2002 First Quarter Profit of $190,091 Reported by Go Online Networks Corp.; Revenues of $3,796,000 Represent Over 9,200 Computers Shipped.Business Editors BUENA PARK Buena Park (bwā`nə), city (1990 pop. 68,784), Orange co., S Calif.; inc. 1953. Food processing, the manufacture of aircraft, and tourism are important to the city's economy. , Calif.--(BUSINESS WIRE)--May 22, 2002 Profitable Quarter Charts Computer Refurbishing Business Digital West's Growth Joe Naughton, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Go Online Networks Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GONT), today announced that the company recorded income from operations of $190,091 for the first quarter of 2002 compared to a loss of $232,224 for the first quarter of 2001. Sales for the period was $3,796,000 an approximate 323 percent increase from $800,470 in revenues from the same period last year. Gross margins for the period were $797,266 or 21 percent of sales compared to 5.9 percent gross margins for the same period in 2001. Net income was $114,928 after $79,000 in interest expense was charged. "I am extremely proud of the entire Digital West and Go Online Networks Corporation team. Reaching profitability after re-building Digital West over such a short period of time is a significant accomplishment. The overall business climate has been challenging to say the least over the last two years. During this time Digital West has grown from a computer repair facility and parts depot to a fully authorized refurbishing company averaging well over three thousand units a month," stated Naughton. "The quality work performed by Digital West Marketing's refurbishing technicians is the driving force behind our success. The strength of our operational efficiencies coupled with our factory refurbishing licenses with Hewlett-Packard and Compaq (NYSE NYSE See: New York Stock Exchange :HWQ HWQ Tropic High Water Inequality ) have created a well respected resource for computer products. Customers have many choices and repeatedly they return to Digital West for the highest quality refurbished computer systems found in the technology arena. Once again I extend my heartfelt gratitude to the dozens of workers that have made our success possible and to our loyal shareholders who have stood by the company during our transitionary period and subsequent growth," concluded Naughton. "We look forward to continue to build the Digital West business model in the personal computer and personal digital assistant arena," stated Kerwin Burns, general manager of Digital West Marketing Inc. "Growing our product offering into the mainstream consumer electronic arena via our relationship with Internet auction company E-Bay (Nasdaq:EBAY) and directly to our existing customer base will continue the growth of our business." About Go Online Networks Corp. Go Online Networks Corp. is a Southern California-based technology holding company. Currently, its major operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. Digital West Marketing Services Inc. is an emerging player in the $100 billion electronic manufacturing services (EMS) sector. 2001 revenues exceeded $6 million. The core of Digital West's revenue is derived from acquiring personal computers from retailers and manufacturers then refurbishing the product to manufacturers' specifications and then reselling the products to the secondary markets. In 2001, the company generated revenue in excess of $6 million representing over 12,000 total computers refurbished and resold. Seventy-five percent of the company's revenues are derived from the sale of desktop system (CPU CPU in full central processing unit Principal component of a digital computer, composed of a control unit, an instruction-decoding unit, and an arithmetic-logic unit. and monitor), 20 percent notebooks, and five percent personal digital assistants (PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). ). The company has received refurbishing authorization from several of the largest computer manufacturers in the world in order to resell these products as factory-authorized refurbished computers. This press release contains forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. |
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