CYBERSURF ANNOUNCES POSITIVE EARNINGS
FOR PERIOD ENDED DECEMBER, 1998
990301 - CYBERSURF CORP(CY) - CALGARY, ALBERTA
Management is pleased to report the following results for the six
months ended December 31, 1998.
Financial:
The earnings for the period were $458,741 (3 cents per share) as
compared to a loss of $378,931 in the same period of the prior
year. Revenues were $2,036,945, up from $909,455 in the prior
year. Revenues increased significantly due to the major sale of
55% of the Edmonton 3web license to Growth Technologies '98
Limited Partnership.
The large increase in gross margin is again due to the high
margin on the software sale, but contributing to this increase
was the CRTC's approval to reduce phone line charges, effective
August, 1998. General and Administration expenses were higher by
10% due to higher selling costs and additional office space. Cash
flow from operations was $705,111 (4 cents per share) compared to
an outflow of $210,702 in the prior year.
Operations:
Cybersurf plans to launch a 3web service in Edmonton this month.
This unique free Internet, e-mail and new media service can be
followed on the 3web site - www.3web.net .
Management is continuously exploring various strategic business
alliances to accelerate growth, which ultimately will increase
shareholder value.
Cybersurf is a communication company in the business of
developing and marketing software and connectivity tools. Our
goal is to enhance the use of telecommunications hardware and to
develop unique software, which has substantial potential for
businesses and consumers.
The Alberta Stock Exchange has neither approved nor disapproved
of the information contained herein.
For further information please contact William Hammett at
Cybersurf Corp (403) 777-2000
www.cybersurf.net www.3web.net E-mail: info@cybersurf.net |
