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William Weiss |
Hasbrouck Heights, NJ, May 15, 2002 - PaperClip Incorporated., reported revenues for the quarter ended March 31, 2002 of $411 thousand compared to revenues of $300 thousand in the same quarter last year. Net income for the first quarter of 2002 was $44 thousand or $0.01 per share compared to a net loss of $87 thousand or ($0.01) per share for the same quarter last year.
The increase in net income for the first quarter ended March 31, 2002 reflects an increase in revenues and a decrease in selling expenses and professional fees from the same period last year. Mike Bridges, PaperClip's President stated, "We are excited that our solutions and services continue to grow as part of the B2B strategy within the Insurance and Banking industries. We are also proud of our VAR partners who continue to provide cost effective end-to-end solutions. PaperClip's revenue from Internet Express continues to increase with the emerging B2B Internet market and with the acceptance of PaperClip's alternative document capture products."
Certain information included in this Press Release may be deemed to include
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, that involve
risk and uncertainty. PaperClip cautions that forward-looking statements
contained in this press release are based on current plans and expectations,
and that a number of factors could cause actual results to differ materially
from the guidance given at this time. These factors are described in the
Safe Harbor statement below. The Company undertakes no obligation to update
this guidance during the current quarter or future quarters. Except for
the historical information contained herein, the matters discussed in
this press release may constitute forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
from those projected, particularly with respect to PaperClip's market
opportunities, potential growth, and financial performance, including
its ability to attain its financial targets at any specific time. Risks
and uncertainties include PaperClip's ability to successfully compete
in the marketplace, to raise capital, to generate enough working capital,
including through outside investments, sale of tax credits or otherwise,
to fund operations and to pay its liabilities when due, to negotiate arrangements
with its creditors, to generate revenue and sell tax credits, to protect
its proprietary property and to attract and retain key employees. Further,
the results of operation for the first quarter period are not necessarily
indicative of results of operation for a full year or any other period
and there can be no assurance that PaperClip's recent favorable revenue
trends will continue. In some cases, forward-looking statements can be
identified by terminology such as "may," "will," "should,"
"potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates,"
and similar expressions. For further cautions about the risks of investing
in PaperClip, we refer you to the documents PaperClip files from time
to time with the Securities and Exchange Commission, particularly PaperClip's
Annual Report on Form 10-KSB for the year ended December 31, 2001 and
PaperClip's Quarterly Report on Form 10-QSB for the quarter ended March
31, 2002. PaperClip assumes no obligation to update information contained
in this press release.
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.