7/26 revs of EMRG jump 8030.6%
eMerge's Growth Accelerates With $160.4 Million Second Quarter Revenue
PR Newswire - July 26, 2000 08:14
Margin Per Head Of Cattle Increases 48 Percent Over First Quarter 2000
SEBASTIAN, Fla., July 26 /PRNewswire/ -- eMerge Interactive, Inc. (Nasdaq: EMRG), a business-to-business Value Chain Integrator serving the $40 billion U.S. beef production industry, reported record revenue for the period ended June 30, 2000.
Revenue for the second quarter of 2000 was $160.4 million, compared to $2.0 million in the same period last year. The net loss for the second quarter of 2000 was $7.9 million, or a net loss of $0.23 per share, on 33.9 million common shares outstanding. This compares to a net loss of $4.0 million, or a net loss of $0.58 per share, on 6.9 million common shares outstanding in the second quarter of 1999. Net of amortization and non-cash severance charges, the second quarter loss was $5.0 million, or a loss of $0.14 per share, down from a loss $5.2 million in the prior quarter.
Revenue for the six-month period ended June 30, 2000 was $199.0 million, compared to $2.6 million in the same period last year. The net loss through the first six months of 2000 was $13.4 million, or a net loss of $0.47 per share, on 28.6 million common shares outstanding. This compares to a net loss of $6.0 million, or a net loss of $1.15 per share, for the same six-month period last year on 5.2 million common shares outstanding. Net of amortization and non-cash severance charges, the year-to-date loss was $10.2 million, or $0.36 per share.
Compared to the prior three-month period revenue increased by 316 percent from the $38.6 million reported in the first quarter of 2000. The growth in revenue in the second quarter is largely attributable to an increase in the number of cattle marketed by the company, which rose from 65,700 head in the first quarter to 342,500 head in the second quarter as a result of acquisitions and internal growth. On a per head basis, second quarter margins increased by 48 percent to $4.49 from $3.03 in the first quarter of 2000.
Recent Highlights:
-- Achieved position as the largest marketer of cattle in the U.S.
-- Agreed to acquire three cattle industry leaders, Ed Eden Farms,
LeMaster Corp. and Billings Livestock Commission Co.
-- Forbes.com "Best of the Web" issue named eMerge's Web site one of the
top 200 most promising B2B Web sites
-- eMerge was added to the Russell 2000 and Russell 3000 Indexes
"We are extremely pleased with our financial performance for the quarter. Our objective is to continue to implement our Value Chain Integration strategy to positively affect the basic business model of our customers by modifying the way that beef production occurs, thereby adding previously unrealized value to the product and improving profitability," said Charles Abraham, chief executive officer of eMerge. He continued on to say that, "We believe our strong financial results and our significantly increased customer base is a positive step that will allow us to more rapidly implement our strategy. As part of this strategy, our business Web, CattleinfoNet, will enable our customers to access all of our value-enhancing technologies, including our commerce platform and our proprietary information management tools that help our customers make better business decisions."
"As a result of our recent acquisitions and our continued internal growth, eMerge has now become the largest cattle marketer in the U.S. beef business," stated Abraham. "Going forward, we plan to continue to expand our market penetration through acquisitions as well as accelerate the proliferation of our margin enhancing technologies to further strengthen our Value Chain Integration strategy. We also look forward to the launch of Interactive Marketplace (formerly referred to as e-Marketplace or virtual storefront), in the third quarter, where eMerge customers will be able to remotely access a broad range of products and services including pharmaceutical products, feed and farm equipment, just to name a few. Interactive Marketplace is not only a key component of the value chain but also an enhancement of our business Web, CattleinfoNet, recently named one of the top 200 most promising B2B Web sites by Forbes.com."
About eMerge Interactive
eMerge Interactive, Inc., a Safeguard Scientifics (NYSE: SFE), Internet Capital Group (Nasdaq: ICGE), XL Vision partnership company, is a business-to-business value chain integrator serving the $40-billion U.S. beef-production industry. The company's business model is aimed at positively affecting the manufacturing process and adding previously unrealized value to the nation's beef supply system via eMerge's efficient e-marketplace, powerful information management infrastructure, and value enhancing technologies.
eMerge will host a Web cast at 10:00 a.m. (EDT) to discuss second quarter results. You can access the Web cast through the company's website address emergeinteractive.com or vcall.com.
********************
This rev jump caught my eye. I know nothing of the stock.
Jack |
