BrandPartners Announces Fiscal 2007 Results
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ROCHESTER, N.H.--(Business Wire)--
BrandPartners Group, Inc. (OTC Bulletin Board: BPTR), a provider
of integrated environmental and customer experience solutions to the
retail financial services industry, today announced a summary of its
10k results for the fiscal year period ended December 31, 2007.
The Company's revenues for fiscal year 2007 were $43.8 million
versus $52.5 million in 2006.
In addition, annual results included:
-- Operating income for fiscal year 2007 excluding a goodwill
impairment charge was $1.1 million versus operating loss of
($822,927) during fiscal year 2006. Operating loss for fiscal
year 2007 including the goodwill impairment charge of $12
million was ($10.9 million).
-- Net Loss for fiscal year 2007 excluding a goodwill impairment
charge was ($269,486), or ($0.01) per fully diluted share
versus Net Loss of ($2.3 million), or ($0.07) per fully
diluted share for fiscal year 2006. Net Loss for fiscal year
2007 including the goodwill impairment charge of $12 million
was ($12.3 million), or ($.35) per fully diluted share.
-- Gross margins for fiscal 2007 were 24.0% versus 19.4% for
fiscal year 2006.
-- Selling, general and administrative expenses for fiscal year
2007 were $9.4 million versus $11.0 million for fiscal year
2006.
-- Interest expense for fiscal year 2007 was $1.3 million versus
$1.5 million during fiscal year 2006.
"Our core market has traditionally been the financial services
industry. Despite the financial services industry experiencing
difficulties in 2007 due in part to the sub-prime mortgage problem, we
were able to substantially improve our overall results (excluding the
goodwill impairment charge) in 2007. Although revenues were down due
to projects being delayed, operating income was up approximately $2
million above our results in 2006 (excluding the goodwill impairment
charge). Additionally, our management team reacted aggressively to the
changing nature of products and services required by our clients,
refocused the company on a few key growth initiatives, and
restructured several areas to create a leaner and more efficient
operating structure. Those efforts paid off with lower selling,
general and administrative expenses by approximately $1.6 million and
a higher gross margin. As for our expectations in 2008, while the core
market is continuing to face substantial challenges due to the
sub-prime fallout, we believe that our results will improve due to the
strength of our portfolio of clients" stated James F. Brooks,
BrandPartners' CEO. Mr. Brooks added, "Although the credit markets
continue to be extremely challenging, we have also been able to extend
the maturity of our senior and mezzanine loans into 2009 at favorable
terms."
About BrandPartners
BrandPartners Group, Inc. (OTC Bulletin Board: BPTR), through its
wholly owned subsidiaries provides an integrated approach to customer
environments through brand translation, business strategies,
design-build services, retail display and in-branch communications
products and services, from concept and design through implementation
and training. BrandPartners installations are in more than 2,000
companies at more than 30,000 retail locations. The company serves its
clients from its Rochester, New Hampshire headquarters and regional
U.S. offices.
Cautionary Language
Statements in this news release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the historical
results or from any future results expressed or implied by such
forward-looking statements. The forward-looking statements contained
herein are also subject generally to other risks and uncertainties
that are described from time to time in the Company's reports and
registrations statements filed with the Securities and Exchange
Commission.
Brandpartners Group
Ken Tinnin, 603-335-1400
Copyright Business Wire 2008
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