Here is the latest financial, Looks Good --- MAK
PR Newswire - July 23, 1998 11:51
Company Notes Improved Margins as a Result of Shift in Strategy
FORT LAUDERDALE, Fla., July 23 /PRNewswire/ -- Integrated Marketing Professionals, Inc. (OTC Bulletin Board: POKR), today reported net operating income of $208,623, or $.01 per share, for the second quarter ended June 30, 1998, representing an increase of 301% over net operating income of $52,082 or $.01 per share, for the second quarter of 1997. Revenues for the second quarter of 1998 totaled $4,128,145, compared to revenues of $4,988,838 during the same period in 1997.
The Company noted that the decrease in revenue during the recently ended second quarter partly reflects a shift in its accounting method adopted in February 1998 whereby it no longer reports co-op advertising as revenue, but instead such amounts are calculated to reduce the Company's cost of sales. The Company also noted that its increased second quarter profit reflects higher yields from vacation package sales, due largely to higher price structures. The resulting net benefit has been a significant enhancement to its net operating margins and higher rates of net profitability.
Commenting further, William G. Forhan, Chief Executive Officer of Integrated Marketing Professionals, said, "Our results continue to demonstrate the improvement to profitability achieved as a result of various shifts in strategy. Looking ahead, we expect our proposed merger with Aviation Industries to greatly accelerate the implementation of our business plan through the acquisition of travel-related companies. Central to our acquisition strategy is the further enhancement of our vertical integration, the development of an expanded rate growth and the building of sustainable increases in shareholder and corporate value."
Integrated Marketing Professionals, Inc., formerly known as Casino Airlink, Inc., is a diversified travel and leisure company. The Company is currently the exclusive provider of packaged casino vacations from five cities in Florida and Atlanta, Georgia to the Mississippi Gulf Coast, which include non-stop, round-trip jet service, destination airport transfers, ground handling, 2-3 night deluxe hotel accommodations, nightly buffet meals and access to 24-hour Las Vegas-style gaming and entertainment. The Company recently entered into a definitive merger agreement with Aviation Industries, which holds an equity position in Newark, N.J.-based KIWI International Air Lines, and is a recently formed investment concern seeking acquisition opportunities in the travel and leisure industry. Additional information regarding Integrated Marketing Professionals may be found on the Internet at PR Newswire's Web site (http://www.prnewswire.com) under Company News On-Call, or accessed directly at prnewswire.com.
(table follows)
INTEGRATED MARKETING PROFESSIONALS, INC.
COMPARATIVE OPERATING HIGHLIGHTS
For the Three Months Ended
June 30, 1998 June 30, 1997*
Revenues $4,128,145 $4,988,838
Net Operating Income $208,623 $52,082
Net Operating Earnings Per Share (Basic) $.02 $.01
Net Operating Earnings Per Share (Diluted) $.01 $.00
Weighted Average Shares
Outstanding (Basic) 13,524,472 5,298,857
Weighted Average Shares
Outstanding (Diluted) 17,224,472 10,999,000
For the Six Months Ended
June 30, 1998 June 30, 1997*
Revenues $8,638,268 $10,432,560
Net Operating Income $709,130 $360,672
Net Operating Earnings Per Share (Basic) $.05 $.07
Net Operating Earnings Per Share (Diluted) $.04 $.03
Weighted Average Shares
Outstanding (Basic) 13,524,472 5,298,857
Weighted Average Shares
Outstanding (Diluted) 17,224,472 10,999,000
* Net results for the both the three and six month periods ended June 30, 1997 include a benefit of $275,000, reflecting the cumulative effect of an accounting change relating to a prior period tax over-accrual. As a result, total net income for the three and six months ended June 30, 1997 totaled $327,082 and $635,672, respectively.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. |
