Who want some CYAA? 0.97 EPS for 9 months, priced at 0.875 FWIW.
ALT LAKE CITY, Nov 15, 2000 (BUSINESS WIRE) -- CyberAmerica Corp. (OTC BB:
CYAA) Wednesday announced that it filed its Form 10QSB for the quarter ended
Sept. 30, 2000.
CYAA's Form 10QSB showed significant financial improvement for the nine months
ended Sept. 30, 2000 as compared to the previous year. As a result of improved
profitability stockholder equity increased by $246,932 to $9,062,065. This
increase is net of booking an unrealized loss on securities held for investment
of $416,136.
CYAA recorded net profits of $2,993,897 for the first nine months of 2000
compared to net profits of $1,743,978 for same period of 1999, an increase of
71.6 percent. As a result of these net profits, CYAA's earnings per share
totaled $.97 for the first nine months compared to $.57 for the same period in
the previous year and $1.14 for the entire year of 1999.
CYAA believes that the company is still on track to beat last year's earnings by
year-end and the first nine months' results reflect that pace.
Gross revenues for the nine months ended Sept. 30, 2000, were $4,635,854 as
compared to $3,597,823 for the comparable period in 1999. The nine months ended
Sept. 30, 2000 include $2,126,479 in property sales, $545,074 in consulting
revenue, and $269,493 in rental revenues. Revenues exceed those of the previous
year for the first nine months in every category.
Although this is extremely positive, this trend may or may not continue. Due to
the period of time involved in a particular consulting project and the sporadic
nature of land sales, management feels it is not abnormal to see swings in gross
revenue from time to time.
CYAA's book value per share dropped slightly to $3.03 for the quarter ended
Sept. 30, 2000, from $3.15 as of June 30, 2000, due in part to an increase in
the number of outstanding shares. A large portion of the shares issued were used
to acquire an additional 20 percent stake in Wasatch Capital Corp. which owns
commercial property in downtown Salt Lake City.
For more information regarding this transaction see press release dated Sept.
26, 2000. If the shares issued for this transaction were not taken into account,
the book value would have increased to $3.185 per share.
CYAA's significant increase in profitability allowed it to improve its working
capital position and gain further financial stability. At Sept. 30, 2000, CYAA
had current assets of $8,217,805 and total assets of $15,849,986, as compared to
$6,019,507 and $17,726,261, respectively at Dec. 31, 1999.
The increase allowed CYAA to enjoy a working capital surplus of $7,675,413 for
the nine months ended Sept. 30, 2000, compared to a surplus of $3,831,190 for
the year ended Dec. 31, 1999. The working capital surplus equates to
approximately $2.57 per share.
CYAA's investment strategy and operational mode will continue to be aggressively
geared towards a diversified portfolio of high risk real estate and investment
securities which management believes may lead to greater returns and substantial
increases in shareholder value.
To help realize CYAA's future plans, management is continuing to evaluate
business lines and properties to streamline operations and eliminate
non-performing assets from the company. Significant strides in this area have
been made in July, August, and September of this year, and the company is
aggressively pursuing these opportunities.
CYAA is a diversified holding company that specializes in investing and
developing undervalued real estate and provides financial consulting services to
public and private companies.
For more information on CyberAmerica's real estate holdings please visit
www.cyaa.com. For more information on the CyberAmerica's consulting service
please visit www.hudsonconsult.com. CyberAmerica strongly encourages that the
above information be read in conjunction with its Form 10KSB for Dec. 31, 1999,
and 10QSB for June 30, 2000. The above documents can be viewed at www.sec.gov.
A number of statements contained in this press release are forward-looking
statements which are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements involve a number of risks and uncertainties,
including the timely development, and market acceptance of products and
technologies, competitive market conditions, successful integration of
acquisitions and the ability to secure additional sources of financing.
The actual results that CYAA may achieve may differ materially from any
forward-looking statements due to such risks and uncertainties.
CONTACT: CyberAmerica Corp., Salt Lake City
Richard Surber, 801/575-8073
Fax: 801/575-8092
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