CyberCash Reports Fourth Quarter and Full-Year Results - 500 Beiträge pro Seite

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CyberCash Reports Fourth Quarter and Full-Year Results

Internet Transaction Volume Reaches Record 10 Million for Month of December; Tops 100 Million for Full-Year 2000
Merger With Network 1 Financial on Track to Close by End of First Quarter
Fourth Quarter Highlights Include Launch of Business-to-Business Payments Service and Growth of Affiliate Sales Program to
More Than 200 Partners

RESTON, Va., Feb. 1 /PRNewswire/ -- CyberCash, Inc. (Nasdaq: CYCH - news), a leading provider of electronic payment technologies and services, announced
today a net loss before one-time charges for the fourth quarter ended December 31, 2000, of $7.4 million, or $0.29 per share, consistent with First Call consensus
estimates for the quarter.

CyberCash announced it was taking two one-time charges in the fourth quarter related to the Company`s evolving business model: a charge of $900,000, or $0.04
per share, related to the former CEO leaving the company, and a write down of goodwill of $55.9 million, or $2.16 per share. Giving effect to the one-time charges,
the Company reported a net loss for the quarter of $64.3 million, or $2.48 per share.

Revenues for the fourth quarter of 2000 were $6.1 million compared with $6.3 million in the fourth quarter of 1999. Revenues for the Company`s Internet payment
services business were $3.2 million, a gain of 38% from $2.3 million in the year-ago period. The Company`s payment software business reported revenue of $2.4
million, compared with $3.1 million in the fourth quarter of 1999. Customization and other services accounted for the remainder of CyberCash`s fourth quarter
revenues.

CyberCash`s merchant count reached an all-time high of 27,600 at the end of the fourth quarter, up from 26,700 at the end of the third quarter. New merchant
customers such as Lane Bryant and Good Guys signed up in the fourth quarter to join other bricks-and-clicks merchants such as Sprint PCS, H&R Block, Motorola
and Dell Computers in using CyberCash`s Internet gateway service.

CyberCash`s Internet transaction volume in the fourth quarter rose 21% to a record 27.5 million transactions, compared with 22.6 million transactions in the
year-ago period. In December, transaction volume surpassed 10 million transactions for the first time. Transaction volume exceeded 100 million for full-year 2000, a
75% increase over the year-ago period.

Daniel C. Lynch, Interim Chairman and CEO of CyberCash, said: ``During the quarter, our Internet transaction volume rose to a new record -- reaching more than
10 million in December alone -- and a number of new bricks-and-clicks merchants signed on to utilize our gateway service. We expect that our upcoming merger
with Network 1 Financial will enable CyberCash to better capitalize on this growing transaction volume by capturing not only fee-based revenues but also a
percentage of the dollar-value for the transactions on which we`ll provide back-end processing services.``

CyberCash`s merger with Network 1 Financial Corp., announced on December 14, 2000, continues to proceed on track and is expected to close in March 2001.
Network 1 Financial, a privately-held company based in McLean, Virginia, is a premier supplier of payment processing systems and Internet payment services. The
transaction will create a single entity offering the industry`s most fully integrated payment solution for both Internet and physical world merchants.

John Karnes, Chief Financial Officer, said: ``CyberCash reported an EBITDA loss, before one-time severance charges, of $4.0 million, down from $6.7 million in
the same period a year ago and comparable to the third quarter. We exited the fourth quarter with $5.4 million in cash.``

Karnes continued: ``To reflect our new business model, we have taken a one-time charge of $55.9 million to write down goodwill related to our WebAuthorize and
ICVERIFY software products. While we will continue to actively sell and support these products in the future, we believe it is appropriate to take this charge now,
since our new business strategy will increasingly involve offering software as part of integrated solutions. Consequently, software as a standalone segment will
represent a less significant portion of our future revenues.``

Also during the fourth quarter, CyberCash launched an enhanced version of its leading Internet payment service for the growing online Business-to-Business (B2B)
market. Oracle, IBM, BEA Systems, Intershop, Allaire, and YourAccounts.Com have integrated CyberCash`s payments product into their B2B solutions. The B2B
offering will be integrated with Network 1`s B2B technology and ability to process and underwrite electronic funds transfer, or ACH, at the completion of the
merger.

Additionally, CyberCash added new partners such as Commerce One and PSINet to its Affiliate Sales Program in the fourth quarter, bringing the total number of
partners to more than 200. CyberCash expects the Affiliate Sales Program to begin contributing increased revenues in the first half of 2001.

For the full year 2000, revenues totaled $23.9 million, an increase of 18% from $20.3 million in 1999. The Company`s net loss for the full year, including the
one-time charges discussed above, was $92.9 million, or $3.67 per share, compared with $43.1 million, or $2.02 per share for 1999.

About CyberCash

CyberCash, Inc. (Nasdaq: CYCH - news) is a leading provider of Internet payment services and electronic payment software. The Company provides service
solutions to more than 27,500 Internet merchants and has shipped more than 145,000 copies of its software products. In addition to enabling Internet payments,
CyberCash offers merchants state-of-the-art risk management capabilities through its FraudPatrol Internet fraud detection service, and the opportunity to generate
additional sales leads through an affiliate marketing program. CyberCash offers the broadest reach in the payment industry with a comprehensive distribution network
focusing on both direct and indirect channels, which include marketing partnerships with financial institutions, Internet service providers, application service providers,
storefront solution providers and leading independent software vendors. For more information, please visit www.cybercash.com .

Contacts:

Investors Media
John H. Karnes Craig Sablosky
Chief Financial Officer Director of Communications
CyberCash, Inc. CyberCash, Inc.
703-715-7844 703-715-7822

Bernard Kilkelly Mary Athridge
Robinson, Lerer & Montgomery Robinson, Lerer & Montgomery
212-484-7319 212-484-7459


Revenue and Merchant Statistics
Quarter Ended

December 31, December 31,
2000 1999

Internet payment service revenues 3,181,808 2,302,947
Software product revenues 2,365,331 3,062,215
Customization/other services 570,645 897,264

Online merchants 27,600 19,400
Average daily Internet payment
transaction volume 299,000 246,000


CyberCash, Inc.
Consolidated Statements of Operations

Three Months Ended Twelve Months Ended
December 31 December 31 December 31 December 31
2000 1999 2000 1999

Revenues $6,117,784 $6,262,426 $ 23,867,550 $ 20,254,075
Less: returns 102,336 97,575 535,405 473,634
Net revenues 6,015,448 6,164,851 23,332,146 19,780,441
Cost of revenues 3,296,500 3,474,869 12,986,007 11,697,431

Gross profit 2,718,948 2,689,982 10,346,139 8,083,010

Costs and expenses:
Research and
development 1,747,488 2,696,038 8,022,863 10,543,457
Sales and
marketing 3,697,505 4,953,918 15,000,700 22,649,914
General and
administrative 3,256,200 2,247,568 11,032,837 8,440,836
Amortization of
intangibles 58,299,880 2,369,303 65,412,417 8,476,813
Restructuring 774,992 4,295,420 774,992

Loss from
operations (64,282,125) (10,351,837) (93,418,099) (42,803,002)

Interest and
other income (37,973) 276,085 547,266 671,497
Loss from investments
in affiliates -- -- -- (1,000,000)

Net Loss $(64,320,098) $(10,075,752) $(92,870,833) $(43,131,505)

Net Loss
available to
Shareholders $(64,320,098) $(10,075,752) $(92,870,833) $(43,131,505)

Net Loss Per Share $(2.48) $(0.42) $(3.67) $(2.02)

Weighted Average
Shares
Outstanding 25,912,928 23,779,272 25,336,450 21,396,537


Other Financial Information

Three Months Ended
December 31, September 30, December 31,
2000 2000 1999

Net Loss $(64,320,098) $(7,434,421) $(10,075,752)

Addback:
Interest expense -- -- --
Depreciation 1,098,227 1,044,424 $1,053,736
Amortization of intangibles 58,299,880 2,379,887 $2,369,303

EBITDA $(4,921,991) $(4,010,110) $(6,652,713)

EBITDA per share $(0.19) $(0.16) $(0.28)

Weighted Average Shares
Outstanding 25,912,928 25,869,034 23,779,272


Consolidated Balance Sheets

December 31, December 31,
2000 1999

Cash and cash equivalents $5,357,614 $18,176,010
Accounts receivable, net 3,956,034 3,394,091
Other assets 10,135,558 9,843,022
Property and equipment, net 8,127,583 9,965,802
Goodwill and intangibles, net 2,372,590 67,326,739

Total assets $29,949,378 $108,705,664

Liabilities and stockholders` equity $29,949,378 $108,705,664

SOURCE: CyberCash, Inc.

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