February 28, 2003 Adobe .PDF version of the Consolidated Financial Statments.

Kelowna, B.C. -- Bridges.com Inc. (TSX: BIT) today released its financial results for the 12-months ending November 30, 2002.

During the year, revenues fell approximately 5% to $18.5 million compared to $19.5 million
in fiscal 2001. The revenue reduction was primarily due to reduced rates of re-subscription by customers in the United Sates. The overall rate of re-subscription dropped from approximately 90% to 84% during the year. Earnings Before Restructuring Charge, Impairment of Goodwill, Amortization, Other Income and Income Taxes fell to $1.5 million in 2002 from $3.3 million in 2001.

“The majority of our customers are state government funded organizations, many of which faced severe budget restrictions during the year,” said John Simmons, Chief Executive Officer of Bridges. “These budget restrictions were the principal cause of our revenue decline.”

In the final quarter of fiscal 2002, the Company initiated a restructuring of its operations. In completing the re-structuring, the Company incurred a total restructuring charge of $3,142,021, including cash costs of $2,755,971. These cash costs are attributed to severance and termination of $2,237,638 and excess lease facilities costs of $518,333. As a result of the restructuring, the Company reassessed the carrying value of its goodwill, other intangibles and future tax assets. The Company recorded additional non-cash charges of $2,235,114 and $542,127 relating to the impairment of goodwill and reversal of previously recognized future tax assets.

“Our management expected that the rate of revenue growth experienced in 2001 would continue and expenses were increased at the beginning of 2002 in preparation for higher levels of activity,” Simmons said. “When it became apparent that revenues were declining, a careful restructuring was planned and completed that will reduce on-going operating expenses by approximately $2.4 million per year.”

Cash reserves fell from $6.9 million at the end of fiscal 2001 to $4.3 million at the end of fiscal 2002. The largest single use of the cash during the year was attributed to capital spending. During the year, $4.6 million was spent on a new technical infrastructure. This $7.9 million project, which began in 2001, was completed in 2002.

“The completion of our new infrastructure gives us a stable and long-lasting platform from which to serve our customers, now and well into the future,” said Simmons. “With this in place, we do not see the need for future significant capital expenditures.”

Subsequent to year-end, the Company negotiated a term loan facility for $1.2 million secured by certain capital assets. This loan is repayable over 50 months and was borrowed for working capital purposes. The Company expects that existing cash balances, together with cash generated from operations, will be sufficient to meet all foreseeable working capital and capital expenditure requirements and the Company will not need to utilize any part of its $3.0 million line of credit.

“Our balance sheet remains strong. This, together with lower operating expense levels, will allow us to continue to maintain our usual high levels of service and meet customer requirements through this difficult market cycle,” said Simmons. “Our people, our reputation and our products are second to none in our industry and we fully intend to maintain this leadership position as we move through fiscal 2003 and beyond.”

Consolidated Financial Statements - November 30, 2002 and 2001

BRIDGES.COM INC. Consolidated Balance Sheets	November 30	November 30
ASSETS	2002	2001
CURRENT
Cash and cash equivalents	$ 4,328,116	$ 6,952,794
Accounts receivable	3,987,314	6,611,783
Prepaid expenses and other	656,875	690,369
	8,972,305	14,254,946
Capital assets	7,928,313	4,681,239
Future income taxes	-	542,127
Intangibles	-	842,232
Goodwill	-	2,235,114
	$ 16,900,618	$ 22,555,658
LIABILITIES
CURRENT
Accounts payable and accrued liabilities	$ 2,345,722	$ 3,155,955
Deferred revenue	3,592,126	3,246,207
Accrued restructuring charge	2,330,856	-
Current portion of capital lease obligations	74,193	149,196
	8,342,897	6,551,358
Capital lease obligations, net of current portion	-	96,001
	8,342,897	6,647,359
SHAREHOLDERS' EQUITY
Common stock	17,857,264	18,220,754
Deficit	(9,299,543)	(2,312,455)
	8,557,721	15,908,299
	$ 16,900,618	$ 22,555,658

Consolidated Statements of Operation and Deficit

	Three months ended November 30,		Year ended November 30,
	2002	2001	2002	2001
REVENUE	$ 6,580,015	$ 6,957,558	$ 18,533,185	$ 19,524,945
COSTS OF REVENUE	1,637,740	1,510,736	6,031,521	5,715,298
GROSS MARGIN	4,942,275	5,446,822	12,501,664	13,809,647
EXPENSES
Sales and marketing	1,930,734	1,765,139	7,429,412	6,406,281
Research and development	95,641	190,189	326,386	632,015
General and administrative	868,765	984,249	3,236,322	3,499,523
	2,895,140	2,939,577	10,992,120	10,537,819
EARNINGS BEFORE RESTRUCTURING CHARGE, IMPAIRMENT OF GOODWILL, AMORTIZATION, OTHER INCOME, AND INCOME TAXES	2,047,135	2,507,245	1,509,544	3,271,828
Restructuring charge	(3,142,021)	-	(3,142,021)	-
Amortization of capital assets	(244,509)	(410,322)	(1,083,429)	(1,083,962)
Amortization of intangibles	(27,167)	(550,175)	(806,010)	(2,200,697)
Other income	53,695	226,578	75,687	650,906
EARNINGS (LOSS) BEFORE INCOME TAXES, IMPAIRMENT OF GOODWILL AND AMORTIZATION OF GOODWILL	(1,312,867)	1,773,326	(3,446,229)	638,075
Income tax expense	1,457,965	766,753	565,156	259,158
EARNINGS (LOSS) BEFORE IMPAIRMENT OF GOODWILL AND AMORTIZATION OF GOODWILL	(2,770,832)	1,006,573	(4,011,385)	378,917
Impairment of goodwill	(2,235,114)	-	(2,235,114)	-
Amortization of goodwill, net of future income taxes of (2001-$116,686)	-	(302,398)	-	(1,559,649)
NET INCOME (LOSS) FOR THE PERIOD	(5,005,946)	704,175	(6,246,499)	(1,180,732)
DEFICIT, BEGINNING OF PERIOD	(4,293,597)	(2,932,699)	(2,312,455)	(956,572)
Excess of purchase cost over carrying value of common shares cancelled	-	(83,931)	(740,589)	(175,151)
DEFICIT, END OF PERIOD	$ (9,299,543)	$ (2,312,455)	$ (9,299,543)	$ (2,312,455)
Basic earnings (loss) before amortization of goodwill per share	$ (0.22)	$ 0.08	$ (0.32)	$ 0.03
Basic earnings (loss) per share	$ (0.40)	$ 0.06	$ (0.49)	$ (0.09)
Diluted earnings before amortization of goodwill per share		$ 0.08		$ 0.03
Weighted average number of shares used to calculate basic earnings (loss) per share	12,601,621	12,440,894	12,668,979	12,995,409
Weighted average number of shares used to calculate
diluted earnings before amortization of goodwill per share		13,021,677		13,576,192

Consolidated Statements of Cash Flows

	Three months ended November 30		Year ended Novebmer 30,
CASH FLOWS FROM OPERATING ACTIVITIES	2002	2001	2002	2001
Net income (loss) for the period	$ (5,005,946)	$ 704,175	$ (6,246,499)	$ (1,180,732)
Items not affecting cash
Amortization of capital assets	244,509	410,322	1,083,429	1,083,962
Amortization of intangibles	27,167	550,175	806,010	2,200,697
Non-cash portion of restructuring charge	386,050	-	386,050	-
Impairment of goodwill	2,235,114	-	2,235,114	-
Amortization of goodwill, net of future income taxes	-	302,398	-	1,559,649
Future income taxes	1,459,771	724,753	542,127	217,158
Changes in operating assets and liabilities:	3,326,502	(653,466)	4,451,540	(699,639)
	2,673,167	2,038,357	3,257,771	3,181,095
CASH FLOW FROM INVESTING ACTIVITY
Purchase of capital assets, net of related accounts payable	(467,717)	(528,544)	(4,644,345)	(2,735,160)
	(467,717)	(528,544)	(4,644,345)	(2,735,160)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common shares	16,531	3,157	55,156	23,725
Shares purchased for cancellation	-	(55,470)	-	(55,470)
Shares purchased and cancelled	-	(231,634)	(1,159,235)	(816,640)
Repayment of obligations under capital lease	(43,490)	(33,820)	(134,025)	(127,753)
Advances for share purchase loans	-	(548,645)	-	(749,900)
	(26,959)	(866,412)	(1,238,104)	(1,726,038)
NET CASH INFLOW (OUTFLOW) DURING THE PERIOD	2,178,491	643,401	(2,624,678)	(1,280,103)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2,149,625	6,309,393	6,952,794	8,232,897
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 4,328,116	$ 6,952,794	$ 4,328,116	$ 6,952,794
Supplemental Cash Flow Disclosures:
Interest paid	$ 16,914	$ 9,932	$ 43,443	$ 50,738

For a complete set of Consolidated Financial Statements and Notes to the Consolidated Financial Statement please refer to:www.sedar.com

About Bridges
Bridges is North America's leading provider of career and educational planning solutions. Over 15,000 schools, libraries, employment centres, military sites, post-secondary schools and rehabilitation facilities subscribe to Bridges' customized products. Bridges serves the needs of millions of people seeking educational or career planning assistance. For more information, visit http://www.bridges.com. The Company is listed on the Toronto Stock Exchange under the symbol: BIT.

Forward-Looking Statements
The foregoing includes forward-looking statements which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management.

These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement to the Company's services and products; customer demand for its products and services; expectations concerning future revenue and earnings; control of costs and expenses; loss of key employees; stock market volatility; changes in laws and regulations; Bridges' ability to compete successfully and adapt to technological advances and changing industry standards; currency exchange rate fluctuations; economic, political, and other risks associated with international sales and operations; U.S. government regulation; price and product competition; the ability to implement in a timely manner the Company's restructuring plans; the ability to form and implement alliances, and other factors and risks.

All forward-looking statements in this news release are based on management's reasonable beliefs, intentions, and expectations with respect to future events and are subject to certain risks, uncertainties, and assumptions as of the date of this release. In light of the many risks and uncertainties, readers are cautioned not to put undue reliance on such forward-looking statements which are not a guarantee of performance and are subject to a number of uncertainties and other factors -- many of which are outside of Bridges' control -- that could cause actual results, performances or achievements of Bridges to differ materially from any future results, performances or achievements expressed or implied by such forward-looking statements. The Company cannot give assurance that the forward-looking statements contained in this news release will be realized. Bridges assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.