VFNX - The revenue has started, and they are profitable:
VoiceFlash Networks Reports Another Solid Quarter of Revenues and Net Income for the Third Quarter
THURSDAY, JUNE 06, 2002 10:24 AM
- BusinessWire
BOCA RATON, Fla., Jun 6, 2002 (BUSINESS WIRE) -- VoiceFlash Networks, Inc. (OTCBB:VFNX), today announced financial results for the quarter ended April 30, 2002. For the quarter ended April 30, 2002, the Company reported revenues of $1,293,994, compared to revenue of $33,426 for the same period in 2001. For the nine months ended April 30, 2002, the Company reported revenues of $2,602,879, compared to $150,978 for the same period in 2001.
For the quarter ended April 30, 2002, the Company reported net income applicable to common stockholders of $341,551, or $0.02 on a per share basis, compared to a net loss of $2,085,236, or $0.32 loss per share, for the same period in 2001. For the nine months ended April 30, 2002, the Company reported net income applicable to common stockholders of $163,991 or $0.01 on a per share basis, compared a net loss of $2,928,858, or $0.50 loss per share, for the same period in 2001. The increase in the Company's per share results for the quarter ended and nine months ended April 30, 2002 from the comparable 2001 periods are primarily due to the operating results of its wholly-owned subsidiary United Capturdyne Technologies, which was acquired on October 2001, and a cost reduction program during fiscal 2002.
In addition, for the nine months ended April 30, 2002, the Company generated $1,202,392 net cash flow from operating activities, compared to using $1,198,443 in cash flow from operating activities, for the same period in 2001. Stockholder's Equity also improved from a deficit of $552,182 as of January 31, 2002 to a positive balance of $332,776 as of April 30, 2002, as a result of the net income in the quarter and the conversion of debt to equity.
"We are pleased to see the sequential revenues growth in our core business and for the second quarter in a row solid net income," reports Chief Executive Officer Robert J. Kaufman. "We are successfully stabilizing the Company's financial condition and are well positioned to build on our core competencies in the burgeoning financial services industry."
In addition, the Company announced the appointment of Thomas C. Teper as the Company's Chief Financial Officer. From 1990 to 1999, Mr. Teper served in a variety of executive positions at Precision Response Corporation a division of USA Networks, Inc. (USAI) , including Chief Financial Officer. Mr. Teper was instrumental in building Precision Response Corporation from a privately-owned fulfillment company generating $8 million in revenues to a publicly-owned (nationally recognized) customer service company generating over $250 million in revenues. Mr. Kaufman added: "We are excited to have Tom join our management team. Tom's experience in building a successful entrepreneurial company such as Precision Response Corporation represents a significant ingredient for our future plans."
About VoiceFlash Networks, Inc.
VoiceFlash Networks, Inc. (OTCBB:VFNX) is a Company providing financial service products to businesses and consumers, through its operating subsidiaries. The Company's wholly-owned subsidiaries are United Capturdyne Technologies, Inc., Value Stream Systems, Inc. and Shared Rental On-Line Network, Inc. The current financial service products offered include ACH transactions, check processing and electronic payment software, and a stored value MasterCard product. For more information, please visit VoiceFlash at voiceflash.com
About United Capturdyne
United Capturdyne Technologies, Inc., a wholly owned subsidiary of VoiceFlash Networks, Inc., specializes in cost-effective and timely custom non-cash payment solutions. The foundation of UCT technology lies in its processing engines, including AccountMax, TransMax, CheckMax, InterMax, and SHARON. With these dynamic tools, UCT can modify in-place cash-register or POS software system, with no change in the retailer's hardware or software, and manage all customer files. For more information, please visit United Capturdyne at capturdyne.com.
The Company may periodically release forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or its industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, future trends in sales and the Company's ability to introduce new products in a cost-effective manner. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CONTACT: VoiceFlash Networks, Inc., Boca Raton
Investor Relations:
Dana Duncan, 561/994-3223 ext: 155 |
