New Century Equity Holdings Corp. Announces Results for the Quarter Ended March 31, 2001

Apr 27, 2001, 01:00 ET from New Century Equity Holdings Corp.

    SAN ANTONIO, April 27 /PRNewswire/ --
 New Century Equity Holdings Corp. (Nasdaq: NCEH) (the "Company" and "New
 Century") today reported results for the quarter ended March 31, 2001.
     As previously announced, the Company sold its LEC Billing, OSC and Aptis
 Software divisions to Platinum Equity Holdings of Los Angeles, California
 ("Platinum") on October 23, 2000 (the "Transaction").  Total consideration
 consisted of $52.5 million in cash and a royalty, assuming achievement of
 certain revenue targets associated with the divested divisions, of up to
 $20 million.  Additionally, the Company will receive payments totaling
 $7.5 million for consulting services provided to Platinum over the 24-month,
 post-closing period.
     All financial information presented has been restated to reflect the
 divested LEC Billing, OSC and Aptis Software businesses as discontinued
 operations.
 
     Continuing Operations
     The Company generated revenue from continuing operations of $118,000 for
 the quarter ended March 31, 2001 and $97,000 for the quarter ended March 31,
 2000.  This revenue relates entirely to FIData, Inc. ("FIData"), the Company's
 wholly owned subsidiary which provides Internet-based instant loan approval
 products and services to the financial services industry.
     Operating loss from continuing operations for the quarter ended March 31,
 2001 was $2.7 million.  Operating loss from continuing operations for the
 quarter ended March 31, 2000 was $5.0 million.  The $2.7 million operating
 loss for the quarter ended March 31, 2001, included an operating loss of
 $1.7 million generated by FIData, and $1.0 million in corporate expenses.
     Non-operating income and expense for the quarter ended March 31, 2001
 included, (i) $2.4 million of equity loss pick-up related primarily to
 Princeton eCom Corporation ("Princeton") and (ii) consulting income of
 $0.9 million received from Platinum.
     The Company generated a net loss from continuing operations of
 $3.5 million, or $0.10 per share for the quarter ended March 31, 2001.
 
     Balance Sheet
     The Company's March 31, 2001 balance sheet reflects current assets of
 $24.1 million, fixed income investments of $14.2 million, total assets of
 $76.8 million and stockholders' equity of $70.7 million.
     For the quarter ended March 31, 2001, the Company completed treasury stock
 purchases of $0.2 million, or 0.2 million shares.  The Company's program has
 reduced the outstanding shares to 35.5 million at March 31, 2001.
 
     Business Discussion
     As recently announced, the Company participated in a $20 million private
 convertible debt financing for Princeton.  New Century, the initial preferred
 stock investor in Princeton, contributed $15 million of the $20 million
 financing, bringing the Company's cumulative investment in Princeton to
 $66 million.
     Mellon Ventures, the private equity partnership of Mellon Financial
 Corporation, also participated by contributing $5 million of the $20 million
 financing.  Both New Century and Mellon Ventures participated in Princeton's
 previous round of funding completed in August 2000.
     "This is a very significant financing for New Century and emphasizes our
 continued support of Princeton," said Parris H. Holmes, Jr., Chairman and CEO
 of New Century.  "Our leadership in this financing, during a tentative
 business and financing environment, further validates our belief in
 Princeton's strong business plan.  In addition, the financial market's
 revaluing of equities, benefits New Century through increased ownership in
 Princeton.
     "Since September of 1998, we have played a key role in the development of
 Princeton as it has built a leadership position in the electronic bill
 presentment and payment industry," Mr. Holmes added.  "This financing allows
 Princeton to continue on its solid growth pattern and take advantage of
 potential strategic business opportunities.  We are impressed with Princeton's
 excellent management team, its ability to implement new customers and expand
 its revenue base as well as its sense of urgency to execute on its business
 plan."
     New Century purchased $15 million aggregate principal amount of
 convertible promissory notes in the $20 million financing.  It is expected
 that the $20 million of convertible debt will convert into preferred stock at
 a rate to be determined in the future based on certain events.  In addition to
 the convertible debt, New Century also received warrants to purchase shares of
 Princeton's Convertible Preferred Stock.
     Effective February 12, 2001, the Company changed its name from Billing
 Concepts Corp. to New Century Equity Holdings Corp.
 
     About New Century Equity Holdings Corp.
     New Century Equity Holdings Corp. is a holding company focused on high
 growth, technology-based companies and investments.  The Company's holdings
 include its wholly owned operation, FIData, Inc., and its investments in
 Coreintellect, Inc. and Princeton eCom Corporation.  FIData (www.fidata.com)
 provides instant online loan approval products and services to the financial
 services industry.  New Century Equity Holdings Corp.
 (www.newcenturyequity.com) is the lead investor in both Coreintellect
 (www.coreintellect.com), a developer and marketer of Internet-based solutions
 that acquire, filter and disseminate business-critical knowledge and
 information, and Princeton eCom (www.princetonecom.com), a leading application
 service provider for electronic and Internet bill presentment and payment
 solutions.  New Century Equity Holdings Corp. is headquartered in San Antonio,
 Texas.
     Certain statements contained herein are "forward-looking" statements (as
 such term is defined in the Private Securities Litigation Reform Act of 1995).
 Because such statements include risks and uncertainties, actual results may
 differ materially from those expressed or implied by such forward-looking
 statements.  Factors that could cause results to differ materially from those
 expressed or implied by such forward-looking statements include, but are not
 limited to, those discussed in filings made by the Company with the Securities
 and Exchange Commission.
 
 
                New Century Equity Holdings Corp. and Subsidiaries
                      Consolidating Statements of Operations
                           Quarter Ended March 31, 2001
                                    (Unaudited)
                      In Thousands, Except Per Share Amounts
 
                                                                   CONSOLIDATED
                                               CORPORATE    FIDATA      TOTAL
 
     Revenues                                    $---        $118        $118
 
     Cost of revenues                             ---         176         176
       Gross loss                                 ---         (58)        (58)
 
     Selling, general and administrative
      expenses                                    948       1,147       2,095
       EBITDA                                    (948)     (1,205)     (2,153)
 
     Depreciation and amortization expense         36         465         501
       Operating loss from continuing
        operations                               (984)     (1,670)     (2,654)
 
     Other income (expense):
       Interest income, net                       314         ---         314
       Equity in net loss of equity
        affiliates                             (2,438)        ---      (2,438)
       Consulting income                          938         ---         938
       Other, net                                  14         ---          14
         Total other expense, net              (1,172)        ---      (1,172)
 
     Loss from continuing operations
      before income tax benefit               $(2,156)    $(1,670)     (3,826)
     Income tax benefit                                                   359
 
     Net loss from continuing operations                               (3,467)
     Discontinued operations:
       Net income from disposal of discontinued operations              1,500
     Net loss                                                         $(1,967)
 
     Basic and Diluted:
      Net loss from continuing operations per common share             $(0.10)
      Net income from disposal of discontinued operations per
       common share                                                      0.04
      Net loss per common share                                        $(0.06)
 
     Weighted average common shares outstanding                        35,646
 
 
                 New Century Equity Holdings Corp. and Subsidiaries
                       Consolidating Statements of Operations
                            Quarter Ended March 31, 2000
                                    (Unaudited)
                       In Thousands, Except Per Share Amounts
 
                                                                   CONSOLIDATED
                                            CORPORATE  FIDATA  CUVILLE  TOTAL
 
     Revenues                                   $---    $97     $---       $97
 
     Cost of revenues                            ---     80      ---        80
       Gross profit                              ---     17      ---        17
 
     Selling, general and administrative
      expenses                                 1,135    302    1,252     2,689
     Research and development                    ---    ---    1,877     1,877
       EBITDA                                 (1,135)  (285)  (3,129)   (4,549)
 
     Depreciation and amortization expense        11    409       43       463
     Special charges                             ---     21       13        34
       Operating loss from continuing
        operations                            (1,146)  (715)  (3,185)   (5,046)
 
     Other income (expense):
       Interest income, net                      ---    ---      ---       ---
       Equity in net loss of equity
        affiliates                            (1,703)   ---      ---    (1,703)
       In-process research & development
        costs                                 (4,965)   ---      ---    (4,965)
       Other, net                                ---    (12)     ---       (12)
         Total other expense, net             (6,668)   (12)     ---    (6,680)
 
     Loss from continuing operations before
      income tax benefit                     $(7,814) $(727) $(3,185)  (11,726)
     Income tax benefit                                                  1,723
 
     Net loss from continuing operations                               (10,003)
     Discontinued operations:
       Net loss from discontinued operations                            (3,870)
     Net loss                                                         $(13,873)
 
     Basic and Diluted:
      Net loss from continuing operations
       per common share                                                 $(0.26)
      Net loss from discontinued operations
       per common share                                                  (0.10)
      Net loss per common share                                         $(0.36)
 
     Weighted average common shares
      outstanding                                                       38,579
 
 
                 New Century Equity Holdings Corp. and Subsidiaries
                       Condensed Consolidated Balance Sheets
                                    (Unaudited)
                                    In Thousands
                                                                     Pro Forma
                                             March 31,     Dec. 31,   Sept. 30,
                                                2001        2000        2000
 
                    ASSETS
     Current assets:
       Cash and cash equivalents              $18,291     $36,478      $52,344
       Short-term investments                   1,000         ---          ---
       Accounts receivable, net                 4,366       3,427        5,013
       Prepaids and other                         406         254          224
          Total current assets                 24,063      40,159       57,581
     Property and equipment, net                1,100         723          620
     Fixed income investments                  14,195         ---          ---
     Other assets, net                          6,460       6,775        6,784
     Investments in equity affiliates          31,003      33,519       37,832
          Total assets                        $76,821     $81,176     $102,817
 
        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                          $223         $95          $74
       Accrued liabilities                        703       1,564          609
       Accrued income taxes                       494       2,525        2,806
       Net current liabilities from
        discontinued operations                 4,088       3,521        6,157
          Total current liabilities             5,508       7,705        9,646
     Other liabilities                            583         741          569
          Total liabilities                     6,091       8,446       10,215
 
     Stockholders' equity                      70,730      72,730       92,602
          Total liabilities and
           stockholders' equity               $76,821     $81,176     $102,817
 
      For Information Contact:
      Kevin Nyland, Vice President, Investor Relations
      (210) 302-0402
      kevin.nyland@newcenturyequity.com
 
      David P. Tusa, Senior Vice President and Chief Financial Officer
      (210) 302-0410
      david.tusa@newcenturyequity.com
      www.newcenturyequity.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X83171356
 
 

SOURCE New Century Equity Holdings Corp.
    SAN ANTONIO, April 27 /PRNewswire/ --
 New Century Equity Holdings Corp. (Nasdaq: NCEH) (the "Company" and "New
 Century") today reported results for the quarter ended March 31, 2001.
     As previously announced, the Company sold its LEC Billing, OSC and Aptis
 Software divisions to Platinum Equity Holdings of Los Angeles, California
 ("Platinum") on October 23, 2000 (the "Transaction").  Total consideration
 consisted of $52.5 million in cash and a royalty, assuming achievement of
 certain revenue targets associated with the divested divisions, of up to
 $20 million.  Additionally, the Company will receive payments totaling
 $7.5 million for consulting services provided to Platinum over the 24-month,
 post-closing period.
     All financial information presented has been restated to reflect the
 divested LEC Billing, OSC and Aptis Software businesses as discontinued
 operations.
 
     Continuing Operations
     The Company generated revenue from continuing operations of $118,000 for
 the quarter ended March 31, 2001 and $97,000 for the quarter ended March 31,
 2000.  This revenue relates entirely to FIData, Inc. ("FIData"), the Company's
 wholly owned subsidiary which provides Internet-based instant loan approval
 products and services to the financial services industry.
     Operating loss from continuing operations for the quarter ended March 31,
 2001 was $2.7 million.  Operating loss from continuing operations for the
 quarter ended March 31, 2000 was $5.0 million.  The $2.7 million operating
 loss for the quarter ended March 31, 2001, included an operating loss of
 $1.7 million generated by FIData, and $1.0 million in corporate expenses.
     Non-operating income and expense for the quarter ended March 31, 2001
 included, (i) $2.4 million of equity loss pick-up related primarily to
 Princeton eCom Corporation ("Princeton") and (ii) consulting income of
 $0.9 million received from Platinum.
     The Company generated a net loss from continuing operations of
 $3.5 million, or $0.10 per share for the quarter ended March 31, 2001.
 
     Balance Sheet
     The Company's March 31, 2001 balance sheet reflects current assets of
 $24.1 million, fixed income investments of $14.2 million, total assets of
 $76.8 million and stockholders' equity of $70.7 million.
     For the quarter ended March 31, 2001, the Company completed treasury stock
 purchases of $0.2 million, or 0.2 million shares.  The Company's program has
 reduced the outstanding shares to 35.5 million at March 31, 2001.
 
     Business Discussion
     As recently announced, the Company participated in a $20 million private
 convertible debt financing for Princeton.  New Century, the initial preferred
 stock investor in Princeton, contributed $15 million of the $20 million
 financing, bringing the Company's cumulative investment in Princeton to
 $66 million.
     Mellon Ventures, the private equity partnership of Mellon Financial
 Corporation, also participated by contributing $5 million of the $20 million
 financing.  Both New Century and Mellon Ventures participated in Princeton's
 previous round of funding completed in August 2000.
     "This is a very significant financing for New Century and emphasizes our
 continued support of Princeton," said Parris H. Holmes, Jr., Chairman and CEO
 of New Century.  "Our leadership in this financing, during a tentative
 business and financing environment, further validates our belief in
 Princeton's strong business plan.  In addition, the financial market's
 revaluing of equities, benefits New Century through increased ownership in
 Princeton.
     "Since September of 1998, we have played a key role in the development of
 Princeton as it has built a leadership position in the electronic bill
 presentment and payment industry," Mr. Holmes added.  "This financing allows
 Princeton to continue on its solid growth pattern and take advantage of
 potential strategic business opportunities.  We are impressed with Princeton's
 excellent management team, its ability to implement new customers and expand
 its revenue base as well as its sense of urgency to execute on its business
 plan."
     New Century purchased $15 million aggregate principal amount of
 convertible promissory notes in the $20 million financing.  It is expected
 that the $20 million of convertible debt will convert into preferred stock at
 a rate to be determined in the future based on certain events.  In addition to
 the convertible debt, New Century also received warrants to purchase shares of
 Princeton's Convertible Preferred Stock.
     Effective February 12, 2001, the Company changed its name from Billing
 Concepts Corp. to New Century Equity Holdings Corp.
 
     About New Century Equity Holdings Corp.
     New Century Equity Holdings Corp. is a holding company focused on high
 growth, technology-based companies and investments.  The Company's holdings
 include its wholly owned operation, FIData, Inc., and its investments in
 Coreintellect, Inc. and Princeton eCom Corporation.  FIData (www.fidata.com)
 provides instant online loan approval products and services to the financial
 services industry.  New Century Equity Holdings Corp.
 (www.newcenturyequity.com) is the lead investor in both Coreintellect
 (www.coreintellect.com), a developer and marketer of Internet-based solutions
 that acquire, filter and disseminate business-critical knowledge and
 information, and Princeton eCom (www.princetonecom.com), a leading application
 service provider for electronic and Internet bill presentment and payment
 solutions.  New Century Equity Holdings Corp. is headquartered in San Antonio,
 Texas.
     Certain statements contained herein are "forward-looking" statements (as
 such term is defined in the Private Securities Litigation Reform Act of 1995).
 Because such statements include risks and uncertainties, actual results may
 differ materially from those expressed or implied by such forward-looking
 statements.  Factors that could cause results to differ materially from those
 expressed or implied by such forward-looking statements include, but are not
 limited to, those discussed in filings made by the Company with the Securities
 and Exchange Commission.
 
 
                New Century Equity Holdings Corp. and Subsidiaries
                      Consolidating Statements of Operations
                           Quarter Ended March 31, 2001
                                    (Unaudited)
                      In Thousands, Except Per Share Amounts
 
                                                                   CONSOLIDATED
                                               CORPORATE    FIDATA      TOTAL
 
     Revenues                                    $---        $118        $118
 
     Cost of revenues                             ---         176         176
       Gross loss                                 ---         (58)        (58)
 
     Selling, general and administrative
      expenses                                    948       1,147       2,095
       EBITDA                                    (948)     (1,205)     (2,153)
 
     Depreciation and amortization expense         36         465         501
       Operating loss from continuing
        operations                               (984)     (1,670)     (2,654)
 
     Other income (expense):
       Interest income, net                       314         ---         314
       Equity in net loss of equity
        affiliates                             (2,438)        ---      (2,438)
       Consulting income                          938         ---         938
       Other, net                                  14         ---          14
         Total other expense, net              (1,172)        ---      (1,172)
 
     Loss from continuing operations
      before income tax benefit               $(2,156)    $(1,670)     (3,826)
     Income tax benefit                                                   359
 
     Net loss from continuing operations                               (3,467)
     Discontinued operations:
       Net income from disposal of discontinued operations              1,500
     Net loss                                                         $(1,967)
 
     Basic and Diluted:
      Net loss from continuing operations per common share             $(0.10)
      Net income from disposal of discontinued operations per
       common share                                                      0.04
      Net loss per common share                                        $(0.06)
 
     Weighted average common shares outstanding                        35,646
 
 
                 New Century Equity Holdings Corp. and Subsidiaries
                       Consolidating Statements of Operations
                            Quarter Ended March 31, 2000
                                    (Unaudited)
                       In Thousands, Except Per Share Amounts
 
                                                                   CONSOLIDATED
                                            CORPORATE  FIDATA  CUVILLE  TOTAL
 
     Revenues                                   $---    $97     $---       $97
 
     Cost of revenues                            ---     80      ---        80
       Gross profit                              ---     17      ---        17
 
     Selling, general and administrative
      expenses                                 1,135    302    1,252     2,689
     Research and development                    ---    ---    1,877     1,877
       EBITDA                                 (1,135)  (285)  (3,129)   (4,549)
 
     Depreciation and amortization expense        11    409       43       463
     Special charges                             ---     21       13        34
       Operating loss from continuing
        operations                            (1,146)  (715)  (3,185)   (5,046)
 
     Other income (expense):
       Interest income, net                      ---    ---      ---       ---
       Equity in net loss of equity
        affiliates                            (1,703)   ---      ---    (1,703)
       In-process research & development
        costs                                 (4,965)   ---      ---    (4,965)
       Other, net                                ---    (12)     ---       (12)
         Total other expense, net             (6,668)   (12)     ---    (6,680)
 
     Loss from continuing operations before
      income tax benefit                     $(7,814) $(727) $(3,185)  (11,726)
     Income tax benefit                                                  1,723
 
     Net loss from continuing operations                               (10,003)
     Discontinued operations:
       Net loss from discontinued operations                            (3,870)
     Net loss                                                         $(13,873)
 
     Basic and Diluted:
      Net loss from continuing operations
       per common share                                                 $(0.26)
      Net loss from discontinued operations
       per common share                                                  (0.10)
      Net loss per common share                                         $(0.36)
 
     Weighted average common shares
      outstanding                                                       38,579
 
 
                 New Century Equity Holdings Corp. and Subsidiaries
                       Condensed Consolidated Balance Sheets
                                    (Unaudited)
                                    In Thousands
                                                                     Pro Forma
                                             March 31,     Dec. 31,   Sept. 30,
                                                2001        2000        2000
 
                    ASSETS
     Current assets:
       Cash and cash equivalents              $18,291     $36,478      $52,344
       Short-term investments                   1,000         ---          ---
       Accounts receivable, net                 4,366       3,427        5,013
       Prepaids and other                         406         254          224
          Total current assets                 24,063      40,159       57,581
     Property and equipment, net                1,100         723          620
     Fixed income investments                  14,195         ---          ---
     Other assets, net                          6,460       6,775        6,784
     Investments in equity affiliates          31,003      33,519       37,832
          Total assets                        $76,821     $81,176     $102,817
 
        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                          $223         $95          $74
       Accrued liabilities                        703       1,564          609
       Accrued income taxes                       494       2,525        2,806
       Net current liabilities from
        discontinued operations                 4,088       3,521        6,157
          Total current liabilities             5,508       7,705        9,646
     Other liabilities                            583         741          569
          Total liabilities                     6,091       8,446       10,215
 
     Stockholders' equity                      70,730      72,730       92,602
          Total liabilities and
           stockholders' equity               $76,821     $81,176     $102,817
 
      For Information Contact:
      Kevin Nyland, Vice President, Investor Relations
      (210) 302-0402
      kevin.nyland@newcenturyequity.com
 
      David P. Tusa, Senior Vice President and Chief Financial Officer
      (210) 302-0410
      david.tusa@newcenturyequity.com
      www.newcenturyequity.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X83171356
 
 SOURCE  New Century Equity Holdings Corp.

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