MSTG 3rd Quarter Earnings:
Company Press Release
Mustang.com, Inc. Reports Third Quarter Financial Results
100% Increase in Revenue over the Respective Nine Month Period of a Year Ago as Sales Expansion Gains Momentum
Bakersfield, California ? October 21, 1999:a leader in the eBusiness and eService infrastructure markets, today reported record sales for the nine months ended September 30, 1999, reporting revenue of $2,604,657, a 100% increase compared to revenue of $1,304,601 reported for the nine months ended September 30, 1998. Net losses for the nine month reporting period decreased 67% to $332,237, a $.07 loss per share, compared to net losses of $1,009,798, or $.28 loss per share, realized for the same period in 1998.
For the three months ended September 30, 1999, the Company increased revenue 105% to $1,028,566 compared to revenue of $501,963 reported for the three months ended September 30, 1998. Net losses for the current reporting quarter totaled $229,350, a $.05 loss per share, a slight reduction from net losses of $262,546, a $.06 loss per share, posted for the third quarter in the prior year.
?Our mission is simple and straightforward ? Mustang.com will champion the personalized, technology-driven eService process. In order to succeed, we must continue to invest in our corporate infrastructure,? stated Don Leonard, Chief Financial Officer of Mustang.com. ?Earlier this year, we made a commitment of resources and energy to grow revenues by placing significant emphasis on the expansion of our sales and marketing operations. With the opening of additional sales offices in key metropolitan areas and the hiring of new sales and marketing talent during the quarter, we are positioning ourselves for greater domestic and global sales opportunities.?
During the quarter, Mustang.com added sales offices in Atlanta, GA; Boston, MA; Los Angeles, CA; Miami, FL; and New York, NY. The Company also secured fifty additional customers for its Mustang Message Center e-mail management solution including Costco, Carnival Cruise Lines, E-Stamp, and The Travel Company.
Jim Harrer, President and Chief Executive Officer of Mustang.com, added, ?Clearly, the dramatic growth of our industry requires the expansion of our professional and technological resources so that we may efficiently address the needs of our increasing customer base, which now numbers nearly 300 clients. As we move into the final quarter of our fiscal year, we intend to continue promoting the growth of our sales and marketing force so that Mustang.com may secure and enhance its market leadership position.?
Mustang.com recently announced the launch of a new corporate branding strategy in tandem with the introduction of its next generation e-mail management platform, Mustang Message CenterTM Version 3.0. Complemented by a new web site, logo and tagline which more closely reflects the Company?s position as the industry?s time-tested partner, Mustang.com announced the release of two new applications, Mustang TeleAgentTM and Mustang NotifyTM, to address new market opportunities.
About Mustang.com and Mustang Message Center
Mustang.com enables loyal, high quality customer relationships through the design, development and support of Internet and e-mail based customer management software applications. Mustang Message Center is an award-winning eService solution that improves e-mail management in mission-critical, high-volume customer service operations. The Mustang Message Center is actively utilized for 24x7, mission-critical customer service, by more than 290 companies, supporting hundreds of thousands of transactions every day. Corporate headquarters are located at 6200 Lake Ming Road, Bakersfield, CA 93306 with offices in Boston, MA, Chicago, IL, Los Angeles, CA, Miami, FL, Atlanta, GA, New York, NY and Washington, DC. Inquiries can be addressed via voice, 661-873-2500; fax, 661-873-2499; or e-mail, info@mustang.com. Additional information is available from Mustang.com on the Web at mustang.com.
Statements in this news release that relate to future plans, financial results or projections, events or expected performance in future periods are forward-looking statements and fall within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results and performance for such periods may differ materially. Specifically, it is possible that the current revenue uptrend and gross margin expansions may not continue due to reduced demand for the Company's products and a change in production costs. While management wishes to provide readers with reasonable opinions and viewpoints with respect to the Company's progress, marketplace acceptance, and business opportunities, and fiscal performance, such statements, opinions and viewpoints are forward-looking and involve risks and uncertainties, including risks of changing conditions in the overall economy, the capital markets, the computer and telecommunications industries, as well as risks of changing consumer demand and the success of the Company's business strategies and other factors detailed in the Company's annual and other reports filed with the Securities and Exchange Commission.
Contact:
Mustang.com, Inc., Don Leonard
(661) 873-2575, investor@mustang.com
Continental Capital & Equity, Dodi B. Zirkle
(407) 682-2001, dodi@insidewallstreet.com
<Continued into next message...>
|
