ZiaSun Technologies Projects Record Second Quarter Revenues and Earnings
Positive Net Income and Earnings Momentum Reflects the Success of Company Acquisition and Integration Strategy Expects Further Revenue and Income Growth for the Remainder of the Year...
SAN DIEGO, Calif., June 22 /PRNewswire/ -- ZiaSun Technologies (OTC Bulletin Board: ZSUN - news) today announced that, based upon currently available information, the company anticipates reporting revenues of $9.0 million for the second quarter ended June 30, 1999. ZiaSun projects second quarter EBIT of $2.1 million and also expects a significant increase in net income and earnings per share for the quarter.
''We are extremely pleased with the performance of the Company and its subsidiaries in the second quarter,'' said Chairman and CEO, Mr. D. Scott Elder. ''When you consider that the entire 1998 revenues for the Company were only $2.3 million, these projections are all the more significant. These results represent an important indication that our strategy for rapid growth is working. The success of both the existing operations of Momentum Asia and Momentum Internet, along with the impressive performance of Online Investors Advantage (OIA) -- our newly acquired investor education division -- attest to ZiaSun's ability to identify, acquire and integrate a diverse mix of Internet- related businesses into a cohesive and profitable company.''
Mr. Elder commented on the performance of OIA, stating, ''We were particularly encouraged by the results of OIA, which continued to develop new relationships with high net worth, sophisticated consumers, with little indication of any meaningful effect of recent Internet stock volatility or an anticipated seasonal slowdown.''
ZiaSun anticipates releasing final second quarter results, which will also include pro forma six month data, on July 27th. The Company will host a conference call with investors to review the final results for the second quarter the morning of the 27th, and will announce the time and dial-in number at a later date.
ZiaSun Technologies Inc. is an Internet holding company dedicated to the creation of strong and profitable consumer relationships utilizing a variety of Internet services with a particular focus on Asia and other international markets. The Company intends to rapidly grow both its customer relationships and revenue base through providing value-added and niche Internet services to high net worth and other specialized consumer audiences. The Company's primary operating subsidiaries are Momentum Internet ( www.momentumplus.com ) which encompasses Swiftrade ( www.swiftrade.com ), an online investing tool, and Search Dragon ( www.searchdragon.com ), an Asian-focused search engine; Momentum Asia ( www.momentumasia.com ), a publishing and Internet services operations; and Online Investors Advantage ( www.i-advantage.com ), an Internet investment educational resource.
SOURCE: ZiaSun Technologies
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