ABYT 10k came out last Friday:
Alpha Bytes Reports Fiscal Year Financial Results; Company Pleased with H-NET(R) Progress
NIAGARA FALLS, N.Y., April 30 /PRNewswire/ -- Alpha Bytes, Inc. (OTC Bulletin Board: ABYT - news) today reported total revenue for its fiscal year ended January 31, 1999 of $1,644,821 compared with total revenue of $1,779,133 in fiscal year 1998. Net income was $300,886 or $.04 per share compared with net income of $500,768 or $0.06 per share in the previous fiscal year. The company's cash position increased to $1,242,908 from $921,191 the previous year.
Alpha Bytes President and CEO Anton Stephens said, ''Our financial results for the fiscal year ended January 31, 1999 reflected the substantial investment we are making in our Internet-based transaction network H-NET®. We made a deliberate business decision to forgo certain software revenue in order to make the necessary investments in building a major Internet-based transaction network that has the potential to significantly enhance the company's financial prospects. As a result, revenues declined in the fourth quarter due to planned delays and software release holdbacks until Phase I of H-NET® is incorporated into our current line of software products. The initial rollout of H-NET® is scheduled for the company's second fiscal quarter which ends July 31. We expect to see resumption of growth during the third quarter to reflect the rollout of H-NET®.''
Stephens said, ''Increased costs were associated with gearing up for H-NET®. In order to establish state-of-the-art communications and the computing power that will be required for H-NET®, we have invested in a number of software and Internet specialists and have purchased computers/servers and related equipment necessary to establish the H-NET® platform and network.''
''We are pleased that we have been able to make such significant progress with our own resources and still remain profitable. In fact, our cash position at the end of the year was actually above the cash position at the end of the previous year. And we remain debt free,'' Stephens said.
A financial table is attached.
Alpha Bytes is transforming itself into an Internet-based electronic transaction service provider. With a streamlined network and an existing international customer base, Alpha Bytes is making significant R&D investments to facilitate a rapid deployment of H-NET® to as many users as quickly as possible. The relationship with the alliance partners Microsoft Corporation (Nasdaq: MSFT - news) and Compaq Computer Corp. (NYSE: CPQ - news) is designed to assure the company of the most powerful solution for an Internet-based transaction network that will set the standard of excellence in the healthcare industry.
For more information about Alpha Bytes, Inc. please visit our website www.alphabytesusa.com or contact Christine Stephens at (905) 475-3249. Email info@h-net.net. For copies of press releases, SEC filings, current price quotes, stock charts and other valuable information visit Hawk Associates' website www.hawkassociates.com or contact Frank Hawkins or Julie Marshall, Hawk Associates, Inc. at (305) 852-2383. Email: info@hawkassociates.com.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the expansion of the Company's operations are forward-looking statements. Words such as ''expects,'' ''intends,'' ''believes,'' ''anticipates,'' and ''likely'' also identify forward- looking statements. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights and other risks detailed in periodic reports filed by the Company with the Securities and Exchange Commission.
ALPHA BYTES, INC.
Selected Financial Data
Years Ended January 31 1999 1998
Condensed Statement of
Operations Information:
Revenue $1,644,821 $1,779,133
Expenses* 1,014,208 973,414
Gross Profit 630,613 805,719
Net Gain 300,886 500,768
Net Earnings Per Share: 0.040 0.067
Weighted average
shares outstanding 7,468,002 ---
*1999 Expenses include H-Net R&D expense of $364,363
Condensed Balance
Sheet Information:
Current Assets $1,486,573 $1,606,042
Capital Assets 95,538 63,300
Total Assets 1,582,111 1,678,021
Total Liabilities 302,299 302,299
Stockholders' Equity 1,334,248 1,375,722
SOURCE: Alpha Bytes, Inc. |
