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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook -- Ignore unavailable to you. Want to Upgrade?

To: David M. Green who wrote (4111)	7/29/1999 4:24:00 PM
From: Jay Plummer	Read Replies (1) \| Respond to of 8858

Starnet Announces 190% RevenueGrowth For FYE 1999 July 29, 1999 04:15 PM WILMINGTON, Del.--(BUSINESS WIRE)--July 29, 1999--Starnet Communications International Inc. SNMM ("Starnet") wishes to announce the filing of its financial results under Form 10-KSB for the fiscal year ended April 30, 1999. April 30, 1999 - Fourth Quarter Results: Q4 revenues were up 236% to $3.8 million compared to $1.1 million for Q4 1998, and up 42% compared to $2.7 million for Q3 1999. As a result, basic earnings per share were $0.03, compared to a loss of $0.01 for Q4 1998 and earnings of $0.03 for Q3 1999. Diluted earnings per share were $0.03, compared to a loss of $0.01 for Q4 1998 and earnings of $0.03 for Q3 1999. Net income for Q4 was $803,000, compared to a loss of $141,000 for Q4 1998 and income of $888,000 for Q3, 1999. April 30, Year End Results 1999 revenues were up 190% totaling $9.8 million compared to $3.4 million for 1998. As a result, basic earnings per share for 1999 were $0.09 compared to a loss of $0.05 for 1998. Fully diluted earnings per share were $0.08 compared to a loss of $0.05 for 1998. Net income for the year ended April 30, 1999 was $2.0 million compared to a loss of $1.0 million for 1998, an increase of $3.0 million. Selected Income Statement Information (Amounts stated in thousands of US dollars, except per 4th Quarter Year ended April 4th Quarter Year ended share disclosure) 1999 30, 1999 1998 April 30, 1998 Revenue $3,788 $9,773 $1,128 $3,370 Income (loss) from operations $ 943 $2,158 $ (63) $ (914) Net Income $ 803 $2,042 $ (141) $(1,038) EPS - Basic $ 0.03 $ 0.09 $(0.01) $ (0.05) EPS - Diluted $ 0.03 $ 0.08 $(0.01) $ (0.05) Selected Balance Sheet Information (Amounts stated in thousands of US dollars) April 30, 1999 April 30, 1998 Cash & cash equivalent $ 5,000 $ 140 Working capital (deficiency) $ 7,167 $ (329) Total assets $13,439 $ 3,275 Long Term Debt $ 461 $ 258 Retained Earnings (Deficit) $ 884 $(1,158) Total shareholders' equity $ 9,420 $ 1,298 Starnet will hold a public conference call this afternoon at 1:30 p.m. P.S.T featuring CEO Mark Dohlen to discuss the Company's' progress and new business objectives. The call will be co-chaired by Mr. Scott Kelly, President and CEO at M&A West. People wanting to participate in the call please call toll free to 800/659-7914 or directly to 816/650-0606 if the toll free number is outside of your calling area. Starnet is a fully reporting US (Delaware) corporation, which is currently listed on the National Association of Security Dealers ("NASD") Over-The-Counter Bulletin Board and commenced trading in September of 1997 under the symbol "SNMM". Starnet is also listed on the Berlin Stock Exchange ("Berlin") and is publicly traded on Over-The-Counter market under the symbol "SNM". Starnet is a leading developer and producer of Internet technologies for gaming applications. For more information, please visit www.snmm.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Starnet's fillings with the Securities & Exchange Commission.