WSI INTERACTIVE CORP has filed a Form 6-K (Report of Foreign Issuer) with
the United States Securities and Exchange Commission.
Click on the following hyperlink to view this filing:
freeedgar.com
WSi INTERACTIVE CORPORATIONQUARTERLY REPORT TO MARCH 31, 2000SCHEDULE C:
Revenue of $1.2 million for the quarter brings year to date revenue to $4.1
million which continues to show a positive variance to budget of $3.25 million.
With ongoing revenue from WSi's network of on-line businesses as well as revenue
from web and marketing service activities, management remains confident that the
fiscal year goal of $6 million will be met.
During the quarter, WSi announced its Games West lottery marketing contract.
Subsequent to the quarter end, the project has commenced and fourth quarter
billings are expected to be a minimum of $1.5 million. To ensure the success of
the lottery, WSi has guaranteed the sale of 30,000 $100 tickets. Sales have
recently started and indications to date are that this level will be easily
surpassed.
During the third quarter, WSi has continued to make significant investment in
technology and human resources. Staffing during the period grew from 42 full
time personnel to 67, and is currently at 86. Assets grew to a value of $8
million.
During the quarter approximately $300,000 has been expended in server room
hardware. Subsequent to the quarter, a lease was signed for $500,000 for new
servers and ancillary equipment. This investment ensures WSi's ability to handle
increasing traffic to its businesses and to facilitate the company's convergence
technology strategy.
During the quarter $300,000 has been invested in hardware and software for the
web development team. The production room now contains 32 workstations for
programmers, designers and other web development personnel.
Investment of resources continues to focus on the development of proprietary
Internet businesses as well as revenue-generating projects for third parties.
During the third quarter, WSi acquired an equity position in Nurv Media of
California through an investment of US$250K, which is expected to result in
profitable business for WSi's Production Group.
During the quarter, the company announced the sale of its StockSecrets.com
business. One of the conditions of the sale was that the purchaser conclude a
proposed financing. Due to the recent market volatility, the financing has not
been completed and WSi is not proceeding with the sale.
Also a victim of the recent market volatility was the company's own private
placement financing which was announced during April, 2000.
Subsequent to the quarter end, Walter Maughan resigned his position as director
of the company. |
