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@kosto les das: Intasys Reports 2000 Results MONTREAL, QUEBEC, CANADA, APR 18, 2001 (CCN Newswire via COMTEX) -- Intasys Corporation (the "Company") (Nasdaq: INTA) reported its financial results for the year ended December 31, 2000. Sales for the year ending December 31, 2000, increased to US$14,431,554 compared with US$5,023,822 for the previous year, an increase of 187%. Our investment technology sector contributed for a full year in 2000 with total sales of US$7,672,270 compared with US$474,486 for the previous year, representing one month of operation since Mamma.com was only acquired at the end of November 1999. The billing sector had sales of US$6,759,284 compared to US$4,549,336 for the previous year, an increase of 49%. Intasys reported a loss before amortization and write-down of goodwill of US$15,809,678 for 2000 (US$0.59 per share), as compared to US$7,525,786 (US$0.47 per share) in 1999. The year 2000 loss before amortization and write-down of goodwill included significant non-recurring items for a total of US$6,728,341, such as US$784,637 of capital asset write-down, US$1,029,167 of restructuring charges, US$898,550 loss on equity disposal of a subsidiary and finally, US$4,015,987 of unrealized loss on marketable securities and investments. Some of these non-recurring items in 2000 are a reflection of market conditions and others are a management decision to significantly reduce ongoing corporate expenses. In 1999, there were only US$646,192 of non-recurring items. The billing sector costs were lower than last year (US$10,484,405 in 2000 vs US$12,439,255 in 1999) despite a sales increase of US$2,209,948. The investment sector reported twelve months of operation in 2000 for Mamma.com compared with one month in 1999. The net loss for 2000 was US$32,236,492 (US$1.20 per share) as compared to US$7,864,673 (US$0.50 per share) in 1999. The increase in loss is largely due to amortization of goodwill for 2000, which was at US$7,727,455 representing the goodwill related to the acquisition of Mamma.com amortized over a 3 year period and an additional goodwill write-down of US$8,586,073 to reflect goodwill at the estimated net recoverable amount. This adjustment is a result of general market conditions and specific ones related to the dot.com industry. The 1999 amortization of goodwill was only US$338,887 representing one month`s expense. As at December 31, 2000, the Company had cash and cash equivalents of US$3,775,206 and marketable securities available for sale of US$2,139,940, no long-term debt and shareholders equity of approximately US$16.8 million (US$0.62 per share). The Corporation`s auditors, in accordance with U.S. reporting standards, have included an explanatory note to the auditors` report on the Corporation`s financial statements. The note identifies that the Corporation has, as of December 31, 2000, working capital of US$5,898,756 but nevertheless casts doubt on the Corporation`s ability to continue as a going concern. Management has undertaken to significantly reduce costs through a series of actions including, but not limited to, lowering headcount and reducing operating costs. In addition, management is investigating possible financing alternatives for its operations. Although there is no assurance that the Company will be successful in these actions, management is confident that it will be able to secure the necessary financing and improvement in operating cash flow to enable it to continue as a going concern. Accordingly, the financial statements do not reflect adjustments to the carrying value of assets and liabilities, the reported revenue and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate. Such adjustments could be material. Steve Saviuk, Chairman and CEO of Intasys, commented, "The year 2000 will not soon be forgotten. Intasys faced a number of challenges this year as it expanded beyond its core operating companies and placed increasing emphasis on its technology incubator. The rationalization of the financial markets and the belief that shareholder value is best created by focusing on our core businesses has lead to the winding down of our incubator operations and development of a long-term liquidation plan for our existing investments in this division. We have also undertaken an aggressive cost cutting program to relieve the overhead burden on our operating companies. Intasys has always believed that its companies need to develop solid, fundamental business models that build sustainable revenue growth and profitability. Intasys` management team has the patience and experience to understand that short term profits are often elusive in early stage businesses that must invest to build distribution and brand recognition while maintaining a technological edge. With the potential of its core businesses and a smaller, aggressive and talented management team, we believe that Intasys has tremendous opportunities in the future." About Intasys Corporation Intasys Corporation provides strategic investment capital and management assistance to companies in the new media and telecommunications sectors. Intasys has also acquired positions in such dynamic companies as Mamma.com Inc., TECE, Inc., interWAVE Communications International, Ltd., LTRIM Technologies Inc., uPath.com Inc., ESP Media Inc. and Tri-Link Technologies Inc. The Company is also a global provider of wireless, Internet-compatible billing and customer information systems. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company`s filings with the Securities and Exchange Commission. CONTACT: Intasys Corporation Ron Perry Vice President, Communications (877) 289-4682 (Toll Free) (514) 874-0225 (Direct Line) Copyright (C) 2001, Canadian Corporate News. All rights reserved. NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE - A SERVICE OF ITG Web site: www.intasys.com INDUSTRY KEYWORD: CMT - Communications Technology SUBJECT CODE: ERN - EARNINGS |
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