IBUI IBUI Announces First Quarter 2002 Revenue and Profits
LAS VEGAS--(BUSINESS WIRE)--Nov. 15, 2001--Internet Business International Inc. (OTCBB:IBUI - news), the Internet commerce, communications, marketing and financial services company, today announced financial results for the first quarter of fiscal year 2002 ended Sept. 30, 2001.
First quarter revenues increased 442%, to $30,537,126 as compared with $6,899,937 reported for the corresponding quarter last year. IBUI operated profitably during the quarter, posting net income for the quarter of $124,000 versus a loss of $861,887 for the first quarter of fiscal 2001.
``Our positive results this quarter are primarily the result of rapid growth in online lending activity, particularly mortgage refinancing, that was brought about by lower interest rates and aggressive marketing,'' stated Al Reda, CEO of IBUI.
``During the quarter we also expanded our broadband wireless services coverage area and implemented a shared technology infrastructure across our organization that provides long-term operational advantage, as well as minimizing costs. We have laid the organizational and technological foundation that will allow our companies to cross-market more effectively and to serve our customer base better now and in the future.''
IBUI management will discuss quarterly results and corporate events on an analyst and investor call on Tuesday, Nov. 27, 2001, at 5 p.m. EST (2 p.m. PST) that will also be Internet broadcast via the link from www.ibui.net.
About IBUI
Internet Business International (www.ibui.net), conducts business over the Internet through four operating divisions: Lending on Line (real estate loans and equipment leasing); ISP (Internet access dial-up service, Web services and wireless high-speed access in select areas of Nevada and California); E-commerce (auction, transaction and reverse auction sites in Europe and the United States); and Direct Marketing (long distance phone, wireless high-speed bandwidth, Web design and hosting services, and Internet-access computers).
IBUI has seven U.S. and one European office and more than 60 employees worldwide. For additional information, contact IBUI investor relations toll free: 866/441-8901 or via e-mail: info@ibui.net.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Acts of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other then statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
INTERNET BUSINESS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Sept. 30, June 30,
2001 2001
Assets
Cash and cash equivalents $ 243,893 $ 258,019
Accounts receivable, net 221,555 200,968
Inventories 258,700 166,307
Mortgage notes held for sale 5,914,171 6,929,724
Prepaid expenses and other 99,073 106,092
Total current assets 6,737,972 7,661,110
Property and equipment, net 2,010,806 1,869,761
Intangible assets, net 2,434,408 2,543,697
$11,182,606 $12,074,588
Liabilities and Stockholders' Equity
Accounts payable $ 573,062 $ 559,292
Accrued liabilities 114,964 40,963
Revolving line of credit 5,214,595 6,230,678
Current portion of long-term debt 10,205 14,048
Deferred revenues 38,444 56,966
Other current liabilities 0 0
Total current liabilities 5,951,270 6,901,947
Long-term debt 323,520 1,168,453
Stockholders' equity:
Preferred stock, par value
$100.00 per share; 1,000,000 shares
authorized: There are no issued and
outstanding as of this date. 0 0
Common stock, par value
$0.01 per share; 349,000,000
shares authorized; 282,736,029
shares issued and outstanding at
Sept. 30, 2001 and June 30, 2001 2,827,360 2,672,360
Additional paid-in capital 3,669,490 3,669,490
Accumulated deficit (1,589,034) (2,337,662)
Total stockholders' equity 4,907,816 4,001,188
Total liabilities and
stockholders' equity $11,182,606 $12,074,588
INTERNET BUSINESS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Sept. 30, Sept. 30,
2001 2000
Revenues $30,537,126 $ 6,899,937
Cost and expenses:
Cost of revenues 28,558,597 6,064,866
Interest expense 0 2,726
Selling, general and administration 1,618,814 1,837,044
Depreciation and amortization 243,697 242,159
Total costs and expenses 30,421,108 8,146,795
(Loss) income from operations 116,018 (1,246,858)
Other income (expense):
Other income or (expense) 9,156 308,412
Interest income 0 61,142
Other expenses 648 (4,241)
Total other income, net 8,508 365,313
Minority interest in
loss of subsidiaries 0 (19,658)
Net (loss) income $ 124,526 $ (861,887)
Net loss (income) per common share Nil Nil
Weighted average number of
common shares outstanding 277,569,362 189,571,337
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Contact:
3rd Millennium Management LLC
Rich Schineller, 973/633-0888 ext. 110
rich@3rd-mm.com |
