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Digital Angel Becomes Growth Engine for 2001 and BeyondApplied Digital Solutions reports year end 2000 revenue from continuing operations of $135 million compared to $129 million in 1999 PALM BEACH, Fla., Mar 30, 2001 (BUSINESS WIRE) -- Results for 2000 include asset impairment and phase-out costs of $58 million associated with discontinued operations of non-core companies Applied Digital Solutions, Inc. (Nasdaq: ADSX chart, msgs) a leader in technology information and solutions, today released financial results for the year-ended December 31, 2000. Included in the results were asset impairment and phase-out costs of $58 million associated with discontinuing the operations of Intellesale and other non-core companies. Mercedes Walton, who was named President and COO of Applied Digital Solutions in January of 2001, commented on the results: "There is tremendous value and potential within Applied Digital Solutions` portfolio. True enterprise value, however, was significantly sub-optimized. To gain focus and optimize the most promising assets, we have decided to sell IntelleSale and all of our other non-core business units. We are now treating these units as discontinued operations. These operations vary greatly in both line of business and profitability. Frankly, they caused distraction, both internally and on the street. This was a difficult decision, but the benefits will reach well into the future." Garrett Sullivan, Vice Chairman of Applied Digital Solutions, has been given responsibility for the ultimate divestiture of these properties. Ms. Walton offered her thoughts for 2001 and beyond: "Our recently adopted I3 Services Platform defines the foundation for our future success. Value creation will be achieved by leveraging interrelationships within the realigned core business. We will aggressively reduce SG&A throughout the entire enterprise through major cost reduction initiatives. Our focus is clear: we will deliver strong and sustainable earnings from our core business. We will realize enormous growth from Digital Angel." Ms. Walton also commented on the preliminary results for the first two months of 2001: "Our results are very encouraging. Despite the softening economy, we are meeting our budgeted EBITDA numbers. Each business unit is contributing in a very meaningful and fundamental way to the overall reduction of SG&A expenses. At the same time, we are leveraging our relationships with suppliers and vendors to increase industry exposure and create revenue opportunities. Bottom line, Applied Digital Solutions will emerge as a formidable industry force." For the 12 months ended December 31, 2000, from continuing operations, Applied Digital Solutions reported a loss of $(29.2) million, or $(0.46) per share, on revenue of $135 million, compared to a profit of $2.6 million or $0.06 per share, on revenue of $129 million for the same period 1999. For the three months ended December 31, 2000, from continuing operations, Applied Digital Solutions reported a loss of $(20.5) million, or $(0.23) per share on revenue of $37 million, compared to a profit of $6.7 million, or $.14 per share on revenue of $37 million in the same period 1999. Included in the results for 1999 was a one time gain of $20 million on the sale of Applied Digital Solutions` TigerTel subsidiary to AT&T Canada. Gruß Endorphin PS Vergeßt das Wesentliche nicht! :-) |
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| aus der Diskussion: | ADSX Thread Nr. 23 |
| Autor (Datum des Eintrages): | Endorphin_ (30.03.01 22:23:40) |
| Beitrag: | 38 von 48 (ID:3212753) |
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