Thursday July 29, 8:03 am Eastern Time
Company Press Release
Peacock Financial Files 10-Q: Posts $.01/Share Profit
Versus $.02/Share Loss for Second Quarter
Reports Second Consecutive Profitable Quarter
SAN JACINTO, Calif.--(BUSINESS WIRE)--July 29, 1999--Peacock Financial Corp. (OTC BB:PFCK) announced that it
has filed the Company's Form 10-Q with the Securities and Exchange Commission for the second quarter ended June 30,
1999.
Selected results for the quarter reported that Peacock Financial earned net, after tax, income of $190,053 or $.01 per share
compared with a net loss of $345,000 or $.02 per share for the quarter ended June 30, 1998.
Peacock President Steven Peacock, stated, ''The second quarter's results are significant in that not only did we produce a
bottom line profit, but were able to reduce corporate debt and operating overhead by approximately $475,000.'' Also
significant is the fact that this is the second consecutive quarter the Company has posted positive earnings.
Substantially all of the revenues for the period were derived from a restructuring of the Company's investment in San
Diego-based Solutions Media Inc. Solutions Media is an Internet company currently developing Spinrecords.Com.
Spinrecords.Com is an online music e-commerce Web site similar to MP3.Com (NASDAQ:MPPP - news) which recently
went public.
Peacock Financial owns 800,000 shares of Solutions Media's common stock and is intending to dividend a portion of these
shares to its shareholders in the near future, prior to an intended IPO. A record date for this action has not yet been
established.
Peacock Financial is a fully reporting investment holding company registered with the SEC as a Business Development
Company under the Investment Act of 1940. Current holdings include investments in Real Estate, and in Investment Banking,
specializing in professional sports and the Internet. |
