CNSR
Cornerstone Internet Solutions
Company Reports Internet Services
Revenues for Six Months of Fiscal 1999 Exceed all of
Fiscal 1998
Quarterly Growth of 267% on Year-to-Year and 90% on a Sequential
Basis
NEW YORK, Jan. 4 /PRNewswire/ -- Cornerstone Internet Solutions Company (Nasdaq: CNRS -
news) today reported that Internet Services revenues for the quarter ending November 30, 1998 were
$1,004,600 as compared to $376,000 for the same quarter of the prior fiscal year. Quarterly Internet
services revenues were $238,100, $528,900, and $1,004,600, for the quarters ending May 31, 1998,
August 31, 1998 and November 30, 1998, respectively.
Net loss for the quarter ending November 30, 1998 decreased to $810,900 from $2,203,200 in the same
quarter of the prior fiscal year. The loss per common share, inclusive of preferred stock preferences, for
the three months ended November 30, 1998 was $.12, compared to $.28 for the three months ended
November 30, 1997.
''We have demonstrated exceptional growth and continue to make significant progress towards reaching
profitability'' said Ed Schroeder, President and Chief Executive Officer. ''We are hard at work on new
and follow-on engagements in each of our practice areas and are pleased that the size and scope of these
projects continues to grow, as does our blue-chip client list with the addition of three new contracts with
Fortune 50 clients this quarter''.
About Cornerstone Internet Solutions
Cornerstone Internet Solutions (http://www.crstone.com) is a professional services firm specializing in
the design, development and implementation of business systems using Internet technologies. We
combine the three disciplines required to effectively develop and deploy Internet based business
solutions:
-- Creative Design: creative resources, web designers and graphic artists,
that develop the user experience and navigation aspects of the site.
-- Technology: developers who design and build the application systems,
and integrate them with existing legacy systems or software packages
when required. Network and systems engineers that architect the
required infrastructure.
-- Strategy Consulting: consultants and project managers who work with
clients to develop business strategy and manage the implementation of
business applications.
The company deploys these skills across three practices:
-- Electronic Commerce Practice: delivers a wide range of eCommerce
solutions from catalog merchant sites through large sophisticated
business-to-business systems stretching across many value chains.
Detailed understanding of eCommerce products and services offerings,
are combined with the skills to address security, financial and
technology concerns in achieving our clients' objectives.
-- Business Applications Practice: Automates business processes through
the use of Internet technology. Intranets and extranets deliver
business applications (sales force automation, dealer support,
enterprise marketing automation, etc.) via secure Internet
technologies, tightly integrating with the client's legacy systems, to
greatly increase productivity and reduce costs.
-- Digital Asset Management Practice: Delivers systems that enable clients
to gain control over their growing volumes of digital text, graphic,
audio and video assets. Using the latest Java and CORBA technologies
we provide web-based solutions that streamline workflow, automate
business processes and encourage collaboration.
The company has marketing relationships with industry heavyweights (including Microsoft and Oracle),
selected niche providers (like Bulldog and UpShot), and has an affiliation with USWeb/CKS. Additional
information about Cornerstone Internet Solutions is available at crstone.com, by email at
info@crstone.com, or by calling 212-343-3920.
Some paragraphs of this news release, particularly those describing Cornerstone's projects and
anticipated revenues, contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. While Cornerstone is working to complete these projects to its clients' complete satisfaction,
actual results could differ materially from those projected in the forward-looking statements as a result of
a number of factors, including difficulties in implementing desired features, delays in completing the
project, technical challenges, cost overruns, changes in design and so on, any of which could have an
adverse effect on the company's relationship with its client, the company's reputation in the industry or
the company's expected financial return from undertaking the project. Factors such as these could have
an adverse effect on the company's results of operations. In light of significant uncertainties inherent in
forward-looking statements included herein, the inclusion of such information should not be regarded as
a representation by the Company or any other person that the objectives and plans of the Company will
be achieved.
SOURCE: Cornerstone Internet Solutions Company |
