EBTB OTC BB .05...damm interesting situation for a nickel...business to business transactions...3.16m shares out...there is full profile at Yahoo and full filings at Edgar. There are preferred issues out that kick in down the road but right now they are declaring on 3.16m shares outstanding....with economy picking up these guys may make a go of it....do your own dd....:
eB2B Commerce Reports 3rd Quarter Results
Wednesday November 26, 1:37 pm ET
NEW YORK--(BUSINESS WIRE)--Nov. 26, 2003--eB2B Commerce, Inc. (OTCBB: EBTB.OB - News), a leading provider of business-to-business integration and transaction management solutions announced today its third quarter 2003 results.
ADVERTISEMENT
Revenue for quarter ended September 30, 2003 was $823,000, compared to $828,000 for the same period in 2002, a decrease of $5,000 or 1%. Compared to the $1,213,000 reported in the second quarter of 2003, total revenue decreased by $390,000, or 32%. The decrease in sequential revenue is primarily attributable to the timing of completed large projects and revenue recognition based on completion. Revenue for the nine-months period ended September 30, 2003 was $3,067,000, an increase of $322,000, or 12%, from the $2,745,000 reported for the same period in 2002.
The Company's core transaction services business revenue was $622,000, an increase of $69,000, or 12%, from the third quarter of 2002. For the nine-months ending September 30, 2003 revenue from the Company's core business was $2,088,000, an increase of $303,000, or 17%, from the $1,785,000 reported for the same period in 2002. The increase was attributable to the completion of several large projects as well as continued growth in eB2B's Trade Gateway network of suppliers.
Net loss in the third quarter of 2003 was $238,000, or ($.08) per share, compared to a loss of $2,158,000, or ($1.09) per share, for the same period last year. The improvement in net loss is the result of revenue increases coupled with the cost reductions that have been implemented by the Company over the past 12 months.
Loss from continuing operations for the nine months ended September 30,2003 was $15,000 compared to a loss of $4,583,000 for the first nine months of 2002. Net loss for the nine-months ended September 30, 2003 was $21,000, or $.00 per share compared to a net loss of $5,345,000, or ($2.80) per share for the same period in 2002.
For the third quarter of 2003, the Company reported positive EBITDA (a non-GAAP measure defined as earnings before interest, taxes, depreciation and amortization) of $89,000, as compared to an EBITDA loss of $719,000 for the same period a year ago. This is the fourth consecutive quarter of positive EBITDA achieved by the Company. eB2B Commerce believes that EBITDA is a meaningful measurement of operating performance as it allows for comparison of performance between other competitors in the transaction services industry. Please see the attached Financial Summary for a reconciliation of EBITDA to net loss.
Net cash used in continuing operations for the nine months ended September 30, 2003 was $124,000 versus net cash used in operating activities of $1,830,000 for the same period in 2002. Total cash and cash equivalents at September 30, 2003 was $277,000. As of September 30, 2003 the Company had a negative working capital position of $4,865,000.
As of November 20, 2003 the Company had cash and cash equivalents of approximately $115,000.
The Company is currently in discussions with its secured creditors to cure a default condition on its January 2002 and July 2002 senior secured convertible Notes, totaling $3,200,000. As of September 30,2003, this condition had not been cured. The Company is exploring its options to secure additional financing to improve its working capital position, and provide capital for growth.
During the quarter, the Company added over 275 new suppliers to its TradeGateway(tm) e-commerce community. Additionally, the Company entered an agreement with a major U.S. retailer to provide outsourced, fully integrated Electronic Data Interchange for its internal operation, as well as provide supplier enablement services for over 100 of its key suppliers.
About eB2B Commerce, Inc.
eB2B Commerce is a leading provider of business-to-business transaction management services that simplify trading partner integration, automation, and collaboration across the order management life cycle. The eB2B Trading Network and Transaction Lifecycle Management solutions provide enterprises large and small with a total solution for improving trading partner relationships that enhance productivity and bottom line profitability. |
