NAM Announces Results for the Fourth Quarter and Year Ended June 30, 1999
GREAT NECK, N.Y., Sept. 28 /PRNewswire/ -- NAM (National Arbitration and Mediation) (Nasdaq: NAMC - news) announced today its results for its fiscal fourth quarter and the year ended June 30, 1999. For the quarter ended June 30, 1999, revenues increased by 16% to $1,188,720
from $1,025,298 for the comparable prior period. Revenues for the year ended June 30, 1999 increased by 8% to $4,158,506 from $3,847,975 for the prior year.
The loss from operations for this year's fourth quarter decreased 35% to $271,135 from $420,143 for the prior year's fourth quarter. For the quarter ended June 30, 1999, the net loss was $213,593 or $0.06 per share as compared to a net loss of $210,228 or $0.06 per share. The loss from operations for the year ended June 30, 1999 was $1,227,170 as compared to $1,144,119 for the prior year. For the year ended June 30, 1999, the net loss was $1,294,765 or $0.39 per share as compared to a net loss of $629,134 or $0.19 per share for the prior year.
Roy Israel, President & CEO, commented, ''We are encouraged by the fourth quarter results with respect to the rise in revenues and decline in operating losses. During the next fiscal year, we will be
concentrating our efforts on further developing and marketing clickNsettle.com, our Internet settlement service. Although we may continue to experience some losses in the next fiscal year, we believe clickNsettle.com has the potential to be very successful as it was designed to process a large volume of cases electronically with a much lower cost per case. Also, we anticipate that clickNsettle.com will broaden our client base as the program is beneficial for all litigants with disputes that can be resolved with a monetary settlement.''
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