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MUCP
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Thursday January 7, 2:43 pm Eastern Time
Company Press Release
MSU Corp., An Internet Set-Top Box Company, Reports Fourth Quarter/Year End Results
Fiscal '98 is First Profitable Year in Company's History
MILTON KEYNES, England--(BUSINESS WIRE)--Jan. 7, 1999--MSU Corporation (OTC BB: MUCP), a manufacturer and marketer of Internet-access set-top boxes, today announced financial results for its fiscal year ended June 30, 1998, the first profitable year in the company's history.
The company reported first-time operating income of $286,256 for fiscal 1998, compared with last fiscal year's operating loss of $2,112,885. Net income for fiscal 1998 was $291,744, or two cents per share, basic and diluted, on 16,246,000 weighted average shares outstanding, versus a net loss of $2,106,709, or 13 cents per basic and diluted share on 15,700,000 weighted average shares outstanding for fiscal 1997. Revenues for fiscal 1998 increased 182 percent to $4,179,203, from $1,479,911 for the prior fiscal year.
For the fourth quarter, the company reported net income of $3,226,234, or 20 cents per basic and diluted share, compared with net loss of $651,662, or four cents per share, for the fourth quarter last year. Operating income (loss) for the quarter was $3,225,300 versus $(1,338,701) for the same period of fiscal 1997. Revenues for the quarter were $4,168,198, up from $323,861 for the like quarter of the prior year.
Wyn Holloway, chairman of MSU Corporation, commented, ''We are very pleased to have achieved profitability for fiscal 1998. We believe we have turned a corner, and that the company is positioned to realize its full potential in a growing marketplace. We expect to make significant progress in the last half of fiscal 1999. By the end of March, we plan to begin mass-manufacturing our SlipStream units, which we believe could generate substantial revenue for MSU.''
MSU Corporation designs and develops computer chips and chip sets principally for use in consumer electronic products. Most of the company's chips are capable of multiple functions and eliminate the need for additional chips. Moreover, they diminish the risk of malfunction and error, permit more efficient circuit-board designs and are available at a low cost. In addition to computer chips, MSU develops consumer electronic products and reference platforms for itself and other companies. Its SlipStream Internet access technology enables anyone with a television and regular telephone line to access the Internet and send and receive e-mail. And when used with MSU's customized, proprietary browser, SlipStream allows users in Germany, France, Italy, Poland, Portugal, China and English- and Spanish-speaking countries to access and interact with foreign web sites in their native language. The SlipStream technology is also manufactured and marketed in a TV set-top box. MSU also offer custom services in chip design, hardware and operating-system development, computer peripheral-design development and application-software development, consulting and sourcing.
For more information, visit MSU Corporation's web site at www.msu.co.uk.
This release contains forward-looking statements which are based on current information available to management and which are subject to other important factors disclosed from time to time in the company Form 10-K and Form 10-Q, Registration Statements and other Securities and Exchange Commission filings, including specifically, among other factors, changing market and economic conditions.
MSU CORPORATION
Financial Highlights (Unaudited)
For the Three Months Ended For the Year Ended
6/30/98 6/30/97 6/30/98 6/30/97
Revenues $4,168,198 $323,861 $4,179,203 $1,479,911
Operating income
(loss) 3,225,300 (1,338,701) 286,256 (2,112,885)
Net income (loss) 3,226,234 (651,662) 291,744 (2,106,709)
Earnings per share:
Basic $.20 $(.04) $.02 $(.13)
Diluted $.20 $(.04) $.02 $(.13)
Weighted average
shares outstanding:
Basic 16,196,000 15,661,000 16,246,000 15,700,000
Diluted 16,196,000 15,661,000 16,246,000 15,700,000
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Contact:
MSU CORPORATION
Keith Peirson, Managing Director
011-44-1908-232-100
or
Debra Potter, Senior Editor
Porter, LeVay & Rose, Inc.
212/564-4700
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