To: cyberman who wrote (66956 ) 4/8/1999 12:05:00 PM From: Ie Coan Bie Respond to of 119973
SYBR ->Synergy Brands Reports Record Profits of $0.13 Per Share and 120% Increase in Revenues for 1998 April 08, 1999 11:47 Synergy Brands Reports Record Profits of $0.13 Per Share and 120% Increase in Revenues for 1998 Jump to first matched term SYOSSET, N.Y.--(BUSINESS WIRE)--April 8, 1999--Synergy Brands, Inc. (NASDAQ: SYBR) today reported revenues of $11,055,549 for the year ending December 31, 1998, an increase of 120% over revenues of $5,389,361 for the year ending December 31, 1997. Profits before one time charges soared 800% to $717,000, or $0.13 per share, compared to profits before one time charges of $79,682, or $0.05 per share, for periods ending December 31, 1998 and 1997, respectively. Including one time charges, the company's fully diluted earnings totaled $297,508 or $0.05 per share compared to a loss of ($50,950), or ($0.03) per share for the same period in 1997. The company attributes its operating performance to a significant increase in revenues, streamlining its operating business and reduced financing costs as a result of a substantial increase of internal working capital raised through equity transactions. In early 1999, the company launched a new online e-commerce Web site, BeautyBuys.com. This direct-to-consumer Internet store offers a popular selection of nationally branded health and beauty care products, including designer brand perfume, hair care, cosmetics and a selection of the best selling over the counter health and personal care consumer items. The company is utilizing its existing facilities to fill consumer orders and is currently in the process of expanding its ability to handle more than 10,000 consumer products by the end of 1999. The company has established strategic marketing agreements with Internet portals including, Lycos.com (Nasdaq: LCOS), The Women.com Network, and theglobe.com (Nasdaq:TGLO) and is striving to further expand onto a broader array of Internet sites. In addition, the company has booked an ad schedule, commencing April 19, on the leading women's television network, Lifetime Television for Women, that will run on the national network through the end of the year. The company expects its Internet business to become a significant portion of its profits in the near future. newsalert.com Abi