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Stampede Worldwide, Inc. issues March 31, 2000 Form 10-QSB
TAMPA, Fla.--(BUSINESS WIRE)--May 12, 2000--Stampede Worldwide, Inc., (OTCBB:STWW), (http://www.stampedeinc.com) announces the results of the March 31, 2000 Form 10-QSB with the SEC. The Company's subsidiaries and their respective businesses were as follows: Chronicle Commercial Printing, Inc. - commercial web offset printing, Stampede Network.com, Inc.- web design and hosting, and proprietary database programming, Spiderscape.com, Inc.- internet and catalog based computer hardware and software retailing, Bartow Communications, Inc. - publisher of new homes real estate guides in Metropolitan Washington, DC, Americomp Computers, Inc. - full line computer sales and service business in Houston, Texas.
"The statement of financial position and the results of operations exceeded our expectations for the period reported," said President and Chief Executive Officer John V. Whitman, Jr. Highlights from the Management's Discussion and Analysis follow.
Net loss per common share decreased by $0.14 to $(0.01) for the quarter ended March 31, 2000 versus ($0.15) for the same quarter of 1999. The Company's working capital position is positive as of March 31, 2000 and has continued to remain in that position through the date of this filing. Working capital at March 31, 2000 was $293,101. This is an increase in working capital of $3,020,444 from the negative $2,727,343 working capital at March 31, 1999.
The Company's current ratio at March 31, 2000 is a positive 1.3:1.0 ratio in sharp contrast to the negative current ratio of 0.1:1.0 at March 31, 1999. Stockholders' equity has increased by $3,567,876 from a deficit of $788,120 at March 31, 1999 to a balance of $2,779,756 at March 31, 2000. Overall, the balance sheet has increased by $1,451,386 from March 31, 1999 to March 31, 2000.
On February 22, 2000 the Company filed Form SB-2 for the registration of securities to be sold to the public. In this registration the Company offered 40,000,000 shares of its common stock to be sold by the Company. As of the date of this filing the Company has sold only 15,265,695 shares of common stock made available by the aforementioned registration.
Therefore, the Company still has 24,734,305 shares of common stock to offer for future sale. During the current quarter the Company's management has vigorously been eliminating and rectifying ongoing operational and administrative matters to more effectively continue with its ongoing efforts to strengthen and ultimately bring profitability to the Company and its shareholders. These efforts have included significant reduction of payables, resolution of litigation and employment contracts, and refocusing on core business objectives.
To this end, in January 2000 the Company moved into a 32,000 square foot facility that can comfortably house all divisions with more than adequate room for growth. The new state of the art FAST-300 press (cost - $695,000) was installed in February 2000. In March the Company acquired the assets and talent of ETA Internet Solutions, Inc. to establish Stampede Network.com, Inc. Also, in March 2000 the Company redeployed the assets of our Houston based Americomp Computers to Tampa to begin the creation of Spiderscape.com, Inc.
On April 5, 2000 the Company purchased its new Tampa facility for $2,250,000 with better than market seller financing and no mortgage payments required before the first quarter of our next fiscal year.
Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the performance of the company's anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses. --30--jar/mi* CONTACT: Stampede Worldwide, Inc., Tampa David E. Salmon, Investor Relations Officer 813/630-2762 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire
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