800 Travel Reports Record Sales and Earnings; Business Model Results in Strong Growth and Profits; Internet Site Receives Over One Million Hits in First Month.TAMPA, Fla.--(BUSINESS WIRE)--March 16, 1999--800 Travel Systems, Inc. (Nasdaq:IFLY IFLY International Federation of Liberal Youth IFLY I Freaking Love You ) reported today that sales for the 1998 year increased 42% to $76,679,659. Gross Revenue increased 38% to $11,501,166 and earnings have increased 215% to .04 / share compared to a (.04) loss in 1997. George Warde George Warde the second son of John Warde Esq of Squerryes Court, Westerham, also know as General George Warde. Commander-in-Chief in Ireland from 1791 to 1793. James Wolfe received his first commission on 14 November 1741, whilst staying with George Warde at Squerryes Court. , chairman of 800 and former President 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 American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the stated, "A major focus for 1999 is our Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Initiative, which had over a million hits in our first month. Our customers are able to reach us through their favorite means, whether it is over the Internet or via the telephone. With the help of a skilled agent, 800 offers the best customer service on and off the Internet. The power of the Internet evidenced by the hits we received in the first month behooves us to focus on adding to our Internet presence. Our growth will continue internally and we are retaining a top tier firm to help us evaluate merger and acquisition candidates." "This year 800 Travel Systems focus will be continued high growth in our traditional airline business while becoming a full service travel provider," Mark Mastrini, 800's President and CEO added. "Every travel product that we add this year will be available over the Internet. Not all the new products will require an agent to interact Interact can refer to:
Fall of Interact While the Game Boy device was first released, Interact acquired the rights to sell Datel's Action Replay with, but one will always be available for customer service." Mastrini continues, "In a year when airline commission cuts have had an adverse effect on the Travel Industry, and some of our competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. have continued to mount significant losses, we are very pleased that our business model has begun to bear fruit in the form of earnings. It is the same model that we are bringing to our unique Internet Reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. System." 800 Travel Systems, one of the 100 largest independent travel agencies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , provides low-priced airline tickets for domestic and international travel through its easy to remember numbers "800-LOW-AIR-FARE" (800-569-2473) and "800-FLY-4-LESS" (800-359-4537) in addition to its online reservation system located at http://www.lowairfare.com/. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future performance of the Company. The ability of the Company to achieve the results anticipated is dependent upon various factors discussed in its annual report on Form 10-KSB, including the Company's relationships with various airlines and economic conditions impacting upon the success of the airline industry in general. -0-
800 TRAVEL SYSTEMS, INC.
SUMMARY FINANCIAL INFORMATION
CONDENSED STATEMENT OF OPERATIONS
For the Three Months For the Year Ended
Ended December 31, December 31,
1998 1997 1998 1997
(unaudited) (unaudited)
Revenues $ 2,921,755 $ 2,305,500 $ 11,501,166 $ 8,321,916
Operating
Expenses 2,771,995 2,535,085 11,278,570 8,536,356
Earnings (Loss)
from Operations 149,760 (229,585) 222,596 (214,440)
Other Income
(Expense) 21,197 31,203 79,270 (48,065)
Net Earnings
(Loss) Before
Income Taxes 170,957 (198,382) 301,866 (262,505)
Income Tax
Expense -- -- -- --
Net Earnings
(Loss) $ 170,957 $ (198,382) $ 301,866 $ (262,505)
Net Earnings
(Loss) per
Common
Share-Basic $ 0.02 $ (0.03) $ 0.04 $ (0.04)
Net Earnings
(Loss) per
Common
Share-Diluted $ 0.02 $ (0.03) $ 0.04 $ (0.04)
CONDENSED BALANCE SHEET
As of December 31,
1998 1997
(unaudited)
ASSETS
Cash and Cash Equivalents $2,387,273 $ 18,710
Other Current Assets 668,102 569,975
Total Current Assets 3,055,375 588,685
Excess of Cost Over Fair Value of
Net Assets Acquired 4,762,864 -
Other Assets 1,773,155 3,789,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 811,270 $2,620,322
Other Liabilities 100,459 188,228
Stockholders' Equity 8,679,665 1,569,960
$9,591,394 $4,378,510
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