Exhibit 99.1
Contact: Roy Israel
(516) 829-4343
clickNsettle.com Reports First Quarter Results;
Net Loss per share Narrows to ($0.08) from ($0.15) a Year Ago
GREAT NECK, N.Y., November 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 first fiscal quarter ended
September 30, 2003. Revenues for the first quarter of fiscal 2004 remained
consistent at $987,786 versus $993,359 for the first quarter of fiscal 2003.
Last year's first quarter of fiscal 2003 included non-recurring revenue of
approximately $42,500. Net loss improved to ($110,768) for the first quarter of
fiscal year 2004 versus ($209,335) for the prior year quarterly period. Net loss
per share narrowed to ($0.08) in the present period versus ($0.15) a year ago.
Cash used in operating activities improved to ($61,780) for the quarter ended
September 30, 2003 from ($129,618) for the prior year quarter ended September
30, 2002.
Roy Israel, President & CEO of clickNsettle.com stated, "The management team has
taken a long range view and has made significant investments in nurturing
superior hearing officer relationships in tandem with building innovative
products and establishing a scalable sales/support infrastructure. Based on our
ability to successfully execute strategic product and service designs, broad
institutional product acceptance and a growing sales pipeline, we are confident
we can transform our early investments into company value. This quarter is
traditionally a light quarter for us; however, our gross profit margins are
extremely strong which bodes well for us given the opportunities in the market,
many of which we are confident that we are uniquely positioned to capitalize
on."
About clickNsettle.com
Headquartered in Great Neck, New York, clickNsettle.com, Inc. provides
innovative and highly effective dispute resolution services and solutions to
entities that seek alternatives to the traditional and often time-consuming and
expensive legal process. clickNsettle.com, the parent company of NAM (National
Arbitration and Mediation), offers a comprehensive selection of some of the
finest lawyers globally, with more than 1,700 top-tier former judges and
attorneys worldwide. Additionally, the company has a number of inventions
designed to enhance transparency and ensure the integrity of ADR (alternative
dispute resolution) initiatives. Although the dispute resolution industry is
still relatively young, clickNsettle.com has been recognized nationally as a
leader in the field and the NAM brand name is well established within the legal
and business community.
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 September 30,
2003 2002
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Net revenues $ 987,786 $ 993,359
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Operating costs and expenses
Cost of services 218,407 228,926
Sales and marketing expenses 323,502 308,967
General and administrative expenses 626,419 653,800
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1,168,328 1,191,693
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Loss from operations (180,542) (198,334)
Other income (expenses)
Investment income (loss) 69,196 (12,356)
Other income 578 1,355
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69,774 (11,001)
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Loss before income taxes (110,768) (209,335)
Income taxes -- --
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NET LOSS $ (110,768) $ (209,335)
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Net loss per common share - basic and diluted $ (0.08) $ (0.15)
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Weighted-average shares outstanding - basic and diluted 1,408,176 1,408,176
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