(COMTEX) B: Starnet International Files First-Quarter Results
B: Starnet International Files First-Quarter Results
ST. JOHNS, Antigua, Sep 14, 1999 (BUSINESS WIRE) -- Starnet
Communications International Inc. (OTC BB:SNMM) ("Starnet") is pleased
to announce the filing of its financial results under Form 10-QSB for
the quarter ended July 31, 1999 (the "Period").
For the quarter ended July 31, 1999 April 30, 1999 July 31, 1998
Revenues
From continuing
operations $ 3,615,000 $ 2,886,000 $ 659,000
From discontinued
operations $ 852,000 $ 902,000 $ 878,000
Total Revenues $ 4,467,000 $ 3,788,000 $ 1,537,000
Net Income $613,000 $803,000 $103,000
Earnings per share
- basic $0.02 $0.03 $0.00
Earnings per share
- diluted $0.01 $0.03 $0.00
Revenues from continuing operations for the period were $3,615,000,
compared to $659,000 for the prior year quarter. The 449% increase is
attributable to the substantial growth in the company's on-line gaming
business. Revenues from continuing operations for the period have risen
by $729,000 (25%) over the prior quarter's revenues of $2,886,000. Net
income for the period, including income from discontinued operations,
was $613,000 ($0.02 per share), representing an increase of $510,000
(495%) from the prior year quarter, and a decrease of $190,000 (24%)
from the quarter ended April 30, 1999.
The company recently announced plans to divest its interactive adult
entertainment media business; consequently revenues of $852,000 for the
period (1998 -- $878,000) are excluded from the total revenues
reported. The company will continue to operate this segment of its
business, and report the results of its operations as discontinued
operations, until it is sold.
At July 31, 1999, the company had $12,138,000 in cash and cash
equivalents compared to $5,000,000 at April 30, 1998, reflecting an
increase of $7,138,000 due to exercise of stock options and warrants.
Working capital at July 31, 1999 also increased significantly to
$16,451,000 from $7,167,000 at April 30, 1999.
Starnet also announces that as a result of the ongoing investigation in
Vancouver, two bank accounts belonging to Starnet Communications
International Inc. and Softec Systems Caribbean Inc. held at the main
branch of CIBC in Vancouver have been frozen pursuant to an ex parte
Restraint Order granted by the Honourable the Associate Chief Justice.
The company holds accounts in the US and Antigua which have not been
affected. Starnet Communications International Inc. does not expect
these events to have a material affect on the ongoing business of the
company. Starnet has filed an application to revoke or vary the
restraint order.
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 where it is traded on the Over-The-Counter
market under the symbol "SNM".
The Wall Street Journal has described Starnet as "one of the
established leaders in Internet gaming and entertainment".
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 filings with the
Securities & Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Starnet Communications International Inc.
Investor Relations
Carey Nelson, 604/608-6034
Rob Grace, 604/608-6035
OR
North American Toll, 1-888-883-0833
Outside N. America, 800-883-88338
Email, ir@snmm.com
OR
Ogilvy Public Relations Worldwide
Brad Miller, 212/880-5345
WEB PAGE: businesswire.com
GEOGRAPHY: DELAWARE INTERNATIONAL CANADA LATIN AMERICA
INDUSTRY CODE: GAMING
ENTERTAINMENT
EARNINGS
INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS
COMED
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