Firamada, Inc. Releases Audited 1997 Balance Sheet and Six-Year Pro Forma Projections
Sorry for columns, but way it looked on AOL
NEW YORK--(BUSINESS WIRE)--May 8, 1998--Firamada, Inc. today released the Company's Audited Balance Sheet for 1997 and also Pro Forma projections for 1998-2003. The future projections listed below do not include anticipated income generated from the production of The Morton Downey, Jr. Show, Firamada's re-insurance of workman's compensation plans or Firamada's payroll financing division, all of which are expected to be highly profitable.
FIRAMADA, INC. 1997 Balance Sheet: Period Ending Dec. 31, 1997
ASSETS:
-Cash $2,815,273 -Accounts Receivable $ 863,428 -Inventory $ 0 -Prepaid and Other $ 213,125
Total Current Assets $3,891,826
-Property and Equipment $ 163,121
-Other Assets $1,875,000
TOTAL ASSETS $5,929,947
LIABILITIES & EQUITY:
-Accounts Payable $ 83,128 -Accrued Expenses $ 0 -Other Current $ 355,641
Total Current Liabilities $ 438,769
Long-Term Debt: -Revolving $ 0 -Lease Finance $ 0 -Senior Term Debt $ 0 -Subordinated Debt $ 0 -Jr. Subordinated Debt $ 0
Total Long-Term Debt $ 0
Other Long-Term Liabilities $ 76,480
TOTAL LIABILITIES $ 515,249
EQUITY: -Preferred Stock $ 0 -Common Stock $ 210,000 -Dividends $ 0 -Treasury Stock $ 0 -Additional Paid in Capital $2,734,193 -Retained Earnings $2,470,505
TOTAL EQUITY $5,414,698
TOTAL LIABILITIES & EQUITY $5,929,947
PRO FORMA PROJECTIONS for years 1998 through 2003 (includes Myriad acquisition)
Forecast for Year Ending Dec. 31. 1998 1999 2000 2001 2002 2003
SALES: (in thousands of $) 80,288 92,331 105,257 117,888 132,035 146,559 Cost of Goods Sold 69,141 79,512 89,849 99,732 111,600 123,764 Other CGS - Consulting 0 0 0 0 0 0
Gross Profit 11,147 12,819 15,408 18,156 20,435 22,795
Gross Margin 13.9% 13.9% 14.6% 15.4% 15.5% 15.6% ----------------------------------------------------------------------
Operating Expenses: -Selling 895 910 1,001 1,081 1,167 1,260 -General & Administrative 3,250 2,617 2,826 3,024 3,236 3,463 S Corporate Expense 510 1,428 1,542 1,665 1,798 1,942 G R&D & Other Operating 0 0 0 0 0 0
Total Operating Expenses 4,655 4,955 5,369 5,770 6,201 6,665
EBITDA 6,492 7,864 10,039 12,386 14,234 16,130
-Depreciation 110 93 137 189 219 250 -Amortization 35 419 419 419 419 419
EBIT 6,347 7,352 9,483 11,778 13,596 15,461
Interest or Other
(Income) Expenses -Interest Expense 625 390 318 233 148 63 -Interest Income (268)(1,080) (1,859) (2,195) (2,610) (3,141) ----------------------------------------------------------------------
Net Interest (Income) Expense 357 (690) 1,541) 1,962) (2,462) (3,078)
Other (Income) Expense 0 28 28 28 28 28
Income Before Taxes 5,990 8,014 10,996 13,712 16,030 18,511
Income Tax (Credit) Prov. 1,129 3,206 4,398 5,485 6,412 7,405
NET INCOME 4,861 4,808 6,598 8,227 9,618 11,106
This information relates only to the staffing portion of Firamada's business. A hard copy of the balance sheet can be obtained by sending a written request to Firamada's corporate offices at:
Firamada, Incorporated 40 Wall Street - 32nd Floor New York NY 10005
Firamada President Mr. Ira Monas commented on the figures stated above, "The projections listed here do not include anticipated income generated from the production of The Morton Downey, Jr. Show, Firamada's re-insurance of workman's compensation plans or Firamada's payroll financing division. These additional revenues should help us easily exceed the above projections. Also, the listed projections do not include prime acquisitions which we will continue to seek out in the future."
Firamada, Inc. (OTC Bulletin Board: FAMH - news) is a national staffing company specializing in providing high-end temporary staffing, Information Technology (IT) placements, employee leasing and permanent placement personnel. Firamada's staffing locations include New York, Texas, Arizona, Missouri and California. Additionally, Firamada underwrites outside payroll financing for other staffing companies and re-insures workman's compensation plans. Firamada, Inc. also is co-producing the upcoming nationally syndicated Morton Downey, Jr. Television Talk Show.
This press release contains forward-looking statements with respect to the results of operations and business of the Company that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission.
CONTACT:
Firamada Inc.
Ira Monas
E-mail: Irafm@aol.com
or
Preferred Financial Marketing
(310) 789-1132
Fax: (310) 789-1134
or
Michael Behringer
Market Pulse Journal
888-303-4002 |
