VIZY profitable, and I believe shareholders meeting to dicuss reverse split is tomorrow...not sure of delisting date.
Vizacom Announces Profitable First Quarter
Reports First Ever Profitable Quarter With $194,000 Net Income
BOHEMIA, N.Y., May 16 /PRNewswire/ -- Vizacom Inc. (Nasdaq: VIZY), a
provider of professional internet and technology solutions, today reported its
first profitable quarter for the fiscal period ending March 31, 2001.
The Company reported net income of approximately $194,000 for the first
quarter 2001, primarily from an approximate $1.5 million gain on the sale of
its visual communications software and overseas operations. The Company
reported a net loss of approximately $1.6 million from continuing operations
for the quarter, as well as income from first quarter discontinued operations
of approximately $314,000. The Company's pro forma loss from continuing
operations was reduced to approximately $700,000, excluding approximately
$900,000 in non-recurring expenses relating to its 2001 restructuring,
amortization and depreciation, and other non-cash charges.
Net income per common basic and diluted share was $0.01 for the period
ending March 31, 2001.
"We believe that the divestiture of our software and overseas operations,
combined with the actions taken to reduce our corporate overhead costs in
early 2001, have strengthened our continuing operations significantly and
positioned us to experience continuing improvements. In fact, we believe that
sales activity from our professional internet and technology solutions
business continues to build, with the recent addition of companies like
Verizon Communications to our already top list of clients," said Vincent
DiSpigno, president of Vizacom. "We are encouraged and hopeful that the
combined impact of these activities will be to enable us to achieve positive
cash flow from operations in the second half of the year."
About Vizacom
Vizacom Inc. (Nasdaq: VIZY) is a provider of professional Internet and
technology solutions. Through its Vizy Interactive New York and Vizy
Interactive-PWR Systems subsidiaries, Vizacom develops and provides leading
companies with a comprehensive range of service and product solutions,
including: business strategy formation; web interface design and branding;
e-commerce and web-content management applications; creative media solutions;
systems planning, development and integration; and data center services.
Vizacom's clients are established companies that seek to leverage technology
to build stronger and more profitable businesses. The Company has formed
long-term client relationships with several of the world's foremost companies:
Martha Stewart Living, Verizon Communications, SoBe Beverage, Avon Products,
Petrossian Paris and Sony Music. For more information, visit
vizacom.com.
Safe Harbor
Matters set forth herein may include forward-looking statements involving
risks and uncertainties that could cause actual results to differ. Potential
risks and uncertainties include, but are not limited to, the market acceptance
and amount of sales of the Company's Internet and technology solutions and
computer products; the Company's ability to support the growth of its core
businesses; the Company's ability to integrate or coordinate the operations of
its businesses; the Company's ability to hire, train, motivate and retain
employees; the competitive environment within the Company's industries;
economic conditions; and the Company's ability to raise additional capital.
Investors are directed to consider other risks and uncertainties as discussed
in documents filed by the Company with the SEC.
Consolidated Balance Sheet Summary Information
March 31, 2001
Total current assets $4,636,295
Total assets $11,991,502
Total current liabilities $7,368,251
Total stockholders' equity $4,616,374
Consolidated Statements of Operations
Quarter ended
March 31,
2001 2000
Net sales $3,943,420 $382,250
Loss from continuing operations $(1,593,906) $(450)
Discontinued operations:
Income (loss) from operations of
discontinued businesses $314,123 $ (1,391,070)
Gain on sale of discontinued operations $1,437,337 --
Income (loss) from
discontinued operations $1,787,460 $ (1,391,070)
Net income (loss) $193,554 $ (1,391,520)
Net income (loss) per common share:
Continuing operations $(0.09) $(0.00)
Discontinued operations $0.10 $(0.18)
Net income (loss) per common share
- basic and diluted $0.01 $(0.18)
Weighted average number of common shares
outstanding - basic and diluted 18,145,002 7,918,316
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SOURCE Vizacom Inc.
-0- 05/16/2001
/CONTACT: Wendy Bost of Vizacom Inc., 212-619-0051, ext. 214,
wbost@vizacom.com/
/Web site: vizacom.com
(VIZY)
CO: Vizacom Inc.
ST: New York
IN: CPR STW
SU: ERN
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