Looks like this one is going nowhere. Amazing to me that LOAX generates such huge interest and somehow maintains a relatively high stock price (and high interest, obviously) while BIZZ has no appeal to anyone. Company is at 60% of the IPO price, guess I'll wait until its at 3 to buy.....
WALL, NJ--(BUSINESS WIRE)--November 8, 1999--BiznessOnline.com, Inc. (NASDAQ NM: BIZZ) today reported unaudited pro forma results for the quarter ended September 30, 1999. The pro forma financial results presented below for the three and nine months ended September 30, 1999 and 1998 assume BiznessOnline.com, Inc.'s initial public offering and related acquisitions which took place in May 1999 had taken place as of January 1, 1999 and that the Company operated as a consolidated entity from that date. The pro forma financial results also assume that the acquisitions of the three Internet service provider and web hosting and application development companies in the third quarter of 1999 had taken place as of January 1, 1999.
Pro forma revenues for the quarter increased 66% to $2,604,190, from $1,566,199 for the quarter ended September 30, 1998. The growth in revenue was a result of the three acquisitions which occurred during the third quarter of 1999 (approximately 67% of the growth) combined with internal growth(approximately 33% of the growth). Pro forma net loss for the quarter ended September 30, 1999 was $1,436,103, or $.20 per share as compared to a pro forma net loss of $663,871, or $.10 per share for the quarter ended September 30, 1998.The pro forma net loss for both periods is attributable to depreciation and amortization of goodwill associated with acquisitions. Pro forma EBITDA decreased from $130,112 in 1998 to a loss of $182,999 for the quarter ended September 30, 1999. EBITDA for the third quarter of 1999 included corporate overhead associated with the BiznessOnline.com corporate entity which did not have significant operations until the second quarter of 1999.
Pro forma revenues for the nine months ended September 30, 1999 increased 72% to $7,574,294, from $4,401,418 for the same period of 1998. The increase in revenues was a result of the three acquisitions which occurred during the third quarter of 1999(approximately 60% of the growth), combined with internal growth(approximately 40% of the growth). Pro forma net loss for the nine month period ended September 30, 1999 was $3,334,666, or $.46 per share, as compared to a pro forma net loss of $1,852,705, or $.27 per share for the nine months ended September 30, 1998. The pro forma net loss for both periods is attributable to depreciation and amortization of goodwill associated with the acquisitions. EBITDA for the nine months ended September 30, 1999 was $196,440, as compared to $518,756 for the same period in 1998. EBITDA for the nine months ended September 30, 1999 included corporate overhead associated with the BiznessOnline.com corporate entity which did not have significant operations until the second quarter of 1999. |
