Wunderlust Interactive - This company has turned the corner and HEADING UP. PLEASE READ!!!!!! The announcement today that they will develop Interactive INTERNET games will be HUGE for LUST.
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Wanderlust Interactive Inc. Reports Positive Cash Flow of $77,436 and
Record Results for the Second Quarter Fiscal 1998 -- Revenues Increase
384%
Business Wire - February 24, 1998 17:00
%WANDERLUST-INTERACTIVE LUST %CALIFORNIA %COMED %COMPUTERS %ELECTRONICS
%INTERACTIVE %MULTIMEDIA %INTERNET %EARNINGS V%BW P%BW
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LOS ANGELES--(BUSINESS WIRE)--Feb. 24, 1998--Wanderlust Interactive Inc.
(NASDAQ:LUST) today announced its financial results for the second
quarter and six months ended December 31, 1997. Revenues for the three
months ended December 31, 1997 rose 384% to $852,552 compared to
$176,087 for the same period a year ago. For the six months ended
December 31, 1997, revenues were $1,342,352 compared to $294,387. These
increases were derived largely from revenues generated by Western
Technologies, acquired in February 1997, where the Company has added new
customers in the funded development of video and computer games and
funded toy designs. Excluding non-cash depreciation and amortization
expenses of $192,699, the cash flow from operating activity is $77,436
for the three months ended December 31, 1997, compared to a negative
cash flow of $991.868 in the previous period, excluding non-cash
depreciation and amortization expenses of $125,623. This shows a
positive move of $1,069,304 during the current period. The net loss for
the quarter and six months ended December 31, 1997 were $115,263, or
$(0.02) per share on weighted average shares outstanding of 5,865,950
and $950,974, or $(0.17) per share on weighted average shares
outstanding of 5,499,145, respectively, compared to net loses of
$1,117,491, or $(0.30) per share on weighted average shares outstanding
of 3,763,719 and $2,096,412, or $(0.56) per share on weighted average
shares outstanding of 3,763,719 for the comparable periods a year
earlier, respectively. Mr. Jay Smith, President and CEO, noted, "This
quarter demonstrates the successful shift of our corporate headquarters
and new management team to California as well as the progress we have
made in reducing our expenses and bringing in new business. We have
reached our highest level of revenue since the Company was formed and,
with the close of our New York operations, we have a substantial
reduction in losses for this quarter. Our cash flow position continues
to improve and we believe we have turned a crucial corner and anticipate
further improvements in the future." Wanderlust Interactive Inc.
develops console video games for Sony, Nintendo and Sega, interactive
entertainment titles on PC computers, and creates interactive television
programing for digital set-top boxes. In February 1997, the company
acquired the operations of Western Technologies, a well-established
video and computer game developer and electronic toy designer, which has
done business as Adrenalin Entertainment or Western Technologies since
1980. This release contains certain forward-looking statements which
involve known and unknown risks, uncertainties or other factors not
under the Company's control, which may cause actual results, performance
or achievements of the Company to be materially different from the
results, performance or other expectations implied by these forwa
rd-looking statements. These factors include, but are not limited to,
those detailed in the Company's periodic filings with the Securities and
Exchange Commission.
Wanderlust Interactive Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1997 1996 1997 1996
Revenues:
Product sales $ 0 $ 38,000 $ 2,367 $ 38,000
Development contracts 584,207 0 834,150 0
Royalties 268,345 138,087 505,835 256,387
852,552 176,087 1,342,352 294,387
Expenses:
Cost of product sales 0 50,042 34,000 50,042
Cost of development
contracts 299,974 0 576,431 0
Research and development 24,641 785,326 236,592 1,524,720
Selling, general and
administrative 437,313 336,740 839,582 695,492
Depreciation and
amortization 192,699 125,623 574,609 159,510
Interest expense
(income), net 13,188 (4,153) 32,112 (38,965)
967,815 1,293,578 2,293,326 2,390,799
Net loss $ 115,263 $1,117,491 $ 950,974 $2,096,412
Net loss per common share
basic and diluted $ .02 $ .30 $ .17 $ .56
Weighted average shares
outstanding 5,865,950 3,763,719 5,499,145 3,763,719 Wanderlust Interactive
Wanderlust Interactive Inc. and Subsidiary
CONSOLIDATED BALANCE SHEET
(Unaudited)
Six Months Ended Year Ended
December 31, June 30,
1997 1997
ASSETS
Current assets:
Cash and cash equivalents $ 214,581 $ 228,761
Accounts receivable, net of reserve
of $23,500 400,277 236,981
Costs and estimated earnings in excess
of billings on uncompleted contracts -- 20,600
Prepaid expenses 38,529 24,500
Other current assets 119,320 --
Total current assets 772,707 510,842
Fixed assets, net 685,205 845,799
Other assets
License rights, advance royalty 150,000 200,000
Security deposits, and other 45,122 55,951
Patents and licenses, net 2,763,604 3,047,051
Capitalized software 49,238 99,938
Goodwill, net 1,642,157 1,663,165
4,650,121 $5,066,746
Total assets $6,108,033 $6,422,746
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 797,213 $ 744,227
Billings in excess of costs and
estimated earnings on contracts
in progress 313,238 130,285
Notes and loans payable 585,413 488,169
Convertible debentures 102,500 265,000
Total current liabilities 1,798,364 1,627,681
Due to officer/shareholder 53,203 83,300
Commitments and contingency
Shareholders' equity:
Preferred stock, $.01 par value; authorized,
100,000 shares; issued and outstanding,
none 0 0
Common stock, $.01 par value; authorized,
10,000,000 shares; issued and
outstanding, 6,497,061 shares 64,971 50,412
Additional paid-in capital 11,985,690 11,504,573
Accumulated deficit ( 7,794,195) ( 6,843,220)
Total shareholders' equity 4,256,466 4,711,765
Total liabilities and shareholders'
equity $6,108,033 $6,422,746
CONTACT: Wanderlust Interactive Inc.
Jay Smith, President and CEO
(310) 306-7788
(310) 821-4251 (Fax)
e-mail: jsmith@adrenalin.com
www.adrenalin.com
or
Wolfe Axelrod Associates
Stephen D. Axelrod, CFA
Nancy S. L. Block
Susan T. Bolen (Media)
(212) 370-4500
(212) 370-4505 (Fax)
e-mail: steve@wolfeaxelrod.com
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