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Non-Tech : International Heritage (IHIN) -- Ignore unavailable to you. Want to Upgrade?

To: Gutterball who wrote (416)	5/22/1998 2:16:00 PM
From: Gutterball	Read Replies (1) \| Respond to of 454

Headline: IHI Reports 1998 First Quarter Profit of $333,981 Compared to Loss of $1 Million a Year Ago ====================================================================== Raleigh, N.C., May 22 /PRNewswire/ -- International Heritage, Incorporated ("IHI") (NASDAQ:IHIN) announced 1997 year-end financial results of operations as well as results for the first quarter of 1998 in recent filings with the Securities and Exchange Commission. For the year ending December 31, 1997 IHI reported revenues of just under $110 million with a net loss of $12 million. The Company pointed out that losses were not unusual for an international direct sales company and that a majority of the losses are easily identifiable and not recurring. IHI has more than 175,000 independent sales representatives throughout the United States and Canada. Over the last 12 months, the Company has grown by more than 125,000 sales representatives and revenues have more than doubled. For the first quarter ending March 31, 1998 IHI reported revenues of approximately $20 million with a net operating profit of $333,981. In the same reporting period last year the Company lost more than $1 million. "IHI is very pleased with the dramatic improvement in financial operations and is working diligently to continue the improvement with increased earnings during 1998," said Stan Van Etten, President and CEO of the Company. In additional news, IHI has reported that nearly $10 million of notes and debentures have been converted into common equity thereby reducing the liabilities on the balance sheet and increasing paid capital by the same amount. IHI anticipates that nearly $14 million of approximately $14.5 million in total convertible debt securities will be converted by the end of the second quarter of 1998. IHI currently has no bank debt and has only trade accounts payable. A detailed release will follow at the conclusion of the debt conversion. The new common stock issued under the debt conversions is subject to Rule 144 of the Securities Act which generally requires a 12-month holding period before any trading in the stock. Additional information on the Company can be found by reviewing the various documents on file with the SEC or by contacting the Company directly.