eVision Reports 78.7% Increase in Revenues
DENVER--(BUSINESS WIRE)--Aug. 4, 1999--eVision USA.Com, Inc. (eVision or the Company) (OTC BB: EVIS) reported revenues for the three months ended June 30, 1999 were $10,005,000, an increase of $4,406,000 or 78.7% over revenues of the prior comparable period of $5,599,000.
The increase is primarily attributable to increases in computer hardware and software operations, interest income on investments and unrealized gains on investments in trading securities. The net loss reported for the three months ended June 30, 1999 was $114,000 or $0.01 per share compared to a net loss of $2,363,000 or $0.14 per share for the comparable prior year period. After consideration of other comprehensive income of $152,333 comprised from the Company's change in its accounting classification of its Asian bond portfolio, comprehensive income for the three months ended June 30, 1999 was $39,000. This other comprehensive income will be included in net income as the bond portfolio is systematically sold.
For the nine months ended June 30, 1999, eVision reported revenues of $28,186,000, an increase of $8,346,000 or 42.1% over revenues for the comparable prior year period. The increase is primarily a result of increases in commission income, trading profits, interest income on investments and unrealized gains on investments in trading securities. eVision reported a net loss of $1,050,000 or $0.06 per share for the nine months ended June 30, 1999 compared to a net loss of $3,190,000 or $0.21 per share for the comparable prior year period.
"We continue to see the effects of our expansion and development efforts in our operating results. Our increase in revenues and decrease in the net loss reflect significant improvements. Currently, the majority of our revenues are derived from our broker/dealer operations. We are extremely confident that once our other subsidiaries, eBanker and eBroker, become fully operational, our operating results will be even better than we have recently seen," said Mr. Fai H. Chan, Chairman and Chief Executive Officer of the Company.
eVision is a Denver-based holding company with consolidated entities that include American Fronteer Financial Corporation, a regional securities broker/dealer, and eBanker USA.com, Inc. (eBanker) which offers, among other things, Internet based high-yield lending opportunities. Consolidated developing companies include eBroker USA.Com, Inc. (eBroker), a proposed on-line securities brokerage business. eVision has made a significant investment in Q6 Technologies, Inc. (Q6 Technologies), a business venture surrounding technology-based virtual processing arenas with John Cusick, former founder, chairman and CEO of Primestar, as its chief executive officer.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
CONTACT:
eVision USA.Com, Inc., Denver
Gary L. Cook, 303/860-1700
KEYWORD: COLORADO
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