PowerLinx Inc (PWNX)

[gotinearly]

SeaView Reports Fourth Consecutive Quarter of Comparative Sales Improvement With 2nd Quarter Results Ending June 30, 2003
15 Aug 2003, 08:57am ET
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TIERRA VERDE, Fla.--(BUSINESS WIRE)--Aug. 15, 2003--SeaView Video Technology, Inc. (OTCBB:SEVU), the leader in powerline communication products, reported results for the quarter ending June 30, 2003. The Company reported $275,364 in sales for the 2nd quarter of 2003 versus $154,959 for the 2nd quarter of 2002 which represents a 77.7% sales gain and is the fourth consecutive quarter of comparative sales improvement for the Company. In the past four quarters the Company has generated sales of $1,044,031 versus $515,505 for the comparable four quarters which is a 102.5% sales gain.

The following table sets forth selected information from the statement of operations for the three months and six months ended June 30, 2003 and 2002.

Selected Statement Of Operations Information

Three Months Ended Three Months Ended
June 30, 2003 June 30, 2002
---------------------------------------

Net Revenues $275,364 $154,959
Operating Expenses $682,219 $2,303,758
Operating Income (Loss) $(612,994) $(2,255,509)

Six Months Ended Six Months Ended
June 30, 2003 June 30, 2002
---------------------------------------

Net Revenues $620,965 $281,575
Operating Expenses $1,427,896 $3,287,490
Operating Income (Loss) $(1,275,903) $(3,177,486)

The complete statement of Company results may be found in the quarterly 10-QSB report which may be accessed via the Company website, http://www.seaview.com , using the "SEC filings" link in the investor relations section.

Significant highlights of Company achievements for the 2nd quarter and early 3rd quarter include:

-- SeaView expands distribution of SecureView with cataloger,
Heartland America, Inc.

-- SecureView debuts in July with catalog leader Frontgate's
newest catalog; "Grandin Road(TM)".

-- SeaView executes a 5 year contract with Audiovox(R)
Specialized Applications, LLC (ASA), the CCTV market share
leader in the RV distribution channel, to distribute SeaView's
PowerLine Vision Systems (PLVS)(TM) technology to the
Recreational Vehicle segment of the transportation market in
North America.

-- SeaView participates in the National Intelligent Vehicle
Initiative meeting sponsored by the United States Department
of Transportation with a demonstration of our PowerLine Vision
Systems (PLVS)(TM) on a Mack CH600 Tractor and gasoline tanker
operated by McKenzie Tank Lines of Tallahassee, Florida.

-- SIA Truck Bodies, Inc., a leading Ford(R) Truck Bailment Pool
dealer in the Southeastern United States, begins distribution
of our PowerLine Vision Systems (PLVS)(TM) as an option on its
truck body models and vans for Truck Dealers and its fellow
National Truck Equipment Association (NTEA) members.

-- SeaView enters into a strategic business alliance with China
Silian Group Co., Ltd (SIC Group),

http://www.sicc.com.cn

, of
Chongqing, China who is one of the 500 largest industrial
enterprises in China, manufacturing a wide array of electrical
instrument products for worldwide distribution to customers
who include ABB Ltd. and Siemens AG.

-- SecureView debuts on leading direct television retailer, Shop
At Home Network, LLC.

Commenting on these results, George S. Bernardich III, SeaView's Chairman & CEO stated: "The sales pace at the Company continues to pick up and we are on schedule to achieve record sales volume for 2003. The Company is achieving new milestones in Company history on a regular basis and we expect many more new achievements over the coming months. Our PowerLine Vision System (PLVS)(TM) is performing very well and we have several fleets currently testing the product to determine loss savings. Based on early feedback, we believe we will garner orders and contracts from these tests later this year. In addition, SecureView, 'camera in a light bulb', sales have been gradually growing especially since debuting as a very successful 'daily special' on Shop At Home Network TV and, we expect to return to the airwaves at Shop At Home Network TV very soon. SecureView also received some unexpected accolades as a leading edge technology product this past week on the Regis & Kelly Show. With our increase in product demand, the significance of our new strategic business alliance with China Silian will start to immediately bear fruit in the form of readily available product. We expect the first shipments of 100% Chinese manufactured SecureView product to begin shipping in late September. As a result, we should begin to achieve gross profit improvements over the coming quarters as we transition this and other products to manufacturing with China Silian. To support production, it is our immediate goal to strengthen our national sales force to maintain and increase our sales trend. On the numbers subject, our confidence is growing in our ability to achieve our operational breakeven point or better by the 4th quarter. And, we are aggressively working to repay and/or replace the current convertible debenture financing with debt and private placement financing in the near future. As a result of these efforts, we expect to significantly improve our balance sheet as early as the end of the 3rd quarter. In closing, I believe the Company is at a pivotal point and is ready to emerge as a worldwide leader in manufacturing and distribution of PowerLine products to consumer, commercial and industrial markets."