5th Avenue Channel Announces Jump in Retail Sales.Business Editors NORTH MIAMI North Miami, city (1990 pop. 49,998), Dade co., SE Fla., a growing suburb of Miami, on Biscayne Bay; inc. 1926. It is mainly residential, but has considerable retail development. Manufactures include boats, wooden furniture, and aluminum products. , Fla.--(BUSINESS WIRE)--June 7, 2000 5th Avenue Channel Corp. (Nasdaq:FAVE fave Informal n. One that is preferred above others or likely to win; a favorite. adj. Favorite. [Short for favorite.] ) today announced that second quarter product sales in its retail division grew to $1,238,330 up from $98,000 in the first quarter of 2000. The twelve-fold increase is attributable to strong demand from the Company's principal customers, including major drug store chains Duane Reed, Rite-Aid, Long's and CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. . Michael Tedesco, President of the Company's retail division commented, "We continue to aggressively market specialty niche retail product lines which generate gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of approximately 33%. Our year-to-date revenue is approximately 20% ahead of our projections, and we anticipate further growth in this area." While remaining predominantly an Internet/Broadcast convergence media company, 5th Avenue Channel Corp. continues to develop all aspects of its business model. Senior Vice President Eric Lefkowitz noted, "Recent market conditions have shown that an exclusive focus on Internet related business can result in great volatility in the public's conception of a company. Our goal is to advance as rapidly as possible in the development of NeTVideoNetworks.com, without neglecting revenue-generating aspects of our business. In doing so, we remain both a bricks and mortar A store (shop, supermarket, department store, etc.) in the real world. Contrast with clicks and mortar. and Internet based company." This press release contains forward-looking statements. 5th Avenue Channel's actual results may differ materially from the results discussed, implied or forecasted in the forward-looking statements. Further information on the factors that could affect the actual results of 5th Avenue Channel Corp. are included in its Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998, which is on file with the Securities and Exchange Commission. 5th Avenue Channel Corp. assumes no obligation to revise or update any forward-looking statements contained in this press release. |
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