From the horse's mouth...
Starnet Files Quarterly Results, Announces Conference Call
WILMINGTON, Del., Dec. 15 /PRNewswire/ -- Starnet Communications International Inc. (OTC Bulletin Board: SNMM - news) is pleased to announce the filing of its financial results
under Form 10-QSB for the quarter ended October 31, 1998 (the ''Period'').
Revenues for the Period totaled $1,781,357 an increase of 147.2% from $720,732 in the previous fiscal year's first quarter, and an increase of 15.9% from the preceding quarter. The
increase was attributed to additional revenues generated from licensing, gaming operations and financial transactions processing for licensees. Revenues from licensing, which is becoming
a major income source, account for 41% of the total revenue for the Period.
The Company's revenues increased 132% to $3,318,616 for the six months ended October 31,1998 compared to $1,430,069 for the six months ended October 31,1997.
Operating expenses increased by 69.1% to $1,029,194 (57.8% of sales) for the three months ended October 31, 1998 from $608,746 (84.5% of sales) for the prior year quarter. The
decrease in these expenses from 84.5% to 57.8% was the result of efficiencies gained as the Company handled a greater level of activity
Starnet reported net earnings for the Period of $247,747, as opposed to a loss of $229,687 during the same period last year.
''Our figures indicate that Starnet is entering a phase of rapid growth and profitability and we feel that our wholly owned subsidiary, Softec Systems Caribbean Inc., will continue to be a
major contributor to the Company's success in the months ahead,'' commented CEO Mark Dohlen.
A teleconference with Mr. Dohlen is being held after market close today, to discuss results. The call will be held at 4:15pm ET, after market close. The public is invited to participate by
calling 888-301-5830 (904-779-4769 in Canada).
Starnet markets Internet gaming services through its wholly owned online casino, sportsbook and simulcast horse racing system -- World Gaming Services Inc. of Antigua
(www.worldgaming.net). These technologies are also licensed to independent operators through Starnet's wholly owned Antiguan subsidiary, Softec Systems Caribbean Inc.
(www.softecsystems.com) -- which in turn participates in a percentage of each of its licensee's revenues. Softec has thirteen licensees.
Starnet's competition within the Internet gaming industry includes GIC Global Intertainment Corporation, Global Games Corporation, GLC Limited, Atlantic International Entertainment
Ltd. and Cryptologic Inc.
Described by ABC Nightline as ''a reputable pioneer in Internet gambling,'' Starnet trades on the NASD Bulletin Board as a Fully Reporting Issuer. snmm.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are
subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in
testing and evaluation of products and other risks detailed from time to time in Starnet's fillings with the Securities & Exchange Commission.
CONTACT: Mr. Jack Rosenberg, Investor Relations of M&A West Inc., 650-588-2678, for Starnet; or Mr. Alan Poole of Starnet Communications International Inc., 604-608-6035. |
