IMON financials
IMAGINON REPORTS FINANCIAL RESULTS FOR
SECOND QUARTER PERIOD ENDING JUNE 30, 1999
Company's net loss for the period narrows slightly.
SAN CARLOS, CALIFORNIA, July 15, 1999 — ImaginOn, Inc. (the "Company") (NASDAQ: IMON) today announced preliminary financial results for the second quarter period ending June 30, 1999. Final results for the period may change prior to the Company's 10Q filing with the Securities & Exchange Commissionon or before August 15, 1999.
According to ImaginOn Chief Executive Officer David Schwartz, the Company achieved increased quarterly net revenues of $77,222 and gross profits of $33,251, up sharply from its first quarter results of $13,701 in net revenues and $2,469 in gross profit. The Company's net loss for the second quarter narrowed to $1,562,644 from a first quarter net loss of $1,721,300.
In discussing today's results, Schwartz noted that, while the overall revenues and gross profits were still small, "The sharp rate of growth in both revenues and gross profits is encouraging and expected to continue as the Company integrates its acquisition of both INOW Internet Services and Imagine Digital Productions into ongoing operations, increases revenues from its new high speed Internet access packages, and launches new products like the WebZinger 7.0 Research Engine in September 1999, the IMON.COM high bandwidth Internet portal in October 1999, and new Resorts 2000 advertiser-supported CD-ROMS later this year."
According to Schwartz, the Company's net losses, while narrowing, are expected to continue for the foreseeable future as investments in infrastructure development, R&D, marketing, and general administration will continue as the Company executes its fast-growth strategy.
ImaginOn, Inc., operating through its wholly-owned subsidiary, ImaginOn.com (www.imaginon.com), engineers, produces and sells business and consumer software for CD-ROM and Internet users, including: WebZinger, its product line of Web Research Engines; sellONstream, its e-commerce software solution; and WorldCities 2000 Web/CD travel planners. ImaginOn, Inc.'s wholly-owned subsidiary INOW, Inc. (www.inow.com) provides Internet services including high-speed connectivity, website hosting, website design and e-commerce support. ImaginOn, Inc.'s wholly-owned subsidiary Imagine Digital Productions (www.imaginedp.com) designs web sites and advertiser-supported CD-ROMs.
WorldCities 2000, sellONstream, and WebZinger are trademarks of ImaginOn.com and are also protected under U.S. Patents.
Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed in the Company's periodic reports and in its Form S-3/A-2 registration statement declared effective by the Securities and Exchange Commission on April 26, 1999. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
# # #
imaginon.com |
