Very BULLISH 2nd Quarter for ZSUN: AssetsX6 and EarningsX8...
Assets increased from about $4 Millions in 1998 to $23.12 Millions and earnings from $1.15 Million for the whole of 1998 to $2.3 Millions for the second quarter with nearly $5.5 Millions cash on hand!
ZiaSun Announces Second Quarter Financial Results:
SOLANA BEACH, Calif., July 27 /PRNewswire/ -- ZiaSun Technologies (OTC Bulletin Board: ZSUN - news; www.ziasun.com ), released today consolidated financial statements for its second fiscal quarter ended June 30, 1999. Second quarter financial results report operating revenues of $9,013,320 and earnings before interest and taxes (EBIT) of $2,331,218. The Company's second quarter EBIT equates to $0.09 per fully diluted outstanding share as of June 30, 1999.
ZiaSun posted current assets of $6,662,781 of which $5,483,031 was held in cash. During the same period, the Company increased shareholders' equity to $21,160,779 while total assets increased to $23,122,492. Based on the second quarter 1999 revenue and EBIT figures, the Company is on track to substantially exceed projections for its 1999 fiscal year.
''We made tremendous progress during the second quarter -- ZiaSun's first quarter of reported consolidated earnings,'' said Mr. D. Scott Elder, Chief Executive Officer of ZiaSun Technologies Inc. ''These exceptionally strong results reaffirm our goal to become the top electronic commerce portal in Asia, and a leading international gateway for online financial services. The strong growth of our customer base and the synergy created through Online Investors Advantage are positive indications of the fundamental success we're having in our marketplace.''
Commenting on the performance of Online Investors Advantage, Mr. Elder stated, ''We are particularly encouraged by the contribution of OIA, which has had a significant impact on the synergistic relationship between ZiaSun's operating division. The integration of OIA enhances long-term shareholder value and will continue to be an important revenue catalyst over the next several quarters.''
ZiaSun's financial results report substantial positive cash flow with no debt of any kind. The Company states that it will continue to invest its cash where necessary to build market share for its popular Internet portals. The full financials for June 30, 1999 are available on the Company's web site (www.ziasun.com).
''We estimated our potential for revenue and earnings growth in the next several quarters is now much greater than we expected due to several programs that are coming to fruition right now. The overseas expansion of OIA's cross promotional opportunity for Swiftrade,'' said Elder. ''It is anticipated that the upcoming launch of Swiftrade's online trading in the UK and Hong Kong, along with the launch of the Shopping Asia division of Asia4Sale will have a very favorable impact on the third and fourth quarter. We are greatly encouraged about the outlook for the remainder of the year.''
ZiaSun Technologies Inc. is a leading Internet holding company focused on e-commerce and specialized Internet support services within Asia and other international markets. ZiaSun'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; AsiaForSale.com Ltd. ( www.asiaforsale.com ) a three pronged e-commerce portal; Momentum Asia ( www.momentumasia.com ) a publishing and Internet services operation; and Online Investors Advantage ( www.i-advantage.com ), an Internet investing educational resource.
The Company anticipates the filing of its Form 10SB in early August, and will host an investor information conference call shortly thereafter.
Note: Any statements released by ZiaSun Technologies Inc. that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the statements.
SOURCE: ZiaSun Technologies
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