Toups Technology Reports 1998 Revenues Of $3,132,001 And The Private Securities Placement Of $2,250,000 With Two Funds
LARGO, Fla., April 1 /PRNewswire/ -- Toups Technology Licensing, Inc. (OTC Bulletin Board: TOUP - news; TTL), a diversified technology development company serving the Energy, Natural Resources, Environmental and Healthcare market segments, announced revenues of $3,132,001 for fiscal year ended December 31, 1998, its first full year of operation. This compares to $1,196,169 for the fiscal year ending December 31, 1997. Gross profit for 1998 was $1,147,071, or 37% of revenues, up from $373,799, or 31% of revenues for 1997.
Net income for the period ending December 31, 1998 reflects a loss of $2,187,994, or $0.09 per share based on the 22,217,299 shares outstanding at December 31, 1998 and a loss of $0.18 per share on a fully weighted average for the year. This compares with net income of $49,101, or $0.005 per share for the year ended December 31, 1997.
For the year ending December 31, 1998, the Company reported assets of $5,312,840 as compared with $562,054 for the period ended December 31, 1997. Stockholder equity grew from $256,484 at December 31, 1997 to $3,360,798 at the year ended December 31, 1998.
The Company attributes 33%, or $722,748 of its 1998 losses to a charge against earnings related to the issuance of common stock for services. The remaining 67%, or $1,465,246, of its losses for 1998 resulted from expenses incurred in the development and market introduction of various technologies.
TTL began operations on November 1, 1997. During 1998, its first full year of operation, TTL worked to build the company by providing for funding without incurring debt; assemble technologies through licenses and acquisitions that provide for diversification; create an asset based manufacturing facility; create a public trading market for TTL's stock, and, to position the Company to achieve consistently profitable operations in 1999.
TTL entered 1999 debt free with the exception of normal trade payables and lease obligations. It is comprised of nine operating divisions with operations in Largo, Florida, Claremore, Oklahoma and Garden City, Kansas. Estimated assets are in excess of $5.3 million and stockholders' equity in excess of $3.3 million. The Company is headquartered in a 50,000 square foot, fully equipped, manufacturing facility in Largo. With stock trading initiated in June, 1998, TTL has maintained about a $2.00 share price and an average daily volume in excess of 50,000 shares.
The growth of TTL's nine operating divisions combined with a completed private placement of $2,250,000 from two funds for working capital positions the Company to aggressively pursue its goal of profitable operations in 1999.
For the periods ending March 31, June 30, September 30 and December 31, 1998, the Company reports:
TOUPS TECHNOLOGY LICENSING, INC.
3 months 6 months 9 months 12 months
Unaudited Unaudited Unaudited Audited
Ended Ended Ended Ended
3/31/98 6/30/98 9/30/98 12/31/98
Revenues $1,442 $272,040 $1,700,984 $ 3,132,001
Net Income (loss) $(215,071) $(655,991) $ (762,450) $(2,187,994)
per share
Earnings (loss) $(0.02) $(0.06) $(0.06) $(0.09)
per share
Average fully weighted $(0.18)
loss per share
Note: Revenues for the 3 months ended 3/31/98 represent interest income
For the nine-month period ending September 30, 1998, the Company's unaudited financial statements reflect sales of $1,700,984 compared to the Company's audited financial statements for the year ended December 31, 1998, which reflects sales of $3,132,001.
For the year ended December 31, 1998, TTL estimates total assets of $5,312,840 as compared to $562,064 for the period ended December 31, 1997. Stockholder's equity was $3,360,798 for the period ended December 31, 1998 as compared to $269,341 for the period ended December 31, 1997. The Company has no short-term debt beyond normal trade payables and, at December 31, 1998, the Company had a total long-term debt of $332,112 in capital lease obligations.
Company contacts: Mark Clancy, executive vice president of TTL or James Doulgeris, vice president, marketing, (727) 548-0918, fax (727) 549-8138, e-mail: toups@toupstech.com.
This press release may 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. Although such statements are based on reliable information and past experience, operating results are affected by variety of factors, many of which are beyond the control of the Company. The factors include the levels of order which are received and can be shipped in a quarter; whether and when order options are exercised; customer order patterns and seasonability; contract mix and shifting production and delivery schedules; manufacturing capacity and yield; cost of labor, raw materials, supplies and equipment; technological changes; competition and competitive pressures on pricing; economic conditions in the United States and worldwide, as well as other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE: Toups Technology Licensing, Inc.
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