Stampede Worldwide, Inc., formerly known as Chronicle Communications, Inc., serves as the parent company to several acquired businesses. The Company engages in the commercial printing business with the acquisition of Bright Now, Inc., doing business as United Printing and Publishing in Tampa, Florida. The acquired Bartow Communications, Inc. is a publisher of new-home real estate guides in the metropolitan District of Columbia area, including Maryland and Virginia. The recently acquired Americomp Computers, Inc. is in the business of selling personal computers and related services, networking, web site development and web hosting.
Frome last filing:
The Company is pleased to announce financial improvements in virtually every category. ``This is the kind of report a young company like Stampede Worldwide, Inc., loves to release. The results from operations for the period ended June 30, 2000, when compared to the same period in 1999, and compared to the period ended March 31, 2000, demonstrate the effectiveness of our business model and creates enthusiasm for future quarters. Our team member's commitment to excellence and their understanding of managements short and long term goals is positively reflected by our quarterly results. We believe that net profitability is just around the corner and prospects for sustained growth is better today than ever,'' said John V. Whitman Jr. CEO/Chairman.
The Company greatly improved its financial position as of June 30, 2000 in contrast to its financial position at June 30,1999. Current assets increased by $733,673 and current liabilities decreased by $2,295,122 for the report dates. The cash balance increased by $269,565 and the accounts payable and accrued liabilities balances decreased by $1,098,236 as of the aforementioned dates. Furthermore, bank overdrafts have been eliminated. Stockholders' equity has increased by $3,915,625 from a deficit of $(899,754) at June 30, 1999 to a balance of $3,015,871 at June 30, 2000. Overall, the balance sheet has increased by $4,028,585 from assets, and liabilities and equity of $2,460,885 at June 30, 1999 to $6,489,470 at June 30, 2000.
The Company showed an increase in revenues for the three months ended June 30, 2000 in the amount of $140,044 or an increase of 38.4% over the same period for 1999. For the nine months ended June 30, 2000 in contrast with the same period of 1999 revenues decreased by only $18,037 or 1.3%. The reduction in revenues may be attributed to the downtime for the installation of the new press for Chronicle Commercial Printing, and the elimination of the retail portion of Americomp Computers. Management was able to decrease the cost of sales by $365,830 and $521,579, respectively for the three and nine months periods ended June 30, 2000 versus 1999. Additionally, the gross profit margin improved to 58.0% and 35.2% for the three and nine months periods ended June 30, 2000 in contrast to negative 58.3% and negative 0.5% for the same periods in 1999.
Net loss per common share, basic decreased by $0.12 to $(0.01) for the quarter ended June 30, 2000 versus ($0.13) for the same quarter of 1999. Additionally, net loss per common share, basic decreased by $0.21 to $(0.05) for the nine months ended June 30, 2000 versus ($0.25) for the same period of 1999.
From the period ended June 30, 2000, compared to the period ended March 31, 2000, revenues increased by $160,421 or 46.5% for the quarter ended June 30, 2000 in comparison with the quarter ended March 31, 2000. Cost of sales decreased to 42.0% from 85.7% and gross profit increased by $243,519 for the same quarter to quarter comparison. Additionally, to consider the impact of the increase in weighted average shares outstanding at June 30, 2000 on the net loss per share, the June 30, 1999 weighted average shares outstanding is applied to the three months and nine months loss at June 30, 2000. This results in a net loss per share of $(0.08) and $(0.22) and a decrease in the net loss per share of $0.05 and $0.03 for the three and nine months periods ended June 30, 2000, respectively.
Stampede Worldwide, Inc. is engaged in the business of complete Internet Solutions, IT Training, Flexible Staffing, Computer Hardware and Software Sales, and Commercial Web Offset Printing. Each of the Company's operating divisions has shared customers and cross sell products and services assuring maximization customer and client relationships. The Company operates three subsidiaries Stampede Network.com, Inc., Spiderscape.com, Inc. and Chronicle Commercial Printing, Inc.