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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (14443)	8/24/1999 1:47:00 PM
From: LANCE B	Read Replies (1) \| Respond to of 108040

ETPI- BUYING ON PROFIT NEWS.. (COMTEX) B: Entertainment Technologies & Programs Reports Record Reve B: Entertainment Technologies & Programs Reports Record Revenues and Return to Profitability HOUSTON, Aug 24, 1999 (BUSINESS WIRE) -- EntertainmentTechnologies & Programs Inc. (OTC BB:ETPI) ("ETPI" or the "Company") today announced record revenues for the third quarter ending June 30, 1999 and a return to profitability. The report shows an increase in current assets of 73.6%, while current liabilities decreased 2.5%, strengthening the Company's short-term operating position. This 80% improvement in the Company's current ratio is consistent with its focus during the current year on streamlining operations in each of the Company's divisions to augment the aggressive growth projected over the next 5 years ETPI's record revenues of $1,935,635 for the third quarter are the highest record sales in the Company's history. This was a $28,820 improvement over the third quarter of 1998, which included revenues from the now closed Hero's at Arlington and Bronco Bowl, which are not reflected in this year's numbers. These figures represent a $404,146, or 26% improvement over the second quarter of 1999. The current positive results are in keeping with the Company's overall growth trend. Prior quarter growth shows increases of 13.6% on sales vs. an industry average of just 7.55%. The trailing 12 months for the prior quarter show sales of 23.16% vs. the trailing 12 months a year ago. The industry average for the same period increased only 8.06%. Gross profit followed the same upward trend in the previous quarter. The trailing 12 months showed increases of 53.18% over the trailing 12 months a year ago. Gross profits for the industry as a whole only increased 37.03% during the same period. ETPI CEO James Butcher anticipates a continued growth trend. "Substantial operating changes have created the desired impact on performance during the third quarter. Not only were we able to attain record revenues and return to profitability, we were also able to improve almost every facet of our balance sheet. We now have a positive cash flow, which improved by almost $400,000 over the second quarter of 1999. Our current assets are up over 70% compared to the third quarter of 1998. Total assets increased by nearly one million dollars over the second quarter of this year and more than two million dollars over the third quarter of last year. General and administrative expenses are down 30% compared to the third quarter of last year, demonstrating our considerable efforts to streamline our operations," commented Mr. Butcher. "With these changes we can effectively take advantage of growth opportunities and improve shareholder value. "We have taken great strides during our 'Focus and Finish' efforts," continued Mr. Butcher. "We have closed unprofitable locations and focused our efforts on our core profitable operations, as well as remodeling and opening the very successful Hero's Water World, which opened the end of May. The contribution from Hero's Water World in one month was enough to offset two months of remodeling and pre-opening costs in April and May. Revenues and income from Performance Sound & Light (PS&L) continue to improve as on-line purchasing from the PS&L web site increases. Our Vision Quest division is on track to have its best year ever, and our NightLife division continues to grow and provide positive cash flows to the company. "While we have taken tremendous strides to return the Company to profitability, we are not even close to being through. Our positive cash flow will allow us to continue improving the balance sheet and enable us to improve our core operations to generate even more revenues and income. As we have in the past, we also continue to evaluate growth opportunities which are synergistic with the company's core operations, both internally and through acquisitions. "Finally, I would like to thank the shareholders for their patience during the past few quarters. Our goal is to maximize the return to our shareholders, and the activities during the past several months, while painful, were necessary steps to attain this goal. We are now in a position to build on this quarter's success and look forward to reaching the level of performance that our shareholders expect and deserve." Forward-looking statements in this press release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued popularity of entertainment facilities, increased levels of family entertainment competition, completion of a planned funding package, and other risks. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Entertainment Technologies & Programs Inc., Houston Fritz Boudreaux, 281/486-6061