News out!! MUCP reports a profit!
(COMTEX) B: MSU Corp. Reports Fourth Quarter/Year End Results; Fiscal
B: MSU Corp. Reports Fourth Quarter/Year End Results; Fiscal '98 is First
Profitable Year in Company's History
MILTON KEYNES, ENGLAND (Jan. 7) BUSINESS WIRE -Jan. 7, 1999--MSU
Corporation (OTC BB: MUCP), a manufacturer and marketer of
Internet-access set-top boxes, today announced financial results for
its fiscal year ended June 30, 1998, the first profitable year in the
company's history.
The company reported first-time operating income of $286,256 for fiscal
1998, compared with last fiscal year's operating loss of $2,112,885.
Net income for fiscal 1998 was $291,744, or two cents per share, basic
and diluted, on 16,246,000 weighted average shares outstanding, versus
a net loss of $2,106,709, or 13 cents per basic and diluted share on 15,
700,000 weighted average shares outstanding for fiscal 1997. Revenues
for fiscal 1998 increased 182 percent to $4,179,203, from $1,479,911
for the prior fiscal year.
For the fourth quarter, the company reported net income of $3,226,234,
or 20 cents per basic and diluted share, compared with net loss of $651,
662, or four cents per share, for the fourth quarter last year.
Operating income (loss) for the quarter was $3,225,300 versus $(1,338,
701) for the same period of fiscal 1997. Revenues for the quarter were
$4,168,198, up from $323,861 for the like quarter of the prior year.
Wyn Holloway, chairman of MSU Corporation, commented, "We are very
pleased to have achieved profitability for fiscal 1998. We believe we
have turned a corner, and that the company is positioned to realize its
full potential in a growing marketplace. We expect to make significant
progress in the last half of fiscal 1999. By the end of March, we plan
to begin mass-manufacturing our SlipStream units, which we believe
could generate substantial revenue for MSU."
MSU Corporation designs and develops computer chips and chip sets
principally for use in consumer electronic products. Most of the
company's chips are capable of multiple functions and eliminate the
need for additional chips. Moreover, they diminish the risk of
malfunction and error, permit more efficient circuit-board designs and
are available at a low cost. In addition to computer chips, MSU
develops consumer electronic products and reference platforms for
itself and other companies. Its SlipStream Internet access technology
enables anyone with a television and regular telephone line to access
the Internet and send and receive e-mail. And when used with MSU's
customized, proprietary browser, SlipStream allows users in Germany,
France, Italy, Poland, Portugal, China and English- and
Spanish-speaking countries to access and interact with foreign web
sites in their native language. The SlipStream technology is also
manufactured and marketed in a TV set-top box. MSU also offer custom
services in chip design, hardware and operating-system development,
computer peripheral-design development and application-software
development, consulting and sourcing.
For more information, visit MSU Corporation's web site at
www.msu.co.uk.
This release contains forward-looking statements which are based on
current information available to management and which are subject to
other important factors disclosed from time to time in the company Form
10-K and Form 10-Q, Registration Statements and other Securities and
Exchange Commission filings, including specifically, among other
factors, changing market and economic conditions.
MSU CORPORATION
Financial Highlights (Unaudited)
For the Three Months Ended For the Year Ended
6/30/98 6/30/97 6/30/98 6/30/97
Revenues $4,168,198 $323,861 $4,179,203 $1,479,911
Operating income
(loss) 3,225,300 (1,338,701) 286,256 (2,112,885)
Net income (loss) 3,226,234 (651,662) 291,744 (2,106,709)
Earnings per share:
Basic $.20 $(.04) $.02 $(.13)
Diluted $.20 $(.04) $.02 $(.13)
Weighted average
shares outstanding:
Basic 16,196,000 15,661,000 16,246,000 15,700,000
Diluted 16,196,000 15,661,000 16,246,000 15,700,000
-0- jd/ny*
CONTACT: MSU CORPORATION
Keith Peirson, Managing Director
011-44-1908-232-100
or
Debra Potter, Senior Editor
Porter, LeVay & Rose, Inc.
212/564-4700
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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