NEWS!!!!! AUDITED YEAR END EARNINGS RELEASED:
AutoTradeCenter.com Reports Audited Year End Results; Revenues Exceed $97
Million
Business Wire - July 01, 1999 07:16
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 1, 1999-- AutoTradeCenter.com Inc. (OTC BB:AUTC) announced today Financial results for its fiscal year ended March 31, 1999, the company's first full year of operations.
Revenue for the first full year was $97,665,410, an increase of 209% over the prior start-up year. For the shortened prior year from July 10,1997, the date of the company's inception, to March 31, 1998, revenue was $31,581,117.
Net income for the first full year was $115,241 or $0.01 per share, an increase of 831% over the prior start-up year. For the shortened
prior year from July 10, 1997, the date of the company's inception, to March 31, 1998, net income was $12,384 or $0.00 per share.
At the end of the year, the company's assets were $12,997,692 an increase of 228% over the assets at the end of the prior start-up year
ended March 31, 1998.
"The company continues to execute its aggressive growth strategy," stated Mark Moldenhauer, vice president. "We are working as quickly
as we can to becoming a fully-reporting company and the completion of our audit is a key step. Our goal looking forward is to continue to
grow rapidly while maintaining profitability and building future value for our shareholders."
AutoTradeCenter.com is a leading Internet-based "business-to-business" automotive wholesale and re-marketing company. Through its web
site, www.autotradecenter.com, the company markets its service to its national dealer base, to automotive lease and rental companies, and
to banks and financial institutions across the U.S. who can use the site's many features for more efficient buying, selling and trading. The site also is designed to provide large dealership groups a virtual private network internal inventory service through controlled security access.
For more information on AutoTradeCenter.com, please visit www.AutoTradeCenter.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
CONTACT: M&A West, Inc. for AutoTradeCenter.com
Gerry Richards, 650/588-2678 (Investor Relations)
info@mawest.com
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