Press Release Source: SoftNet Technology
SoftNet Technology Files 1st Quarter Financials - Generates Best Sales Ever For One Quarter
Monday May 23, 11:55 am ET
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--May 23, 2005--SoftNet Technology (OTCBB Symbol: STTC - News; German WKN#: A0B7RZ) is pleased to announce today that Softnet has generated more revenue in the first quarter than ever recorded in a 90-day period. Sales for the first quarter of 2005 came in at $234,000 compared to $1,275 for the first quarter of 2004.
A closer look inside the numbers shows an extremely strong end to the first quarter leading into the second quarter. SoftNet generated more than 60% of all first quarter sales in the month of March alone. Wholesalebyus (WBU) generated approximately $270,000 in sales over the Internet in the 1st quarter but due to accounting policies and procedures recorded approximately $160,000 of that for reporting purposes. Indigo made up the difference to bring the total to the $234,000 figure for the quarter. Additionally, Indigo is operating at a slight profit for the quarter and looks to only expand that profitability going forward.
March was such a strong month for both Indigo and WBU due to two leading factors. Both WBU and Indigo received financial support to help further expand their sales. Secondly, WBU was forced to make major changes to the technology and procedures in December of 2004 and January of 2005. These changes led to more than $100,000 in Internet sales to be voided out early on in the 1st quarter. However, these changes are now leading to a smooth and efficient fulfillment of products purchased by customers on the Internet through the WBU System.
"I am very proud of the job that was done by WBU in reigning in the operations to bring such a strong close to the first quarter." said Mr. James M. Farinella, CEO/President of SoftNet Technology. "Things are moving ahead so strong right now that the month of June by itself should easily surpass the whole first quarter of sales. What is even more exciting is that Solutions Technology and SoftNet International are very close to contributing to the overall sales of the Company as well."
Please visit our website at www.softnettechnology.com for more information or call the company directly at 866-898-4842 (local - 908-204-9911) James M. Farinella, CEO.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by SoftNet Technology Corp (STTC) may differ materially from these statement due to a number of factors. STTC assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
--------------------------------------------------------------------------------
Contact:
SoftNet Technology
James M. Farinella, 866-898-4842
(local - 908-204-9911)
--------------------------------------------------------------------------------
Source: SoftNet Technology
AI
