ADGI Vol. in on Great Earnings NEWS-current and projected..
April 18, 2002 12:12
ADGI Announces Revenues and Strong Operations for First Quarter 2002
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NEW YORK--(BUSINESS WIRE)--April 18, 2002--American Diversified Group, Inc. (OTCBB:ADGI) announced today that the revenues earned by its subsidiary, Global Transmedia Communications Corporation, exceeded $2.2 million during the first quarter of 2002. This represents an increase of more than 200% over the same period last year and more than 67% of the total revenues earned in 2001. ADGI expects profits for the first quarter of 2002 to exceed $330,000. The company projects significant increases in profits and revenues throughout fiscal 2002 from the continuing expansion of its networks in conjunction with the deployment of its Enhanced Services.
Vivian Manevich, President of Global, stated that management is very pleased with the company's first quarter results. She emphasized that revenues and profitability are expected to increase throughout the year as existing networks continue to ramp-up higher volumes of traffic and new countries are added to the network. Enhanced Services, which were recently introduced, will also begin to contribute more and more towards revenues and profits. Ms. Manevich continued, "It's an excellent start and we fully expect to meet or exceed our target of $12 million in revenues for the year 2002."
Jerrold R. Hinton, President of ADGI pointed out that although the restructuring process will continue during 2002, the main work was completed during 2001, and as a result, overhead will be much less than last year. "We have turned the corner, and we expect to be profitable from the first quarter in 2002 throughout the year with profits growing quarter by quarter. We are off to a strong start and well on our way to meeting or exceeding the revenues and profits we projected for this year."
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words "forecast", "project", "intend", "expect", "should", "would", and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.
CONTACT: Hornblower & Weeks Investment Banking Dept., New York
Paul E. Taboada, 212/361-2266, Fax 212/361-2273
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