OK, I'll keep up the good work .....
ZiaSun Reports Record Net Sales and Strong Profits
for the Nine-Month Period Ending Sep 30, 1999
-- Record sales of $17.8 million in fiscal 1999 YTD with $3.8 million gross profit and $0.15
EPS EBIT 3rd quarter fiscal 1999 sales increased 11-fold to $7,932,685 from 3rd quarter
fiscal 1998 --
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Nov. 9, 1999-- ZiaSun Technologies, Inc
(OTC BB:ZSUN), a profitable Internet holding company, today reported very favorable
financial results for the three and nine-month periods ended September 30, 1999.
Net sales for the third quarter fiscal 1999 increased more than 11-fold to $7,932,685 from
$674,125 in the third quarter fiscal 1998. Third-quarter gross profit increased nearly
seven-fold year-over-year to $2,485,045 with a solid 31.3% gross profit margin. Third-quarter
fiscal 1999 results were profitable with income before taxes of $1,562,406, or $0.06 per
share EBIT, compared to a loss of $(63,913) for the third quarter 1998.
Record net sales for the first nine months of fiscal 1999 also increased more than 11-fold to
$17,831,876 from $1,547,701 in the same period of fiscal 1998. Gross profit for the period
increased more than six-fold over the same nine-month period in 1998 to $6,836,344 with a
38.3% gross profit margin. Net income for the nine months ended September 30, 1999 was
$2,509,470, or $0.10 per share, up from a loss of $(68,284) during the same period of fiscal
1998.
On a nine-month ended September 30, 1999 pro forma basis, including the operations of
OIA from January 1 to September 30, 1999, the Company had sales of $22,458,103 as
compared to the nine months ended September 30, 1998 actual revenue of $1,547,701. The
increase in sales over 1998 on a pro forma basis is $20,910,402, or 1,251%.
As of September 30, 1999, the Company had $6,224,254 in cash and receivables, total
current assets of $7,734,953 and $23,986,729 in total assets. The increase in current assets
at September 30, 1999 over December 31, 1998 is due primarily to the increase in cash
from $517,781 to $5,127,718, an increase of $4,609,937 or 890%. ZiaSun also reported a
current ratio of 4.7 to 1, no long-term debt and $22,336,034 in total stockholders' equity at
the close of the third quarter fiscal 1999.
``We achieved a tremendous profit turnaround year-over-year for both the three and
nine-month periods ended September 30th,' commented ZiaSun Chairman Scott Elder.
``Top-line growth was reported across the board, with the first-quarter acquisitions of
Asia4Sale and Online Investors Advantage (OIA) greatly enhancing both our financial
position and operating results.'
``Since expanding our global online trading and financial services divisions in the past two
months, we expect to rapidly improve top and bottom line performance for fourth-quarter
fiscal 1999 and throughout fiscal 2000,' Elder added. ``For example, during the three months
ended September 30, 1999, OIA expanded its operations to Australia, New Zealand, and
Canada. The sales attributable to these new markets were $1,269,832'. ``We will also
continue targeting acquisition candidates who can add positive value to our operating
strategy and growth objectives, and help maximize shareholder returns.'
During the three months ended September 30, 1999, ZiaSun filed its Form 10-SB with the
Securities and Exchange Commission (SEC) to become a fully reporting company, and
launched several new products and services through its wholly-owned subsidiaries.
OIA (www.i-advantage.com) initiated the global expansion of its online investing education
program by holding workshops in Australia and New Zealand. Momentum Internet began
offering the web-based email service PINmail (www.pinmail.com) free to all Internet sites in
return for banner ad space. Asia4Sale introduced its www.asia4sale.com online mall
specializing in Asian products and secured multi-currency credit card processing from First
Ecom. This subsidiary also launched its AuctionAsia (www.auctionasia.net) site for large
ticket commercial items, a joint venture that is expected to generate between $5 million and
$8 million in gross annual sales.
Following the close of the third quarter fiscal 1999, the Company reported that its subsidiary
OIA won a 'Small Business of the Year' award. OIA also furthered its worldwide growth with
more workshops scheduled in Australia and New Zealand, a new office in Sydney, and entry
into the Canadian market with attendance at initial workshops far exceeding projections.
The Company also reported expansion of its Swiftrade (www.swiftrade.com) online trading
subsidiary with the SwiftradeUSA (www.swiftradeusa.com), SwiftradeHK
(www.swiftradehk.com) and SwiftradeUK (www.swiftradeuk.com) trading systems rolled out
in October and November.
Through contracts executed during October with two of the world's dominant financial data
providers, the Company also expanded the selection of information sources available to
subscribers of its financial portals. Swiftrade added Reuters' real-time financial information
services, and ZiaSun's international financial news website (www.mfinance.com) renewed its
contract for data on Asian, European and U.S. stock markets from AFX-Asia - a venture of
Agence France Presse (AFP) and The Financial Times
of London.
ZiaSun Technologies, Inc. is a leading Internet holding company focused on e-commerce
and specialized online support services within Asia and other international markets. The
Company's Internet offering includes Swiftrade (www.swiftrade.com), Momentum Finance
(www.mfinance.com), MediaHits (www.mediahits.com), PINmail (www.pinmail.com),
ServiceLive (www.servicelive.com), Search Dragon (www.searchdragon.com) and Online
Investors Advantage (www.i-advantage.com).
Note: Any statements released by ZiaSun Technologies, Inc that are forward-looking are
made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Editors and investors are cautioned that forward-looking statements invoke risks
and uncertainties that may affect the Company's business prospects and performance.
These include economic, competitive, governmental, technological and other factors
discussed in the statements. |
