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Microcap & Penny Stocks : PCNA: Take 2! -- Ignore unavailable to you. Want to Upgrade?

To: Auricman who wrote (63)	8/5/1999 10:33:00 AM
From: Rainy_Day_Woman	Respond to of 101

LAKE HELEN, Fla.--(BUSINESS WIRE)--Aug. 5, 1999--The Publishing Company of North America, Inc. (Nasdaq:PCNA - news) today announced that it posted profits of $26,508, or $.01 per share, and $54,824, or $.02 per share, for the three and six months ended June 30, 1999. This compares to losses of ($486,993), or ($.10) per share, and ($725,844), or ($.15) per share, for the same periods, respectively, a year earlier. Revenues for the three and six months ended June 30, 1999 were $1,446,711 and $2,874,9178, respectively, compared to $1,738,179 and $3,3695,912 for the same periods in 1998. The reduced revenues were the result of the Company's actions targeted at improving its operating results by the elimination of some publishing agreements. The Company's results in 1998 were significantly affected by the results of its former subsidiary, College Directory Publishing, Inc. (''CDP''), which the Company sold in June 1998. CDP had a highly seasonal business and posted a loss of $437,376 and no revenues in 1998 prior to its sale. Additionally, the Company posted a loss of $220,744 and income tax expense of $70,296 relating to the sale of CDP. Commenting on the results, Peter S. Balise, President and Chairman of PCNA, said, ''Posting our third consecutive profitable quarter is the result of diligent efforts that began over a year ago to cut costs, streamline operations, and implement new directory programs. It was prudent for us to eliminate some publication contracts in order for us to move toward profitability even though it meant a reduction in revenues. With these results in our print directory business and the recent launch of our legal portal and our online shopping mall, we look forward to the additional contribution that our online business will make. Our e-commerce doesn't bear the significant costs of printing and distribution. We plan to leverage upon our print directory distribution and our relationships with bar associations across the country as we move forward with our legal portal, our online directory, and our online shopping mall.'' full story: biz.yahoo.com