Quarterly earnings just announces
Videoflicks.com Inc. Interim Videoflicks.com Inc. Announces Interim
Financial results for the 3 months ending May 31, 1999
TORONTO, ONTARIO, July 7, 1999 - Videoflicks.com Inc. (CDN: VFCO.U) today announced
financial results for the quarter ended May 31, 1999. Net sales surged 255% to US$505,000 as
compared with net sales for the similar period in 1998 of US$198,000.
For the nine months ended May 31, net sales grew 200% to US$1,240,000 as compared with net
sales of US$621,000 for the same period the year before. For the nine-month period, the company
had a loss from operations of US$138,000 - plus costs related to the company becoming a public
corporation in March 1999, of US$221,000 - for a total loss of US$356,000 versus a loss of
US$87,000 for the same period in 1998. The company recorded a loss of US$0.02 per share,
calculated on a fully-diluted basis, for the period. The company is investing for future expected
growth, and this investment has contributed to the loss for the period
Michael Kavanagh, President and CEO, said, "This strong growth has been achieved without the
benefit of advertising, an excellent indicator that the company is offering the Internet video buyers
what they want. Now, having just commenced the company's advertising program, sales are
anticipated to grow even more rapidly." The Videoflicks.com web site received 14 million "hits" and
one million unique visitors in May 1999 alone, more than doubling its statistics from the previous
year.
Videoflicks.com Inc. sells videos/movies on VHS and DVD formats and related products through
its web site at www.videoflicks.com . The business of Videoflicks.com Inc. has operated since
1995 and was acquired by Videoflicks.com Inc. upon the amalgamation forming Videoflicks.com
Inc. in March, 1999.
Videoflicks.com Inc. has 17,551,807 common shares issued and outstanding.
Michael Kavanagh,
Phone 905 459 4331 x 65
President, Videoflicks.com Inc. |
