CHICAGO, June 2, 2006 (PRIMEZONE) -- eNucleus, Inc. (Pink Sheets:ENUI), a global provider of Business Process Outsourcing (BPO), announces today its results of operations for the year ending December 31, 2005.
The company reported revenues of $9.3 Million, an increase of $6.1 million from $3.4 million in 2004. The Company recorded a net loss of $310,000 compared to a net income of $445,000 in 2004 due to the company's non-cash expenses.
Excluding the impact of non-cash and non-recurring expenses, net income was $1,651,000 compared to $1,237,000 in 2004.
Reported revenues for the fourth quarter of 2005 increased to $4.3 million from $0.7 million in 2004, primarily driven by the company's acquisitions and organic growth.
Capital raising activities in 2005 totaled $2.7 million compared to $1.5 million in 2004 and working capital at the end of 2005 totaled $0.6 million compared to ($0.1) million in 2004.
Randy Edgerton, CEO of eNucleus commented, "Throughout 2005, the company focused considerable resources towards the retooling of its core applications as well as the integration of its off-shore BPO and engineering services. eNucleus is now poised for significant organic growth now that our acquisitions are fully integrated and our infrastructure is readily scaleable."
For more information on eNucleus, go to www.enucleus.com.
Forward-Looking Statements
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 as well as with its periodic SEC filings. 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.
ENUCLEUS, INC.
Consolidated Statements of Operations
For the years ended December 31, 2005 and 2004
2005 2004
---- ----
REVENUES $9,338,016 $3,204,456
COST OF GOODS SOLD 3,889,154 --
----------- -----------
GROSS PROFIT 5,448,862 3,204,456
OPERATING EXPENSES 5,559,228 3,001,508
--------- ---------
INCOME (LOSS) FROM OPERATIONS (110,366) 202,948
------- -------
OTHER INCOME (EXPENSE)
Income from Tendercity -- 242,352
Write off of investment (200,000) --
------- -------
(200,000) 242,352
------- -------
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES $(310,366) $445,300
PROVISION FOR INCOME TAXES -- --
----------- -----------
NET INCOME (LOSS) $(310,366) $445,300
========= ========
BASIC NET INCOME (LOSS)
PER COMMON SHARE $(0.01) $0.02
====== =====
DILUTED NET INCOME (LOSS) PER
COMMON SHARE $(0.01) $0.02
====== =====
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING (BASIC) 36,628,318 19,606,805
========== ==========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING (DILUTED) 36,628,318 26,711,996
========== ==========