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CMIH DD http://wallstreet.hollywood.com
GET A BRAIN FULL OF INFO THERE..
CMIH DD LINK
http://wallstreet.hollywood.com
Okay here is the BLOCKBUSTER DD ,
http://wallstreet.hollywood.com CMIH.
MORE INFO THAN YOU CAN READ.
EXCELLENT NEWS DD LINK http://wallstreet.hollywood.com
Okay people UPDATE NEWS LINK FOR CMIH CMI HOLDINGS
http://wallstreet.hollywood.com
NEWS AND MORE..
CMIH DD INFO LINK http://wallstreet.hollywood.com
Take a look at this gem CMIH DD LINK, NEWS QUOTE ECT
http://wallstreet.hollywood.com
FOUND A GOOD DD LINK http://wallstreet.hollywood.com NICE.
PASS IT ON,!!!!
HOLDING STRONG!!!!
WE MAY GO UP SOON!!!
GOOD VOLUME TODAY!!!
CMIH INFO CMI HOLDINGS STOCK QUOTES FOUND AT http://www.pinksheets.com
CNBC INTERVIEW WITH CMIH CEO WITH MARK HAMIL..(THECOMICSTORE.COM) ONE OFCMIH'S MANY STORES.
http://www.dotcom.tv/
http://www.thecomicstore.com/about.asp?cartid=
http://www.dotcom.tv/index_comic.html
CMIH INFO ON THEIR JAPANESE ANIMAE STORE WITH DVD'S VIDEO ART ECT...
http://www.animedepot.com/ewanimedepot.html
UPDATE ON HARRY POTTER TOYS AT THE
CMIH STORES NEXT PLANET OVER
http://search.store.yahoo.com/cgi-bin/nsearch?catalog=nextplanetover&query=HARRY+POTTER&.aut...
CMIH OTHER STORE ANOTHERUNIVERSE.COM
http://www.anotheruniverse.com/store/categories/harrypotter.asp
NEXT PLANET OVER IS AN eTRUSTED PARTNER OF eHOBBIES
http://www.nextplanetover.com http://www.npo.com
eHOBBIES LINK TO CMIH
http://www.ehobbies.com/affiliates.html
TIME MAGAZINE NOVEMBER 19,2001
Gifts From Some of our Favorite Websites:
http://www.ehobbies.com/time.html
Who says the dotcoms are dead? Online sales are one of the bright spots in the post-Sept. 11 economy, and the products on the pages that follow are proof that the Web is alive with gorgeous and original gifts for everyone on your holiday shopping list.
BACHMANN HO SUPERCHIEF, $39.99 Hobby enthusiasts can't go wrong with eHobbies.com. For model-train and plane builders, budding astronomers, rocket launchers, bird watchers and action-figure and comic collectors, more than 50,000 products are available, plus an expert at hand for questions. True addicts can special-order almost anything.
NEWS http://www.ehobbies.com/about-us.html#newsandpr
ABOUT eHOBBIES CMIH PARTNER
Originally launched in 1999, eHobbies has served hundreds of thousands of customers, from beginning to avid hobbyists, providing access to over 50,000 items in 10 categories including Radio Control, Astronomy and Trains.
In May 2001, assets of eHobbies were acquired by The Hobby Hub, Inc. New Co-CEOwners Seth Greenberg and Ken Kikkawa (two long-time eHobbies employees) have rebuilt the "New & Improved" eHobbies into a viable, profitable organization.
Greenberg is recognized as an industry innovator having previously worked in numerous new media marketing and sales capacities and written several articles and given presentations on the subjects of direct, online and affiliate marketing.
Kikkawa has extensive experience in retail buying, merchandise planning and merchandise management. He has held management positions with leading department store and specialty retailers such as May Company, Federated Department Stores and the Warner Bros. Studio Stores.
http://www.ehobbies.com/about-us.html
DD FOR CMIH SELLs ITS TOYS AND COLLECTABLES(products) OFF THE HOLLYWOOD.COM SITE AS WELL AS OFF ITS OWN WEBSITES AND STORES.
http://www.anotheruniverse.com http://www.easydvd.com
http://www.npo.com
NATIONAL SNDICATED TELEVISION BROADCAST NETWORK HAS HOLLYWOOD.COM LISTED ON THEIR WEBSITE. CBS.COM
http://www.cbs.com you will see HOLLYWOOD.COM IS ONE OF THE RECOMMENDED SITES TO SEE ON THE BOTTOM LEFT OF THE CBS.COM WEBSITE
THIS LINK HAS ALL OF CMIH'S WEBSITES IT USES FOR BUSINESS
http://www.value-stock.com/interviewCMIH3.htm
HOLLYWOOD.COM AND CMIH CAN BE FOUND ON BANNERS IN THE HOLLYWOOD.COM WEBSITE
HOLLYWOOD.COM CAN BE FOUND NATION WIDE ON POSTERS IN YOU LOCAL THEATER
BROADWAY.COM http://www.broadway.com ALSO LINKS TO HOLLYWOOD.COM http://www.hollywood.com
THIS IS A DIRECT LINK TO CMIH AND HOLLYWOOD.C0M
http://store.hollywood.com/
THIS IS MORE DD ON CMIH
Fandom Shop @ Another Universe.com
is the commerce extension of CMI Holdings Group, which also operates a destination site for fans of science fiction, fantasy and horror entertainment at www.thecomicstore.com. CMI Holdings Group recently acquired Another Universe.com and it's catalog operation, which for over 15 years has proudly served hundreds of thousands of customers to become the world's largest retailer of science fiction-related products and comics.
Fandom Shop is the premier online destination for toys, apparel, collectible card games, movies on VHS and DVD, comics and more. In addition to a wide array of products, Fandom Shop combines cutting-edge editorial content in the form of TheComicStore.com, an online magazine, with the Advance Order Store, an exclusive opportunity to preorder tomorrow's Sci-Fi and comic classics today. Hundreds of thousands of people from around the globe have made us their source for comics, toys, statues, collectible card games, books, gifts, and much more.
In addition to offering hard-to-find, exclusive and limited edition items, we offer the most secure and convenient online ordering for our customers. At Fandom Shop, we pride ourselves on our extensive in-house inventory and on-site fulfillment. Our buyers enjoy relationships with industry insiders that allow us to bring choice items to our online customers.
Fandom Shop will continue improving our service and providing the best selection of great merchandise, quality news coverage and a safe, secure and easy buying experience. In order to make your online shopping experience as enjoyable as possible, Fandom Shop invites you to take advantage of these special features and shopping services.
Order tomorrow's items before anyone else at our Advance Order Store and sign up for our free email newsletters, which keep you updated on our specials, sales, new items and ever changing content.
As always, Fandom Shop is dedicated to providing the ultimate in online shopping. Because of this dedication to customer service, we want to provide the peace of mind that comes from our Security Guarantee.
For any further questions, contact our customer service department at 916-567-2490
http://www.anotheruniverse.com/help/au/aboutus.asp
good, you getting you new teeth when ARYN files hehehe
CoreComm Limited Announces Financial Results For the Third Quarter of 2001; Continued Improvements to Financial Results, With a 94% Reduction in EBITDA Losses From the First Quarter
WEDNESDAY, NOVEMBER 14, 2001 9:04 AM
- BusinessWire
CoreComm Limited Announces Financial Results For the Third Quarter of 2001; Continued Improvements to Financial Results, With a 94% Reduction in EBITDA Losses From the First Quarter
NEW YORK, Nov 14, 2001 (BUSINESS WIRE) -- CoreComm Limited announced today its operating results for the three months ended September 30, 2001. The results reflect significant improvement over the second quarter and prior periods.
The Company's revised business plan and its focus on its most profitable markets and products are continuing to lead to significant improvements to the financial results. In the third quarter, further reductions in both the operating expenses as well as the selling, general, and administrative expenses have lead to a 94% reduction in EBITDA losses from the first quarter. The successful operating initiatives include facility consolidation, efficiency improvements, network optimization, headcount reduction, and vendor negotiations, as the Company continuously monitors all areas of its business for additional profitability and revenue growth.
In addition to these initiatives, the Company has also been able to grow revenues during this period. The Company continues to identify new revenue initiatives centered around its two most promising and successful product offerings: the first is integrated communications products and other high bandwidth/data/web-oriented services for the business market; the second is bundled local telephony and Internet products efficiently sold, serviced and provisioned via Internet-centric interfaces to the residential market. The Company also plans to drive revenue growth by capitalizing on low cost opportunities in additional markets. For example, using existing facilities, the Company has recently launched business communications service to several markets in the Great Lakes region and residential service in the East.
Thomas Gravina, Chief Operating Officer of CoreComm said, "We are pleased to announce the continuation of the positive trend in our results in the third quarter, which has led to the third consecutive quarter of substantial declining EBITDA losses, combined with revenue growth during this period. In the third quarter, our EBITDA (before corporate expenses) was ($1.3) million, compared to ($7.8) million in the second quarter and ($22.2) million in the first quarter. Although the tragic events of September 11 had a negative impact on our results for the quarter, we are pleased to show such significant improvement.
"Concurrently with the expense reductions, we have also been focusing on the improvement of the customer experience and expansion of our product offerings and geographic footprint. The fact that we have experienced modest growth in revenues while extensively cutting costs illustrates the fundamental success of our business model. These substantial achievements in such a short period of time demonstrate the focus of our senior management and the overall quality and commitment of our entire employee base. Our operating team has been doing a tremendous job executing the modified business model, which was reformulated earlier in the year due to the current financial market environment. We will continue to focus on revenue growth and bottom line profitability, and we expect further progress in our results going forward.
"As part of our goal of driving growth and profitability, we are currently evaluating and implementing several new revenue initiatives. We are leveraging our current resources in the East, Midwest and Great Lakes regions to expand our bundled commercial and residential product offerings across our entire operations footprint. We recently launched commercial telephony service in the Great Lakes region, as well as residential services in the East. We also continue to upsell our Internet customers to our bundled telephony and Internet products. We expect that these initiatives, coupled with our cost efficiency efforts, will enable us to drive revenue growth and continue to increase profitability.
"We have also continued our successful efforts to negotiate better terms with our existing vendors. We have held successful discussions with many vendors regarding associated payables, and have eliminated tens of millions of dollars of liabilities. We will continue to do business with many of those with whom we have reached agreement, and may be discontinuing relationships with certain vendors that have not been able to improve the terms and conditions of their services to the Company.
"We also recently announced the commencement of a program to recapitalize our outstanding debt. As a first step, we have already signed agreements with more than 88% of the holders of our 6% Convertible Subordinated Notes and are in continued negotiations with our other constituents in the capital structure. We believe that the deleveraging of our capital structure will enable us to execute our plans more effectively and will put us in a better position to participate in strategic developments in our sector."
The Company's revenues in the third quarter were attributable to the following service categories:
Cost Savings Initiatives
The Company has engaged in a significant cost reduction effort over the last several months, while it has also increased revenue. These efficiencies are reflected in the decrease in the Company's total expenses as shown in the table below:
The expense reductions shown above are the result of a variety of cost reduction measures, certain of which are also expected to generate additional savings during the remainder of the year and going forward. The cost savings initiatives include: network operations and asset consolidation; higher gross margin for delivery of telephony services via UNE, UNE-P, and EEL; elimination of products that do not meet profitability targets; and consolidation of business service operations, residential service operations, and Internet operations. These initiatives and other general cost reduction efforts have resulted in headcount reductions as well as elimination of expenses related to overhead and general and administrative expenses.
The Company has also continued its discussions with vendors regarding the terms and conditions of its various vendor arrangements. These discussions have been focused on the reduction or elimination of current payable balances as well as more favorable present and future contract terms and conditions. The Company has been successful in these discussions to date, eliminating tens of millions of dollars of liabilities, particularly with the many vendors that wish to maintain an ongoing successful relationship with the Company.
In conjunction with these initiatives, the Company has recorded reorganization charges, which are discussed further below.
Other Operating Initiatives
The Company has recently announced various other successful operating initiatives:
On October 31, 2001, the Company announced the commencement of a plan to recapitalize a significant portion of its debt. As part of this plan, the Company has signed binding agreements for transactions that would allow the Company to retire approximately $146 million, or 88%, of its $164.75 million outstanding 6% Convertible Subordinated Notes (the "Notes"). Under the terms of the binding agreements, if CoreComm determines to close the transactions, the Notes will be retired and CoreComm will pay each holder that has signed the agreement a cash payment equal to the October 1, 2001 interest payment due to such holder, plus equity which will equal, in the aggregate, 5% of the outstanding equity of the recapitalized Company on the basis of 100% of the current outstanding principal amount of the Notes being exchanged. The agreements terminate on December 15, 2001 if CoreComm has not determined to close the transactions by that time. If the agreements terminate, each holder that has signed the agreement will receive 50% of the October 1, 2001 interest payment due to such holder. The agreements include a waiver of interest currently due under the Notes, as well as an agreement not to take any action with respect to the Notes at least through December 15, 2001. CoreComm is currently in discussions with other constituents in its capital structure as well.
Depending upon the success of the recapitalization plan and the Company's performance, additional financing may be unnecessary in 2002 and for the foreseeable future. There can be no assurance that the recapitalization plan will be completed, that the Company will be able to generate sufficient cash from operations to meet all of its obligations, or that the Company will not be required to obtain additional funding in the future.
NASDAQ listing
In October, CoreComm also announced that it received confirmation from the Nasdaq Staff indicating that the Company was no longer being considered for delisting based on previously cited deficiencies under various listing criteria. As a result of Nasdaq's current moratorium on enforcing bid price and market value related continued listing requirements, the Company is able to remain listed under one of the alternative listing maintenance criteria. The Company was informed by Nasdaq that the moratorium will remain in place until at least January 2, 2002, at which time the listing criteria will be reapplied as though the Company had not previously been out of compliance. If the Company is still out of compliance at that time, it will have the normal prescribed periods for gaining compliance prior to receiving any new notices of delisting.
In July 2001, we finalized the streamlining of our operating structure to focus on our two most successful and promising lines of business. The first is integrated communications products and other high bandwidth/data/web-oriented services for the business market and the second is bundled local telephony and Internet products efficiently sold, serviced and provisioned via Internet-centric interfaces to the residential market.
We have engaged in significant efforts to reduce expenses in all areas of our business, while maintaining our revenue initiatives. These plans were implemented through a variety of means, including facility consolidation, efficiency improvements, network optimization, headcount reduction and vendor negotiations.
We have also engaged in significant efforts to capitalize on more profitable UNE, UNE-P and Enhanced Extended Loop provisioning and pricing to reduce existing network costs and capital expenditures, and enhance gross margins going forward. A large portion of our business and residential local access lines have been converted to these more profitable services, resulting in improved operating results on a going forward basis.
In addition, we have made significant progress in improving the operating efficiency of our networks, while also reducing network costs. The associated cost savings and product enhancements have come from increased overall efficiency, improved pricing terms, as well as the elimination of duplicative or unneeded network facilities.
As a result of the significant enhancements to our business plan, we had a 1.5% and 1.9% increase in revenues this quarter as compared to second quarter and first quarter of 2001, respectively, and operating, selling, general and administrative and corporate expenses were reduced this quarter by 7.0%, 22.4% and 29.0% compared to second quarter of 2001, first quarter of 2001, and fourth quarter of 2000, respectively. We expect these trends to continue in the fourth quarter of 2001.
As a result of the completion of the acquisitions of Voyager and ATX in September 2000, we consolidated the results of operations of these businesses from the dates of acquisition. The results of these businesses are not included in the 2000 results.
The increase in revenues to $74,307,000 from $18,263,000 is due to acquisitions in 2000, which accounted for $57,152,000 of the increase. This increase is offset by a decline in revenue attributed to the customer base associated with the USN assets to $4,894,000 from $9,232,000. The revenues from the USN customer base peaked in the third quarter of 1999 after our acquisition in May 1999 and, as expected, declined thereafter. USN Communications, Inc. was a CLEC that operated on a resale basis. The underlying operations, customer relationships and future revenue streams of the resale CLEC business have declined significantly since our acquisition. This trend will affect future operations because, in accordance with our revised business plan, we are substantially reducing our resale business.
Operating costs include direct cost of sales, network costs and salaries and related expenses of network personnel. Operating costs increased to $54,760,000 from $25,746,000 due to acquisitions in 2000, which amounted to $36,829,000 of the increase. This increase is offset by a decrease in costs as a result of the implementation of our modified business plan.
Selling, general and administrative expenses decreased to $20,879,000 from $23,123,000 due to the significant cost savings from the implementation of our modified business plan. This decrease was offset by an increase in costs due to acquisitions in 2000, which amounted to $16,444,000.
Corporate expenses include the costs of our officers and headquarters staff, the costs of operating the headquarters and costs incurred for strategic planning and evaluation of business opportunities. Corporate expenses decreased to $1,194,000 from $3,363,000 primarily as a result of the implementation of our modified business plan.
Reorganization charges of $3,910,000 in the third quarter of 2001 relate to the Company's actions to reorganize, re-size and reduce operating costs and create greater efficiency in various areas of the Company. In 2000, $243,000 of the reorganization charges recorded in March 2000 were reversed. We continue to review our operations and may incur additional charges in the future related to our operations.
Depreciation and amortization expense increased to $31,790,000 from $10,866,000 primarily due to the amortization of goodwill from the acquisitions in 2000.
Net interest and other decreased to expense of $12,783,000 from expense of $2,274,000 primarily due to increased borrowings to fund our acquisitions and operations.
The income tax benefit of $82,000 in 2001 is from state and local income tax refunds and the provision of $49,000 in 2000 is for state and local income tax.
In September 2001, the Company and the holder of the $3,016,000 principal amount 12.75% note payable for equipment agreed to a modification of the note such that the principal amount was reduced to $800,000, which was paid on October 1, 2001. The Company recorded an extraordinary gain on the early extinguishment of debt of $2,216,000 for the difference between the $3,016,000 obligation and the $800,000 liability.
CoreComm provides integrated telephone, Internet and data services to business and residential customers in several markets in the United States
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
In addition to the historical information presented, this release also includes certain forward-looking statements concerning trends in operating results. Such statements represent the Company's reasonable judgment on the future and are based on assumptions and factors that could cause actual results to differ materially. Examples of relevant assumptions and factors include, but are not limited to, general economic and business conditions, industry trends, technological developments, the Company's ability to continue to design and deploy efficient network routes, obtain and maintain any required regulatory licenses or approvals and finance network development, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as assumptions about customer acceptance, churn rates, overall market penetration and competition from providers of alternative services, the impact of restructuring and integration actions, the impact of new business opportunities requiring significant up-front investment, the success of the Company's recapitalization plan, interest rate fluctuations, and availability, terms and deployment of capital. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such statements.
Copyright (C) 2001 Business Wire. All rights reserved.
COMM
0.20 -0.008
Enter Symbol:
Enter Keyword:
Affinity Technology Group Enters Into an Agreement to Pay Off $1 Million Convertible Debenture
TUESDAY, SEPTEMBER 18, 2001 8:32 AM
- BusinessWire
Affinity Technology Group Enters Into an Agreement to Pay Off $1 Million Convertible Debenture
COLUMBIA, S.C., Sep 18, 2001 (BUSINESS WIRE) -- Affinity Technology Group, Inc. today announced that it has amended its $1 million convertible debenture purchase agreement with an international institutional investor.
Under the terms of the amendment, remaining principal and accrued interest of $703,435 will be repaid in installments through June 2002. Terms of the amendment also include provisions whereby certain warrants previously issued by Affinity will be repriced to $0.05 per share, and the conversion feature of the debenture will be eliminated subject to the timely payment of all remaining installments by Affinity.
Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, said, "We are pleased that we were able to restructure the convertible debenture. This Agreement will reduce our exposure to the dilutive aspects of a convertible instrument and provide us with more flexibility as we continue to evaluate possible capital raising alternatives."
About Affinity Technology Group, Inc.
Affinity's technology enables financial institutions to link their branches, call centers, Internet customers, and indirect agents electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at .
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected.
NOTE TO INVESTORS AND EDITORS: Affinity's press releases are available on the Internet through Business Wire's web site at . The releases are also available at no extra charge through Business Wire's Company News-On-Demand fax service at 1-800-340-7544.
Copyright (C) 2001 Business Wire. All rights reserved.
In at .08 take those risks if you can,
CoreComm Limited Announces That It is No Longer Being Considered for Delisting for Previously Cited Deficiencies
TUESDAY, OCTOBER 02, 2001 8:00 PM
- BusinessWire
CoreComm Limited Announces That It is No Longer Being Considered for Delisting for Previously Cited Deficiencies
NEW YORK, Oct 2, 2001 (BUSINESS WIRE) -- CoreComm Limited (the "Company") announced that it received oral confirmation from the Nasdaq Staff indicating that the Company was no longer being considered for delisting based on previously cited deficiencies under various listing criteria.
As a result of Nasdaq's recently announced moratorium on enforcing bid price and market value related continued listing requirements, the Company is able to remain listed under one of the alternative listing maintenance criteria. The Company was informed by Nasdaq that the moratorium will remain in place until at least January 2, 2002, at which time the listing criteria will be reapplied as though the Company had not previously been out of compliance. If the Company is still out of compliance at that time, it will have the normal prescribed periods for gaining compliance prior to receiving any new notices of delisting.
Copyright (C) 2001 Business Wire. All rights reserve
NEWS!!CoreComm Limited Announces Financial Results For the Third Quarter of 2001; Continued Improvements to Financial Results, With a 94% Reduction in EBITDA Losses From the First Quarter
11/14/2001 9:04:00 AM
NEW YORK, Nov 14, 2001 (BUSINESS WIRE) -- CoreComm Limited (COMM) announced today its operating results for the three months ended September 30, 2001. The results reflect significant improvement over the second quarter and prior periods.
The Company's revised business plan and its focus on its most profitable markets and products are continuing to lead to significant improvements to the financial results. In the third quarter, further reductions in both the operating expenses as well as the selling, general, and administrative expenses have lead to a 94% reduction in EBITDA losses from the first quarter. The successful operating initiatives include facility consolidation, efficiency improvements, network optimization, headcount reduction, and vendor negotiations, as the Company continuously monitors all areas of its business for additional profitability and revenue growth.
In addition to these initiatives, the Company has also been able to grow revenues during this period. The Company continues to identify new revenue initiatives centered around its two most promising and successful product offerings: the first is integrated communications products and other high bandwidth/data/web-oriented services for the business market; the second is bundled local telephony and Internet products efficiently sold, serviced and provisioned via Internet-centric interfaces to the residential market. The Company also plans to drive revenue growth by capitalizing on low cost opportunities in additional markets. For example, using existing facilities, the Company has recently launched business communications service to several markets in the Great Lakes region and residential service in the East.
Thomas Gravina, Chief Operating Officer of CoreComm said, "We are pleased to announce the continuation of the positive trend in our results in the third quarter, which has led to the third consecutive quarter of substantial declining EBITDA losses, combined with revenue growth during this period. In the third quarter, our EBITDA (before corporate expenses) was ($1.3) million, compared to ($7.8) million in the second quarter and ($22.2) million in the first quarter. Although the tragic events of September 11 had a negative impact on our results for the quarter, we are pleased to show such significant improvement.
"Concurrently with the expense reductions, we have also been focusing on the improvement of the customer experience and expansion of our product offerings and geographic footprint. The fact that we have experienced modest growth in revenues while extensively cutting costs illustrates the fundamental success of our business model. These substantial achievements in such a short period of time demonstrate the focus of our senior management and the overall quality and commitment of our entire employee base. Our operating team has been doing a tremendous job executing the modified business model, which was reformulated earlier in the year due to the current financial market environment. We will continue to focus on revenue growth and bottom line profitability, and we expect further progress in our results going forward.
"As part of our goal of driving growth and profitability, we are currently evaluating and implementing several new revenue initiatives. We are leveraging our current resources in the East, Midwest and Great Lakes regions to expand our bundled commercial and residential product offerings across our entire operations footprint. We recently launched commercial telephony service in the Great Lakes region, as well as residential services in the East. We also continue to upsell our Internet customers to our bundled telephony and Internet products. We expect that these initiatives, coupled with our cost efficiency efforts, will enable us to drive revenue growth and continue to increase profitability.
"We have also continued our successful efforts to negotiate better terms with our existing vendors. We have held successful discussions with many vendors regarding associated payables, and have eliminated tens of millions of dollars of liabilities. We will continue to do business with many of those with whom we have reached agreement, and may be discontinuing relationships with certain vendors that have not been able to improve the terms and conditions of their services to the Company.
"We also recently announced the commencement of a program to recapitalize our outstanding debt. As a first step, we have already signed agreements with more than 88% of the holders of our 6% Convertible Subordinated Notes and are in continued negotiations with our other constituents in the capital structure. We believe that the deleveraging of our capital structure will enable us to execute our plans more effectively and will put us in a better position to participate in strategic developments in our sector."
OPERATING HIGHLIGHTS
Subscriber data
The Company had the following subscribers as of September 30,
2001:
----------------------------------------------------------------------
September 30, 2001
----------------------------------------------------------------------
Residential Local Access Lines 54,400
----------------------------------------------------------------------
Business Local Access Lines 241,500
----------------------------------------------------------------------
Toll-related Access Line Equivalents 495,300
----------------------------------------------------------------------
Internet Subscribers 351,600
----------------------------------------------------------------------
Other Data Customers (1) 18,200
----------------------------------------------------------------------
(1) Other data customers included Point-to-Point data, Frame
Relay, Web Development, Web Hosting, E-Commerce, Collocation
and other related customers.
Revenue Breakdown
The Company's revenues in the third quarter were attributable to the following service categories:
----------------------------------------------------------------------
September 30, 2001
----------------------------------------------------------------------
Local Exchange Services 32%
----------------------------------------------------------------------
Toll-related Telephony Services 26%
----------------------------------------------------------------------
Internet, Data and Web-related Services 32%
----------------------------------------------------------------------
Other Revenue 10%
----------------------------------------------------------------------
Total 100%
----------------------------------------------------------------------
Cost Savings Initiatives
The Company has engaged in a significant cost reduction effort over the last several months, while it has also increased revenue. These efficiencies are reflected in the decrease in the Company's total expenses as shown in the table below:
Three months ended,
------------------------------------------
% reduction Sept. 30, June 30, March 31, Dec. 31,
($ in thousands) Q4`00-Q3'01 2001 2001 2001 2000
----------- ---- ---- ---- ----
Operating Expenses 16% $54,760 $57,662 $63,520 $64,877
Selling, general and
administrative 46% 20,879 23,369 31,599 38,966
Corporate Expenses 72% 1,194 1,626 3,894 4,325
--- ----- ----- ----- -----
Total Expenses 29% $76,833 $82,657 $99,013 $108,168
The expense reductions shown above are the result of a variety of cost reduction measures, certain of which are also expected to generate additional savings during the remainder of the year and going forward. The cost savings initiatives include: network operations and asset consolidation; higher gross margin for delivery of telephony services via UNE, UNE-P, and EEL; elimination of products that do not meet profitability targets; and consolidation of business service operations, residential service operations, and Internet operations. These initiatives and other general cost reduction efforts have resulted in headcount reductions as well as elimination of expenses related to overhead and general and administrative expenses.
The Company has also continued its discussions with vendors regarding the terms and conditions of its various vendor arrangements. These discussions have been focused on the reduction or elimination of current payable balances as well as more favorable present and future contract terms and conditions. The Company has been successful in these discussions to date, eliminating tens of millions of dollars of liabilities, particularly with the many vendors that wish to maintain an ongoing successful relationship with the Company.
In conjunction with these initiatives, the Company has recorded reorganization charges, which are discussed further below.
Other Operating Initiatives
The Company has recently announced various other successful operating initiatives:
-- The Company has been selected by the Pennsylvania Chamber of
Business and Industry as its endorsed provider of
telecommunications services. The statewide, 10,000-plus member
organization considered more than 200 telecommunications
providers and entertained 21 Requests for Proposals before
making their decision.
-- The Company has renewed its strategic marketing alliance with
the Eastern Technology Council as the "Preferred Provider".
The partnership, which has more than 1,000 members and began
in 1997, has resulted in a significant number of member
companies consolidating their telecommunications using the
Company's services.
-- The Company continued to add customers through its
relationship with the State of Ohio's Electronic Classroom of
Tomorrow (ECOT), a statewide, Internet-based distance learning
school. CoreComm was selected earlier this year along with
Compaq, Microsoft, Level 3 and Xerox Connect to fulfill the
program's mission of providing a fully online educational
experience. CoreComm provides the Internet connections to take
students to the online learning center.
-- The Company has been selected by the City of Philadelphia as
their telecommunications provider for a third term. The
Company has twice before won the bid to provide services for
the entire city, which involves tens of thousands of phone
lines in several city government offices.
-- The Company has recently re-established relationships with
approximately 200 former customers representing nearly 400
locations throughout its footprint and millions in annualized
revenues through the continued execution of its "WinBack"
Program.
-- The Company has extended its longstanding relationship with
the Philadelphia Eagles, a customer since 1991. In addition to
renewing its suite lease agreement, the Company will continue
as an integrated communications provider for the team's
facilities and stadium.
-- In conjunction with the Company's ongoing relationship with
Great Lakes business customer Harley-Davidson
(HDI)
, the
Company recently expanded its relationship by delivering
additional bandwidth capacity to accommodate their needs
during a Labor Day H.O.G. (Harley Owners Group) rally with
approximately 150,000 people in attendance.
-- The Children's Hospital of Philadelphia has also renewed its
service agreement with the Company. The agreement with the
nation's premier children's hospital extends the Company's
twelve-year relationship.
OTHER DEVELOPMENTS
Recapitalization Plan
On October 31, 2001, the Company announced the commencement of a plan to recapitalize a significant portion of its debt. As part of this plan, the Company has signed binding agreements for transactions that would allow the Company to retire approximately $146 million, or 88%, of its $164.75 million outstanding 6% Convertible Subordinated Notes (the "Notes"). Under the terms of the binding agreements, if CoreComm determines to close the transactions, the Notes will be retired and CoreComm will pay each holder that has signed the agreement a cash payment equal to the October 1, 2001 interest payment due to such holder, plus equity which will equal, in the aggregate, 5% of the outstanding equity of the recapitalized Company on the basis of 100% of the current outstanding principal amount of the Notes being exchanged. The agreements terminate on December 15, 2001 if CoreComm has not determined to close the transactions by that time. If the agreements terminate, each holder that has signed the agreement will receive 50% of the October 1, 2001 interest payment due to such holder. The agreements include a waiver of interest currently due under the Notes, as well as an agreement not to take any action with respect to the Notes at least through December 15, 2001. CoreComm is currently in discussions with other constituents in its capital structure as well.
Depending upon the success of the recapitalization plan and the Company's performance, additional financing may be unnecessary in 2002 and for the foreseeable future. There can be no assurance that the recapitalization plan will be completed, that the Company will be able to generate sufficient cash from operations to meet all of its obligations, or that the Company will not be required to obtain additional funding in the future.
NASDAQ listing
In October, CoreComm also announced that it received confirmation from the Nasdaq Staff indicating that the Company was no longer being considered for delisting based on previously cited deficiencies under various listing criteria. As a result of Nasdaq's current moratorium on enforcing bid price and market value related continued listing requirements, the Company is able to remain listed under one of the alternative listing maintenance criteria. The Company was informed by Nasdaq that the moratorium will remain in place until at least January 2, 2002, at which time the listing criteria will be reapplied as though the Company had not previously been out of compliance. If the Company is still out of compliance at that time, it will have the normal prescribed periods for gaining compliance prior to receiving any new notices of delisting.
FINANCIAL RESULTS
Three Months Ended
September 30,
2001 2000 (1)
---------------- ----------------
(in thousands, except
per share data)
Revenues $ 74,307 $ 18,263
Costs and expenses:
Operating 54,760 25,746
Selling, general and
administrative 20,879 23,123
------------ ---------
EBITDA (1,332) (30,606)
Corporate 1,194 3,363
Non-cash compensation 3,234 3,234
Reorganization charges 3,910 (243)
Depreciation and amortization 31,790 10,866
------------ ---------
Operating (loss) (41,460) (47,826)
Other income (expense):
Net interest and other (12,783) (2,274)
Income tax benefit
(provision) 82 (49)
------------ ---------
(Loss) before
extraordinary item (54,161) (50,149)
Gain from early
extinguishment of
Debt 2,216 -
------------ ---------
Net (loss) $(51,945) $(50,149)
============ =========
Basic and diluted net
(loss) per
common share: (2)
(Loss) before
extraordinary item $(0.59) $(1.24)
Extraordinary item 0.02 -
------------ ---------
Net (loss) per
common share $(0.57) $(1.24)
------------ ---------
Weighted average shares 97,042 40,502
(1) As a result of the completion of the acquisitions of Voyager
and ATX in September 2000, we consolidated the results of
operations of these businesses from the dates of acquisition.
The results of these businesses are not included in the 2000
results.
(2) After giving effect to the dividends and accretion on
preferred stock of $5,641,000 and $104,000 in the three months
ended September 30, 2001 and 2000, respectively.
DISCUSSION OF OPERATING RESULTS
In July 2001, we finalized the streamlining of our operating structure to focus on our two most successful and promising lines of business. The first is integrated communications products and other high bandwidth/data/web-oriented services for the business market and the second is bundled local telephony and Internet products efficiently sold, serviced and provisioned via Internet-centric interfaces to the residential market.
We have engaged in significant efforts to reduce expenses in all areas of our business, while maintaining our revenue initiatives. These plans were implemented through a variety of means, including facility consolidation, efficiency improvements, network optimization, headcount reduction and vendor negotiations.
We have also engaged in significant efforts to capitalize on more profitable UNE, UNE-P and Enhanced Extended Loop provisioning and pricing to reduce existing network costs and capital expenditures, and enhance gross margins going forward. A large portion of our business and residential local access lines have been converted to these more profitable services, resulting in improved operating results on a going forward basis.
In addition, we have made significant progress in improving the operating efficiency of our networks, while also reducing network costs. The associated cost savings and product enhancements have come from increased overall efficiency, improved pricing terms, as well as the elimination of duplicative or unneeded network facilities.
As a result of the significant enhancements to our business plan, we had a 1.5% and 1.9% increase in revenues this quarter as compared to second quarter and first quarter of 2001, respectively, and operating, selling, general and administrative and corporate expenses were reduced this quarter by 7.0%, 22.4% and 29.0% compared to second quarter of 2001, first quarter of 2001, and fourth quarter of 2000, respectively. We expect these trends to continue in the fourth quarter of 2001.
As a result of the completion of the acquisitions of Voyager and ATX in September 2000, we consolidated the results of operations of these businesses from the dates of acquisition. The results of these businesses are not included in the 2000 results.
The increase in revenues to $74,307,000 from $18,263,000 is due to acquisitions in 2000, which accounted for $57,152,000 of the increase. This increase is offset by a decline in revenue attributed to the customer base associated with the USN assets to $4,894,000 from $9,232,000. The revenues from the USN customer base peaked in the third quarter of 1999 after our acquisition in May 1999 and, as expected, declined thereafter. USN Communications, Inc. was a CLEC that operated on a resale basis. The underlying operations, customer relationships and future revenue streams of the resale CLEC business have declined significantly since our acquisition. This trend will affect future operations because, in accordance with our revised business plan, we are substantially reducing our resale business.
Operating costs include direct cost of sales, network costs and salaries and related expenses of network personnel. Operating costs increased to $54,760,000 from $25,746,000 due to acquisitions in 2000, which amounted to $36,829,000 of the increase. This increase is offset by a decrease in costs as a result of the implementation of our modified business plan.
Selling, general and administrative expenses decreased to $20,879,000 from $23,123,000 due to the significant cost savings from the implementation of our modified business plan. This decrease was offset by an increase in costs due to acquisitions in 2000, which amounted to $16,444,000.
Corporate expenses include the costs of our officers and headquarters staff, the costs of operating the headquarters and costs incurred for strategic planning and evaluation of business opportunities. Corporate expenses decreased to $1,194,000 from $3,363,000 primarily as a result of the implementation of our modified business plan.
Reorganization charges of $3,910,000 in the third quarter of 2001 relate to the Company's actions to reorganize, re-size and reduce operating costs and create greater efficiency in various areas of the Company. In 2000, $243,000 of the reorganization charges recorded in March 2000 were reversed. We continue to review our operations and may incur additional charges in the future related to our operations.
Depreciation and amortization expense increased to $31,790,000 from $10,866,000 primarily due to the amortization of goodwill from the acquisitions in 2000.
Net interest and other decreased to expense of $12,783,000 from expense of $2,274,000 primarily due to increased borrowings to fund our acquisitions and operations.
The income tax benefit of $82,000 in 2001 is from state and local income tax refunds and the provision of $49,000 in 2000 is for state and local income tax.
In September 2001, the Company and the holder of the $3,016,000 principal amount 12.75% note payable for equipment agreed to a modification of the note such that the principal amount was reduced to $800,000, which was paid on October 1, 2001. The Company recorded an extraordinary gain on the early extinguishment of debt of $2,216,000 for the difference between the $3,016,000 obligation and the $800,000 liability.
CoreComm provides integrated telephone, Internet and data services to business and residential customers in several markets in the United States
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
In addition to the historical information presented, this release also includes certain forward-looking statements concerning trends in operating results. Such statements represent the Company's reasonable judgment on the future and are based on assumptions and factors that could cause actual results to differ materially. Examples of relevant assumptions and factors include, but are not limited to, general economic and business conditions, industry trends, technological developments, the Company's ability to continue to design and deploy efficient network routes, obtain and maintain any required regulatory licenses or approvals and finance network development, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as assumptions about customer acceptance, churn rates, overall market penetration and competition from providers of alternative services, the impact of restructuring and integration actions, the impact of new business opportunities requiring significant up-front investment, the success of the Company's recapitalization plan, interest rate fluctuations, and availability, terms and deployment of capital. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such statements.
CONTACT: CoreComm Limited
Michael A. Peterson
Richard J. Lubasch
212/906-8485
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
Trading Center
Hundred Mile Plus, Ltd. (Trading Symbol: HDMP)
Bringing The World Up To Speed
http://www.hundredmileplus.com
Fact: American drivers and U.S. industry consume up to 17 million barrels of oil per day, while the United States produces less than 6 million barrels.
Imagine driving your Chevy Suburban from Los Angeles to New York City, then on to Miami, a trip encompassing over 4,000 miles. At 18 miles per gallon, you would need 227 gallons of gas, or six trips to the pumps. With Hundred Mile Plus technology installed on the same vehicle, you would need only one full tank of gas representing not only a huge convenience, but a dramatic cost savings as well.
Americans love their automobiles. Millions of vehicles are on U.S. roads at any one time, and they consume approximately 7.5 million barrels of gasoline on a daily basis. Each year there are more automobiles, more miles driven and a greater overall consumption of fuel.
Unfortunately, the gasoline that fuels our cars is a steadily shrinking natural resource harvested primarily outside the United States. As a result, consumers are stuck paying higher prices for a necessity of life in the 21st Century.
It is a simple formula: Increasing demand, coupled with a limited supply, especially for a product that is most readily available in the most volatile areas of the world. Toss into the mix more stringent government legislation due to a growing concern for air quality, and the squeeze is on.
Thankfully, Hundred Mile Plus, Ltd. has addressed this problem. Once brought to market, Hundred Miles Plus technology will allow even lower mileage vehicles, such as that Chevy Suburban, to achieve one hundred miles per gallon of gasoline.
Take the Hundred Mile Plus Test Drive and experience the ease of a 4,000 mile trip on a single tank of gasoline.
NEWS COMING THIS WEEK!!!!!
Earning due 11/14/01 lets see...
Lets go ARYN!!!!
HERE WE GO AGAIN
Thanks it was up a penny today,,
I know today was gonna be the day for some movement....Big News coming Tuesday,,IMO
Up a penny today ,,rumor of news this month,may run to 5 bucks,,lets see...
HELLO!!!ANYBODY HOME,,BIGNEWS MONDAY GOOD LUCK!!!!!
ANY INFO ON THAT ELTI???? LOOKS LIKE IT MAY BE GOOD,,,HOW ABOUT FBNI LOL WOW WHAT A DISASTER!!! HAVE 1000 SHARES NOW!!
HEY DOCTOR GOOD BOARD,,SAW THIS ON BOBZ..LOOKS DECENT,,BUT THE FALL IN PRICE GONNA SIT ON THE SIDE LINES FOR A WHILE,,LUCK TO YOU
GOOD OLD ARHCER...WE NEED SOME GOOD PRESS!!!
WHAT A DAY,,,TODAYS NEWS!!!F2 Broadcast Network, Inc. Sells Bricks and Mortar Assets
TUESDAY, MAY 29, 2001 12:51 PM
- PRNewswire
BOCA RATON, Fla., May 29, 2001 /PRNewswire via COMTEX/ -- F2 Broadcast Network Inc. (OTC:FBNI), a fully reporting company, announced that it has executed all final documents for sale of the Company's radio station in Gillette, Wyoming. F2 Broadcast is also nearing finalization of the sale of its 80% ownership in First Films, Inc., the owner of the Comedy Works comedy club in Denver, CO.
Legend Communications of Wyoming, LLC the owner of multiple radio stations, has acquired KGWY in Gillette, Wyoming for $1.9 million, including land, building, antennae, and licensing. Of the $1.9 million, $570,000 is in the form of a note receivable and approximately $500,000 will be used to pay existing debt related to the radio assets. The parties have executed the definitive sales agreement, and pending FCC approval, the transaction is expected to close within the next 60 days. First Films will be sold for $300,000 in cash and assumption of debt of approximately $250,000. The parties intend to close within the next 10 business days.
"This cash infusion and debt reduction allows F2 to pursue its core competence in Internet Video Production. This is the model we have identified that can be monitized," states Howard Stern, Chairman/CEO.
"With significant liquidity available to remove the Company's existing obligations, the restructuring of the company, and the significant reduction in expenses, and new production relationships with PGATOUR.com and Tournament Radio, F2Broadcast is poised to become a premier Internet video production company," continues Stern.
About F2 Broadcast
F2 Broadcast Network is a provider of Internet video production services specializing in the creation of turnkey solutions for live, on demand, and archived convergent media. F2 Broadcast delivers content via both high-speed Internet access and satellite uplink. With satellite downlink facilities at both its Palm Beach, and Broward County locations F2 Broadcast is uniquely positioned to successfully produce and stream content from any location and deliver it to the World Wide Web.
Note: Certain statements herein that are not historical are forward-looking statements, which involve risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which the forward-looking statements are based are reasonable, it can give no assurances that such expectations and assumptions will prove to have been correct. See the Company's Annual Report on Form 10-KSB for the years ended December 31, 2000 and 1999 and its Forms 8-K reporting events occurring on November 7, 2000, December 21, 2000, December 28, 2000, and January 8, 2001, January 22, 2001, February 2, 2001 and February 23, 2001, for additional statements concerning important factors that could cause actual results to differ materially from the Company's expectations, including factors related to the Company's financial condition and the uncertainty of its ability to satisfy its operating expenses until revenues from the sale of certain assets, or from any other source or sources, become available.
For more information or a complete F2 Broadcast Media Kit, please contact: Robert Fuchs, or Howard Stern of F2 Broadcast, 1-866- F2 Video.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X28158276
SOURCE F2 Broadcast Network, Inc.
CONTACT: David Reeves or Diana Laverdure, 561-391-8717, of Reeves
Communication, for F2 Broadcast Network, Inc.
URL: http://www.PGATOUR.com
http://www.firstentertainment.com
http://www.prnewswire.com
(C) 2001 PR Newswire. All rights reserved.
KEYWORD: Colorado
Florida
Wyoming
INDUSTRY KEYWORD: ENT
SUBJECT CODE: TNM
LIC
OTC
FBNI WILL HAVE LARGE BLOCKS BUYS TUESDAY,,I FLEW THE BIG WIGS IN!!!!!!TIME TO PLAY MONOPOLY....MAKE SURE YOU LAND ON PARK PLACE OR THE BOARDWALK!!!!!!! http://www.f2sports.com
PAPA THAT COMPANY HAS NO MONEY 600,000 GROSS THE NET AROUND 100K,,,THEY CANT AFFORD A PGATOUR HAT...WELL RIDE THE SCAM THE BEST YOU CAN ,,LUCK TO YOU..
VALUSALES COM INC
Filing Type: 10QSB
Description: Quarterly Report
Filing Date: Nov 14, 2000
Period End: Sep 30, 2000
Primary Exchange: N/A
Ticker: N/A
Table of Contents
To jump to a section, double-click on the section name.
10QSB OTHERDOC
PART I 3
Item 1 3
Balance Sheet 3
Income Statement 4
Income Statement2 5
Table4 5
Cash Flow Statement 6
Table6 7
ITEM 2 8
Income Statement3 10
Item 3 12
PART II 12
Item 1 12
Item 2 12
Item 3 12
Item 4 12
Item 5 13
Item 6 13
EX-27 OTHERDOC
Exhibit 27 Table 13
Document is copied.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
ValuSALES.com, Incorporated
--------------------------------------
(Exact name of registrant as specified in this charter)
Florida 65-1001686
------- ----------
(State of other jurisdiction (IRS Employer
of incorporation) Identification No.)
4101 Ravenswood Road, Suite 209, Fort Lauderdale, FL 33312
--------------------------------------
Address of principal executive offices
954-792-3773
--------------------------------------
Registrant's telephone number, including area code
Check whether the issuer (1) has filed all reports required to be filed by
section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
As of September 30, 2000 there were 10,000,000 shares of the Issuer's Common
Stock outstanding.
ValuSALES.com, Inc.
FORM 10-QSB
INDEX
PART I. FINANCIAL INFORMATION PAGE(S)
Item 1. Financial Statements
Balance Sheets as of September 30, 2000 and December 31, 1999
Statement of Operations for the Nine Months Ended
September 30, 2000
Statements of Operations for the Three Months Ended
September 30, 2000 and From Inception (July 20, 1999)
to September 30, 1999
Statement of Shareholder's Equity for the Nine Months
Ended September 30, 2000 and From Inception (July 20, 1999)
To September 30, 1999
Statements of Cash Flows for the Nine Months Ended
September 30, 2000 and From Inception (July 20, 1999)
to September 30, 1999
Notes to Financial Statements for September 30, 2000
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Item 3. Qualitative and Quantitative Disclosures About Market Risk
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures
Exhibit 27.1 Financial Data Schedule
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VALUSALES.COM., INC.
BALANCE SHEETS
ASSETS
September 30, December 31,
2000 1999
--------- ---------
UNAUDITED
Current Assets
Cash $ 107,901 $ 83,935
Accounts receivable 381,995 143,360
Inventories 106,070 92,578
--------- ---------
Total current assets 595,966 319,873
Property and equipment, net of accumulated depreciation of
$8,914 at September 30, 2000 and $2,962 at December 31, 1999 44,415 37,038
Other 6,343 --
--------- ---------
$ 646,724 $ 356,911
========= =========
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 407,653 $ 106,104
Due to shareholder 56,602 11,000
--------- ---------
Total current liabilities 464,255 117,104
--------- ---------
Shareholders' Equity
Common stock-par value $.001; 50,000,000 shares authorized,
10,000,000 issued and outstanding at
September 30, 2000 and December 31, 1999 10,000 10,000
Additional paid-in capital 391,923 391,923
Deficit (219,454) (162,116)
--------- ---------
Total shareholders' equity 182,469 239,807
--------- ---------
$ 646,724 $ 356,911
========= =========
3
VALUSALES.COM., INC.
STATEMENTS OF OPERATIONS
Nine Months Ended September 30, 2000 (Unaudited)
YTD 2000
September 30,
2000
------------
UNAUDITED
Revenues
Product Sales $ 920,598
Services 1,059,468
------------
Total 1,980,066
------------
Cost of sales
Product 659,226
Services 685,110
------------
Total 1,344,336
------------
Gross profit 635,730
------------
Expenses
Personnel Costs and related expenses 254,753
General and administrative 438,315
------------
693,068
------------
Net profit (loss) ($ 57,338)
============
Profit (loss) per share-basic ($ 0.006)
============
Weighted - average common shares outstanding 10,000,000
============
4
VALUSALES.COM., INC.
STATEMENTS OF OPERATIONS
July 20, 1999 (Inception) to September 30, 1999
Three Months Ended September 30, 2000 (Unaudited)
3rd Qtr 2000 3rd Qtr 1999
September 30, September 30,
2000 1999
------------ ------------
UNAUDITED UNAUDITED
Revenues
Product Sales $ 263,346 $ 160,242
Services 465,855 37,748
------------ ------------
Total 729,201 197,990
------------ ------------
Cost of sales
Product 147,394 122,794
Services 196,545 16,204
------------ ------------
Total 343,939 138,998
------------ ------------
Gross profit 385,262 58,992
------------ ------------
Expenses
Personnel Costs and related expenses 150,184 44,785
General and administrative 224,413 30,304
------------ ------------
374,597 75,089
------------ ------------
Net profit (loss) $ 10,665 ($ 16,097)
============ ============
$ 0.001 ($ 0.002)
============ ============
Profit (Loss) per share-basic
Weighted - average common shares outstanding 10,000,000 7,598,600
============ ============
5
STATEMENT OF SHAREHOLDERS' EQUITY
July 20, 1999 (Inception) to December 31, 1999
Nine Months Ended September 30, 2000 (Unaudited)
Common Stock Additional
-------------------------- Paid-in
Shares Amount Capital (Deficit)
Sale of common stock for cash-net 375,000 375 $ 293,235
Stock issued for services 1,052,000 1,052 101,361
Stock issued under employment agreements 900,000 900
Sale of common stock for cash 2,673,000 2,673 172,327
Purchase of September Project II, Corp. 5,000,000 5,000 (175,000) ($ 5,000)
(Loss) for period July 20, 1999 (inception) to December 31, 1999 ($ 157,116)
------------ ------------ ------------ ------------
Balance December 31, 1999 10,000,000 10,000 391,923 (162,116)
(Loss) for the nine months ended September 30, 2000 (57,338)
------------ ------------ ------------ ------------
Balance September 30, 2000 (Unaudited) 10,000,000 $ 10,000 $ 391,923 ($ 219,454)
============ ============ ============ ============
6
VALUSALES.COM, INC.
STATEMENTS OF CASH FLOWS
July 20, 1999 (Inception) to December 31, 1999
Nine Months Ended September 30, 2000 (Unaudited)
September 30, December 31,
2000 1999
------------- -------------
UNAUDITED
Cash flows from operating activities
Net Profit (loss) ($ 57,338) ($157,116)
Adjustments to reconcile net (loss) to net cash
(used) by operating activities
Stock issued for services -- 102,413
Depreciation 5,952 2,962
(Increase) in accounts receivable (238,635) (143,360)
(Increase) in inventories (13,492) (57,578)
(Increase) in other (6,343) --
Increase in accounts payable 301,549 106,104
--------- ---------
Total adjustments 49,031 10,541
--------- ---------
Net cash (used) by operating activities (8,307) (146,575)
--------- ---------
Cash flows from investing activities
Purchase of assets (13,329) (75,000)
Purchase of ValuSales.Com, Inc. -- (175,000)
--------- ---------
Net cash (used) by investing activities (13,329) (250,000)
--------- ---------
Cash flows from financing activities
Loan from shareholder 45,602 11,000
Sale of common stock -- 469,510
--------- ---------
Net cash provided by financing activities 45,602 480,510
--------- ---------
Net change in cash 23,966 83,935
Cash - beginning 83,935 --
--------- ---------
Cash - end $ 107,901 $ 83,935
========= =========
Supplemental disclosures of cash flow information:
Interest paid $ -- $ --
========= =========
Taxes paid $ -- $ --
========= =========
7
VALUSALES.COM, INC.
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
Unaudited
Note 1. Summary of Significant Accounting Policies
Certain information and footnote disclosures, normally included in financial
statements prepared in accordance with generally accepted accounting principles,
have been condensed or omitted in this Form 10-QSB in compliance with the Rules
and Regulations of the Securities and Exchange Commission. However, in the
opinion of ValuSALES.com, Inc. the disclosures contained in this Form 10-QSB are
adequate to make the information fairly presented. See Form 10SB for the year
end December 31, 1999 and the six months ended June 30, 2000 for additional
information relevant to significant accounting policies followed by the Company.
Note 2. Basis of Presentation
In the opinion of the Company, the accompanying unaudited financial statements
reflect all adjustments (consisting of normal recurring accruals) necessary to
present fairly the financial position as of September 30, 2000 and the results
of operations for the nine month period ended September 30, 2000 and July 20,
1999 (Inception) to September 30, 1999. The results of operations for the nine
months ended September 30, 2000 are not necessarily indicative of the results
which may be expected for the entire year.
8
VALUSALES.COM, INC.
NOTES TO FINANCIAL STATEMENTS
September 30, 1999 (Unaudited)
September 30, 2000 (Unaudited)
Note 3. Business Segments
The Company is organized into four business segments. Summarized
financial information concerning the Company's reportable segments is shown in
the following table. Corporate related items not allocated to reportable
segments are included in the reconciliation to the Statements of Operations.
Valu Odyssey Web Valu
Computers Advertising Odyssey Mortgages Total
--------- ----------- ------- --------- -----
Inception (July 20, 1999) to
September 30, 1999
---------------------------
Revenue-Product $ 160,242 $ 160,242
Revenue-Services $ 37,748 37,748
-----------
Total 197,990
Operating earnings (loss) 9,418 (17,707) (8,289)
Depreciation 375 420 795
Nine months ended
September 30, 2000
-------------------------
Revenue-Product 920,598 920,598
Revenue-Services 577,853 $ 419,224 $62,391 1,059,468
-----------
Total 1,980,066
Operating earnings (loss) 55,673 (82,304) 99,798 (47,142) 26,025
Depreciation 1,752 3,930 240 5,922
Reconciliation to Statements of Operations:
YTD 07/20/99 to
2,000 09/30/99
-------- --------
Unaudited Unaudited
========= =========
Operating results
Totals for reportable segments $ 26,025 ($ 8,289)
Corporate (83,363) (7,808)
-------- --------
Total ($57,338) ($16,097)
======== ========
9
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
-----------------------------------------------------------------------
The following discussion and analysis of the financial condition and
results of operations of the Company should be read in conjunction with the
Financial Statements, including the Notes thereto, of the Company included
elsewhere in this report.
OVERVIEW
ValuSALES provides Internet and Technology solutions for clients
ranging from small to medium sized customers. We have practices in the following
areas: e-business strategy, interactive marketing and advertising, technology
products and integration, and Internet mortgage banking. We utilize our
knowledge base and professional talent from these practice areas to provide our
clients with various solution offerings.
o E-BUSINESS STRATEGY - WWW.WEBODYSSEY.CC
In April 2000, ValuSALES expanded its
OdysseyAdvertising.com group and created WebOdyssey. There
were no significant startup costs and no related commitments
when we established this group because the Company used
existing internal resources.
We help our clients evaluate and formulate e-business
strategies that will result in a competitive advantage. Our
services include strategy formulation, conception and design
of Internet-based business models, qualitative and
quantitative market research, competitive analyses, business
process design and implementation, and delivery of streaming
video and development of proprietary software.
o INTERACTIVE MARKETING AND ADVERTISING -
WWW.ODYSSEYADVERTISING.COM
We help clients identify their online customers and
other target audiences, define the processes and venues for
communicating with these audiences and analyze the results of
their marketing efforts. We use our understanding of customer
preferences to develop interactive content and to create brand
value that enhance and extend our clients' relationships with
their customers. Our services are intended to optimize a
customer's experience with our clients' web sites.
o TECHNOLOGY PRODUCTS AND INTEGRATION - WWW.VALUCOMPUTERS.COM
We help our clients build e-businesses by providing a
set of technology skills that include architecture, design,
custom application, and product integration. We believe our
deep understanding of third party e-business software and
hardware and our ability to modify and integrate these
applications into existing hardware environments
differentiates us from our competitors. This understanding is
most critical in the deployment of business-to-business
hardware networks.
We also focus on how emerging technologies in the
wireless and broadband area will continue to impact the
architecture, devices and infrastructure requirements of our
clients.
10
o INTERNET MORTGAGE BANKING - WWW.VALUMORTGAGES.COM
In January 2000, ValuSALES created its
ValuMortgages.com group. There were no significant startup
costs and no related commitments when we established this
group because the Company used existing internal resources.
ValuMORTGAGES.com is what the Company believes to be
a next generation Internet mortgage banking firm. Combining
Internet technology with our role as a mortgage banker allows
Realtors, builders, and brokers to service their clients more
efficiently saving time and money. Our services offer
innovative financing solutions for purchasing, refinancing, or
leveraging the equity in a property.
ValuSALES derives substantially all of its revenues from fees and
product sales for services and products generated on a project-by-project basis.
ValuSALES services and products are provided on both a fixed-time, fixed-price
basis and on a time and material basis. Historically, ValuSALES has not operated
on a retainer basis; however, in the future, ValuSALES may utilize such
arrangements.
Agreements and purchase orders entered into in connection with time and
materials projects and product sales are generally terminable by the client upon
30-days' prior written notice, and clients are required to pay ValuSALES for all
time, materials and expenses incurred by ValuSALES through the effective date of
termination. Agreements and purchase orders entered into in connection with
fixed-time, fixed-price projects, are generally terminable by the client upon
payment for work performed and the next progress payment due. If clients
terminate existing agreements and purchase orders or if ValuSALES is unable to
enter into new engagements, ValuSALES' business, financial condition, and
results of operations could be materially and adversely affected. In addition,
because a proportion of ValuSALES' expenses is relatively fixed, a variation in
the number of client engagements can cause significant variations in operating
results from quarter to quarter.
ValuSALES' projects vary in size and scope; therefore, a client that
accounts for a significant portion of ValuSALES' revenues in one period may not
generate a similar amount of revenue in subsequent periods. No client accounted
for more than 10.0% of ValuSALES' revenues in the periods ended December 31,
1999 or September 30, 2000.
ValuSALES does not believe that it will derive a significant portion of
its revenues from a limited number of clients in the near future. However, there
is a risk that the source of ValuSALES' revenues may be generated from a small
number of clients. These clients may not retain ValuSALES in the future. Any
cancellation, deferral, or significant reduction in work performed for these
principal clients or a significant number of smaller clients could have a
material adverse affect on ValuSALES' business, financial condition, and results
of operations.
Quarter-to-quarter fluctuations in margins
The Company's operating results and quarter-to-quarter margins may fluctuate in
the future as a result of many factors, some of which are beyond the Company's
control. Historically, the Company's quarterly margins have been impacted by:
. the number of client engagements undertaken or completed;
11
. a change in the scope of ongoing client engagements;
. seasonality;
. a shift from fixed-fee to time and materials-based contracts;
. the number of days during the quarter;
. utilization rates of employees;
. marketing and business development expenses;
. charges relating to strategic acquisitions;
. pricing changes in the information technology services market; and
. economic conditions generally or in the information technology services
market.
The Company expects this trend to continue.
Results of Operations:
--------------------------------------------------------------------------------
The following table sets forth certain statements of operations data of the
Company both in actual dollars and as a percentage of revenue for the period
indicated:
3rd Qtr 2000 3rd Qtr 1999
9/30/00 9/30/99
-------------------------- ----------------------------
Revenues
Product Sales $ 263,346 36.1% $ 160,242 80.9%
Services 465,855 63.9% 37,748 19.1%
--------- ---------
Total 729,201 100.0% 197,990 100.0%
--------- ---------
Cost of sales
Product 147,394 20.2% 122,794 62.0%
Services 196,545 27.0% 16,204 8.2%
--------- ---------
Total 343,939 47.2% 138,998 70.2%
--------- ---------
Gross profit 385,262 52.8% 58,992 29.8%
--------- ---------
Expenses
Personnel Costs and related expenses 150,184 20.6% 44,785 22.6%
General and administrative 224,413 30.8% 30,304 15.3%
--------- ---------
374,597 51.4% 75,089 37.9%
--------- ---------
Net profit (loss) $ 10,665 1.5% ($ 16,097) (8.1%)
========= =========
Three Months Ended September 30, 2000 Compared to Inception (July 20, 1999) to
September 30, 1999
REVENUES
Net Revenues are comprised of product and services revenues, net of
returns and allowances. Net Revenues increased 268%, or $531,211, to $729,201
for the three months ended September 30, 2000 from $197,990 for the comparable
period in 1999. Product revenues increased 64%, or $103,104, while service
revenues increased 1134%, or $428,107 over the comparable period in 1999. This
increase was due to the expansion of products and practice areas of business.
GROSS PROFIT
Gross Profit increased 553%, or $326,270, to $385,262 for the three
months ended September 30, 2000 from $58,992 for the comparable period in 1999.
As a percentage of revenue gross profit increased to 52.8% for the three months
ended September 30, 2000 from 29.8% in the comparable period in 1999. The
increase in gross profit was primarily due to increased billing rates to our
customers.
PERSONNEL COSTS AND EXPENSES
Personnel costs and expenses consist primarily of salaries, benefits,
and compensation for consultants. Personnel cost and expenses increased 235%, or
12
$105,399, to $150,184 for the three months ended September 30, 2000 from $44,785
for the comparable period in 1999. As a percentage of revenue personnel costs
and expenses decreased to 20.6% for the three months ended September 30, 2000
from 22.6% in the comparable period in 1999 due to increased billing rates of
the Company's employees creating higher gross margins.
GENERAL AND ADMINISTRATIVE
General and administrative expense includes administrative expenses,
general office expenses, depreciation expenses, advertising costs, and
professional fees. General and administrative expenses increased 641%, or
$194,109, to $224,413 for the three months ended September 30, 2000 from $30,304
for the comparable period in 1999. As a percentage of revenue general and
administrative expenses increased to 30.8% for the three months ended September
30, 2000 from 15.3% in the comparable period in 1999. The increase in general
and administrative expenses as a percentage of revenue was a result of the
increase in the number of non-billable employees and an increase in other types
of general and administrative expenses such as salaries, rent expense, equipment
expenditures and depreciation.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2000, the Company had cash and net working capital
of $107,901 and $131,711, respectively. The Company believes that its current
working capital, and cash generated from operations will be sufficient to meet
the Company's cash requirements for the next twelve months. The Company's
capital requirements will depend on numerous factors, including the rates at
which the Company expands its personnel and infrastructure to accommodate growth
and invests in new technologies. In addition, as part of its strategy, the
Company evaluates potential alliances with businesses that extend or complement
the Company's business. Future alliances may be funded with alliance financing,
institutional financing, or additional equity offerings. There can be no
assurance that future alliances, if identified, will be consummated by the
Company.
Management believes that based upon the current operating plan,
existing cash and cash equivalents, and cash generated from operations will be
sufficient to fund operating activities, capital expenditures and other
obligations for the next twelve months. However, if the Company is not
successful in generating sufficient cash flow from operations or in raising
additional capital when required in sufficient amounts and on acceptable terms,
these failures could have a material adverse effect on the Company's business,
results of operations and financial condition. If additional funds are raised
through the issuance of equity securities, the percentage ownership of the
Company's then-current stockholders would be diluted.
There can be no assurance that the Company will be able to raise any
required capital necessary to achieve its targeted growth rates and future
continuance on favorable terms or at all.
The Company expects to continue with its current revenue growth plan as
experienced in the first three quarters of 2000 and believes that with current
available funds and funds generated from operations during the next twelve
months, there will be sufficient capital resources to allow the Company to
continue in existence as a going concern.
13
Year 2000
The "Year 2000 Issue" refers to the problem of many computer programs
using the last two digits to represent a year rather than four digits (i.e.,
"99" for 1999). As of the date of this filing, our systems have functioned
properly with respect to dates starting in the year 2000 and, to date, our
clients have not informed us of any Year 2000 problems associated with the
solutions we developed for them. However, we may incur significant costs if
unanticipated internal or external Year 2000 compliance problems arise. The cost
associated with these unanticipated problems, or our failure to correct any
unanticipated Year 2000 problems in a timely manner, could have a material
adverse effect on our business, financial condition, results of operations and
prospects for growth. As of November 14, 2000, we are not aware of any
significant issues as a result of Year 2000 problems and do not anticipate
incurring material incremental costs in future periods due to such issues.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is subject to one lawsuit by a former employee who is
suing it for wrongful discharge. The Company is vigorously defending the suit
and does not believe that it is material to its operations.
Item 2. Changes in Securities and Use of Proceeds
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ValuSALES.com, Inc.
Date: November 14, 2000 By: /s/ V. JEFFREY HARRELL
--------------------------
V. Jeffrey Harrell, President & CEO
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<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JUL-01-2000
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FBNI HEAVY VOLUME TODAY,,NEWS WILL KNOCK MY COTTON SOCKS OFF!!!!LOL http://www.f2sports.com
NEWS !!BRIAN GAY OF FBNI IS IN THE NUMBER THREE SPOT TODAY IN ROUND ONE OF THE MASTER CARD TOURNEMENT!!!!
www.pgatour.com/scoring/pgatour/index.html
www.f2sports.com and www.pgatour.com
(OFFICIAL PRESS RELEASE WHEN BRIAN GAY JOINED FBNI)
F2 Broadcast Network Enters Into Endorsement Relationship With PGA TOUR Member Brian Gay
TUESDAY, APRIL 17, 2001 9:12 AM
- PRNewswire
BOCA RATON, Fla., Apr 17, 2001 /PRNewswire via COMTEX/ -- F2 Broadcast Network, Inc. (OTC:FBNI) announced it has entered into an endorsement relationship with PGA TOUR member Brian Gay. In accordance with the terms of the relationship, Brian will display the F2 Broadcast logo on the front of his golf bag and make several personal appearances. Financial terms were not disclosed.
Gay, a two-time All-America selection and three-time All-SEC selection from the University of Florida, retained PGA TOUR exempt status with a T10 at the 1999 PGA TOUR Qualifying Tournament. In that year -- his first full career PGA TOUR season -- Gay played in 26 events and made eight cuts. In 1993, Gay was a member of the U.S. Walker Cup team and a medalist at the 1993 U.S. Amateur Championship. From 1995-1997 he worked on his game through the mini-tours, including the Emerald Coast Golf Tour, Gulf Coast Tour, Gary Player Tour, Golden Bear Tour and Tommy Armour Tour. In 2000 Gay completed his most successful season so far on the TOUR. He is currently 83rd in PGA TOUR earnings and position.
"Brian is a respected professional golfer whose determination and sportsmanship exemplify the spirit of the game. We are happy to have him on the F2 Broadcast 'team' as a representative of the company," said Peter Kapreilian, Director of Business Development for F2.
F2 Broadcast Network, Internet Broadcast Partner of the PGA TOUR, is a provider of Internet video production services specializing in the creation of turnkey solutions for live, on-demand and archived convergent media.
F2 Broadcast delivers content via both high-speed Internet access and satellite uplink for the PGA TOUR's "Inside the Pressroom" feature available on www.pgatour.com. F2's satellite downlink facility at both its Palm Beach and Broward County locations uniquely positions F2 to successfully produce and stream content from any location and deliver it to the World Wide Web.
Note: Certain statements herein that are not historical are forward- looking statements, which involve risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which the forward-looking statements are based are reasonable, it can give no assurances that such expectations and assumptions will prove to have been correct. See the Company's Quarterly Report on From 10-QSB for the period ended September 30, 2000 and its Forms 8-K reporting events occurring on November 7, 2000, December 21, 2000, December 28, 2000, January 8, 2001, January 22, 2001, February 2, 2001 and February 23, 2001 for additional statements concerning important factors that could cause actual results to differ materially from the Company's expectations, including factors related to the Company's financial condition and the uncertainty of its ability to satisfy its operating expenses until revenues from the sale of certain assets, or from any other source or sources, become available.
For Information, or a complete F2 Broadcast Media Kit please contact: F2 Broadcast 1-866-F2 Video.
SOURCE F2 Broadcast Network, Inc.
CONTACT: David Reeves or Diana Laverdure for F2 Broadcast Network, Inc.,
561-391-8717
URL: www.pgatour.com
www.firstentertainment.com
www.prnewswire.com
(C) 2001 PR Newswire. All rights reserved.
KEYWORD: Florida
INDUSTRY KEYWORD: SPT
MLM
OTC
SUBJECT CODE: OTC
FBNI
0.003 -0.001
I SHALL RETURNNNN!!
http://www.ibeam.com is a RED HEADED woman watchout FBNI !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Good Day,,we are Idleing....
time to buy,,,ummmm hungry
FBNI has some new commercials playing today ,,Wont be long till we get out of this slump>>>>>>>>>