(PR NEWSWIRE) H-NET.NET Fiscal Third Quarter Revenue Up 53%
H-NET.NET Fiscal Third Quarter Revenue Up 53%
Company E-Commerce Revenue Mix Continues to Evolve
NIAGARA FALLS, N.Y., Dec. 15 /PRNewswire/ -- H-NET.NET, Inc. (HNSP) today
announced the company's financial results for fiscal third quarter 2001, which
ended October 31, 2000. Total revenue for the quarter was $410,433, an
increase of 50% over the $273,536 reported for FQ3 2000. The company reported
a net loss of ($245,425) or ($0.016) per share for the quarter compared with
net earnings of $12,441 or $0.002 reported in the comparable period a year
earlier.
H-NET.NET President and CEO Anton Stephens, said, "We recorded another
quarter of important revenue growth that reflected income from new Internet-
related services stemming from the operation of the H-NET website portal and
related e-commerce activities. For the first nine months of the fiscal year,
total revenue was $1,247,116, a gain of 90% over revenue of $655,395 reported
in the first nine months of the fiscal year. This underscores the steady
progress we are making in transitioning from PC-based sales to providing
multiple services through the H-NET portal."
"Our revenue mix continues to evolve as we make our way through this
process," Stephens said. "We are realizing positive, sustained results.
However, due to the early nature of this new business model, we have yet to
establish steady revenue patterns. Over time, as critical mass is established
for our growing list of services, we will have more predictable income
streams. Thus our revenue gains are likely to be somewhat uneven in upcoming
quarters. In the meantime, we are intensively engaged in negotiations that
could lead to new global relationships in the Middle East and Europe with
potentially significant positive impacts on our future business.
"Our expenses during the quarter included a number of high one-time costs,
including a new state-of-the-art trade show booth and Internet-related
hardware costs as well as extensive investments in software, website
development and hardware for creating new Internet-based services. Due to the
one time nature of these outlays, we anticipate that our expenses going
forward will be considerably lower. Our cash reserves dropped to $661,000,
but continued to be healthy enough to support our ongoing expansion. Our
balance sheet continues to be strong with assets over $1 million and no debt,"
Stephens added.
H-NET.NET, Inc. is emerging as the global digital B2B solutions provider
for the vision care industry. With its multi-service Internet portal, web
hosting services, business applications services, 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 H-NET.NET visit their website www.h-net.net or
contact Christine at (905) 475-3249; E-mail 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.NET, INC.
Selected Financial Data
Quarter Ended October 31 2000 1999
Condensed Statement of Operations Information:
Revenue $410,433 $273,536
Expenses 829,008 252,365
Earnings (loss) before Income Tax (418,575) 21,171
Net gain (loss) (245,425) 12,441
Net Earnings Per Share: (0.016) 0.002
Average shares outstanding 15,646,004* 7,468,002
Condensed Balance Sheet Information:
Current Assets $1,198,176 $1,389,295
Capital Assets 65,165 80,319
Total Assets 1,352,341 1,469,614
Total Liabilities 234,543 95,689
Stockholders' Equity 1,352,341 1,469,614
*Stock split 2-for-1 on 4/3/2000
SOURCE H-NET.NET, Inc.
-0- 12/15/2000
/CONTACT: Frank Hawkins of Hawk Associates, 305-852-2383, or e-mail,
info@hawkassociates.com, for H-NET.NET, Inc./
/Web site: h-net.net /
(HNSP)
CO: H-NET.NET, Inc.
ST: New York
IN: CPR MLM
SU: ERN
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