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. |
