Exhibit 99.1
Contact: Roy Israel
(516) 829-4343
clickNsettle.com Reports Third Quarter Financials;
Eighth Successive Quarter of Improved Operating Results
GREAT NECK, N.Y., May 14, 2003/PR Newswire/ -- clickNsettle.com, Inc. (OTCBB:
CLIK), a global provider of innovative dispute resolution solutions, today
announced its revenues and results for the third quarter and nine months ended
March 31, 2003. Revenues for the third quarter of fiscal 2003 declined 2.6% to
$858,934 from $881,992 for the third quarter of fiscal 2002. Net loss to common
stockholders decreased from ($287,696) for the prior year quarterly period to
($213,025) for the present year period. Net loss per common share also improved
from ($0.20) per share a year ago to ($0.15) per share for the present period.
Operating income (loss) improved from ($298,863) for the quarter ended March 31,
2002 to ($217,371) for the quarter ended March 31, 2003.
Revenues for the nine months ended March 31, 2003 rose 4% to $2,814,132 from
$2,709,889 for the nine months ended March 31, 2002. Net loss to common
stockholders improved from ($1,029,376) for the prior year nine-month period to
($536,729) for the present year period. Net loss per common share also improved
from ($0.73) per share a year ago to ($0.38) per share for the present period.
Operating income (loss) decreased from ($1,016,276) for the nine months ended
March 31, 2002 to ($548,037) for the nine months ended March 31, 2003.
Roy Israel, President & CEO of clickNsettle.com stated, "Our third quarter of
fiscal year 2003 marked the eighth successive quarter of year-to-year
improvement in operating results. This was accomplished despite the inclement
weather experienced in the Northeast during the current year's quarter, which
resulted in a number of cancelled and adjourned cases as our company is well
established in this region. Going forward, we see great opportunity for
arbitration and mediation services nationwide, as well as an expansion in the
client base for these services in general. I am optimistic that our investments
in intellectual property, corporate branding and our unique case management and
oversight system will distinguish NAM and allow us to capitalize on the
increasing demand for ADR services. From a marking/sales perspective, the
challenge is clearly for us to exploit the advantages we have. From a
shareholder's viewpoint, we recognize that we are in a "show me" position with
respect to our revenues. Consistent with this, I believe we are positioned to
realize the growth potential that is developing in our sector."
About clickNsettle.com
Headquartered in Great Neck, New York, clickNsettle.com, Inc. provides dispute
resolution services and software/web-enabled tools designed to enhance and
streamline the traditional and often time-consuming and expensive legal process.
clickNsettle.com offers customized solutions built upon a sophisticated
technology platform that enables users to resolve disputes more quickly and
efficiently than ever before possible.
clickNsettle.com features a comprehensive suite of dispute resolution tools and
access to a network of approximately 1,500 highly qualified hearing officers in
the United States and abroad. clickNsettle.com provides an interactive portal of
communication and information between client and administrator.
The statements contained in the release contain forward-looking statements
relating to such matters as anticipated financial performance, business
prospects, and similar matters. The Private Securities Litigation Reform Act of
1995 provides a safe harbor for forward-looking statements. In order to comply
with the terms of the safe harbor, the Company notes that a variety of factors
could cause the Company's actual results to differ materially from the
anticipated results or other expenditures expressed in the Company's
forward-looking statements. These factors include changes in the insurance and
legal industries; the Company's inability to retain current or new hearing
officers; changes in the public court system; and the degree and timing of the
market's acceptance of its arbitration and mediation programs and electronic
oversight applications.
Table to follow
clickNsettle.com, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended March 31, Nine months ended March 31,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net revenues $ 858,934 $ 881,992 $ 2,814,132 $ 2,709,889
----------- ----------- ----------- -----------
Operating costs and expenses
Cost of services 194,869 235,318 653,398 674,613
Sales and marketing expenses 254,547 351,247 842,077 1,165,585
General and administrative expenses 626,889 594,290 1,866,694 1,885,967
----------- ----------- ----------- -----------
1,076,305 1,180,855 3,362,169 3,726,165
----------- ----------- ----------- -----------
Loss from operations (217,371) (298,863) (548,037) (1,016,276)
Other income (expenses)
Investment income (loss) 579 8,023 4,058 (24,267)
Other income 3,767 3,144 7,250 11,167
----------- ----------- ----------- -----------
4,346 11,167 11,308 (13,100)
----------- ----------- ----------- -----------
Loss before income taxes (213,025) (287,696) (536,729) (1,029,376)
Income taxes -- -- -- --
----------- ----------- ----------- -----------
NET LOSS $ (213,025) $ (287,696) $ (536,729) $(1,029,376)
=========== =========== =========== ===========
Net loss per common share - basic and diluted $ (0.15) $ (0.20) $ (0.38) $ (0.73)
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Weighted-average shares outstanding - basic and diluted 1,408,176 1,408,176 1,408,176 1,417,293
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