Company Press Release
Synergy Brands Reports Record Profits, Up 86%, and Revenues Up 67% for the First Quarter
Company Adds Inktomi to Roster of Strategic Marketing Agreements
SYOSSET, N.Y.--(BUSINESS WIRE)--May 4, 1999--Synergy Brands, Inc. (Nasdaq:SYBR - news) today announced record earnings of $318,183 for the first quarter ended March 31, 1999, an increase of 86% over earnings of $171,363 for the first quarter of 1998.
Earnings per share for the 1999 first quarter were $0.04 per share vs. $0.05 per share in the 1998 first quarter. The company also reported revenues for the first quarter ended March 31, 1999 of $3,260,349, a 67% increase over revenues of $1,949,133 for the first quarter of 1998. Weighted average shares outstanding were 7,577,421 and 3,722,958 for the 1999 and 1998 first quarters, respectively.
Henry Platek, President of Synergy Brands, said, ''The company continues to invest a significant amount of capital and has raised funds to insure the growth of its Internet subsidiaries, BeautyBuys.com, which was launched on February 26, 1999, and NetCigar.com, which will launch on May 7, 1999. The company plans to explore several opportunities to maximize the market value of its Websites through co-branding ventures and financial partnerships that would enhance the overall value of the company.''
Synergy Brands has established strategic marketing agreements with Internet portals including, Lycos.com (Nasdaq:LCOS - news), The Microsoft Network, NBC.com, The Women.com Network, Warner Bros. Online and Inktomi (Nasdaq:INKT - news). The company expects to expand onto a broader array of Internet sites and is also developing an affiliate program to work in conjunction with other Websites. In addition, the company has scheduled television commercials for BeautyBuys.com on the leading women's television network, Lifetime Television, and on financial networks such as CNBC.
All products and brand names mentioned herein are trademarks of their respective owners
This news release includes forward-looking statements, which are based on assumptions concerning production and sales, operating expenses and other costs that the management of Synergy Brands and its subsidiaries believe are reasonable, based on currently available information. However, management's assumptions and the company's future performance are both subject to a wide range of business risks and there is no assurance these goals can or will be met.
For the First Quarter Ended March 31
1999 1998
Revenues $3,260,349 $1,949,133
Earnings 318,183 171,363
Earnings Per Share 0.04 0.05
Weighted Average
Shares Outstanding 7,577,421 3,722,958 |
