Internet Business's International Inc. Reports Record Revenues and Net Income for its Third Quarter
Company Also Reports 88% Sequential Revenue Increase and 687% Sequential Growth in Net Income
LAS VEGAS--(BUSINESS WIRE)--April 18, 2001-- Internet Business's International Inc. (OTCBB:IBUI - news) today announced record financial results for its third quarter ended March 31, 2001.
The company reported revenues of $12,343,896 versus $1,205,361 for a comparable period last year. The company also recorded net income of $890,489 versus net income of $30,664 for the same period last year. For the nine months ended March 31, 2001, the company had revenues of $25,783,683 compared with $2,034,693 for the same period in the prior year.
The company also generated an 88% increase in revenues compared with its second quarter and a 687% improvement in net income.
``We are extremely pleased by the financial performance in our most recently completed quarter,'' said Albert Reda, IBUI's chief executive officer. ``We have seen substantial increases in profitability during the past quarter, fueled by the rapid growth in our lending online business and Internet Services Provider division.
``We are in a good financial position generating solid cash flow and believe our investments in each of these businesses will provide the infrastructure to accelerate our growth in the coming quarter. The prospects for IBI have never been brighter.''
Reda is currently featured in an interview at ceocast.com, a leading online financial site, where he discusses the company's third quarter results and prospects for the balance of the year. The interview can be accessed at www.ceocast.com.
About Internet Business's International Inc. (IBUI)
IBUI (www.ibui.net) is a broad-based Internet company that generates revenue from the Internet through the products and services that it provides.
IBUI, through its four divisions, offers the following online services: ASP, B2B, B2C, e-commerce, lending and leasing online, a national Internet Service Provider through a dial-up Internet access nationally, high-speed Internet access, through DSL (in the Western United States), and wireless Internet which currently offers service in Las Vegas and Woodland, Calif.
IBUI subsidiaries also offer marketing services for e-commerce, Web hosting and design. With nine offices in the United States and two in Europe, the company has more than 110 employees.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Acts of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements which will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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Contact:
Internet Business's International, Irvine
Albert Reda, 949/833-0261
www.ibui.net
or
CEOcast Inc.
Mathew Henderson, 212/732-4300
