BZTG.022.Check news out.Profits.NEWS!(PR NEWSWIRE) Buzz Technologies, Inc. Provides Quarterly Report on Unaudited Co
solidated Results for the Financial Period Ending Jun
Buzz Technologies, Inc. Provides Quarterly Report on Unaudited Consolidated Resu
ts for the Financial Period Ending June 2006
BANGKOK, Thailand, July 20 /PRNewswire-FirstCall/ -- Buzz Technologies,
Inc. (OTC: BZTG) provides shareholders a financial update for the period
ending June 2006.
(All currencies have been converted into USD as of the 1st July, 2006)
Mar - June 06
Ordinary Income/Expense Mar-Jun 06 Jan-Mar 06
Income
Sales 1,476,768.00 280,195.00
Total Income 1,476,768.00 280,195.00
Cost of Equipment Supplied 892,543.00
Gross Profit 584,225.00
Expense
Data Storage 20,500.00 13,000.00
Depreciation Expense 49,325.00 42,129.00
Equipment Supplies 28,435.00 15,435.00
Office Expenses 16,145.00 7,985.00
Payroll Expenses 156,758.00 90,982.00
Rent 35,467.00 35,467.00
Travel 24,174.00 16,824.00
Total Expense 330,804.00 221,822.00
Net Ordinary Income 253,421.00 58,373.00
Net Income 253,421.00 58,373.00
Notes:
1. Accounting policies
There are changes in the accounting policies of the Company as it
prepares to become fully reporting. These changes are to enhance the
transparency and relevancy of financial reporting, and for improving
the professional performance of public company auditors in order to
ensure that financial statements used for investment decisions are
presented fairly and have credibility. Buzz Technologies is now
reviewing a number of options in relation to becoming fully reporting;
this process given the number of logistical and language issues will
not be fast.
But an announcement in relation to the matter should be seen in the
next 30 days.
2. Exceptional items
This Quarter was impacted by the contract with a development group to
install Telecom/ISP/Equipment this contract runs for another 8 months
with a total value of $2.5m USD. Not included is the sale of
20 million minutes of VoIP time to India and China, the company
expects to start seeing revenue from that this quarter. In addition,
this Quarter the company will see its first advertising revenue from
the Multilingual/Multifunctional Web Browser released in the same
quarter at www.12buzz.com.
3. Extraordinary Items
There is no extraordinary item in current quarter and the
corresponding quarter ended June 30, 2006.
There is also no extraordinary item in the current year and the
corresponding year.
4. Profit on Investments/Properties
For the current quarter and financial year, the company has not yet
included increase in the value of property or securities.
5. Group Structure
Buzz Technologies holds a number of securities and equity stakes in
companies in a number of Countries.
6. Securities and Share Buy-Back
Increase in share capital
There will be no change in the capital structure of the company with
in the next 2 years.
7. Contingent liabilities
The Group does not have any contingent liabilities as of the date of
this report.
8. Off-balance sheet risks
There is no financial instrument with off balance sheet risk as of
the date of this report.
9. Material Litigation
There is no pending material litigation as of the date of this
report.
10. Quarterly Analysis
Management is pleased with the increase in revenue and profits; this
quarter has been the first full quarter fully focused on the
business without having to deal with take over issues relevant to
Affordable Telecommunications.
11. Prospects
The growth in revenue and profit is expected to remain solid given
the company has just commenced marketing its products.
12. Dividend
The Board of Directors will review the company's position to offer
dividends in early 2008.
Contact:
Sutida Suwunnavid
+667-6239-209
7@7123000.com
SOURCE Buzz Technologies, Inc.
Contact Information:
Sutida Suwunnavid of Buzz Technologies, Inc., +667-6239-209, 7@7123000.com
WebSite:
12buzz.com
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