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Thursday December 30, 9:00 am Eastern Time
Company Press Release
SOURCE: Hitsgalore.com, Inc.
Hitsgalore Announces 3rd Quarter 1999 Earnings
RANCHO CUCAMONGA, Calif., Dec. 30 /PRNewswire/ -- Hitsgalore.com, Inc. (OTC Bulletin Board: HITT - news) announced that it anticipates reporting net earnings of approximately $1,236,000 for the third quarter of 1999 as compared to approximately $137,000 for the second quarter of 1999. Revenues for the 3rd Quarter were approximately $3.0 million, compared to approximately $1.4 million in the 2nd Quarter.
Revenues recognized from a transaction with the Life Foundation Trust were approximately $2,800,000 in the 3rd Quarter, as compared to approximately $1,250,000 in the second quarter. Core product sales not involving the Life Foundation Trust increased approximately 5% from the second quarter to the third quarter.
For the nine months ended September 30, the Company has generated gross revenues of approximately $4.9 million, with net earnings of approximately $1.5 million. A comparison with the previous year is not relevant as the Company launched its website, located at www.hitsgalore.com, in the fall of 1998.
Dorian Reed, Chairman of Hitsgalore.com said, ''Hitsgalore.com is committed to continue to grow its revenue base and remain profitable after it completes it business with the Trust. We have invested heavily in our internal marketing strategies of building relationships with our customers that will provide us a solid platform for future growth and market branding. Building relationships as we have is no short-term effort. We can clearly chart customer growth and see Hitsgalore.com staying a profitable company generating higher revenues and profits.''
Hitsgalore.com has a unique business model of giving away free banners, lifetime banner placement, and other Portal Services. The Company believes its business model compares favorably with other Internet portals and search engine companies. The Company generates revenue from its Keyword Bid & Rank program, sponsorships of Portal Services, and Local City Editions featuring local content. Hitsgalore.com strives to provide porn-free searching and does not accept or encourage any porn or adult-content listings on its site.
Statements in this press release other than historical facts are ''forward- looking'' statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Hitsgalore.com, Inc. intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward- looking statements are subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE: Hitsgalore.com, Inc.
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