Financial Performance Corporation Announces Fourth Quarter Results

Apr 02, 2001, 01:00 ET from Financial Performance Corporation

    NEW YORK, April 2 /PRNewswire/ --
 Financial Performance Corporation (Nasdaq:   FPCX) today announced results for
 the quarter and year ended December 31, 2000, and the continued positive
 impact that its two acquisitions is having on the financial condition of the
 Company.
     As previously reported, in January 2001, the Company acquired Willey
 Brothers, a company that provides financial services firms with merchandising,
 branch planning and design, and creative services.  In March 2000, also as
 previously reported, the Company acquired iMapData, a company that provides
 online database solutions to its customers with access to market and economic
 data in user-friendly mapped formats via digital computer software.  In
 January 2001, the Company announced that it had disposed of its interest in
 its theretofore primary operating entity, Michaelson Kelbick Partners ("MKP").
 The Company stated that the results reflect the continuing shift in the
 Company's sources of revenues as its newly acquired subsidiaries become its
 primary operating units, and the various costs associated with implementation
 of the Company's strategy moving forward.
     Assuming, on a pro forma basis, the acquisitions of Willey Brothers and
 iMapData, and the disposition of MKP, all as of January 1, 2000, the Company
 had pro forma EBITDA from continuing operations for the year ended
 December 31, 2000 of $964,000, compared with historical EBITDA from continuing
 operations for the same period which was a loss of $3,586,000.  In the
 Company's financial statements for the year ended December 31, 2000, the
 operations of MKP have been classified as a discontinued operation with the
 Company recording a loss on disposal of $687,000, or $(.06) per share in 2000.
 At December 31, 2000, the Company had net income from discontinued operations
 of $305,000, or $.03 per share, compared to $724,000, or $.08 per share in
 1999.
     Revenues from continuing operations for the three months ending
 December 31, 2000 were $130,000.  There were no revenues from continuing
 operations in 1999.  Operating loss from continuing operations was $2,272,000
 for the fourth quarter of 2000.  Operating loss from continuing operations for
 the fourth quarter of 1999 was $1,009,000.  Net loss from continuing
 operations for the fourth quarter was $2,475,000, or $(.22) per share on a
 fully diluted basis, compared with a net loss from continuing operations for
 the same period in 1999 of $1,450,000, or $(.15) per share on a fully diluted
 basis.  The Company posted a net loss of $3,239,000, or $(.29) per share, on a
 fully diluted basis, for the quarter ended December 31, 2000, compared to a
 net loss of $1,418,000, or $(.15) per share, on a fully diluted basis, posted
 in the quarter ended December 31, 1999.  Included in the Company's net loss
 from continuing operations for the quarter ended December 31, 2000, is a
 non-cash item in the amount of $1,150,000, or $(.10) per share, related to a
 reduction in goodwill.
     For the 12 months ended December 31, 2000, revenues from continuing
 operations were $1,834,000.  There were no revenues from continuing operations
 in 1999.  Operating loss from continuing operations for 2000 was $4,685,000,
 compared with $1,711,000 for 1999.  Net loss from continuing operations for
 2000 was $4,475,000, or $(.41) per share, on a fully diluted basis.  In 1999
 the Company's net loss from continuing operations was $1,587,000, or $(.17)
 per share on a fully diluted basis.  The Company posted a net loss of
 $4,857,000 or $(.44) per share, on a fully diluted basis, for the year ending
 December 31, 2000, compared to a net loss of $863,000, or $(.09) per share, on
 a fully diluted basis, for the year ending December 31, 1999.  Included in the
 Company's net loss from continuing operations for the year ended December 31,
 2000, is a non-cash item in the amount of $1,150,000, or $(.10) per share,
 related to a reduction in goodwill.
     "We are pleased with the contributions from our iMapData unit, which we
 acquired last year, and look forward to the impact that Willey Brothers, which
 we acquired in 2001, will have on our performance as we go forward," said
 Jeffrey Silverman, Chairman and Chief Executive Officer of Financial
 Performance Corporation.  "With Willey Brothers as our primary operating unit,
 and iMapData with its opportunities, we anticipate improved results in future
 quarters."
 
     Financial Performance Corporation provides financial services firms with
 merchandising, branch planning and design, and creative services through its
 Willey Brothers, Inc. subsidiary, and online database solutions with access to
 market and economic data in user-friendly mapped formats via digital computer
 software through its iMapData.com, Inc. subsidiary.
 
     Certain statements in this press release may contain forward-looking
 information under the Private Securities Litigation Reform Act of 1995, the
 accuracy of which is necessarily subject to and involves risks and
 uncertainties that may cause actual results to differ materially from the
 forward-looking information.  Forward-looking statements are subject to risks
 and uncertainties that may cause the Company's results to differ materially
 from expectations.  These risks include the Company's ability to implement its
 business strategy and development plans, the availability of sufficient
 financings to expand operations, the integration of its acquisitions, as well
 as competitive factors, and such other risks as the Company may identify and
 discuss from time to time in its public filings.
 
 

SOURCE Financial Performance Corporation
    NEW YORK, April 2 /PRNewswire/ --
 Financial Performance Corporation (Nasdaq:   FPCX) today announced results for
 the quarter and year ended December 31, 2000, and the continued positive
 impact that its two acquisitions is having on the financial condition of the
 Company.
     As previously reported, in January 2001, the Company acquired Willey
 Brothers, a company that provides financial services firms with merchandising,
 branch planning and design, and creative services.  In March 2000, also as
 previously reported, the Company acquired iMapData, a company that provides
 online database solutions to its customers with access to market and economic
 data in user-friendly mapped formats via digital computer software.  In
 January 2001, the Company announced that it had disposed of its interest in
 its theretofore primary operating entity, Michaelson Kelbick Partners ("MKP").
 The Company stated that the results reflect the continuing shift in the
 Company's sources of revenues as its newly acquired subsidiaries become its
 primary operating units, and the various costs associated with implementation
 of the Company's strategy moving forward.
     Assuming, on a pro forma basis, the acquisitions of Willey Brothers and
 iMapData, and the disposition of MKP, all as of January 1, 2000, the Company
 had pro forma EBITDA from continuing operations for the year ended
 December 31, 2000 of $964,000, compared with historical EBITDA from continuing
 operations for the same period which was a loss of $3,586,000.  In the
 Company's financial statements for the year ended December 31, 2000, the
 operations of MKP have been classified as a discontinued operation with the
 Company recording a loss on disposal of $687,000, or $(.06) per share in 2000.
 At December 31, 2000, the Company had net income from discontinued operations
 of $305,000, or $.03 per share, compared to $724,000, or $.08 per share in
 1999.
     Revenues from continuing operations for the three months ending
 December 31, 2000 were $130,000.  There were no revenues from continuing
 operations in 1999.  Operating loss from continuing operations was $2,272,000
 for the fourth quarter of 2000.  Operating loss from continuing operations for
 the fourth quarter of 1999 was $1,009,000.  Net loss from continuing
 operations for the fourth quarter was $2,475,000, or $(.22) per share on a
 fully diluted basis, compared with a net loss from continuing operations for
 the same period in 1999 of $1,450,000, or $(.15) per share on a fully diluted
 basis.  The Company posted a net loss of $3,239,000, or $(.29) per share, on a
 fully diluted basis, for the quarter ended December 31, 2000, compared to a
 net loss of $1,418,000, or $(.15) per share, on a fully diluted basis, posted
 in the quarter ended December 31, 1999.  Included in the Company's net loss
 from continuing operations for the quarter ended December 31, 2000, is a
 non-cash item in the amount of $1,150,000, or $(.10) per share, related to a
 reduction in goodwill.
     For the 12 months ended December 31, 2000, revenues from continuing
 operations were $1,834,000.  There were no revenues from continuing operations
 in 1999.  Operating loss from continuing operations for 2000 was $4,685,000,
 compared with $1,711,000 for 1999.  Net loss from continuing operations for
 2000 was $4,475,000, or $(.41) per share, on a fully diluted basis.  In 1999
 the Company's net loss from continuing operations was $1,587,000, or $(.17)
 per share on a fully diluted basis.  The Company posted a net loss of
 $4,857,000 or $(.44) per share, on a fully diluted basis, for the year ending
 December 31, 2000, compared to a net loss of $863,000, or $(.09) per share, on
 a fully diluted basis, for the year ending December 31, 1999.  Included in the
 Company's net loss from continuing operations for the year ended December 31,
 2000, is a non-cash item in the amount of $1,150,000, or $(.10) per share,
 related to a reduction in goodwill.
     "We are pleased with the contributions from our iMapData unit, which we
 acquired last year, and look forward to the impact that Willey Brothers, which
 we acquired in 2001, will have on our performance as we go forward," said
 Jeffrey Silverman, Chairman and Chief Executive Officer of Financial
 Performance Corporation.  "With Willey Brothers as our primary operating unit,
 and iMapData with its opportunities, we anticipate improved results in future
 quarters."
 
     Financial Performance Corporation provides financial services firms with
 merchandising, branch planning and design, and creative services through its
 Willey Brothers, Inc. subsidiary, and online database solutions with access to
 market and economic data in user-friendly mapped formats via digital computer
 software through its iMapData.com, Inc. subsidiary.
 
     Certain statements in this press release may contain forward-looking
 information under the Private Securities Litigation Reform Act of 1995, the
 accuracy of which is necessarily subject to and involves risks and
 uncertainties that may cause actual results to differ materially from the
 forward-looking information.  Forward-looking statements are subject to risks
 and uncertainties that may cause the Company's results to differ materially
 from expectations.  These risks include the Company's ability to implement its
 business strategy and development plans, the availability of sufficient
 financings to expand operations, the integration of its acquisitions, as well
 as competitive factors, and such other risks as the Company may identify and
 discuss from time to time in its public filings.
 
 SOURCE  Financial Performance Corporation