Received this through Canada Stockwatch.
Sure looks good.
Bridges.com year-end earnings almost double
Bridges.com Inc BIT
Shares issued 9,603,250 Apr 3 close $5.80
Mon 3 Apr 2000
News Release
Mr. Norm Thompson reports
In the year ended Nov. 30, 1999, the company more than doubled its market
share, almost doubled its revenues and pretax earnings, and quadrupled the
usage of its industry leading services. In addition, significant staffing
and technical enhancements were made during the year to enable continued
rapid growth in 2000.
Revenues of $4,616,177 were achieved in 1999, a 93-per-cent increase over
1998 revenues of $2,392,880. These revenues are based on the retroactive
adoption in 1999 of a new accounting policy for revenue recognition. The
changes reflect recent U.S. Securities and Exchange Commission (SEC)
pronouncements regarding revenue recognition for Internet companies and
involve the deferral of revenue from on-line services and database assets
ratably over the term of the contract.
Bridges.com generated $496,853 in pre-tax earnings in 1999, 87 per cent
higher than 1998's $265,236 in pretax earnings. After taxes, earnings were
$267,783, or three cents per share. In 1998, a tax recovery from prior
years of $516,433 resulted in earnings of $781,669, or nine cents per
share. The company's early adoption of new income tax recommendations from
the Canadian Institution of Chartered Accountants had an impact on these
figures. At fiscal year-end, the company had a strong balance sheet with
$2.2-million in cash on hand.
Market share in North American middle and secondary schools increased from
6 per cent in 1998 to over 13 per cent in 1999. The rate of resubscription
remained very high at 91 per cent, up from 1998's 90 per cent rate. Usage
of Bridges.com Web-based services in 1999 exceeded 41 million page views,
more than four times the 8.9 million page views recorded in 1998.
"Bridges.com continues to experience strong growth in the e-learning
marketplace," said Doug Manning, chief executive officer and president of
Bridges.com. "During the last half of 1999, we doubled our sales staff,
doubled our customer support team, more than quadrupled the size of our
technical team, and significantly upgraded all of our technical systems.
These strategic moves position us well for rapid growth in 2000."
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