Starnet Files Quarterly Results, Announces Conference Call
Business Wire - March 12, 1999 09:44
WILMINGTON, Del.--(BUSINESS WIRE)--March 12, 1999--Starnet Communications International Inc. (OTC-BB: "SNMM") announces today's filing of its financial results under Form 10-QSB for the third quarter ended January 31, 1999 (the "Period").
Revenues for the third quarter totaled $2,665,559, an increase of 228.2% from $812,177 during the same period last year, and an increase of 49.6% from the preceding quarter. Net operating income for the third quarter increased to $904,982 from $186,726 for the preceding quarter and from an operating loss of $553,631 for the prior year quarter. Net income for the third quarter increased to $888,421 from $247,747 for the preceding quarter and from net loss of $569,256 for the prior year quarter. Earnings per share (basic and diluted) for the third quarter was $0.04 compared to $0.01 for the preceding quarter and ($0.03) for the prior year period.
For the nine months ended January 31, 1999, revenues totaled $5,984,175, an increase of 167% from $2,242,246 during the same period last year. Operating income increased to $1,214,477 from operating loss of $850,552 for the prior year period. Net income increased to $1,238,684 from net loss of $897,434 for the prior year period. Earnings per share (basic) was $0.06 compared to ($0.04) for the prior year period.
Net cash generated from operations for the nine months ended January 31, 1999 increased by $1,666,877 to $1,215,474 from ($451,403) for the same period last year. At January 31, 1999, the Company had $860,372 in cash and cash equivalents and $1,229,431 in working capital.
"We are pleased with the continued growth and profitability of Starnet, and we expect these positive trends to be accelerated as we move forward," commented CEO Mark Dohlen. A teleconference with Mr. Dohlen is being held at 4:15 EST Monday March 15, 1999 to discuss results. The public is invited to participate by calling M&A West at 650/588-2678 to pre-register for the call.
Starnet develops and markets Internet gaming services through its wholly owned online casino, sportsbook and simulcast horse racing system -- World Gaming Services Inc. of Antigua (www.worldgaming.net). These technologies are also licensed to independent licensed operators through Softec Systems Caribbean Inc. (www.softecsystems.com).
US $10.2 billion will be gambled via the Internet in the year 2002 (DataMonitor, 06/98). Starnet has been actively competing in this market since the autumn of 1997. Described by ABC Nightline as "a reputable pioneer in Internet gambling," Starnet trades on the NASD Bulletin Board as a Fully Reporting Issuer. snmm.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Starnet's fillings with the Securities & Exchange Commission.
CONTACT: Starnet Communications International Inc.
Carey Nelson, 604/608-6034
or
M&A West Inc. (Investor Relations)
Jack Rosenberg, 650/588-2678
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