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Monday May 17, 7:37 am Eastern Time
Company Press Release
TSIG.com Announces First Quarter 1999 Results
Corporate Shift Toward eBusiness Refocuses Company for Success
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--May 17, 1999--TeleServices International Group Inc. (OTC BB: TSIG - news), known as TSIG.com, today announced financial results for the first quarter ended March 31, 1999. Results for the quarter were in-line with management's expectations as it shifts focus toward a new eBusiness model.
Revenues for the three months ended March 31, 1999 increased 8% to $102,302, compared to $94,411 for the same period a year ago. Net income for the quarter, increased to $2.9 million from a loss of $2.0 million in the first quarter 1998. Earnings per share were $0.04 per share, compared with a loss of $0.06 per share in the first quarter of last year.
The results from discontinued operations were a net loss of $161,988 for the quarter compared to a loss of $501,045 for the comparable period in 1998. In addition, there was a net gain on the one time event associated with the disposal of VSI of $4,541,689, where the Company's wholly-owned subsidiary VSI filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code for the Middle District of Florida, Tampa Division. The overall combined net gain for the quarter was $2,977,383.
''The capital we used this quarter was essential to support our growth in the eBusiness market,'' said Robert Gordon, chairman and chief executive officer of TSIG.com. ''We executed several revenue sharing contracts to build and retain site traffic through myMusicCard programs and for customer service and support through our eService offering with a number of key strategic partners.''
The decrease in operating costs for the quarter is related to the company's recent move into the eBusiness market. TSIG.com is offering a complete suite of outsourced products and services, including pre-packaged Web storefronts, 24x7 customer service and support, and innovative marketing programs that help orgainizations build and retain site traffic, allowing companies to focus on their core business rather than IT issues.
About TSIG.com
Headquartered in St. Petersburg, Florida, TSIG.com provides outsourced products and services to help companies quickly and easily build an online presence. TSIG.com's proven offerings include pre-packaged Web storefronts, industry-leading customer service and support, and innovative marketing programs to build and retain site traffic. This gives companies what they need to build an online presence without the excessive startup costs, complex support issues, lengthy implementation schedules and customer service problems associated with creating and maintaining e-commerce sites today. The company recently launched myMusicCard.com, an online site utilizing all of the company's products and services, at mymusiccard.com. For more information on TSIG.com, please visit the company's website at tsig.com.
This press release contains ''forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as (1) competition in the markets for online services, for the products and services sold by the company, and for outsourced teleservices, (2) the ability of the company to execute its plan, (3) the availability of financing at favorable terms, and (4) other factors detailed in the company's public filings with the SEC.
TeleServices International Group Inc.
Consolidated Balance Sheet
(Unaudited)
March 31, 1999 December 31, 1998
ASSETS
Current Assets:
Cash, restricted $30,000 $80,000
Accounts receivable, net of
allowance for Doubtful
accounts of $14,950 64,970 80,530
Other Current Assets 1,223,606 159,440
============= =============
Total Current Assets $1,318,577 $319,971
Equipment, net of accumulated
depreciation of $219,780 426,625 481,577
Investment in Affiliate 380,986 --
Other Assets 29,325 25,000
------------- -------------
Total Assets 1,774,527 1,207,534
============= =============
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities:
Accounts payable and accrued
expenses $2,184,381 $6,638,702
Loans payable, stockholder 149,747 1,351,095
Capital leases payable,
current portion 0 18,790
Notes payable 226,564 328,673
Convertible Debentures 1,994,000 875,000
------------- -------------
Total Liabilities 4,554,693 9,212,261
------------- -------------
Commitments and Contingencies (See Notes)
Stockholders' (Deficit):
Preferred Stock, $.001 par value
10,000,000 shares authorized
None Issued and Outstanding
Common Stock $.0001 par value,
100,000,000 shares authorized
76,635,881 shares issued and
outstanding 7,664 6,498
Additional Paid-In Capital 32,248,421 30,002,411
Treasury Stock, 13,130
shares at cost (125,000) (125,000)
Accumulated (Deficit) (34,911,251) (37,888,635)
------------ ------------
Total Stockholders'
(Deficit) (2,780,166) (8,004,726)
------------- -------------
Total Liabilities and
Stockholders' (Deficit) $1,774,527 $1,207,534
============= =============
TeleServices International Group Inc.
Consolidated Statements of Operations
For the Three Months Ended March 31
1999 1998
Total Revenues $102,302 $94,411
------------- -------------
Operating Expenses:
Salaries and contract services 710,089 620,225
Payroll taxes 78,237 109,683
Rent 39,385 87,816
Telephone 138,186 72,239
Travel and entertainment 87,247 16,691
Advertising and promotion 17,367 0
Depreciation and amortization 34,463 0
Other expenses (Note 6) 378,311 698,376
------------- -------------
Total operating expenses 1,483,286 1,605,031
------------- -------------
Net (loss) from continuing
operations (1,380,984) (1,510,620)
Other income (expenses):
Interest income 1,846 2,515
Interest (expense) (23,180) (18,236)
------------- -------------
Net (loss) from continuing
operations (1,402,318) (1,526,341)
------------- -------------
Discontinued Operations:
Loss from operation of VSI (161,988) (501,045)
Gain on disposal of VSI 4,541,689 --
------------- -------------
Net gain (loss) from discontinued
operations 4,379,701 (501,045)
------------- -------------
Net income (loss) $2,977,383 $(2,027,385)
------------- -------------
Per share results:
From continuing operations (.020) (.047)
From discontinued operations .061 (.015)
Net income (loss) per share $0.042 $(0.062)
------------- -------------
Weighted Average Shares
Outstanding 71,546,748 32,563,714
------------- -------------
TeleServices International Group Inc.
Consolidated Statements of Cash Flow
For the Three Months Ended March 31
1999 1998
Cash flows from operating activities:
Net income (loss) from
continuing operations $(1,402,318) $(1,526,341)
Adjustments to reconcile net
(loss) to net cash (used in)
operating activities:
Decrease in accounts
receivable 15,560 22,665
Depreciation and Amortization 34,463 175,963
Increase in accounts payable
and accrued expenses 229,019 547,784
Other (352,490) (42,607)
------------- -------------
Net cash (used in)
operating activities (1,475,766) (1,323,581)
------------- -------------
Cash flows from investing activities:
(Acquisition) of equipment (79,521) (17,579)
(Investment) in affiliate
company 706,309 --
------------- -------------
Net cash provided by
(used in) investing
activities 626,788 (17,579)
------------- -------------
Cash flows from financing activities:
(Repayment of) leases payable (18,790) (28,360)
Cash proceeds from
(repayment of) loans from
stockholders (201,348) 384,082
Issuance of common stock 129,400 1,331,177
Sale of convertible
debentures 1,119,000 --
(Repayment of) notes payable (102,109) (101,288)
------------- -------------
Net cash provided by
financing activities 926,153 1,585,611
------------- -------------
Increase (decrease) in cash 77,176 244,451
Cash, beginning of period 0 175,000
------------- -------------
Cash, end of period $77,175 $419,451
============= =============
Schedule of noncash operating,
financing and Investing
activities
Net gain from discontinued
operations (161,988)
Net gain on disposal of
discontinued operations (1,032,964)
Conversion of loan from
stockholder (1,000,000)
Issuance of common stock 2,117,777
-------------
Net noncash items $ (77,175)
=============
Interest paid $ 23,180 $ 18,236
============= =============
Income taxes paid $ -- $ --
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