itemus Results Continue On Plan
Third Quarter Results Show Continued Momentum
TORONTO, Nov. 16 /CNW/ - itemus inc. (TSE: ITM, OTCBB: ITMUF), today
announced its consolidated results for the third quarter ended September 30,
2000. The financial figures in this release are reported in US dollars, in
accordance with Canadian GAAP.
For the three months ended September 30, 2000, revenue was $0.7 million,
up from $0.3 million for the second quarter. The loss from continuing
operations was $3.1 million ($0.02 per share) for the third quarter, compared
to $2.3 million ($0.01 per share) for the previous quarter.
"We continue to meet all major commitments and milestones we set out to
achieve in February," said itemus President and CEO Jim Tobin. "In a turbulent
market we've remained focused and resolute, growing our business and
demonstrating our ability to execute in the most challenging environment."
The third quarter saw a number of new investments for a total of $7.1
million in cash, bringing strong new companies into the expanding itemus
portfolio. The itemus balance sheet remains strong, with $13 million cash and
marketable securities on hand as of September 30th, 2000, in addition to the
approximately $52 million of investments booked to date. itemus also has
access to an additional $40 million financing vehicle arranged following the
close of the third quarter. Additional information and commentary on these
results is available in the Q3 Letter to Shareholders, available online at
www.itemus.com <http://www.itemus.com> or by calling Investor Relations at 1-888-894-9911. |
