Exhibit 99.1
Contact: Pat Giuliani-Rheaume
(516) 829-4343
clickNsettle.com Reports Third Quarter and Nine Month Results; Net
Loss per Share of $0.03 for the Third Quarter of Fiscal 2004 versus Net Loss per
Share of $0.03 a Year Ago
GREAT NECK, N.Y., May 14, 2004/PR Newswire/ -- clickNsettle.com, Inc. (OTCBB:
CLIK), a global provider of innovative dispute resolution solutions, today
announced its revenues and results for the third fiscal quarter and nine months
ended March 31, 2004. Revenues for the third quarter of fiscal 2004 decreased to
$809,868 from $858,934 for the third quarter of fiscal 2003. Net loss was
($212,102) for the third quarter of fiscal year 2004 versus ($213,025) for the
prior year quarterly period. Net loss per share was ($0.03) for both quarterly
periods.
Revenues for the first nine months of fiscal 2004 decreased to $2,724,722 from
$2,814,132 for the first nine months of fiscal 2003. The results for the first
nine months of last year included non-recurring revenue of approximately
$50,800. Net loss was ($562,458) for the first nine months of fiscal year 2004
versus ($536,729) for the prior year comparable period. Net loss per share was
($0.07) for the first nine months of fiscal year 2004 versus ($0.06) for the
same period in the prior year.
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 March 31, Nine months ended March 31,
2004 2003 2004 2003
----------- ----------- ----------- -----------
Net revenues $ 809,868 $ 858,934 $ 2,724,722 $ 2,814,132
----------- ----------- ----------- -----------
Operating costs and expenses
Cost of services 179,311 194,869 623,594 653,398
Sales and marketing expenses 323,253 254,547 971,916 842,077
General and administrative expenses 511,570 626,889 1,745,749 1,866,694
----------- ----------- ----------- -----------
1,014,134 1,076,305 3,341,259 3,362,169
----------- ----------- ----------- -----------
Loss from operations (204,266) (217,371) (616,537) (548,037)
Other (expenses) income
Investment (loss) income (8,423) 579 52,056 4,058
Other income 587 3,767 2,023 7,250
----------- ----------- ----------- -----------
(7,836) 4,346 54,079 11,308
----------- ----------- ----------- -----------
Loss before income taxes (212,102) (213,025) (562,458) (536,729)
Income taxes -- -- -- --
----------- ----------- ----------- -----------
NET LOSS $ (212,102) $ (213,025) $ (562,458) $ (536,729)
=========== =========== =========== ===========
Net loss per common share - basic and diluted $ (0.03) $ (0.03) $ (0.07) $ (0.06)
=========== =========== =========== ===========
Weighted-average shares outstanding - basic and diluted 8,449,056 8,449,056 8,449,056 8,449,056
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