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iPRINT and Wood Associates complete merger

Nov 1, 2001 12:00 AM

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iPrint Technologies, inc. (Redwood Cities, CA) has completed its merger with privately held Wood Associates, a supplier of promotional and marketing programs to the Fortune 1000. iPrint Technologies held its Q3 2001 earnings conference call on Monday, October 29th, announcing that it beat the First Call consensus EPS estimate of a $0.13 loss per share by $0.02. In the call, the company highlighted cost-cutting activities, including elimination of redundancies between the two companies, salary reductions for the executive staff, and further building consolidation.

"Our company will look very different 90 days from now," says Royal P.Farros, who will retain his role as chairman and continue driving technology and communications initiatives at iPrint. "We've given guidance that we'll see a five-fold increase in revenues Q4 over Q3, so as you can imagine, this is a very busy and exciting time for our company."

iPrint will issue securities to former shareholders of Wood Associates representing approximately 49% of the combined organization. The combined organization will continue to be called iPrint Technologies and retain the Nasdaq symbol "IPRT." The merger is accounted for as a purchase by iPrint. Wood Associates becomes a wholly owned subsidiary of iPrint and continues operating under the Wood Associates brand.