iExalt, Inc. Announces Fiscal 2001 Financial Results; Revenues More Than Double, Cash Usage Continues to Improve
HOUSTON, Dec 12, 2001 (BUSINESS WIRE) -- iExalt, Inc. (OTCBB: IXLT), a Christian
media products and services company with significant technology interests, today
announced financial results for its fiscal year ending Aug. 31, 2001. For fiscal
2001, the Company reported a significant increase in revenues, up 134% to $10.0
million from $4.3 million for fiscal 2000. The company experienced a net loss of
$0.23 per share, or $9.1 million, compared to a net loss of $0.31 per share, or
$7.7 million for fiscal 2000.
Approximately $5.7 million, or 63% of the loss, was due to non-cash expenses
related to the disposition of selected business operations, impairment of
certain assets, and issuance of common stock shares for services, options and
warrants. Significant improvements were achieved related to cash used in
operations, from over $400,000 per month at the end of fiscal 2000 to around
$150,000 per month at the end of fiscal 2001.
"Our financial performance continues to improve as we make progress in achieving
our goals of positive cash flow, profitability and a renewed emphasis on the
core activities of the business," said Donald W. Sapaugh, chairman and chief
executive officer.
"Our outlook remains positive and we continue to shape our scope of operations
by focusing on media, services and technology solutions. Historically we have
been identified with other high tech and Internet companies, and in the last few
months we have focused on structural changes that clarify our direction. We
recently sold certain assets of our healthcare division for $1 million in cash,
with potential for additional proceeds of $1.5 million over a two-year period,"
reports Sapaugh.
"We also sold our CleanWeb subscribers in the third quarter, but unfortunately,
the buyer has recently filed for bankruptcy. Our post-closing evaluation of a
technology company acquisition revealed that the operation was not a financially
viable endeavor, resulting in the write down that asset."
While aggressively targeting future acquisitions in Christian media and
services, iExalt continues to sharpen its focus by disposing of business
activities that do not fit well in its product and service mix.
Headquartered in Houston, iExalt, Inc. was formed to provide Christian media
products, services and technology solutions to the Christian community. The
company's strategy is to acquire, develop and manage a large channel of media
(print, radio, software and Internet) in order to leverage its products and
services in a cost-effective manner, and to migrate successful products and
services to the Web. The iExalt family of companies includes:
-- iExalt.com, a Christian Internet destination
-- ISP filtering at www.CleanWeb.net
-- Christian Happenings, a Christian events magazine
-- Christian Times newspapers
-- ListenFirst.com, a Christian music news site
-- iSermons.com and TheParentLink.com, subscription-based
resources for leaders
-- ChristianSpeakers.com, the nation's leading Christian speakers bureau
-- ChristianArtists.com, a full-service talent agency
-- Gilmore Marketing, a full-service advertising agency
-- iExalt Electronic Publishing, a digital content library
-- Life Perspectives and Dawson McAllister Live, nationally
recognized radio programs
For more information about the company, visit www.iExalt.com.
CONTACT: iExalt, Inc., Houston
John Gilmore, 281/464-8400 ext. 104
gilmore@iexalt.net
.