Looks like Bizness is an okay term... it's just Bidness that causes confusion among the troops, I guess...lolololol
BiznessOnline.com Announces Second Quarter and Year to Date Results
WALL, N.J.--(BUSINESS WIRE)--Aug. 3, 1999--BiznessOnline.com,
Inc. (NASDAQ NM: BIZZ) today reported unaudited pro forma results for
the quarter ended June 30, 1999. The pro forma financial results
presented below for the six months ending June 30, 1998 and 1999
assume the BiznessOnline.com initial public offering and related
acquisitions of four Internet service providers (ISPs) which took
place in May 1999, and the earlier acquisition of an ISP in January
1999 all had taken place as of January 1, 1998 and that the Company
operated as a consolidated entity from that date.
Pro forma revenues for the quarter increased 36% to $1,905,522,
from $1,401,297 for the quarter ended June 30, 1998. Pro forma net
loss for the quarter ended June 30, 1999 was $706,870, or $0.11 per
share as compared to a pro forma net loss of $728,380, or $0.11 per
share for the quarter ended June 30, 1998. The pro forma net loss for
both periods is attributable to non-cash amortization of goodwill
resulting from the acquisitions of the five ISPs by BiznessOnline.com
in 1999. Pro forma EBITDA decreased from $65,425 in 1998 to $11,314
for the quarter ended June 30, 1999. This decrease was a result of
increased advertising compared to 1998 and administrative costs
associated with integrating the combined companies.
Pro forma revenues for the six months ended June 30, 1999
increased 33% to $3,778,948, from $2,835,219 for the same period of
1998. Pro forma net loss for the six month period ended June 30, 1999
was $1,244,765, or $.18 per share, as compared to a pro forma net loss
of $1,261,676, or $.18 per share for the six months ended June 30,
1998. The pro forma net loss for both periods is attributable to
non-cash amortization of goodwill. EBITDA for the six months ended
June 30, 1999 was $283,532, as compared to $318,644 for the same
period in 1998. This decrease was a result of increased advertising
compared to 1998 and administrative costs associated with integrating
the combined companies. Subscribers increased 35% from 17,656 as of
June 30, 1998 to 23,766 as of June 30, 1999.
*T
BiznessOnline.com, Inc.
Pro Forma Income Statement
(unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Revenues $1,905,522 $1,401,297 $3,778,948 $2,835,219
Connectivity
& Operations 1,055,949 904,391 1,973,544 1,668,644
Selling General and
Administrative 838,259 431,481 1,521,822 847,931
Depreciation 134,018 108,800 256,521 206,711
Amortization 677,387 677,387 1,354,774 1,354,774
Total Expenses 2,705,613 2,122,059 5,106,661 4,078,060
Operating (Loss) (800,091) (720,762) (1,327,713) (1,242,841)
Interest Income
(Expense), net 92,954 ( 7,618) 82,578 ( 18,835)
Other Income (Expense) 267 -- 370 --
---------- ---------- ---------- ----------
(Loss) Before Taxes (706,870) (728,380) (1,244,765) (1,261,676)
Income Tax Provision -- -- -- --
---------- ---------- ---------- ----------
Net Loss $ (706,870) $ (728,380) $(1,244,765) $(1,261,676)
========== ========== =========== ===========
EBITDA $ 11,314 $ 65,425 $ 283,582 $ 318,644
Net Loss per share $ (0.10) $ (0.11) $ (0.18) $ (0.18)
Weighted Average
Shares Outstanding 6,890,436 6,890,436 6,890,436 6,890,436
BiznessOnline.com, Inc.
Selected Balance Sheet Information
(unaudited)
June 30, 1999 December 30,1998
Cash and cash equivalents $19,515,000 $19,663,000
Working capital 18,241,000 18,267,000
Total assets 33,786,000 34,606,000
Accumulated deficits (798,000) (42,000)
Shareholders equity 31,844,000 32,920,000
*T
-0-
BiznessOnline.com is a leading regional provider of Internet and
Web Application services to small and medium-sized businesses and
residential accounts in underserved, secondary markets in the
Northeastern US. The Company offers bundled, tier-1 network broadband
services via DSL, Frame Relay, and T-1 and T-3, new web media and
e-commerce development, web hosting, and dial-up services.
BiznessOnline.com's corporate offices are located in Wall, N.J., and
the Company can be found on the World Wide Web at
www.biznessonline.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Certain of these statements contained in this release which are
not historical facts are forward-looking statements that are subject
to risks and uncertainties that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the uncertainties inherent in the process of auditing and
making end-of-year adjustments to a corporation's financial
statements, risks related to the Company's growth strategy, the
ability to complete and integrate acquisitions, market demand for the
Company's services, and other factors affecting the Company's
prospects as described in the Company's filings with the Securities
and Exchange Commission, including the Company's prospectus in its
Form SB-2 registration statement. By making these forward-looking
statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.
L.G. Zangani, LLC provides financial public relations service to
the Company, As such L.G. Zangani, LLC and/or its officers, agents and
employees, receives remuneration for public relations and or other
services in the form of moneys, capital stock in the Company, warrants
or options to purchase capital in the Company.
CONTACT:
BiznessOnline.com
Mark E. Munro, CEO, 732/280-6408
or Daniel J. Sullivan, CFO, 732/280-6408
or
L.G. Zangani, LLC
Leonardo G. Zangani, 908/788-9660
or Jeanne Ferrari, 908/788-9660
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