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IJNT INTERNATIONAL REPORTS THIRD QUARTER FISCAL 1998 RESULTS -- Revenues Increase Significantly and Current Assets Reach $3.5 Million -- Houston, TX - February 18, 1999: IJNT International (OTC BB: IJNT), a leading wireless and high-speed Internet access provider, today announced the financial results for the three months ended December 31, 1998. Revenues for the third quarter fiscal 1998 rose significantly to $420,271 from $10,233 for the same period last year, primarily due to IJNT's growing subscriber base, the national roll-out of its wireless Internet access service, the worldwide expansion of its dial-up service, and its web development and hosting subsidiary which generated 30% of third quarter fiscal 1998 revenues. Gross profit margin was 73% for the quarter ended December 31, 1998 versus negative gross profit in the same quarter last year. Net income was $(1,057,589) for the third quarter fiscal 1998 as compared to $(652,267) for the same period last year. The net loss increase is primarily attributable to greater selling, general, and administrative expenditures as well as increased marketing expenses. Additional costs incurred during the third quarter fiscal 1998 included construction of wireless infrastructure in IJNT's Orange County office and the acquisition of wireless infrastructure in the San Francisco Bay area. Revenues for the nine months ended December 31, 1998 were $971,333, representing more than a six-fold increase from $147,057 for the same period last year. Gross profit margin for the first nine months of fiscal 1998 was 73% as compared to 55% in the comparable period in fiscal 1997. Net income was $(2,767,942) for the nine months ended December 31, 1998 versus $(2,395,484) for the comparable period last year. As of December 31, 1998, the Company had $2,769,751 in cash, total current assets of $3,516,544, $3,204,922 in working capital, and total shareholders' equity of $6,079,160. Jon H. Marple, chief executive officer of IJNT, commented, “IJNT continues to achieve rapid growth of our services, worldwide presence, and subscriber base which is now up to approximately 7,000. We hope this corporate expansion will lead to a successful secondary public offering and an application to a national stock exchange by the third quarter fiscal 1999. We continue discussions regarding several additional acquisitions which could lead to further revenue growth on a profitable basis.” During the three months ended December 31, 1998, IJNT completed a $10 million financing to fund the national roll-out of its wireless Internet access and launched the service in the entire San Francisco Bay area and Orange County, CA. The Company also enlarged the technical staff to further support its corporate expansion, and kicked off an aggressive marketing campaign to promote its products and services at trade shows across the country. IJNT also expanded its Internet Service Provider (ISP) service during the third quarter fiscal 1998 through internal growth as well as the acquisition of certain National AccessNet assets, including portions of its ISP business (more) Subsequent to December 31, 1998, IJNT acquired an equity position in the Hot Rod Cafe e-commerce website which targets the $9 billion auto parts industry, teamed with the nation's number one website hosting company Exodus Communications, and completed the build-out of its two-way, high-speed wireless Internet access system in Houston, TX. Also following the close of the third quarter fiscal 1998, the Company formed a Competitive Local Exchange Carrier (CLEC) subsidiary and commenced sales and operations from its Irvine, CA office. Prior to the close of fiscal 1998 IJNT intends to acquire offices in Petaluma and Los Angeles, CA, with additional offices in Concord, CA and in the Transco Tower building in Houston, TX scheduled to open by April 1999. IJNT INTERNATIONAL CONDENSED CONSOLIDATED BALANCE SHEET December 31, 1998 March 31, 1998 (Unaudited) (Audited) ASSETS Total current assets $ 3,516,544 $ 954,482 Total assets $ 6,427,746 $ 2,709,695 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $ 311,622 $ 606,039 Total liabilities $ 348,586 $ 655,201 Total shareholders' equity $ 6,079,160 $ 2,054,494 IJNT INTERNATIONAL CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) Three Months Ended December 31, Nine Months Ended December 31, 1998 1997 1998 1997 Revenues $ 420,271 $ 10,233 $ 971,333 $ 147,057 Cost of sales $ 115,564 $ 40,542 $ 267,348 $ 66,405 Gross profit (loss) $ 304,707 $ (30,309) $ 703,985 $ 80,652 Total general & administrative expenses $ 1,385,349 $ 629,210 $ 3,514,630 $ 2,044,431 Net income (loss) $ (1,057,589) $ (652,267) $ (2,767,942) $ (2,395,484) IJNT International provides high-speed, wireless Internet access and telephony services to homes and businesses without the use of phone lines. The Company's subscriber base is rapidly growing as the service expands nationwide. IJNT also provides website development and e-commerce services as well as dial-up Internet access throughout the U.S. and internationally. The Company's rapid growth is the result of aggressive marketing and sales, internal development, acquisitions, and strategic alliances. This press release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties detailed from time to time in the Company's periodic reports, including Quarterly Reports on Form 10-Q and Annual Reports on 10-K. This and additional information can be found on the Company's website at www.ijnt.net or can be obtained from the Company upon request. | ||||||||||||
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