(PR NEWSWIRE) Alpha Bytes Reports Third Quarter Results
Alpha Bytes Reports Third Quarter Results
NIAGARA FALLS, N.Y., Dec. 14 /PRNewswire/ -- Alpha Bytes, Inc.
(OTC Bulletin Board: ABYT) today reported total revenue for its fiscal third
quarter ended October 31, 1999 of $273,536 compared with revenue of $544,375
for the quarter ended October 31, 1998. The company reported net earnings of
$12,422 or $.00 per share compared with net income of $253,040 or $0.03 per
share in the comparable quarter a year earlier.
Alpha Bytes President and CEO Anton Stephens said, "This was our second
consecutive quarterly increase in revenue although the quarter's results were
below those of the comparable quarter a year ago. At the beginning of 1999,
our revenue tapered off as we planned for the deployment of the new Internet-
enabled H-Net(R) software and held back on software installations until we
were ready for the full deployment of the H-Net(R) transaction network. Our
revenues are now climbing back as we begin the full launch of H-Net(R).
Moving into calendar year 2000, we expect to experience a steady ramp-up of
revenue from various H-Net(R) products. We are making excellent progress on
the educational section of our Internet web portal for the vision care
industry and a tremendous amount of interest has been shown in it already. We
are working intensively to bring our new sales and marketing team to full
productivity in order to reach maximum cruising speed on the rollout of the
transaction network."
Stephens said, "Despite large investments in the development and debut of
H-Net(R), we have continued to maintain profitability, which has long been the
hallmark of our company's operations. We also continue to maintain a healthy
cash balance."
Stephens also said, "In order to fully capitalize on the next series of
events, we have decided to withdraw our application for listing on the Nasdaq
SmallCap Market for the present. We are currently working closely with our
investment banking firm Sands Brothers and anticipate refiling as soon as
possible."
A financial table is attached.
Alpha Bytes is the global leader in providing e-commerce business-to-
business services for the vision care industry. With a streamlined network
and a strong existing international customer base in the vision care market,
Alpha Bytes has begun the deployment of H-NET(R) Internet-based transaction
network and vision care industry portal to as many users as rapidly as
possible. The company's relationships with alliance partners Microsoft
Corporation and COMPAQ (Nasdaq: CPQ) are designed to assure the company of the
most powerful solution for an Internet-based transaction network that will set
the standard of excellence in the healthcare industry.
For more information about Alpha Bytes, Inc. visit their web site
www.h-net.net or contact Christine Stephens at (905) 475-3249. E-mail
info@h-net.net. For copies of press releases, SEC filings, current price
quotes, stock charts and other valuable information visit Hawk Associates web
site www.hawkassociates.com or contact Frank Hawkins or Julie Marshall, Hawk
Associates, Inc. at (305) 852-2383. E-mail: info@hawkassociates.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding the expansion of the
Company's operations are forward-looking statements. Words such as "expects",
"intends", "believes", "anticipates", and "likely" also identify forward-
looking statements. Actual results may differ from such forward-looking
statements as a result of a number of factors.
ALPHA BYTES, INC.
Selected Financial Data
Quarter Ended October 31 1999 1998
Condensed Statement of Operations Information:
Revenue $273,536 $544,375
Expenses 252,364 269,842
Earnings (loss) before Income Tax 21,172 274,533
Net Gain (loss) 12,442 253,040
Net Earnings (loss) Per Share: 0.002 0.032
Weighted average shares outstanding 7,820,502 7,468,002
Condensed Balance Sheet Information:
Current Assets $435,119 $237,078
Capital Assets 80,319 96,203
Total Assets 1,469,614 1,786,803
Total Liabilities 95,689 223,600
Stockholders' Equity 1,469,614 1,786,803
SOURCE Alpha Bytes, Inc.
-0- 12/14/1999
/CONTACT: Christine Stephens of Alpha Bytes, Inc., 905-475-3249, or
e-mail, info@h-net.net; or Frank Hawkins or Julie Marshall, both of Hawk
Associates, Inc., 305-852-2383, or e-mail, info@hawkassociates.com/
/Web site: hawkassociates.com
/Web site: h-net.net
(ABYT CPQ)
CO: Alpha Bytes, Inc.
ST: New York
IN: HEA CPR
SU: ERN
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