(OTCBB:MYCO - news) today announced continued strong revenue growth in its fiscal third quarter ended Sept. 30, 2000, with revenues more than double what they were in the same period last year.
MYCOM Group said that its revenues for the three months ended Sept. 30, 2000 were $3.5 million, compared with $1.4 million in the same period last year. Revenues for the nine months ended Sept. 30 increased 79 percent to $7.4 million in 2000 from $4.1 million in 1999.
``I'm pleased to say that our strong growth continued in the third quarter, thanks to our contract with the Ohio Lottery,'' MYCOM Group CEO George Young said. ``We are solidly on track to achieve our goal of $10 million in revenues for 2000. The vibrant performance of our core businesses, however, is not yet visible in our earnings. Throughout 2000, we have invested to retool MYCOM Group to compete more effectively as an integrated end-to-end e-business provider, and to construct a platform for long-term growth as a value-added provider of both customized and packaged solutions for our clients. We are only now beginning to realize benefits from those investments.''
MYCOM Group reported a net loss of $181,457 for the third quarter ended Sept. 30, 2000. That compares with a net loss of $34,879 in the third quarter last year, which included $46,720 in income from discontinued operations. For the first nine months of 2000, MYCOM Group had a net loss of $265,903, which compares with a net profit of $38,665 for the first nine months of 1999.
MYCOM Group released results for the third quarter and nine months of 1999 and 2000 in a Form 10-QSB filing with the Securities and Exchange Commission (SEC). On Nov. 3, MYCOM Group filed an amendment to its Form 8-K of Sept. 8, 2000. That amendment included audited statements for MYCOM Group for 1998 and 1999, unaudited results for the first seven months of 1999 and 2000, and pro-forma combined financial statements for 1999 and the first seven months of 2000.
MYCOM Group, formerly a private company, was merged into an inactive publicly traded company on Aug. 23, 2000 following the spin-off of the inactive company's business to its principal owners. MYCOM Group's financial results included in the 10-Q include only results of the business of MYCOM Group and subsidiaries for all periods shown.
Young added that ``The management of MYCOM Group continues to pursue strategic equity investments that in part could be used to accelerate our growth. We are exploring a number of opportunities to achieve that objective, including our participation as a presenter in a major venture capital conference in Cincinnati on Nov. 14. Although we cannot guarantee that we will raise the additional capital we seek, we remain very optimistic about our success and about the outlook for our business.''
CINCINNATI--(BUSINESS WIRE)--Nov. 14, 2000--MYCOM Group, Inc.
