IFLY moved up in higher than normal volume today, should be back to old high of 6 soon.
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800 Travel Reports Record Revenues and Positive Cash Flow from Operations
TAMPA, Fla., April 1 /PRNewswire/ -- 800 TRAVEL SYSTEMS, INC. (Nasdaq: IFLY - news, IFLYW - news) announced today that total revenues in 1997 increased 164% to $8.3 million compared to $3.2 million in 1996. The revenue increase reflects the acquisition of The Joseph Stevens Group, a San Diego-based reservation center, and solid growth at the Company's Tampa facility.
The Company's operating loss was ($262,505) in 1997, a 92% reduction from 1996's operating loss of ($3,372,411). The 1997 operating loss reflects various non-cash charges, including a $321,250 charge for stock, options and warrants issued to compensate management and to certain of the Company's lenders. During 1997 the Company generated $1,092,357 from operations as compared to $1,095,150 used in operations during 1996.
Mark Mastrini, President of 800 Travel commented that ''1997 was a
year of significant accomplishments for the Company. In addition to
completing the acquisition of the Stevens Group and significantly
improving operations at both call centers, the Company was able to
successfully complete its public offering. The first quarter of 1998
showed continued improvement in revenues. The cash we anticipate
generating from operations and the capital remaining from the
Company's public offering should allow us to continue to grow our
Company.''
800 Travel Systems, one of the 100 largest independent travel agencies in the United States, provides low-priced airline tickets for
domestic and international travel through its easy to remember
numbers ''1-800-LOW-AIR-FARE'' (1-800-569-2473) AND ''1-800-FLY-FOR-LESS'' (1-800-359-4537).
This release contains forward-looking statements relating to the
future performance of the Company. The ability of the Company to
achieve the results anticipated is dependent upon various factors
discussed in its annual report on Form 10-KSB, including the
Company's relationships with various airlines and economic conditions impacting upon the success of the airline and industry generally. |
