PBiz Reports First Quarter Financial Results
13 Mai 2005 - 12:31AM
Business Wire
Private Business, Inc. (NASDAQ:PBIZ), a leading provider of
financial technology to community banks and middle-market
businesses, today announced its operating results for the first
quarter of 2005. Revenues for the three months ended March 31,
2005, totaled $9.2 million, compared with $9.8 million in the first
quarter of the previous year. Operating income was $693,000 for the
first quarter of 2005 compared with an operating loss of $982,000
for the first quarter of 2004. Net loss available to common
shareholders totaled $161,000, or $(0.01) per diluted share, in the
first quarter of 2005, versus a net loss of $1.2 million, or
$(0.08) per diluted share, in the year-earlier quarter. The
Company's operating results for the first quarter of 2004 reflected
two unusual charges, consisting of the write-off of unamortized
deferred financing costs and a one-time expense for directors' and
officers' insurance premiums, totaling $1.7 million. Operating
income for 2005 and 2004, excluding the unusual charges described
above, would have been $693,000 and $694,000, respectively, and net
income would have been $379,000 and $307,000, respectively. Diluted
loss per share for the quarters ended March 31, 2005 and 2004,
excluding the unusual charges, would have been $(0.01) and $(0.01),
respectively, versus the $(0.01) loss per share for the quarter
ended March 31, 2005, and the $(0.08) loss per share for the
quarter ended March 31, 2004, as reported. Commenting on the first
quarter 2005 results, Henry M. Baroco, Private Business' Chief
Executive Officer and Board member, stated, "Our new sales
management team is in place now and business development activity
has improved moderately in the first quarter of 2005. We expect to
see further improvement in the coming quarters. We will continue to
expand our sales force and focus on increasing their productivity.
"We continue to control expenses, as evidenced by the $643,000
decline in the first quarter of 2005 compared with the same period
of 2004, which excludes the unusual charges discussed above." About
PBiz Private Business, Inc. (PBiz) is a leading supplier of
financial technology to community banks and middle-market
businesses. The Company is headquartered in Brentwood, Tennessee,
and its common stock trades on The Nasdaq Stock Market under the
symbol PBIZ. PBiz provides information related to non-GAAP
financial measurements from time to time that adjust for certain
items outside of the ordinary course of its business. Such non-GAAP
financial measures are not determined in accordance with generally
accepted accounting principles and are susceptible to varying
calculations. Accordingly, non-GAAP financial measures, as
presented, may not be comparable to other similarly titled measures
of other companies. To enable interested parties to reconcile
non-GAAP measures to the Company's GAAP financials, the Company
clearly defines and quantifies all adjustments to GAAP
measurements. The Company provides non-GAAP financial measurements
that adjust for certain items outside of the ordinary course of
business in order to assist in comparing the Company's current
operating performance to its historical performance. These
adjustments typically reflect non-recurring items but sometimes
reflect items, such as dispositions of assets that are not
technically non-recurring but are outside of the ordinary course of
operations. Investors are encouraged to use this information in
connection with the information contained in the Company's GAAP
financial statements. Certain statements made in this press release
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current
expectations and include known and unknown risks, uncertainties and
other factors, many of which the company is unable to predict or
control, that may cause the company's actual results or performance
to materially differ from any future results or performance
expressed or implied by such forward-looking statements. These
statements involve risks and uncertainties, including, without
limitation, risks and uncertainties associated with the company's
ability to achieve its growth plans. These risks and uncertainties
are in addition to other factors detailed from time to time in the
company's filings with the Securities and Exchange Commission. The
company cautions investors that any forward-looking statements made
by the company are not necessarily indicative of future
performance. The company is not responsible for updating the
information contained in this press release beyond the published
date, or for changes made to this document by wire services or
Internet services. -0- *T PRIVATE BUSINESS, INC. Consolidated
Financial Highlights (in thousands, except per share amounts) Three
Months Ended March 31, -------------------- 2005 2004 Operating
Highlights: -------- -------- Revenue: Participation Fees $ 5,590 $
6,297 Software license 194 53 Retail planning services 2,202 2,251
Maintenance and other 1,213 1,242 -------- -------- 9,199 9,843
Operating costs and expenses: General and administrative 3,817
4,309 Selling and marketing 4,390 4,376 Research and development 91
113 Amortization 208 326 Other operating expense, net -- 1,701
-------- -------- 8,506 10,825 Operating income (loss) 693 (982)
Interest expense, net (70) (190) -------- -------- Income (loss)
before income taxes 623 (1,172) Income tax provision (benefit) 244
(457) -------- -------- Net income (loss) 379 (715) Preferred stock
dividends (540) (438) -------- -------- Net income (loss) available
to common shareholders $ (161) $ (1,153) ======== ======== Loss per
share: Basic $ (0.01) $ (0.08) ======== ======== Diluted $ (0.01) $
(0.08) ======== ======== Weighted average shares outstanding: Basic
14,575 14,079 ======== ======== Diluted 14,575 14,079 ========
======== As of -------------------- March 31, Dec. 31, 2005 2004
-------- -------- Balance Sheet Highlights: Cash and Cash
equivalents $ 7 $ 7 Working capital (deficit) 647 (158) Total
assets 20,658 21,336 Long-term debt, net of current portion 1,760
1,776 Stockholders' equity 13,608 13,396 PRIVATE BUSINESS, INC.
Reconciliation of Reported Results to Effect of Lightyear
Transaction Charges (in thousands, except per share amounts) Three
Months Ended March 31, -------------------- 2005 2004 --------
-------- Operating income (loss) as reported $ 693 $ (982) Add:
Write-off unamortized deferred financing costs related to 1998
Credit Agreement -- 780 Add: Directors and officers insurance
premiums related to periods prior to Lightyear transaction closing
-- 896 -------- -------- Adjusted operating income 693 694 Interest
expense, net (70) (190) -------- -------- Adjusted income before
income taxes 623 504 Adjusted income tax provision 244 197 --------
-------- Adjusted net income 379 307 Preferred stock dividends
(540) (438) -------- -------- Adjusted net loss available to common
shareholders $ (161) $ (131) ======== ======== Adjusted diluted
loss per share $ (0.01) $ (0.01) ======== ======== Diluted weighted
average shares outstanding 14,575 14,079 ======== ========
Additional information can be found on the World Wide Web
http://www.pbizinc.com For further information, please contact:
Michael Berman at (615) 565-7379 *T
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