On-Site Reports Record 4th Qtr. and Year End Revenues

70% Increase in EPS for the Year Ended 2000

Loss of ($.06) EPS for Fourth Quarter 2000

(Before Effect of Merger Related Costs)



Apr 02, 2001, 01:00 ET from On-Site Sourcing

    ARLINGTON, Va., April 2 /PRNewswire/ -- On-Site Sourcing (Nasdaq:   ONSS)
 today reported its financial results for the fourth quarter 2000 and year
 ended December 31, 2000.
     The company announced that revenues for the year 2000 totaled $35.4
 million compared to $26.6 million in 1999, representing an increase of 33%.
     Excluding the effect of Merger Related costs of $330,807, earnings from
 operations for the year 2000 were $2,719,232 versus $855,781 for the year
 ended 1999.  Net income, excluding the effect of merger related costs, was
 $1,140,623, or $0.21 per diluted share, for the year ended 2000, compared to
 $789,939 or $0.16 per diluted share for 1999, representing an increase of 44%.
     Revenues for the fourth quarter of 2000 were $9.0 million compared to $7.4
 million in the same quarter of 1999, an increase of 23%. Year 2000 fourth
 quarter's financial results included the Legend and Duplicating & Design
 acquisitions, which were completed in April and September of 2000.
     Excluding the effect of Merger Related costs, earnings from operations
 declined from $683,662 in the fourth quarter of 1999 to loss of $(39,229) in
 the same quarter of 2000.  Net income (loss), excluding the effect of merger
 related costs, for the fourth quarter was $(330,745), or $(0.06) per diluted
 share, versus  $726,245, or $.15 per share, in the same quarter of last year.
 The results of fiscal fourth quarter 1999 included a gain of $270,000 which
 was realized from the sale of the company's IT division.
     The net effect of the merger related costs reduced net earnings by
 $198,210 or $0.04 per share to $(528,955) for the fourth quarter of 2000.
     Mr. Weiler, President and CEO, commented, "Although we are not happy with
 the results of the 4th quarter, we are extremely pleased with the performance
 of year 2000 as a whole. The losses related to the fourth quarter are a direct
 result of significant investments made by the company for our future growth.
 These investments include:
 
     *  Adding additional sales staff.
     *  Substantial investment in digital printing equipment for our commercial
        printing division.
     *  Enhancing our Virginia Imaging Services Division and expanding our
        Imaging Services Division to New York and Georgia.
 
     The year 2000 was another record year for us.  During the year we were
 able to:
 
     *  Increase imaging revenues from 2.2 million in 1999 to 9.4 in 2000
     *  Open Imaging offices in NY and GA.
     *  Achieve significant turnaround in both top and bottom line growth in
        our New York and Philadelphia offices.
     *  Diversify our service offerings and increase our customer base, through
        two acquisitions that were made in 2000.  These acquisitions enable us
        to provide digital printing services. Revenues for our commercial
        printing division totaled 1.8 million for the partial year.
 
 
                             ON-SITE SOURCING, INC.
                            STATEMENT OF OPERATIONS
 
                                 Unaudited                    Audited
                             Three Months Ended         Twelve Months Ended
                           Dec. 31,     Dec. 30,     Dec. 31,       Dec. 31,
                             2000         1999         2000           1999
 
     Revenue             $9,068,842    $7,393,662  $35,489,911   $26,670,903
     Costs and expenses
       Cost of sales      6,634,222     4,748,892   24,457,492    19,368,458
                          2,434,620     2,644,770   11,032,419     7,302,445
 
       Selling expense    1,186,238       986,838    3,706,761     2,703,755
       Administrative
        expense           1,287,611       974,270    4,606,426     3,742,909
       Merger related
        costs               330,807            --      330,807            --
                          2,804,656     1,961,108    8,643,994     6,446,664
 
       Earnings from
        operations         (370,036)      683,662    2,388,425       855,781
       Other income
        (expense)
       Other income          71,909       280,182       88,051       348,054
       Other expense       (280,804)      (48,599)    (612,041)     (224,896)
                           (208,895)      231,583     (523,990)      123,158
 
     Earnings (Loss)
       before income
       taxes               (578,931)      915,245    1,864,435       978,939
     Income tax (benefit)
       expense              (49,976)      189,000      922,022       189,000
 
     Net (Loss)
       Earnings           $(528,955)      726,245     $942,413      $789,939
 
     Basic earnings (loss)
       per common share      $(0.11)        $0.15        $0.19         $0.16
     Basic Shares
       Outstanding        4,943,625     4,841,902    4,848,825     4,838,727
     Diluted earnings
       (loss) per share      $(0.10)        $0.15        $0.18         $0.16
     Diluted Shares
       Outstanding        5,139,022     4,862,277    5,299,213     4,909,924
 
     On-Site Sourcing provides digital printing, imaging, document management,
 litigation reprographics services, and facilities management throughout the
 East Coast. On-Site's clients include law firms, corporations, non-profit
 organizations, accounting firms, financial institutions and other
 organizations. On-Site currently operates in the New York City, Washington,
 D.C, Atlanta, Philadelphia and Baltimore markets.
     The company recently entered to a definitive agreement, to be acquired by
 U.S. Technologies. Terms and other information regarding this transaction can
 be found on previous press releases and filings with the Securities and
 Exchange Commission.
     This press release includes "forward-looking statements" within the
 meaning of the federal securities laws, which involve uncertainties and risks.
 These include statements regarding events or developments that the Company
 expects or anticipates will occur in the future, such as statements about the
 Company's strategies to improve operating performance. A number of risks and
 uncertainties could cause actual results, events and developments to differ
 from expectations, including the effectiveness of programs to increase
 revenues and cash flow and to reduce costs, and the actions of competitors.
 Please refer to the Company's 2000 Annual Report on Form 10-K and its other
 filings with the Securities and Exchange Commission for a complete discussion
 of these and other important factors that could cause results to differ
 materially from those projected by these forward-looking statements.
 
 

SOURCE On-Site Sourcing
    ARLINGTON, Va., April 2 /PRNewswire/ -- On-Site Sourcing (Nasdaq:   ONSS)
 today reported its financial results for the fourth quarter 2000 and year
 ended December 31, 2000.
     The company announced that revenues for the year 2000 totaled $35.4
 million compared to $26.6 million in 1999, representing an increase of 33%.
     Excluding the effect of Merger Related costs of $330,807, earnings from
 operations for the year 2000 were $2,719,232 versus $855,781 for the year
 ended 1999.  Net income, excluding the effect of merger related costs, was
 $1,140,623, or $0.21 per diluted share, for the year ended 2000, compared to
 $789,939 or $0.16 per diluted share for 1999, representing an increase of 44%.
     Revenues for the fourth quarter of 2000 were $9.0 million compared to $7.4
 million in the same quarter of 1999, an increase of 23%. Year 2000 fourth
 quarter's financial results included the Legend and Duplicating & Design
 acquisitions, which were completed in April and September of 2000.
     Excluding the effect of Merger Related costs, earnings from operations
 declined from $683,662 in the fourth quarter of 1999 to loss of $(39,229) in
 the same quarter of 2000.  Net income (loss), excluding the effect of merger
 related costs, for the fourth quarter was $(330,745), or $(0.06) per diluted
 share, versus  $726,245, or $.15 per share, in the same quarter of last year.
 The results of fiscal fourth quarter 1999 included a gain of $270,000 which
 was realized from the sale of the company's IT division.
     The net effect of the merger related costs reduced net earnings by
 $198,210 or $0.04 per share to $(528,955) for the fourth quarter of 2000.
     Mr. Weiler, President and CEO, commented, "Although we are not happy with
 the results of the 4th quarter, we are extremely pleased with the performance
 of year 2000 as a whole. The losses related to the fourth quarter are a direct
 result of significant investments made by the company for our future growth.
 These investments include:
 
     *  Adding additional sales staff.
     *  Substantial investment in digital printing equipment for our commercial
        printing division.
     *  Enhancing our Virginia Imaging Services Division and expanding our
        Imaging Services Division to New York and Georgia.
 
     The year 2000 was another record year for us.  During the year we were
 able to:
 
     *  Increase imaging revenues from 2.2 million in 1999 to 9.4 in 2000
     *  Open Imaging offices in NY and GA.
     *  Achieve significant turnaround in both top and bottom line growth in
        our New York and Philadelphia offices.
     *  Diversify our service offerings and increase our customer base, through
        two acquisitions that were made in 2000.  These acquisitions enable us
        to provide digital printing services. Revenues for our commercial
        printing division totaled 1.8 million for the partial year.
 
 
                             ON-SITE SOURCING, INC.
                            STATEMENT OF OPERATIONS
 
                                 Unaudited                    Audited
                             Three Months Ended         Twelve Months Ended
                           Dec. 31,     Dec. 30,     Dec. 31,       Dec. 31,
                             2000         1999         2000           1999
 
     Revenue             $9,068,842    $7,393,662  $35,489,911   $26,670,903
     Costs and expenses
       Cost of sales      6,634,222     4,748,892   24,457,492    19,368,458
                          2,434,620     2,644,770   11,032,419     7,302,445
 
       Selling expense    1,186,238       986,838    3,706,761     2,703,755
       Administrative
        expense           1,287,611       974,270    4,606,426     3,742,909
       Merger related
        costs               330,807            --      330,807            --
                          2,804,656     1,961,108    8,643,994     6,446,664
 
       Earnings from
        operations         (370,036)      683,662    2,388,425       855,781
       Other income
        (expense)
       Other income          71,909       280,182       88,051       348,054
       Other expense       (280,804)      (48,599)    (612,041)     (224,896)
                           (208,895)      231,583     (523,990)      123,158
 
     Earnings (Loss)
       before income
       taxes               (578,931)      915,245    1,864,435       978,939
     Income tax (benefit)
       expense              (49,976)      189,000      922,022       189,000
 
     Net (Loss)
       Earnings           $(528,955)      726,245     $942,413      $789,939
 
     Basic earnings (loss)
       per common share      $(0.11)        $0.15        $0.19         $0.16
     Basic Shares
       Outstanding        4,943,625     4,841,902    4,848,825     4,838,727
     Diluted earnings
       (loss) per share      $(0.10)        $0.15        $0.18         $0.16
     Diluted Shares
       Outstanding        5,139,022     4,862,277    5,299,213     4,909,924
 
     On-Site Sourcing provides digital printing, imaging, document management,
 litigation reprographics services, and facilities management throughout the
 East Coast. On-Site's clients include law firms, corporations, non-profit
 organizations, accounting firms, financial institutions and other
 organizations. On-Site currently operates in the New York City, Washington,
 D.C, Atlanta, Philadelphia and Baltimore markets.
     The company recently entered to a definitive agreement, to be acquired by
 U.S. Technologies. Terms and other information regarding this transaction can
 be found on previous press releases and filings with the Securities and
 Exchange Commission.
     This press release includes "forward-looking statements" within the
 meaning of the federal securities laws, which involve uncertainties and risks.
 These include statements regarding events or developments that the Company
 expects or anticipates will occur in the future, such as statements about the
 Company's strategies to improve operating performance. A number of risks and
 uncertainties could cause actual results, events and developments to differ
 from expectations, including the effectiveness of programs to increase
 revenues and cash flow and to reduce costs, and the actions of competitors.
 Please refer to the Company's 2000 Annual Report on Form 10-K and its other
 filings with the Securities and Exchange Commission for a complete discussion
 of these and other important factors that could cause results to differ
 materially from those projected by these forward-looking statements.
 
 SOURCE  On-Site Sourcing