(COMTEX) B: H-NET.COM First Quarter Revenue Up 167% Earnings Reported
B: H-NET.COM First Quarter Revenue Up 167% Earnings Reported Despite Continuing
Investment in New Services
NIAGARA FALLS, N.Y., Jun 6, 2000 /PRNewswire via COMTEX/ -- H-NET.COM, Inc.
(OTC Bulletin Board: HNSP) today announced the company's financial results for
fiscal first quarter 2001, which ended April 30, 2000. Total revenue for the
quarter was $431,809, an increase of 167% over the $161,769 reported for FQ1
2000. The company reported net earnings of $87,674 or $0.006 per share for the
quarter compared with a net loss of ($37,345) or ($0.005) reported in the same
period a year earlier.
H-NET.COM President and CEO Anton Stephens said, "The expected ramp up in our
revenue growth and the accompanying improvement in the bottom line are now
underway. Following a year of heavy investment in the H-NET(R) transaction
network, the H-NET(R) website portal, technology and sales and marketing
activities, we now have begun to realize the financial benefit we have been
working toward. All of our H-NET(R) services are producing growing revenues. Our
disciplined approach to controlling expenses continues to be highly beneficial
in helping us realize net income even while we are rolling out new H-NET(R)
services."
"We are very encouraged by the revenue growth we are seeing from transaction
services and the various website portal services. This is a very strong start to
providing a comprehensive e-commerce program to the optical industry on a global
basis," Stephens said. "It's also worth noting that we continue to operate on a
debt free basis and with healthy cash reserves."
H-NET.COM, Inc. is emerging as the global digital B2B solutions provider for the
vision care industry. With its multi-service Internet portal and Internet-based
transaction processing services, H-NET(R) provides services to retail opticians,
retail chain home offices, optometrists, ophthalmologists and optical labs.
For more information about the company visit our website www.h-net.net or
contact investor relations at (905) 475-3249. Email info@h-net.net. For other
valuable information visit Hawk Associates website www.hawkassociates.com or
contact Frank Hawkins at (305) 852-2383. Email: info@hawkassociates.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding the expansion of the Company's
operations are forward-looking statements. Words such as "expects," "intends,"
"anticipates," and "likely" also identify forward-looking statements. Actual
results may differ from such forward-looking statements as a result of a number
of factors.
H-NET.COM, INC.
Selected Financial Data
Quarter Ended April 30 2000 1999
Condensed Statement
of Operations Information:
Revenue $431,809 $161,769
Expenses 274,152 229,857
Earnings (loss) before Income Tax 157,657 (68,088)
Net Gain (loss) 87,674 (37,345)
Net Earnings (loss) Per Share: 0.006 (0.005)
Average shares outstanding 15,646,004* 7,468,002
Condensed Balance Sheet Information:
Current Assets $1,270,291 $1,351,429
Capital Assets 70,606 91,027
Total Assets 1,429,897 1,442,456
Total Liabilities 107,012 116,043
Stockholders' Equity 1,322,885 1,326,413
*Stock split 2-for-1 on 4/3/2000
SOURCE H-NET.COM, Inc.
CONTACT: Frank Hawkins of Hawk Associates, 305-852-2383, or
info@hawkassociates.com, for H-NET.COM, Inc.
URL: h-net.net
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(C) 2000 PR Newswire. All rights reserved.
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KEYWORD: New York
INDUSTRY KEYWORD: MLM
CPR
SUBJECT CODE: ERN
OTC
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