Innotrac Corporation Announces 2003 First Quarter Results
ATLANTA, GA (April 29, 2003) - Innotrac Corporation (NASDAQ: INOC), a full-service provider of order processing, order fulfillment and call center services, today announced financial results for the first quarter ended March 31, 2003. The Company reported revenues of $18.3 million and a net loss of $892,000 or an $0.08 loss per share for the first quarter.
"Our results were commensurate, and in several areas slightly better, than what we budgeted for the quarter and we are still comfortable with the goals we previously articulated for the full year. Fee revenues as compared to the same quarter last year were steady. We are pleased with our gross margins as they strengthened to 53% for the quarter. Furthermore, we generated $304,000 in EBITDA, which also exceeded our first quarter plan. The only difference between EBITDA and GAAP operating loss, or EBIT, are non-cash depreciation and amortization charges of approximately $1.5 million. Capital investment in the first quarter was minimal and will remain at modest levels throughout the year. With new business starting up in the second quarter and increased operating efficiencies, we remain confident about our abilities to propel the Company to sustainable profitability during the second half of this year," stated Scott D. Dorfman, President and Chief Executive Officer.
Innotrac Corporation will hold a conference call to discuss this release this evening, April 29, at 5:00 p.m. Eastern Daylight Time. Investors can listen to the conference call live by dialing 1-800-291-3901 or 706-634-6500 (Conference ID: 9797783) or by logging on to www.innotrac.com and clicking on Webcasts and Presentations in the Company section. The Webcast will be archived and available for 48 hours at the same Web address. Additionally, a 48-hour audio playback will be available at 1-800-642-1687 or 706-645-9291 (Conference ID Number: 9797783).
About Innotrac
Innotrac Corporation, founded in 1984 and based in Atlanta, Georgia, is a full-service provider of order processing, order fulfillment and call center services. The Company operates fulfillment and call centers in various cities spanning all four time zones across the continental United States. For more information about Innotrac, visit the Innotrac Web site, www.innotrac.com .
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac`s operating results, performance or financial condition are competition, the demand for Innotrac`s services, Innotrac`s ability to retain its clients, the state of the telecommunications industry in general, Innotrac’s ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac`s 2002 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission.
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