DIET: .095x.10, about to pop, revenues up 53%
www.surequest.com
(COMTEX) B: SureQuest Systems, Inc. Achieves Second Consecutive Recor
B: SureQuest Systems, Inc. Achieves Second Consecutive Record Quarter
DALLAS, Aug 15, 2000 /PRNewswire via COMTEX/ -- SureQuest Systems, Inc., (OTC
Bulletin Board: DIET), Dallas, Texas, a leading provider of dietary management
software products and services to the health care and food services industry,
today announced record revenues of $452,854 for the second quarter ended June
30, 2000, an increase of more than 53% over the second quarter 1999 revenues of
$295,054. Revenues for the six months ended June 30, 2000 were a record
$894,802, an increase of more than 50% over revenues of $596,318 reported for
the corresponding 1999 period. These revenue increases are a direct result of
strong demand generated by SureQuest's strategic alliance partners for the
Company's dietary software solutions and menu services.
Net loss was $395,218 or $0.01 per share in the quarter ended June 30, 2000. Net
loss for the preceding first quarter, ended March 31, was $268,926 or $0.01 per
share. Excluding the one time charges in the second quarter related to a
litigation settlement and the costs incurred to complete the enhanced version of
the Company's multi-user software, and also excluding the non cash depreciation
and amortization expense, the net loss was $42,858 for the second quarter ended
June 30, 2000. Excluding these expenses from the six months ended June 30, 2000,
the net loss was $159,822 or $0.01 per share for that period. Cash flow used in
operating activities improved from a $333,872 net cash used in operating
activities for the six months ended June 30, 1999 to a $151,869 net cash used in
operating activities for the six months ended June 30, 2000 or a 54.5%
improvement in cash flow during 2000.
The total shareholders' deficit at June 30, 2000 improved from $1,759,655 at
December 31, 1999 to $1,037,959 at June 30, 2000 or a $721,696 (41%) reduction
in the deficit. The Company's debt obligations were reduced approximately
$770,188 through common stock conversions during the six months ended June 30,
2000.
"We are very pleased with the exceptional growth and positive financial results
experienced by SureQuest during the recent quarter and over the last six months.
These results clearly demonstrate the increasing demand for SureQuest's
comprehensive suite of proprietary dietary software solutions and successful
market penetration by the Company's strategic alliance partners," said C. Scott
Sykes, Jr., SureQuest's Chairman and President. "Our June 30, 2000 quarterly
financial results reflect strong demand across our entire business and will
provide SureQuest with the momentum to attract and provide a strong capital base
to implement our exciting vision." Mr. Sykes added, "The fact that the Company
was able to convert significant debt obligations to equity underscores the
confidence our investors have in us."
SureQuest Systems, Inc. is a leading provider of dietary management software,
related products and services to the health care and food services industry.
The statements contained in this news release that are not historical facts may
be statements regarding the Company's future that involve risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated. For example, statements that describe SureQuest's hopes,
plans, objectives, goals, intentions, or expectations are all future looking
statements. Any such statements made herein about SureQuest's future are only
made as of the date of this news release. Numerous factors, many of which are
beyond SureQuest's control, may affect actual results. SureQuest undertakes no
obligation to publicly update such forward looking statements to reflect
subsequent events or circumstances.
SOURCE SureQuest Systems, Inc.
CONTACT: Investor Relations of SureQuest Systems, Inc., 972-238-7200,
ext. 228
URL: surequest.com
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