-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NPW1XU91IC1Lh399pCMxuWYsI2izAgi8wE7wP68sDyR3LWLZ8G1MALv6fmDwZ9/Y 6Qf/jOsgYeu+Uh1HdZ+imw== 0000891618-03-002081.txt : 20030425 0000891618-03-002081.hdr.sgml : 20030425 20030425130518 ACCESSION NUMBER: 0000891618-03-002081 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030424 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEXPRISE INC CENTRAL INDEX KEY: 0001047499 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770465496 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26811 FILM NUMBER: 03664168 BUSINESS ADDRESS: STREET 1: 1010 JOAQUIN ROAD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 6505678900 MAIL ADDRESS: STREET 1: 1010 JOAQUIN ROAD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 FORMER COMPANY: FORMER CONFORMED NAME: CHEMDEX CORP DATE OF NAME CHANGE: 19990510 FORMER COMPANY: FORMER CONFORMED NAME: VENTRO CORP DATE OF NAME CHANGE: 20000222 8-K 1 f89549e8vk.htm FORM 8-K Nexprise, Inc.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2003

NEXPRISE, INC.
(Exact name of registrant as specified in its charter)

         
Delaware   0-26811   77-0465496
 
 
(State or other jurisdiction of
incorporation)		   (Commission File Number)   (IRS Employer Identification
No.)

5950 La Place Court, Suite 200
Carlsbad, CA 92008
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (760) 804-1333

Not Applicable
(Former name or former address, if changed since last report)

 

Item 7. Financial Statements and Exhibits.
Item 9. REGULATION FD DISCLOSURE (Information Furnished in this Item 9 is Furnished Under Item 12.)
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1

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Item 7. Financial Statements and Exhibits.

     (c)      Exhibits.

     
Exhibit No.   Description
 
99.1   Press release dated April 24, 2003

Item 9. REGULATION FD DISCLOSURE (Information Furnished in this Item 9 is Furnished Under Item 12.)

Item 12. Disclosure of Results of Operations and Financial Condition.

     On April 24, 2003, Nexprise, Inc. (the “Company”) issued a press release announcing financial results for the first quarter of 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

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     The information furnished in Items 9 and 12 of this Current Report on Form 8-K, including the exhibit shall not be deemed to be incorporated by reference into NexPrises’ filings with the SEC under the Securities Act of 1933.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

           
    NEXPRISE, INC.
         
Date: April 24, 2003   By:   /s/ Jerome E. Natoli
       
        Jerome E. Natoli
Chief Financial Officer

 

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EXHIBIT INDEX

     
Exhibit No.   Description
 
99.1   Press release dated April 24, 2003

  EX-99.1 3 f89549exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 NEXPRISE, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF 2003 CARLSBAD, CA -- APRIL 24, 2003 -- NexPrise, Inc. (Nasdaq: NXPS), a leading source for business process applications, today announced results for the three months ended March 31, 2003. For the first quarter of 2003 NexPrise reported bookings, which represent contracted revenue for the next twelve months, of approximately $1,518,000, an increase of 101% from the first quarter of 2002 and 47% from the fourth quarter of 2002. Revenues, which are the value of customer agreements recognized evenly over the length of the contracts, were $721,000 for the quarter, an increase of 7% from the first quarter of 2002. Cost of revenues in the first quarter of 2003 was $772,000, including $491,000 of purchased technology amortization. In the first quarter of 2002, cost of revenues was $537,000 and included $221,000 of purchased technology amortization. Operating expenses in the first quarter of 2003 were $2.5 million, a decrease of 56% from the $5.6 million reported for the first quarter of 2002 and a decrease of 83% from the $14.3 million reported for the fourth quarter of 2002. Operating expenses in the fourth quarter of 2002 included an $11.7 million charge for impairment of goodwill. As of March 31, 2003, NexPrise's cash, cash equivalents and short-term investments were approximately $9.6 million. Total cash used in the first quarter of 2003 was $700,000, an improvement of approximately $3.8 million from the first quarter of 2002 and of approximately $400,000 from the fourth quarter of 2002. The net loss per share in the first quarter of 2003 was $0.83 as compared to $2.22 in the same quarter last year. NexPrise CEO Ted Drysdale said, "Bookings showed continued strong growth again this quarter in an economic environment that is difficult for many businesses." Mr. Drysdale added, "We are also very pleased with our overall cash management. The reductions in our cost structure made over the past several quarters are paying dividends. Tight expense control and our focus on receivables management contributed to record low use of cash in the quarter." NexPrise also announced it would be moving to the Nasdaq SmallCap Market from the Nasdaq National Market effective April 25, 2003. ABOUT NEXPRISE NexPrise, Inc., a leading source for business process applications, markets solutions that can enable manufacturers to rapidly automate key business processes and produce a return on investment in less than 6 months. These solutions complement and expand on currently installed enterprise systems and allow for the ongoing process improvements companies require to meet their changing business demands. NexPrise, Inc. is headquartered in Carlsbad, California. For more information, please visit www.nexprise.com. SAFE HARBOR STATEMENT This press release contains "forward-looking" statements, as that term is used in Section 21E of the Securities Exchange Act of 1934, about NexPrise, Inc. Forward-looking statements are denoted by such words as "contracted revenue" or "continued momentum" and similar terms and phrases. These types of statements address matters that are subject to risks and uncertainties, which could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, NexPrise's ability to collect revenues associated with such contracts and its ability to continue to generate business from new contracts. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to our annual report on Form 10-K and 10-Q filings, available online at http://www.sec.gov. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements NEXPRISE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
MARCH 31, DECEMBER 31, 2003 2002 --------- --------- UNAUDITED (1) ASSETS Current assets: Cash and cash equivalents $ 2,515 $ 3,225 Short-term investments 7,050 7,050 Accounts receivable 223 560 Prepaid expenses 444 671 Other current assets 332 841 --------- --------- Total current assets 10,564 12,347 Property and equipment, net 229 339 Intangible assets, net 8,405 9,150 Other long-term assets, net 1,216 1,168 --------- --------- Total assets $ 20,414 $ 23,004 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 137 $ 160 Accrued compensation 674 646 Accrued expenses 2,360 2,374 Deferred revenue 714 711 Accrued liabilities relating to discontinued operations 334 336 --------- --------- Total current liabilities 4,219 4,227 Notes payable 11,843 11,843 Stockholders' equity: Preferred stock, no par value:2,500 shares authorized: none issued or outstanding -- -- Common stock, $.0002 par value; 175,000 shares authorized; 3,230 and 3,230 shares issued and outstanding 10 10 Additional paid-in capital 631,765 631,764 Deferred compensation (332) (416) Accumulated deficit (627,243) (624,576) Accumulated other comprehensive income 152 152 --------- --------- Total stockholders' equity 4,352 6,934 --------- --------- Total liabilities and stockholders' equity $ 20,414 $ 23,004 ========= =========
- ---------- (1) Derived from December 31, 2002 audited financial statements NEXPRISE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, ----------------------- 2003 2002 ------- ------- Net revenues $ 721 $ 674 Cost of revenues: Product licenses and services 281 316 Amortization of purchased technology 491 221 ------- ------- Total cost of revenues 772 537 Gross profit (51) 137 Operating expenses: Research and development 794 1,799 In process research and development -- 399 Sales and marketing 967 1,671 General and administrative 699 1,723 ------- ------- Total operating expenses 2,460 5,592 ------- ------- Operating loss (2,511) (5,455) Interest expense (189) (177) Interest income and other, net 33 20 Investment loss -- (1,349) ------- ------- Net loss $(2,667) $(6,961) ======= ======= Basic and diluted loss per share $ (0.83) $ (2.22) Weighted average common shares outstanding used in computing basic and diluted net loss per share 3,218 3,131
For Media Inquiries Tom Anthony NexPrise, Inc. (760) 804-1333 tanthony@nexprise.com -----END PRIVACY-ENHANCED MESSAGE-----