EXHIBIT 99.1NEWS RELEASEFor Information Contact: April 24, 2003 NEW CENTURY EQUITY HOLDINGS CORP. |
Sharps Compliance Corp. Developments In January 2003, the Company purchased an additional 200,000 common shares, at $1 per share, of Sharps Compliance Corp. (“Sharps”), increasing New Century’s interest in Sharps to 9%. Tanisys Technology Developments On February 21, 2003, the Company sold its interest in Tanisys Technology, Inc. (“Tanisys”) to ATE Worldwide LLC. In conjunction with the transaction, the Company received approximately $200,000 in cash. All financial information presented has been restated to reflect the operations of Tanisys as discontinued operations. Comments Parris H. Holmes, Jr., Chairman and Chief Executive Officer, stated, “This quarter was highlighted by the 46% revenue growth rate experienced by Princeton for the calendar year 2002. This performance was driven by the 50% increase in electronic payments transmitted by Princeton during the same period. Additionally, Princeton’s EBITDA loss for its fourth quarter 2002 was decreased significantly to $0.6 million. “During the first quarter of 2003, we sold our interest in Tanisys and reinvested the funds into the purchase of additional common stock of Sharps.” Holmes added, “Our balance sheet remains strong with over $8 million in cash and stockholders’ equity of almost $17 million.” About New Century Equity Holdings Corp. New Century Equity Holdings Corp. (Nasdaq: NCEH) is a company focused on high growth organizations. The Company’s holdings include its investments in Princeton eCom Corporation, Sharps Compliance Corp. and Microbilt Corporation. New Century Equity (www.newcenturyequity.com) is a lead investor in Princeton eCom Corporation (www.princetonecom.com), a leading application service provider for electronic and Internet bill presentment and payment solutions. New Century Equity Holdings Corp. is also an investor in Sharps Compliance Corp. (www.sharpsinc.com), a leading provider of cost effective medical waste disposal products and services to the home healthcare, retail and residential markets, and Microbilt Corporation (www.microbilt.com), a leader in credit bureau data access and retrieval which provides credit solutions to the Financial, Leasing, Health Care, Insurance, Law Enforcement, Educational and Utilities industries. 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 |
Three Months Ended March 31, | ||||||||
---|---|---|---|---|---|---|---|---|
2003 | 2002 | |||||||
(Unaudited) | ||||||||
Revenues | $ | — | $ | — | ||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 680 | 966 | ||||||
Depreciation and amortization expenses | 40 | 43 | ||||||
Operating loss | (720 | ) | (1,009 | ) | ||||
Other income (expense): | ||||||||
Interest income, net | 27 | 60 | ||||||
Equity in net loss of affiliate | (647 | ) | (14,269 | ) | ||||
Consulting income | — | 938 | ||||||
Other income, net | 12 | 295 | ||||||
Total other expense, net | (608 | ) | (12,976 | ) | ||||
Net loss from continuing operations | (1,328 | ) | (13,985 | ) | ||||
Discontinued operations: | ||||||||
Net loss from discontinued operations | — | (218 | ) | |||||
Net income from disposal of discontinued operations | 147 | — | ||||||
Net loss | $ | (1,181 | ) | $ | (14,203 | ) | ||
Basic and diluted (loss) income per common share: | ||||||||
Net loss from continuing operations | $ | (0.04 | ) | $ | (0.41 | ) | ||
Net loss from discontinued operations | — | (0.01 | ) | |||||
Net income from disposal of discontinued operations | 0.01 | — | ||||||
Net loss | $ | (0.03 | ) | $ | (0.42 | ) | ||
Weighted average common shares outstanding | 34,218 | 34,214 | ||||||
New Century Equity Holdings Corp. and Subsidiaries |
March 31, 2003 | December 31, 2002 | |||||||
---|---|---|---|---|---|---|---|---|
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 8,068 | $ | 8,704 | ||||
Accounts receivable, net | 25 | 9 | ||||||
Prepaid and other assets | 394 | 330 | ||||||
Net current assets from discontinued operations | — | 1,427 | ||||||
Total current assets | 8,487 | 10,470 | ||||||
Property and equipment, net | 207 | 248 | ||||||
Other assets | 53 | 53 | ||||||
Investments in affiliates | 8,769 | 9,353 | ||||||
Total assets | $ | 17,516 | $ | 20,124 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 23 | $ | 30 | ||||
Accrued liabilities | 527 | 551 | ||||||
Net current liabilities from discontinued operations | 40 | 1,435 | ||||||
Total current liabilities | 590 | 2,016 | ||||||
Other liabilities | — | 1 | ||||||
Total liabilities | 590 | 2,017 | ||||||
Stockholders’ equity | 16,926 | 18,107 | ||||||
Total liabilities and stockholders’ equity | $ | 17,516 | $ | 20,124 | ||||