FSWC Ideas and Associates, Inc. Subsidiary FreeSoftwareClub.com Reports Record
Earnings for Its First Quarter Earnings, EBIT Margin, Shareholder Equity and Revenues Up Substantially
MONTREAL, Apr 18, 2002 (BUSINESS WIRE) -- Ideas and Associates, Inc. (OTCBB: FSWC) subsidiary of FreeSoftwareClub.com, is a Montreal based IT services and
solutions company with a specialization for the $1.2 trillion media and entertainment industry, today announced its results for the first quarter ending
March 31, 2002.
Increases are itemized as follows; all amounts are in Canadian dollars.
-- Revenues for the first quarter increased to $1,917,408, up
38.7% from $1,382,760 in the same period last year.
-- Earnings before interest and tax climbed to $272,496, up 55%
from $175,743 recorded in the first quarter of 2001.
-- Ideas reported net income of $180,011, up 43.3% as compared to
$125,612 in quarter ending March 31, 2001.
The company showed a 363.2% increase in shareholder's equity to $3,116,711 from
$672,832 the previous year of which $250,000 is attributable to new equity
invested in the company, $1,616,000 is attributable to new shares issued in
payment for new acquisitions and $577,879 is attributable to profits from
operations.
"Revenues and earnings exceeded the growth targets we had forecasted for the end
of our first quarter in calendar 2002" said Terence Byrne, Chief Executive
Officer. "We believe that we are well on our way to meeting and possibly
exceeding our forecasts for our 2002 year end and our business execution with
our new telephony business has been much better than anticipated."
Mr. Byrne further commented, "Considerable effort has been put into
strengthening and developing the company's sales firepower. We recently
appointed several key executives that will significantly strengthen our sales
teams in the US, Canada and Global Markets. Furthermore, our investments in
technology have improved our competitive positioning. We have acquired several
companies such as Digital Voice Technologies, Inc. (DVT), an advanced telephony
solutions group, A for Effort, a developer of interactive marketing and
advergaming solutions. More recently, we acquired the assets and business of the
Ethnic Media Network (EMN) and signed and agreement to sell our GetVocal
products in Asia."
About Ideas and Associates, Inc.
Founded in 1999, Ideas and Associates (www.ideasandassociates.com) is a Montreal
based IT professional services company delivering unique technology solutions to
the $1.2 trillion media and entertainment industry. Ideas has carved out a
differentiated position through building, acquiring and developing product lines
and technologies, which enable the creation, sale, and delivery of business and
consumer "content" through print, broadcast, internet telephone and wireless
channels. We take a convergence approach to applying technology as a business
enabler, developing processes, which integrate traditional print, radio, TV,
outdoor, event and telephony methods of touching a consumer, with "new-media"
channels like e-mail, web-site, chat, console games, interactive set-top-box TV
and wireless hand held devices. Some of our customer base includes: 20th Century
Fox, Disney, AT&T, Microsoft, IBM and Viacom. For additional information about
us, visit our Web site at www.ideasandassociates.com or contact:
Forward-Looking Statements: Any information contained within this news release,
which is not historical data, may be deemed "forward-looking statements." Such
statements reflect management's current views and are based on certain
assumptions. Actual results could differ materially from the assumptions
currently anticipated.
CONTACT: Ideas and Associates, Inc., Montreal
Sandrine Campeau, 514/940-2891, ext. 260
sandrinec@ideasandassociates.com
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KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
INTERNET
NETWORKING
SOFTWARE
EARNINGS
SOURCE:
Ideas
and
Associates,
Inc.
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