QBIZ news, record revenues :-))
QuikBIZ Internet Group REPORTS Record Revenues
B2B Company Increased Revenues Last Eight Quarters, Company's Subsidiaries Increase Net
Profits
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 18, 2000--QuikBIZ Internet Group, Inc., (OTCBB:QBIZ - news) an Internet-related, business-to-business
communications company, today announced record revenues for three and nine months ended September 30, 1999. Revenues for the nine months ended September 30,
1999 were $3.3 million versus $1.7 million for the same period in 1998, an increase of 92%. For three months ended September 30, 1999, QuikBIZ had revenues of
$1,467,000, versus $992,000 for the same period in 1998.
For three months ended September 30, 1999, QuikBIZ had a profit of $92,178 versus a loss of $125,376 for same period in 1998 before depreciation, amortization and
interest expense. For the nine months ended September 30, 1999, QuikBIZ had a profit of $14,345 before depreciation, amortization and interest expense. After
depreciation, amortization and interest expense, QuikBIZ had a net loss of $201,029, of which $204,993 was non-cash and mainly attributable to acquisition costs
including goodwill, amortization expense and employee stock options. The company's acquisition of G & L Group took place in September 1999 and represented only one
month of revenues for the period.
''We are extremely pleased with our results for the nine months ended September 30, 1999,'' said David Bawarsky, President and CEO of QuikBIZ Internet Group.
''We have shown increases in revenue for the last eight quarters and continue to improve our profitability. Our positioning of the company as a B2B Internet-related
business and our acquisition strategy have begun to take hold. Our two operating subsidiaries, QuikBIZ Media Centers and SmithAgency.com, have both shown
increased profits for the nine months versus the same period last year. Our merger of G & L Group into SmithAgency.com is only reflecting one month revenues for the
period''
''We expect to be able to begin drawing on our $20 million equity credit line shortly, which will give us the capital needed to continue our growth. Also, we expect to
continue acquiring existing businesses as we execute our strategy of providing end-to-end business communications services. QuikBIZ will also be launching a new
e-commerce B2B website shortly. Overall, we have an exciting year to look forward to,'' Bawarsky said.
About QuikBIZ Internet Group
QuikBIZ Internet Group, Inc. is a business-to-business, Internet-related communications company, which wholly owns several subsidiaries including:
-- SmithAgency.com, a full-service advertising, marketing and public
relations agency;
-- QuikBIZ Media Centers, walk-in media production and duplication
centers
-- QuoteIT.com and The QuikBIZ Mall - a business-to-business
communications virtual mall.
For further information about QuikBIZ Internet Group, Inc., visit the company's Web site at quikbizgroup.com. For more information about the QuikBIZ Mall
visit the mall at quikbiz.com.
The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including risks
associated with uncertainties pertaining to customer orders, demand for products and services and other risks identified in the Company's SEC filings. Actual results,
events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
QuikBIZ Internet Group, Inc., Fort Lauderdale
Steve Rice, 954/970-3553
srice@gl-group.com |
