CHICAGO, Nov. 15 /PRNewswire-FirstCall/ -- eNucleus, Inc.
(OTC Bulletin Board: ENUI), a next generation application company that
delivers proprietary software solutions via license and managed hosting for
the Global 1000 today reported its financial results for the quarter ended
September 30, 2004. The company reported third quarter net income of
$427,613, representing an increase of 14% over second quarter net income of
$374,343. This marks the fourth consecutive quarterly increase in earnings.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041115/ENUILOGO )
Revenues for the quarter were $1,023,446 up from $130,747 for the same
period in 2003, an increase of $892,699. Net income for the quarter was
$427,613 or $0.02 per share up from a net loss of $(160,787) or $(0.03) per
share for the period ended September 30, 2003.
Revenues for the nine months ended September 30, 2004 were $2,477,272 up
from $569,114 in the nine months ended September 30, 2003. Net income for the
nine months was $1,025,094 up from a net loss of $(702,227) for the same
period in 2003.
In August, the Company completed the sale of 2.5 million shares of common
stock at $0.40 per share with warrants to purchase 2.5 million shares of
common stock at $0.60 per share and 1.0 million shares of common stock at
$1.00 per share in a PIPE transaction. The additional capital secured through
the transaction has helped to position eNucleus for accelerated growth and
continued success.
In September, eNucleus completed the acquisition of Frontier Technologies,
a privately held Singapore based engineering and IT Solutions Company that
serves the oil and gas, engineering, procurement and electronic manufacturing
and services industries. The strategic integration of Frontier Technologies
and TAKGroup, the Company's Internet enabled petroleum supply chain network
for manufacturers and distributors of gasoline, diesel motor fuels and
lubricants, will provide users with state-of-the-art technology, maximum
flexibility and a cost effective trading environment. In addition, teaming
with Frontier will provide the Company with the opportunity to expand its
current product and service portfolio and offer a comprehensive suite of
technology solutions throughout the Asian Pacific region. TAKGroup's current
customers include CITGO Petroleum, Chevron, Exxon Mobil and Detroit Diesel.
The Company recently announced that it had entered into a letter of intent
to acquire Acrux LLC, a leading provider of integrated student management and
financial management software applications for K-12 and higher education.
Acrux student management and financial management software provides a wide
range of day-to-day administrative functions, information tracking and
reporting capabilities. The Acrux system allows users to manage, store and
access student data with an adaptable, secure and cost effective data
management program.
eNucleus will offer Acrux' integrated student management and financial
management software programs to educational users nationwide, as well as
integrating new purchasing, benefit management and human resource capabilities
into the existing programs providing customers with an expanded range of
services.
John Paulsen, CEO of eNucleus said, "The Company's continued growth and
profitability for the fourth consecutive quarter is a direct result of our
ability to consolidate, integrate and simplify our customers data management,
benefit management and e-commerce operations. We continue to target strategic
applications which will expand the value of our technology platform." About eNucleus
eNucleus (http://www.eNucleus.com ) is a next generation application
company that delivers proprietary software solutions via license and managed
hosting for the Global 1000. The seamless and immediate exchange of critical
business information provided by our software solutions allows our clients to
run their businesses with maximum efficiency and profitability.
The information contained in this press release, including any "forward-
looking statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 contained herein,
should be reviewed in conjunction with the Company's annual report, financial
filings and other publicly available information regarding the Company, copies
of which are available from the Company upon request. Such publicly available
information sets forth many risks and uncertainties related to the Company's
business and such statements, including risks and uncertainties related to
that are unpredictable and outside of the influence and/or control of the
Company.
Corporate Contact: Investor Relations Contact:
John Paulsen, CEO Margaret Johns
(231) 439-2708 (212) 422-5200 ext 245
investorrelations@enucleus.com
eNucleus, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months, Three Months, Nine Months, Nine Months,
Ending Ending Ending Ending
September 30, September 30, September 30, September 30,
2004 2003 2004 2003
Revenue $1,023,446 $130,747 $2,477,272 $569,114
Operating
expenses 542,265 259,400 1,224,404 892,648
Stock based
compensation
expense (30,000) -- 110,192 242,000
Net reorganization
expense -- 8,500 -- 22,730
Depreciation and
amortization
expense 101,292 37,486 135,287 112,459
Operating Income
(Loss) 409,889 (174,639) 1,007,389 (700,723)
Interest & Other
Income (expense) 17,724 13,852 17,705 (1,504)
Income tax expense -- -- -- --
Net Income (loss) $427,613 $(160,787) $1,025,094 $(702,227)
Basic diluted net
loss common share $0.02 $(0.03) $0.06 $(0.02)
Weighted average
shares
outstanding -
basic and
diluted 23,740,073 4,825,838 16,953,313 4,287,291
eNUCLEUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2004 December 31, 2003
(unaudited)
ASSETS:
Current Assets
Cash $512,245 $78
Accounts receivable 893,318 16,900
Notes Receivable 250,000 --
Other current assets 313,129 41,038
Total current assets 1,968,692 58,016
Property and equipment, net 2,459,664 19,786
Goodwill and other intangibles, net 1,075,546 1,674,622
Other assets 300,000 --
Total assets $5,803,902 $1,752,424
LIABILITIES & STOCKHOLDERS' EQUITY:
Current Liabilities
Notes payable $66,180 $156,861
Accounts payable 689,128 42,792
Accrued expenses 703,443 267,613
Total current liabilities 1,458,751 467,266
Long term liabilities 345,246 345,246
Total Liabilities $1,803,997 $812,512
Preferred stock $0.001 par value,
10,000,000 shares
Authorized:
Series A -- 1,453,779 shares
issued and outstanding -- 1,454
--
Common stock, $0.001 par value,
100,000,000 shares
Authorized: 26,108,837 and 9,527,938
shares issued and outstanding,
respectively 26,109 9,528
Additional paid-in capital 10,370,014 8,350,242
Accumulated deficit (6,396,218) (7,421,312)
Total stockholder's equity 3,999,905 939,912
Total liabilities and stockholders'
equity $5,803,902 $1,752,424
SOURCE eNucleus, Inc.
-0- 11/15/2004
/CONTACT: Corporate Contact: John Paulsen, CEO of eNucleus, Inc.,
+1-231-439-2708, investorrelations@enucleus.com ; or Investor Relations
Contact: Margaret Johns, +1-212-422-5200, ext 245, for eNucleus, Inc./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20041115/ENUILOGO
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.eNucleus.com /
(ENUI)
CO: eNucleus, Inc.
ST: Illinois
IN: CPR OTC STW
SU: ERN
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