INOW expects to be profitable in the second quarter:
biz.yahoo.com
Monday April 19, 11:00 pm Eastern Time
Company Press Release
SOURCE: InfoNow Corporation
InfoNow Announces Record First Quarter Results: Revenues Increased 150%;
Generated Positive Cash Flow From Operations
DENVER, April 19 /PRNewswire/ -- InfoNow Corporation (OTC Bulletin
Board: INOW - news) today announced record financial results for its
first quarter, ended March 31, 1999, including generating positive cash
flow from its operations.
First quarter revenues were $1,104,000, representing an increase of 29%
over the previous quarter and 150% over Q1, 1998 revenues of $442,000.
The company reported a net loss from continuing operations of $82,000 or
1 cent per share compared to a net loss of $297,000 or 6 cents per share
for the first quarter of 1998. The Company's results reflect improved
profit margins as it continues to leverage its web service center and
operating infrastructure against a growing service revenue base.
''We met an important milestone this quarter. We also believe that we
are on track to meet our objective of being profitable in Q2 of 1999,
our current quarter,'' said Michael Johnson, the Company's Chief
Executive.
''We anticipate revenues of $1.3 to $1.4 million and a small operating
income in the second quarter. Improvements in our selling processes as
well as the expansion of our Inquiry Management Services, offering both
new functionality and increased geographic scope to our clients, have
contributed to our success. During this quarter, we also teamed with
industry leaders like Lucent, GTE, and others to push the envelope on
advanced, Internet-based Inquiry Management technology. These new
services and capabilities not only broaden what we can offer to existing
clients but also will help us to attract and develop new clients,''
stated Johnson.
''We have also begun working with several financial partners toward
meeting our objective of strengthening our balance sheet, securing
additional capital to accelerate product development and sales growth,
and becoming listed on Nasdaq during 1999,'' added Johnson.
FINANCIAL HIGHLIGHTS (In U.S. Dollars in thousands except per share
amounts - Unaudited):
Statement of Operations
First Quaerter Ended March 31,
1999 1998
Revenues $1,104 $442
Cost of Goods Sold 547 364
Total Operating Expenses 665 380
Operating Profit (Loss) (108) (302)
Other Income (Expenses) 26 5
Net Income (Loss) $(82) $(297)
Average Shares Outstanding 6,894,728 5,363,886
Net Income (Loss) Per Share
- Basic and Dilutive (.01) (.06)
Balance Sheet March 31, December 31,
1999 1998
Assets
Cash $1,516 $1,303
Other Current Assets 570 475
Total Current Assets 2,086 1,778
Other Assets 833 776
Total Assets $2,919 $2,554
Liabilities and Stockholders' Equity
Total Current Liabilities $1,510 $1,170
Other Liabilities 76 89
Total Liabilities 1,586 1,259
Stockholders' Equity 1,333 1,295
Total Liabilities and
Stockholders' Equity $2,919 $2,554
About InfoNow Corporation
InfoNow helps leading international companies in Turning Inquiries Into
Sales(TM) through a modular suite of web-based, one-to-one marketing
technologies. InfoNow outsources these services via the public Internet
and private intranets to clients in fifteen countries, including eight
of the ten largest global computer and networking firms and six of the
eight largest banks in North America, as well as other industry leaders
like Allstate, American Airlines, FedEx, Maytag, Shell, Transamerica,
United Healthcare, and Visa. For more information, please visit
www.infonow.com.
Except for historical information contained herein, matters discussed in
this release are forward-looking statements that involve risks and
uncertainties, and actual results may be materially different. Factors
that could cause actual results to differ include the risk that sales of
the Company's services may not develop as expected and the risk that the
Company may not be successful in forecasting and meeting customers'
demands for its Inquiry Management Services. Additional information on
factors that could cause actual results to differ materially from
forward-looking statements made in this release are contained in the
Company's reports on form 10-KSB and 10-QSB filed with the Securities
and Exchange Commission. InfoNow is a registered trademark of InfoNow
Corporation.
SOURCE: InfoNow Corporation |
