Below is the press release reformatted for your screen. Dexx
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Firamada, Inc. Releases Audited 1997 Balance Sheet
and Six-Year Pro Forma Projections
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
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Total Current Assets...........3,891,826
-Property and Equipment..........163,121
-Other Assets..................1,875,000
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TOTAL ASSETS...................5,929,947
LIABILITIES & EQUITY:
-Accounts Payable.................83,128
-Accrued Expenses......................0
-Other Current...................355,641
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Total Current Liabilities........438,769
Long-Term Debt:
-Revolving.............................0
-Lease Finance.........................0
-Senior Term Debt......................0
-Subordinated Debt.....................0
-Jr. Subordinated Debt.................0
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Total Long-Term Debt...................0
Other Long-Term Liabilities.......76,480
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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
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TOTAL EQUITY...................5,414,698
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TOTAL LIABILITIES & EQUITY.....5,929,947
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PRO FORMA PROJECTIONS for years 1998 through 2003
(includes Myriad acquisition)
Forecast for Year Ending Dec. 31,
SALES: (in thousands of $)
..................1998.....1999.....2000.....2001.....2002.....2003
..................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
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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%
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Operating Expenses:
-Selling.............895......910....1,001....1,081.....1,167....1,260
-General & Admin...3,250....2,617....2,826....3,024.....3,236....3,463
S Corporate Exp......510....1,428....1,542....1,665.....1,798....1,942
G R&D & Other Oper.....0........0........0........0.........0........0
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Total Oper. Exp....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)
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Net Interest
(Income) Expense.....357.....(690)..(1,541)..(1,962)...(2,462).(3,078)
Other (Income) Exp.....0.......28.......28.......28........28.......28
Income Before Tax..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
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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. |
