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UBICS announces year-end figures

February 20, 2002

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CANONSBURG, Pa. - Kiosk solutions provider and IT consultant UBICS Inc. (NASDAQ:UBIX), saying it had to deal with a volatile market last year, announced a net loss of $4.4 million on revenues of $38.9 million for fiscal year 2001 on Feb. 21.

The company, experiencing the first losing year in UBICS history, registered a profit of $7,000 in fiscal year 2000 on $42.3 million in revenue.

While revenue dropped by more than $3 million during the year, the company also absorbed $3.1 million in special charges, including restructuring and special charges during the second and third quarters.

For the fourth quarter of 2001, UBICS absorbed a net loss of 898,000 on $8.2 million in revenue, compared to a loss of $130,000 on $11.2 million in revenue during the same quarter in 2000.

UBICS officials said the continued downward trend in the IT services industry and a sluggish economy affected the company's 2001 performance, with the Sept. 11 terrorist attacks hurting business even further. The company predicts market volatility to continue at least through the first quarter of 2002. During that quarter, UBICS expects revenue of $7 million.