TalkVISUAL Files 10-KSB... 2001 Revenue Up 172.5%; Company Will Expand Into Los Angeles Area Market During 2002
MIAMI--(BUSINESS WIRE)--March 29, 2002--Mike Rollins, president and chief executive officer of TalkVISUAL Corporation (OTCBB:TVCP), announced today that the company has filed its annual report for the year ended December 31, 2001, on Form 10-KSB with the Securities and Exchange Commission. Full text of the report may be found at the SEC's EDGAR database on the internet at www.sec.gov.
TalkVISUAL provides telecommunications and related services to key business and consumer market segments in the United States, with a primary focus on the Latin American expatriate business and consumer communities. TalkVISUAL generated revenue from operations of $5.2 million (up 172.5%) for the year ended December 31, 2001, compared to revenue from operations of $1.9 million for the year ended December 31, 2000. The increase in revenue is attributed to the twelve months of operating results reported for the company's eleven revenue-generating stores, which had been acquired during the second half of 2000, and growth of the company's telecommunication sales within its established Miami and New York markets.
The company reported a net loss of $0.091 per common share (94,669,011 weighted average shares outstanding) for the year ended December 31, 2001, compared to a net loss of $0.114 per common share (51,110,571 weighted average shares outstanding) for the year ended December 31, 2000 The loss for 2001 includes approximately $3.1 million or $0.033 per common share attributable to discontinued operations.
Mike Rollins, president and chief executive officer, noted that the company made a number of adjustments to its balance sheet during 2001, including write downs of accounts receivable, inventory and other current assets, based upon management's determination that these items had negligible realizable value. The company also recognized a loss of $3.1 million for the year ended December 31, 2001, attributable to the sale of its real estate property in Toronto, Canada, and the proposed sale of its real estate property in Sacramento, Calif. "Having refocused our business plan in telecommunications, teleconferencing and business services that represent logical extensions of our core competency, we consider it imperative that the company's balance sheet and income statement enable shareholders to assess the company's fiscal health based on items directly related to its business. Our adjustments are consistent with this philosophy and reflect our market focus," said Rollins.
Rollins indicated that, with cost-containment programs in place, the company plans to expand its presence beyond the New York and Miami markets into the Los Angeles area, which is known to be a ready market for the company's products and services. "We expect to achieve additional economies of scale during 2002 and look forward to achieving positive cash flow and increased earnings per share in 2002," said Rollins.
TalkVISUAL Corporation owns and operates telecommunications retail centers providing communication and related services to business and individual consumers. Principal services include long-distance telephone calling in private booths ("call-shop services"), prepaid calling cards, money transfer services and international package delivery. Visit the company's web site at www.talkvisual.com.
NOTE: Statements contained in this news release not strictly historical are forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. |
