Parts.com Reports Yearend Results

Apr 16, 2001, 01:00 ET from Parts.com, Inc.

    SANFORD, Fla., April 16 /PRNewswire/ --
 Parts.com, Inc. (OTC Bulletin Board:   MIRM), a marketplace and software
 solutions provider for the parts industry, announced its results for the
 fiscal year ended December 31, 2000.
     For the year ended December 31, 2000, the Company reported $903,162 in net
 sales compared to net sales of $1,364,694 for the prior year period ending
 December 31, 1999.  As stated in its Form 10K, the Company records only its
 net transaction fees on parts sales.
     Net loss for the year ended December 31, 2000, was $.57 per share compared
 to a net loss $.34 per share for the same period in 1999.  Net loss for the
 year 2000, excluding $3,644,388 in stock-based compensation expense, a
 $950,000 non-cash interest expense charge, $1,905,668 in amortization and
 depreciation and impairment charges of $2,505,753, was $4,756,140 or $.20 per
 share.  This compares to a net loss of $.15 per share for the twelve-month
 period in the prior year, 1999.  The loss for the twelve months ended
 December 31, 2000, was attributable mainly to non-cash expenses, which include
 stock-based compensation, interest, depreciation and amortization as well as
 impairment charges, which alone accounted for approximately 65% of total
 expenses for the period and more than half of the total net loss.  The balance
 of the increase in loss was due to expenses incurred from the continued
 development of TradeMotion, the parts.com Web site and the build-up of the
 related dealership network.  Expenses included marketing, programming, and
 other costs associated with the company's software solutions and the Web site.
     "In the areas of software development, dealer distribution points and
 strategic alliances, I am pleased.  However, these accomplishments required
 large amounts of capital investment without which we could not have positioned
 ourselves with such partners as Cap Gemini Ernst & Young and ALDOC.NET.  We
 entered the second quarter 2001 prepared to complete and launch TradeMotion
 4.0 in Europe.  We are committed as a company to seeing the parts.com dream
 realized, reaching Europe and North America.  We continue to make the fiscal
 adjustments necessary to bring this about, including significantly reducing
 our monthly burn rate to approximately $100,000.  We appreciate the loyalty of
 our parts.com shareholders and continue to work assiduously to successfully
 execute our business plan," stated Shawn Lucas, Chairman.
 
     About Parts.com
     Parts.com, based in Sanford, Florida, provides business-to-business
 electronic commerce software and parts procurement platform provider.  The
 Company's e-procurement solutions enable corporations to use electronic
 automation to streamline business transactions and reduce costs.  In addition
 to automating existing relationships between buyers and seller, parts.com also
 provides a marketplace where buyers and sellers can conduct transactions
 electronically.
 
     This announcement contains "forward-looking statements."  Words such as
 "anticipate," "believe," "estimate," "expect," and other similar expressions
 as they relate to the Company and its management are intended to identify such
 forward-looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 

SOURCE Parts.com, Inc.
    SANFORD, Fla., April 16 /PRNewswire/ --
 Parts.com, Inc. (OTC Bulletin Board:   MIRM), a marketplace and software
 solutions provider for the parts industry, announced its results for the
 fiscal year ended December 31, 2000.
     For the year ended December 31, 2000, the Company reported $903,162 in net
 sales compared to net sales of $1,364,694 for the prior year period ending
 December 31, 1999.  As stated in its Form 10K, the Company records only its
 net transaction fees on parts sales.
     Net loss for the year ended December 31, 2000, was $.57 per share compared
 to a net loss $.34 per share for the same period in 1999.  Net loss for the
 year 2000, excluding $3,644,388 in stock-based compensation expense, a
 $950,000 non-cash interest expense charge, $1,905,668 in amortization and
 depreciation and impairment charges of $2,505,753, was $4,756,140 or $.20 per
 share.  This compares to a net loss of $.15 per share for the twelve-month
 period in the prior year, 1999.  The loss for the twelve months ended
 December 31, 2000, was attributable mainly to non-cash expenses, which include
 stock-based compensation, interest, depreciation and amortization as well as
 impairment charges, which alone accounted for approximately 65% of total
 expenses for the period and more than half of the total net loss.  The balance
 of the increase in loss was due to expenses incurred from the continued
 development of TradeMotion, the parts.com Web site and the build-up of the
 related dealership network.  Expenses included marketing, programming, and
 other costs associated with the company's software solutions and the Web site.
     "In the areas of software development, dealer distribution points and
 strategic alliances, I am pleased.  However, these accomplishments required
 large amounts of capital investment without which we could not have positioned
 ourselves with such partners as Cap Gemini Ernst & Young and ALDOC.NET.  We
 entered the second quarter 2001 prepared to complete and launch TradeMotion
 4.0 in Europe.  We are committed as a company to seeing the parts.com dream
 realized, reaching Europe and North America.  We continue to make the fiscal
 adjustments necessary to bring this about, including significantly reducing
 our monthly burn rate to approximately $100,000.  We appreciate the loyalty of
 our parts.com shareholders and continue to work assiduously to successfully
 execute our business plan," stated Shawn Lucas, Chairman.
 
     About Parts.com
     Parts.com, based in Sanford, Florida, provides business-to-business
 electronic commerce software and parts procurement platform provider.  The
 Company's e-procurement solutions enable corporations to use electronic
 automation to streamline business transactions and reduce costs.  In addition
 to automating existing relationships between buyers and seller, parts.com also
 provides a marketplace where buyers and sellers can conduct transactions
 electronically.
 
     This announcement contains "forward-looking statements."  Words such as
 "anticipate," "believe," "estimate," "expect," and other similar expressions
 as they relate to the Company and its management are intended to identify such
 forward-looking statements.  Although the Company and its management believe
 that the statements contained in this announcement are reasonable, it can give
 no assurances that such statements will prove correct.  Factors that could
 affect the occurrence of events or results discussed herein are included with
 those mentioned in the Company's filings with the Securities and Exchange
 Commission.
 
 SOURCE  Parts.com, Inc.