(COMTEX) B: H-NET.NET Second Quarter Revenue Up 84% New E-Commerce Se
B: H-NET.NET Second Quarter Revenue Up 84% New E-Commerce Services Drive
Revenue Gains
NIAGARA FALLS, N.Y., Sep 13, 2000 /PRNewswire via COMTEX/ -- H-NET.NET, Inc.
(OTC Bulletin Board: HNSP) today announced the company's financial results for
fiscal second quarter 2001, which ended July 31, 2000. Total revenue for the
quarter was $404,874, an increase of 84% over the $220,090 reported for FQ2
2000. The company reported net earnings of $37,477 or $0.002 per share for the
quarter compared with net earnings of $18,350 or $0.002 reported in the same
period a year earlier.
H-NET.NET President and CEO Anton Stephens said, "We are aggressively driving
the transition of our revenue base from sales of point-of-sale software to
transaction-driven Internet-based e-commerce revenue. This is leading us to a
profitable new global revenue model that already is generating promising early
results.
"During the quarter, we recorded revenue from our transaction network, our
Continuing Education programs, our Virtual Trade Show and our V-LAB(C)
Internet-based ordering system. In the meantime, we continue through
partnerships and other developments to roll out new services such as
Internet/website services, advanced hosting, communication gateways, call center
and telephone auto-attendant technologies and business application services
among others," Stephens said.
"Our expense level is growing as we have increased promotional activity to
support our growing number of partnerships and to generate new revenue. Despite
these expenses and extensive investments in software and website development and
in hardware in creating new Internet-based services, we still managed to show a
profit and to maintain healthy cash reserves. Our company also continues to be
debt free," Stephens said.
H-NET.NET, Inc. is emerging as the global digital B2B solutions provider for the
vision care industry. With its multi-service Internet portal, web hosting
services, business applications services, and Internet-based transaction
processing services, H-NET(R) provides services to retail opticians, retail
chain home offices, optometrists, ophthalmologists and optical labs.
For more information about H-NET.NET visit the website www.h-net.net or contact
Christine at (905) 475-3249. Email info@h-net.net. For other valuable
information visit Hawk Associates website www.hawkassociates.com or contact
Frank Hawkins at (305) 852-2383. Email: info@hawkassociates.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding the expansion of the Company's
operations are forward-looking statements. Words such as "expects," "intends,"
"anticipates," and "likely" also identify forward-looking statements. Actual
results may differ from such forward-looking statements as a result of a number
of factors.
H-NET.NET, INC.
Selected Financial Data
Quarter Ended July 31 2000 1999
Condensed Statement of Operations Information:
Revenue $404,874 $220,090
Expenses 342,064 184,248
Earnings before Income Tax 62,810 35,842
Net Gain 37,477 18,350
Net Earnings Per Share: 0.002 0.002
Average shares outstanding 15,646,004* 7,468,002
Condensed Balance Sheet Information:
Current Assets $1,317,908 $1,409,698
Capital Assets 70,726 83,704
Total Assets 1,477,634 1,493,698
Total Liabilities 141,730 92,388
Stockholders' Equity 1,335,904 1,401,310
*Stock split 2-for-1 on 4/3/2000
SOURCE H-NET.NET, Inc.
CONTACT: Christine of H-NET.NET, Inc., 905-475-3249; or Frank Hawkins
f
Hawk Associates, Inc., 305-852-2383, or e-mail, info@hawkasso
iates.com
URL: h-net.net
prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
-0-
KEYWORD: New York
INDUSTRY KEYWORD: CPR
MLM
SUBJECT CODE: ERN
OTC
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