FOLSOM, La.--(BUSINESS WIRE)--Feb. 2, 2000--Pacesetter Ostrich Farm, Inc. (OTCBB:POFM - news), Folsom, LA, announced today results for fourth quarter and year-end 1999, as well as comparative information, as follows:
3 Months 3 Months Year Year
Ended Ended Ended Ended
12/31/99 12/31/98 12/31/99 12/31/98
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Revenues:
Telecom Construction $784,441 $186,132 $1,965,912 $186,132
Ostrich Revenue $0 $19,001 $0 $260,629
Net Income/(Loss) $30,737 $(121,683) $238,563 $(617,787)
Average Common Shares
Outstanding 4,028,863 3,720,991 4,262,016 3,720,991
Net Income/(Loss)
Per Share $.01 $(.03) $.06 $(.17)
Note: Prior year figures include operations from the company's ostrich business, which was discontinued in October 1998. Current year figures represent results of operations from underground telecommunications construction.
The Company's first calendar year in its new construction business resulted in profitable operations as indicated above. During the fourth quarter of 1999, the Company experienced certain delays on one of its construction projects due to design changes made by one of its customers. Such changes caused a shift of approximately $175,000 of revenue and related expenses from the fourth quarter of 1999 to the first quarter of 2000. As a result, fourth quarter 1999 results were slightly lower than expected. Notwithstanding such revenue shift the Company is pleased with the results of its first year in the telecommunications construction business and expects continued growth in the foreseeable future.
Debt Restructuring
Consistent with the Company's prior news announcements, management has completed further reductions of up to $500,000 (approximately 35%) of its current and long-term debt with holders of its private placement notes in exchange for restricted common stock of the Company. At this time, management has eliminated in excess of 80% of such debt.
Name Change
In December 1999, the Company initiated its Form 14C filing with the Securities and Exchange Commission to effect a change in the Company's name from Pacesetter Ostrich Farm, Inc. to PrimeLink Systems, Inc. As of this date, the name change is substantially complete and should be effective within 10 days. Upon completion the Company will announce this change, together with its new trading symbol.
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Contact:
Pacesetter Ostrich Farm Inc., Folsom
Reid Green, 504/796-5806 (Investor Relations) |
