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| >> Affinity Press Release | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR IMMEDIATE RELEASE
Contact: Joe Boyle Chief Executive Officer 803-758-2528
AFFINITY ANNOUNCES FOURTH-QUARTER AND YEAR-END RESULTS
Columbia, South Carolina, April 3, 2001 – Affinity Technology Group, Inc. [OTCBB:AFFI] today announced financial results for the fourth quarter and for the full year ended December 31, 2000. Revenues for the quarter were $677 thousand, with a net loss of $4.3 million, or $0.14 per share. For the comparable period in 1999, revenues were $501 thousand and the Company reported a net loss of $3.8 million, or $0.13 per share. The weighted average number of shares outstanding during the three months ended December 31, 2000 was 30.5 million, compared to 29.8 million for the same period in 1999. For the year, revenues were $2.2 million, with a net loss of $9.2 million, or $0.30 per share, compared to revenues of $2.9 million in 1999, with a net loss of $12.1 million, or $0.41 per share. The weighted average number of shares outstanding during the twelve months ended December 31, 2000 was 30.2 million, compared to 29.7 million for the same period in 1999. Joe Boyle, Chairman, President and Chief Executive Officer, stated, "Our financial results for the fourth quarter and for the year ended December 31 2000, reflect our continued focus on cost reductions and methodically reducing our infrastructure. Included in our fourth quarter results is a $2.6 million non-cash impairment charge related to our recent decision to significantly curtail our software and outsourced processing business activities. Due to the capital-intensive nature of this business, we have decided to focus our resources on the further development and exploitation of our mortgage-related businesses, which require less capital and have the near-term potential to contribute significant positive cash flow. We will also continue to pursue the timely resolution of the U.S. Patent and Trademark Office’s reexamination of our loan processing patents." Affinity's technology enables financial institutions to link their branches, call centers, internet customers, and indirect agents electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including those related to general economic conditions, delays and risks associated with the development of new technologies, consumer and industry acceptance of automated delivery channels, and regulatory risks, that may cause actual results to differ materially from those projected.
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| Affinity Technology Group, Inc | |||||||||||||
| Statement of Operations | |||||||||||||
| Three Months ended | Twelve Months ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
|
2000
|
1999 | 2000 | 1999 | ||||||||||
| Revenues | |||||||||||||
| Transactions | $ 102,341 | $ 191,550 | $ 544,168 | $ 538,073 | |||||||||
| Mortgage processing services | 112,686 | 58,646 | 432,438 | 397,024 | |||||||||
| Sales & rental | - | - | - | - | |||||||||
| Sales and rental | - | 4,500 | 3,000 | 48,962 | |||||||||
| Professional services | - | 600 | 319,503 | 850,497 | |||||||||
| Patent license fees | 325,000 | 145,000 | 510,000 | 645,000 | |||||||||
| Other income | 136,756 | 100,713 | 346,404 | 395,345 | |||||||||
| Total revenues | 676,783 | 501,009 | 2,155,513 | 2,874,901 | |||||||||
| Costs and expenses | |||||||||||||
| Cost of revenues | 126,247 | 213,001 | 557,328 | 2,262,468 | |||||||||
| Research & development | 90,048 | 569,589 | 683,600 | 1,870,509 | |||||||||
| Selling, general and administrative expenses | 2,184,653 | 3,613,902 | 7,604,478 | 11,208,310 | |||||||||
| Impairment loss | 2,608,773 | - | 2,608,773 | - | |||||||||
| Total costs and expenses | 5,009,721 | 4,396,492 | 11,454,179 | 15,341,287 | |||||||||
| Operating loss | (4,332,938) | (3,895,483) | (9,298,666) | (12,466,386) | |||||||||
| Interest income | (1,425) | 72,687 | 95,570 | 371,750 | |||||||||
| Net loss | $ (4,334,363) | $ (3,822,796) | $ (9,203,096) | $ (12,094,636) | |||||||||
| Net loss per share - basic and diluted | $ (0.14) | $ (0.13) | $ (0.30) | $ (0.41) | |||||||||
| Shares used in computing net loss per share | 30,539,490 | 29,784,574 | 30,242,054 | 29,738,459 | |||||||||
| Balance Sheets | December 31, | ||||||||||||
| 2000 | 1999 | ||||||||||||
| Cash and Short Term Investments | $ 646,198 | $ 3,590,965 | |||||||||||
| Total Current Assets | 4,000,063 | 6,479,980 | |||||||||||
| Total Assets | 5,638,453 | 13,129,528 | |||||||||||
| Total Liabilities | 3,312,139 | 2,458,548 | |||||||||||
| Stockholders' Equity | 2,326,314 | 10,670,980 | |||||||||||
}
2001 Affinity Technology Group
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