► CYAA NEWS: CyberAmerica Corporation Files Form 10KSB For Dec. 31, 1999
biz.yahoo.com
Friday May 5, 1:20 pm Eastern Time
SALT LAKE CITY--(BUSINESS WIRE)--May 5, 2000--CyberAmerica Corp. (OTCBB: CYAAE - news) Friday announced that it filed its Form 10KSB for the year ended Dec. 31, 1999 and expects its trading symbol to return to CYAA by mid next week.
CYAA's Form 10KSB showed significant financial improvement for Dec. 31, 1999. CYAA enjoyed a significant increase in revenues and a relatively significant net profit for the year ended Dec. 31, 1999. CYAA recorded gross revenues of $6,858,784 in 1999 compared to $4,189,634 for 1998, an increase of 64 percent.
CYAA recorded a net profit of $3,478,527 for 1999 compared to a net profit of $408,984 for 1998, an increase of 751 percent. As a result of these net profits, CYAA's earnings per share totaled $1.14.
CYAA's net stockholder's equity increased to $7,473,761 for 1999 over $3,381,184 for 1998 an increase of 121 percent causing CYAA's book value per share to rise to $2.32. CYAA's significant increase in revenues allowed it to improve its working capital position and gain further financial stability.
At Dec. 31, 1999, CYAA had current assets of $6,019,507 and total assets of $17,726,261 as compared to $2,777,442 and $12,594,655, respectively at Dec. 31, 1998. The increase in current assets allowed CYAA to enjoy a working capital surplus of $3,831,190 for the year ended Dec. 31, 1999 compared to a deficit of $1,410,156 for the year ended Dec. 31, 1998.
The financial improvement that CYAA showed in 1999 will hopefully give CYAA the resources to obtain approvals from lending institutions for lines of credit to further expand CYAA's consulting and real estate operations and obtain better rates on current loans.
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 hopefully substantial increases in shareholder value.
To help realize CYAA's future plans, management is continuing its search for additional professionals. On May 1, 2000, Ed Haidenthaller was appointed as a manager of accounting and finance. Haidenthaller served in various positions at First Security Van Kasper Inc of Salt Lake City, a full service brokerage and investment banking subsidiary of First Security Bankcorp.
Prior to his employment with First Security Van Kasper Inc., Haidenthaller spent many years with Management and Training Corp., serving in various positions from pension administrator to director of finance and business administrator of a privately owned subsidiary. Haidenthaller holds an MBA from the University of Utah.
CYAA President Richard Surber commented that, ``Mr. Haidenthaller is an excellent addition to CyberAmerica's management team that will help CyberAmerica make further financial gains.''
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. 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.
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Contact:
CyberAmerica Corp., Salt Lake City
Richard Surber, 801/575-8073
Fax: 801/575-8092
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