(BSNS WIRE) CBQ Announces First Quarter 2001 Results Showing a Slight Profi
CBQ Announces First Quarter 2001 Results Showing a Slight Profit
Business Editors
HUNT VALLEY, Md.--(BUSINESS WIRE)--May 16, 2001--CBQ, Inc.
(OTCBB:CBQI), the E-Business Infrastructure Company, announced today
first quarter 2001 results showing a slight profit. CBQ's gross
revenues, when considered on a cash, non-pooled accounting basis,
increased tenfold over the first quarter of 2000. For the first
quarter of 2001 the revenues from continuing operations were
$1,472,491. The net profit (not including depreciation expense) was
$8,314.
"CBQ has begun to turn the corner towards profitability, and is
going in the right direction," said Bart S. Fisher, Chairman and CEO.
"While our gross revenues dropped somewhat from the fourth quarter of
2000, the substantial losses that had been occurring have been abated.
The company has made the decision, as is evident through our
discontinued operations, to substantially reduce product, parts, and
component sales as well as computer services revenues. As a result,
the company has recorded lower revenues, but these lower revenues are
consistent with the longer-term goals of the company to focus on
software development and systems integration. It is important to point
out that these results do not include the acquisitions of Networkland
and Technet, which were made on March 27, 2001. These acquisitions
should add to the gross revenues and profitability of CBQ, as is
evident from the revenue and growth being experienced for Networkland
and Technet, which have combined accounts receivable of $1,534,147
and combined liabilities of $705,198, which includes accounts payable
($529,670) and accrued salaries and commissions. The CBQ EasySoft
division continues to concentrate on major software development
projects that are not recorded into revenue until the project is
complete and delivered to the customer. Despite the overall
consolidation, downsizing, and pain in the Information Technology
sector of the economy, CBQ continues to grow, and in a profitable
direction. The reason is that CBQ has a business model based on the
establishment of a sustainable competitive advantage. That advantage
consists of the use of global resources to address the Information
Technology needs of U.S. clients, including software programming
resources from China, India, and other countries."
About CBQ, Inc.
CBQ, Inc. is a full service, end-to-end e-Business solution
provider, which provides software-outsourcing through its subsidiary
EasySoft International Inc., Beijing, China and Miami, Fl.; provides
technology and network Integration engineering services through its
subsidiary Networkland, Rosslyn, Virginia; provides software
programming and development through its subsidiary Technet Computer
Services, Inc., India and Tyson's Corner, Virginia; and provides
network integration through its subsidiary, CBQ NETSERV, Hunt Valley,
MD. For more information on CBQ, Inc., visit cbq.com.
This news release includes forward-looking statements related to
CBQ, Inc. that involve risks and uncertainties, including, but not
limited to, quarterly fluctuations in results, the management of
growth, market acceptance of certain products and other risks. These
forward-looking statements are made in reliance on the "safe-harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
For further information about these factors that could affect CBQ's
future results, see the company's filings with the Securities and
Exchange Commission (the "Commission"). Prospective investors are
cautioned that forward-looking statements are not guarantees of future
performance. Actual results may differ materially from management
expectations.
--30--cp/mi*
CONTACT: CBQ Investor Relations, Coral Springs, Fla.
Gary Swancey, 954/757-0582
KEYWORD: MARYLAND
INDUSTRY KEYWORD: INTERNET E-COMMERCE SOFTWARE EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
