PFCK PR Inside. Sounds like Braner is the man and is in the midst of turning the company around. I am very impressed and will be buying more in the morning.
Tuesday April 17, 4:44 pm Eastern Time
Press Release
Peacock Financial Reports Operating Year-End 2000 Form 10-KSB Filing and Financial Results
SAN JACINTO, Calif.--(BUSINESS WIRE)--April 17, 2001--Peacock Financial Corp. (OTCBB:PFCK - news), a diversified investment and holding company, today announced that it has filed its Form 10-KSB for the fiscal year ended Dec. 31, 2000, including full-year consolidated financial results.
It may be accessed on the Securities and Exchange Commission Web site or at www.freeedgar.com.
Robert Braner, interim president and managing director, commented: ``As most shareholders and interested parties may be aware, Peacock Financial was established under the previous management as a venture capital fund with the primary goal of investing in emerging growth companies in three areas: real estate, sports franchises and startup Internet companies.
``It was the company's intention to then provide additional strategic support, financing and managerial talent in an attempt to nurture and enhance the growth of its portfolio companies. This strategy entails significant expenditures -- generally booked as current losses -- in the attempt to build asset and ownership interests which would later either appreciate or result in progressive growth and eventual profits.
``For the fiscal year ended Dec. 31, 2000, the company reported a net loss of $8,616,328 and revenues of $764,814. Unfortunately, as evidenced in much of the dot-com meltdown, large current expenditures such as these made in anticipation of wishful future revenues do not provide a very effective recipe for success.
``As one can see from the reported financial results, there has been a significant shortfall in the performance and achievement of the previously stated goals and objectives, which we believe is largely responsible for the dramatic decline in Peacock's share price over the last year and up until a month or two ago.''
Braner added: ``The present management team has been aggressively working since the end of last year to evaluate and restructure the company's business and financial operations. We have focused on analysis of the value, potential and cash flow demands of existing subsidiaries and investments, renegotiated various onerous obligations and liabilities of the company incurred by previous management, and worked to eliminate future charges against revenues.
``These have not been simple or easy tasks, but we are pleased to report that we are very close to satisfactory accomplishment of these objectives.
``After careful analysis and review, we have decided to write off a number of the company's past investments and create a reserve for doubtful receivables. This has negatively impacted the reported period. The positive intention behind these choices, however, has been to streamline the company and pave the way for what we believe can be a rapid return to profitability and growth.
``The elimination of multiple cash draining operations was essential to avoid having these unprofitable legacy operations bleed off the profits and cash generating abilities of the acquisitions we have targeted going forward.
``We have restructured overhead and reduced staff to further minimize company expenses. We have also invested significant efforts in the renegotiation at dramatic discounts of numerous liabilities and obligations of the company, which has served to enormously minimize the dilution that these liabilities would have otherwise entailed.
``Through all of these efforts, which have been necessary and essential before the company could proceed with its new strategic initiatives, we have continued to actively pursue new profitable acquisitions and co-ventures which can become immediately accretive.
``We have ongoing conversations with financing sources willing and able to assist us in those instances where financing is necessary to complete an acquisition or help leverage its subsequent growth. We have been precluded from finalizing any acquisition or financing arrangements until the company had completely cleaned its financial house, to avoid having new resources and ventures pulled down by prior missteps.
``We believe we have now reached the point where past operations and liabilities have been effectively eliminated or walled off, giving us a clean slate to aggressively move ahead. We anticipate being able to make a number of announcements in the very near future regarding acquisitions, partnerships and financing agreements which are in line with and support the company's new strategic direction and initiatives.''
Braner concluded: ``We have greatly appreciated the loyalty and patience of our large shareholder base as we have worked through this difficult reorganization period. It is the sincere desire and intent of your management team and board to see this patience well rewarded. We are excited to now be able to freely move forward and begin implementing our joint vision of a profitable and dynamically growing company.''
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The company is not required to update its forward-looking statements.
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Contact:
Peacock Financial Corp.
Robert Braner, 909/652-3885
or
Stock Enterprises Inc.
James Stock, 702/614-0003 (investors) |
