Business & Technology Editors
LAS VEGAS--(BUSINESS WIRE)--July 22, 2002
Legal Access Technologies, Inc. (OTC BB: LATI), through its wholly owned subsidiary, Tele-Lawyer, Inc., a leading provider of web-based technologies and services to legal organizations, today announced results for the fiscal fourth quarter and year ended April 30, 2002.
Total revenue skyrocketed to $312,296 during the fourth quarter of fiscal year end 2002, compared with $27,442 in last year's fourth quarter. The company narrowed its fourth quarter net loss to $313,242, or $0.05 per basic and diluted share, compared with a net loss of $471,857, or $0.09 per basic and diluted share, in last year's fourth quarter.
Total revenue rose 57% to $655,508 for the full fiscal year ended 2002, compared with $417,334 in the prior year. Loss for the full year was $1,680,074, or $0.28 cents per basic and diluted share, compared with a loss of $1,324,534 or $0.25 cents per basic and diluted share, in the prior year.
Increases in total revenue for the fourth quarter and the year were attributable to an increase in sales of the company's new technology; these gains were offset by increased spending related to the aggressive expansion of operations and costs associated with the implementation of several new client contracts. The Company anticipates similar spending levels for the next several quarters as it continues to focus on software development and put in place a customer service and support team.
Michael Cane, CEO of Legal Access Technologies, commented, "The company has made great strides during this development year in which we have advanced our technology and started to aggressively implement our new business strategies. With the successful completion of our case management system for legal aids and the acquisition of the MyACD web-based phone system, our infrastructure is in place. We have started recognizing revenue from both the initial sale of our technology to legal aid groups.
"We are particularly excited by our successful penetration of the Ohio marketplace, where we recently signed contracts with the Legal Aid Society of Dayton and Northeast Legal Services, and are servicing 28 counties within the state. In addition, we signed a contract with The Legal Aid Society of Middle Tennessee and The Cumberlands during the fourth quarter. In fact, currently we have contracts signed to deliver services or products in 9 states: Illinois, Ohio, Florida, Maryland, Pennsylvania, Nevada, Kentucky, Tennessee and Kansas. Once launched and fully operational, we expect these projects to contribute significantly to revenues in the second half of fiscal year end 2003, and to yield profitability in the first half of fiscal year end 2004.
"Through continued investments in the development of our technology, we aim to further enhance existing offerings with the introduction of additional, cutting-edge products and services designed to reduce costs, enhance efficiencies and ultimately satisfy customer demands. At present, we are in negotiations with two leading technology providers that enables law firms to file documents directly to courts via the Internet, and we plan to pursue opportunities with several court systems to take advantage of this technology.
"As part of our growth strategy, we intend to expand our national geographic presence by targeting a broad base of legal services organizations within all 50 states. In time, it is our goal to have the first national unbundled legal services network designed to support the unmet legal needs of low to middle-income consumers, as well as a nationwide virtual law office to support the technology needs of practicing attorneys. We are confident that our relationships with legal services organizations will increase our visibility in the law community and drive additional customers to use our services when seeking legal assistance."
About Tele-Lawyer, Inc.
Owned by Legal Access Technologies (OTC BB: LATI), Tele-Lawyer offers web-based phone and contact center services, web-based case management systems, web-based virtual law offices and web-based unbundled legal services. The statewide legal service hubs that Tele-Lawyer creates feature multi-level offerings of legal products and services for its partners and legal consumers. Additional information can be found on the company's web site located at http://www.legalaccesstech.com.
Certain matters discussed in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties are disclosed in the company's past and current filings with the U.S. Securities and Exchange Commission.
LEGAL ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED April 30, 2002 and 2001 Three Months Three Months Ended Ended Year Ended Year Ended April 30, April 30, April 30, April 30, 2002 2001 2002 2001 Total revenue $ 312,296 $ 27,442 $ 655,508 $ 417,334 --------- -------- --------- --------- Operating costs and expenses Legal support services 113,883 73,652 290,811 196,472 Software research and development 202,135 147,499 980,219 706,551 Selling, general, and administrative 310,572 279,305 1,097,611 863,299 --------- -------- --------- --------- 626,590 500,456 2,368,641 1,766,322 --------- -------- --------- --------- Loss from operations (314,294) (473,014) (1,713,133) (1,348,988) Other income Interest 653 356 (15,499) 22,053 Rentals 399 801 2,200 2,401 --------- -------- --------- --------- Loss from continuing operations (313,242) (471,857) (1,726,382) (1,324,534) Income from discontinued operations - - 46,308 - --------- -------- --------- --------- Net loss $(313,242) $(471,857) $(1,680,074) $(1,324,534) ========= ========= =========== =========== Basic and diluted income (loss) per common share: Continuing operations $ (.05) $ (.09) $ (.29) $ (.25) --------- -------- --------- --------- Discontinued operations .01 ------ Net $ (.05) $ (.09) $ (.28) $ (.25) ========= ======== ========= ========= Weighted average common shares outstanding 6,071,232 5,341,666 5,953,350 5,342,691 ========= ========= ========= ========= LEGAL ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS April 30, 2002 and April 30, 2001 ASSETS April 30, 2002 April 30, 2001 Current assets Cash and cash equivalents $ 1,145,512 $ 1,302 Accounts receivable, trade 316,912 3,715 Accounts receivable, discontinued business segment net of allowances 1,229,363 - Prepaid expenses and other 22,140 - ----------- --------- 2,713,927 5,017 Property and equipment, net of accumulated depreciation of $112,702 and $61,339 160,031 126,268 Software License, net 213,147 - ----------- --------- $ 3,087,105 $ 131,285 =========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities Accounts payable $ 79,735 $ 96,983 Accrued expenses 155,686 129,518 ----------- --------- 235,421 226,501 Long-term liabilities Convertible notes and accrued interest 249,288 - ----------- --------- Loan payable, officer/shareholder - 55,000 ----------- --------- 249,288 55,000 ----------- --------- 484,709 281,501 ----------- --------- Stockholders' equity (deficiency) Common stock, $0.001 par value, 100,000,000 shares authorized, 6,071,232 and 5,354,997 shares issued and outstanding 6,071 5,355 Additional paid-in capital 6,031,614 1,599,644 Deficit (3,435,289) (1,755,215) ----------- ---------- 2,602,396 (150,216) ----------- ---------- $ 3,087,105 $ 131,285 =========== =========
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