Corfacts, Inc. Announces Third Quarter Results
FREEHOLD, N.J., Nov 14, 2000 /PRNewswire via COMTEX/ -- Corfacts, Inc. (OTC
Bulletin Board: CFCC.OB) announced earnings of $85,462 or 0.007 cents per share
for the nine months ended September 30, 2000 as compared to earnings of $400,189
or 0.034 cents per share for the comparable period in 1999.
Revenues increased to $4,814,111 for the nine months ended September 30, 2000 as
compared to revenues of $4,094,864 for the nine months ended September 30, 1999.
This represents an increase in revenues of approximately 17.5% as compared to
the nine months ended September 30, 1999.
For the three months ended September 30, 2000, the Company reported net income
of $20,756, or 0.002 cents per share as compared to net income of $162,215, or
0.014 cents per share for the comparable quarter ended September 30, 1999.
Revenues for the three months ended September 30, 2000 were $1,621,278 as
compared to revenues of $1,496,277 for the comparable period in 1999.
The Company is experienced in a wide range of outbound and inbound telemarketing
business services, including appointment setting, lead generation, lead
management, direct mail follow-up, trade show support services, surveys, market
research, publication subscriptions, customer service and account management.
The Company has call centers in Freehold, Wayne and East Windsor, New Jersey,
providing services for clients throughout the United States.
The following represents nine-month unaudited condensed financial information.
For additional information, see the Company's Form 10-KSB for the period ended
December 31, 1999 on the SEC's Edgar Filing System. This news release contains
forward-looking statements. Such forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be predicted or
quantified and certain of which are discussed from time to time in the Company's
filings with the Securities and Exchange Commission, including the Company's
report on forms 10-KSB and 10-QSB.
Condensed Consolidated Balance Sheet
September 30, 2000
(Unaudited)
ASSETS:
Cash & cash equivalents $ 1,191,841
Accounts receivable, net 428,968
Other current assets 285,532
Current assets 1,906,341
Property & equipment, net 602,444
Other assets 533,833
Total Assets $ 3,042,618
LIABILITIES & EQUITY:
Current liabilities $ 907,081
Other liabilities 329,013
Stockholders' equity 1,806,524
Total liabilities & stockholders'
equity $ 3,042,618
Condensed Consolidated
Statement of Operations
Nine months ended September 30, 2000
(Unaudited)
Total revenue $4,814,111
Direct operating costs 2,694,748
Gross profit 2,119,363
Selling, general & admin expenses 1,730,222
Depreciation & amortization 194,993
Interest expense 50,986
Total costs and expenses 1,976,201
Net income before taxes 143,162
Provision for income taxes 57,700
Net income $ 85,462
Basic earnings per share $ .007
Average common shares
outstanding 11,952,521
SOURCE Corfacts, Inc.
CONTACT: Ariel Freud, President of Corfacts, Inc., 800-696-7788
(CFCC.OB)
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KEYWORD: New Jersey
SUBJECT CODE: ERN |
