipment installation and integration services, and 3) value added
equipment supply sales. Each segment also utilizes the Internet to facilitate
distribution of its service and product offerings. OneSource is a leader in the
technology equipment maintenance and service industry and is the inventor of the
unique OneSource Flat-Rate Blanket Maintenance System(tm). This innovative
patent pending program provides customers with a Single Source for all general
office, computer and peripheral and industry specific equipment technology
maintenance and installation services.
OneSource's Cartridge Care division is a quality leader in remanufactured toner
cartridge distribution in the southwest and is the supplier of choice for a
number of Fortune 1000 companies in that region. OneSource has realigned this
division and invested heavily in eCommerce initiatives to stage the division for
substantial expansion over the next two years to enable Cartridge Care to extend
its high quality reputation beyond its southwestern regional roots.
Product and Company names mentioned herein are for identification purposes and
may be trademarked or registered trademarks of their respective companies. This
press release may contain forward-looking information within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 as amended, and is subject to the safe harbors created by
those sections.
(Financial and Management Information follows)
ONESOURCE TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2003
-----------------------------------------------------
-----------------------------------------------------
ASSETS
CURRENT ASSETS:
Cash $ 49,204
Accounts receivable 301,431
Inventories 226,747
Other current assets 2,500
-----------
Total current assets 579,882
-----------
PROPERTY AND EQUIPMENT, net of accumulated
depreciation of $ 211,344 74,524
GOODWILL 235,074
DEFERRED INCOME TAXES 140,187
OTHER ASSETS 3,028
-----------
TOTAL ASSETS $ 1,032,695
===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable $ 93,778
Accrued expenses and other liabilities 344,635
Deferred revenue 199,461
Current portion of debt 974,762
-----------
Total current liabilities 1,612,636
-----------
INSTALLMENT NOTES - LONG-TERM PORTION 0
-----------
TOTAL LIABILITIES 1,612,636
-----------
STOCKHOLDERS' DEFICIT:
Preferred Stock, $.001 par value,
1,000,000 shares authorized, none
issued
Common Stock, $.001 par value,
50,000,000 shares authorized,
37,979,011 --
issued and outstanding at
September 30, 2003 37,979
Paid in capital 2,758,182
Accumulated deficit (3,376,102)
-----------
(579,941)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS'
DEFICIT $ 1,032,695
===========
ONESOURCE TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
-------------------------------------------------
3RD QTR 3RD QTR YTD YTD
2003 2002 2003 2002
-------------------------------------------------
REVENUE, net $ 802,210 $ 759,615 $ 2,350,289 $ 2,159,456
COST OF REVENUE 480,663 491,912 1,432,779 1,392,013
---------- ---------- ---------- ----------
GROSS PROFIT 321,547 267,703 917,510 767,443
GENERAL AND
ADMINISTRATIVE
EXPENSES 200,871 193,417 682,701 640,744
SELLING AND
MARKETING
EXPENSES 82,057 1,500 132,701 19,486
---------- ---------- ---------- ----------
Operating
income 38,619 72,786 102,108 107,213
OTHER INCOME
(EXPENSE):
Interest
expense (38,609) (35,059) (105,004) (99,891)
Other income
(expense) (1,270) (1,098) (2,435) (27,589)
Loss from
litigation
settlements (16,813) -- (109,581) --
---------- ---------- ---------- ----------
Total other
expense (56,692) (36,157) (217,020) (127,480)
NET INCOME (LOSS) $ (18,073) $ 36,629 $ (114,912) $ (20,267)
========== ========== ========== ==========
NET INCOME PER
SHARE -
Basic $ ** $ ** $ ** $ **
Diluted $ ** $ ** $ ** $ **
Weighted Average
Shares
Outstanding:
Basic 37,246,402 25,940,650 37,979,011 25,065,002
Diluted 37,246,402 26,048,650 37,979,011 25,065,002
**Less than $0.01 per share
OneSource Technologies, Inc.
Management's Discussion and Analysis of Operations
September 30, 2003
Introduction
The financial results discussed herein include the consolidated operations of
OneSource Technologies, Inc, (hereinafter "OneSource" and/or "the Company") for
the three and nine month periods ended September 30, 2003, and 2002. OneSource
is engaged in two closely related and complimentary lines of technology and
business equipment support activities; 1) equipment maintenance services,
("Maintenance"), and 2) value added equipment supply sales, ("Supplies").
OneSource is a leader in the technology equipment maintenance and service
industry and is the inventor of the unique OneSource Flat-Rate Blanket
Maintenance System(TM). This program provides customers with a Single Source for
all general office, computer and peripheral and industry specific equipment
technology maintenance, installation and supplies products.
Summary of Operations
Revenues have increased while net income has declined in the nine months ended |
