EXHIBIT 99.1
Contact: Pat Giuliani-Rheaume
(516) 829-4343
clickNsettle.com Reports Second Quarter and Six Month Results
GREAT NECK, N.Y., February 13, 2004/PR Newswire/ -- clickNsettle.com, Inc.
(OTCBB: CLIK), a global provider of innovative dispute resolution solutions,
today announced its revenues and results for the second fiscal quarter and six
months ended December 31, 2003. Revenues for the second quarter of fiscal 2004
decreased slightly to $927,068 from $961,839 for the second quarter of fiscal
2003. Last year's second quarter of fiscal 2003 included non-recurring revenue
of approximately $9,200. Net loss was ($239,588) for the second quarter of
fiscal year 2004 versus ($114,369) for the prior year quarterly period. Net loss
per share was ($0.03) in the present period versus ($0.01) a year ago.
Revenues for the first six months of fiscal 2004 decreased slightly to
$1,914,854 from $1,955,198 for the first six months of fiscal 2003. The results
for the first six months of last year included non-recurring revenue of
approximately $51,700. Net loss was ($350,356) for the first six months of
fiscal year 2004 versus ($323,704) for the prior year comparable period. Net
loss per share was ($0.04) for both the first six months of this year and for
the same period in the prior year.
Roy Israel, President & CEO, stated: "The results for our second fiscal quarter
and that anticipated for our third fiscal quarter are not particularly strong.
We do not believe this is reflective of the underlying acceptance of our new
product offerings nor our long-term prospects. The Company has undergone
significant restructuring within the personnel area and has brought additional
senior management on board that is proving to be effective in improving the
Company's marketing bandwidth. That being said, we remain very encouraged with
our growing sales pipeline and the acceptance of our unique services as we
believe they are very relevant in the present market place."
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 National
Arbitration and Mediation (NAM), 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 communities.
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 December 31, Six months ended December 31,
2003 2002 2003 2002
----------- ----------- ----------- ------------
Net revenues $ 927,068 $ 961,839 $ 1,914,854 $ 1,955,198
----------- ----------- ----------- -----------
Operating costs and expenses
Cost of services 225,876 229,603 444,283 458,529
Sales and marketing expenses 325,161 278,563 648,663 587,530
General and administrative expenses 607,760 586,005 1,234,179 1,239,805
----------- ----------- ----------- -----------
1,158,797 1,094,171 2,327,125 2,285,864
----------- ----------- ----------- -----------
Loss from operations (231,729) (132,332) (412,271) (330,666)
Other (expenses) income
Investment (loss) income (8,717) 15,835 60,479 3,479
Other income 858 2,128 1,436 3,483
----------- ----------- ----------- -----------
(7,859) 17,963 61,915 6,962
----------- ----------- ----------- -----------
Loss before income taxes (239,588) (114,369) (350,356) (323,704)
Income taxes -- -- -- --
----------- ----------- ----------- -----------
NET LOSS $ (239,588) $ (114,369) $ (350,356) $ (323,704)
=========== =========== =========== ===========
Net loss per common share - basic and diluted $ (0.03) $ (0.01) $ (0.04) $ (0.04)
=========== =========== =========== ===========
Weighted-average shares outstanding - basic and diluted 8,449,056 8,449,056 8,449,056 8,449,056
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