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Technology Stocks : BAY Ntwks (under House) -- Ignore unavailable to you. Want to Upgrade?

To: Eric B who wrote (6879)	7/21/1998 12:05:00 AM
From: pappy	Respond to of 6980

OFF TOPIC: OT: Wanna Make some quick money? INOC (check it---I did and Im glad). Small float - 73% owned by insiders. After hours news Go read Research, Insiders and the messages on the Yahoo line (URL provided below) I started it. This stock is "good" and I wouldn't mislead. Also, couldn't fit the whole press release here. Monday July 20, 4:59 pm Eastern Time Innotrac Corp. Announces Record Second Quarter Results Sales of Caller ID Units Increased 38% Pro Forma Net Income Rose 115% ATLANTA--(BUSINESS WIRE)--July 20, 1998--Innotrac Corporation (Nasdaq/NM: INOC - news) today reported record revenues and net earnings for the second quarter and six months ended June 30, 1998. For the second quarter revenues increased 47% to $36.3 million from $24.7 million for the comparable quarter a year ago. Gross margin improved to 27.0% from 24.4% for the year-earlier quarter. Pro forma net income rose 115% for the quarter to $2.6 million from $1.2 million for the year-earlier period. On a diluted basis, pro forma earnings per share increased 74% for the quarter to $0.33 on 7.9 million weighted average shares outstanding compared with $0.19 on 6.5 million weighted average shares outstanding for the second quarter last year. The strong performance in the second quarter drove Innotrac's record results for the first six months of 1998. Revenues increased 25% to $58.9 million for the first half of 1998 from $47.1 million for the comparable period in 1997. Gross margin improved to 27.1% from 21.9% for the first half of 1997. Pro forma net income rose 107% to $4.0 million from $1.9 million for the same period last year. On a diluted basis, pro forma earnings per share increased 80% to $0.54 on 7.3 million weighted average shares outstanding compared with $0.30 on 6.5 million weighted average shares outstanding for the first half of 1997. The increase in weighted average shares outstanding reflects Innotrac's initial public offering of 2.5 million shares which was completed on May 7, 1998. Pro forma net income and earnings per share present Innotrac's results on a fully taxed basis and reflect the change to a ''C'' corporation in conjunction with the initial public offering. Commenting on the results, Scott D. Dorfman, chairman, president and chief executive officer, said, ''We had an excellent second quarter and first half of the year, exceeding our internal expectations and setting the stage for what we expect to be a strong second half. Driving this growth is continued demand for Caller ID units in BellSouth's markets and the ramping up of business with Pacific Bell. We're also pleased with the continued improvement in gross margins brought on by a greater percentage of Caller ID sales, higher equipment margins and efficiencies generated by increased Caller ID unit volume. ''For the quarter, total volume of Caller ID units increased 38% to 671,000 compared with 487,000 for the comparable quarter last year. Sales represented 77% of total unit volume this quarter, up significantly from 60% for the same quarter last year, while fulfillment volume was 23% of the total compared with 40% last year. For the first half of 1998, total volume increased 50% to 1.5 million units compared with 1.0 million for the comparable period in 1997. Sales represented 54% of total unit volume for the six months versus 56% last year and fulfillment volume was 46% compared with 44% for the first half of 1998.'' In June, Innotrac announced an agreement with SBC Communications, Inc. to become an approved fulfillment partner for Caller ID-related telecommunications equipment. Under the terms of the agreement, Innotrac exchanged its exclusive arrangement with Pacific Bell in California to become an approved fulfillment partner for Southwestern Bell, Pacific Bell and Nevada Bell (all of which are subsidiaries of SBC Communications) in a seven-state region, including California, Texas, Oklahoma, Arkansas, Kansas, Missouri and Nevada. quote.yahoo.com