ADDvantage Media Group, Inc. Reports Operating Results for the Second Quarter and First Half of 1998.TULSA Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla.--(BUSINESS WIRE)--Aug. 17, 1998--ADDVANTAGE MEDIA GROUP, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADDM ADDM Automatic Database Diagnostic Monitor (Oracle Database 10g) ADDM Asynchronous Digital Data Modem ADDM Assistant District Director for Management ADDM Asynchronous Distributed Decision Making ) today reported revenues and net earnings for its second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ended June June: see month. 30, 1998. Revenues for the second quarter were $1,997,148, compared to revenues of $2,875,889 for the same quarter last year. Net loss applicable to Common Stock for the quarter was $771,439, or $0.13 per share, as compared to net income of $791,299, or $0.14 per share, for the prior year's quarter. For the six months ended June 30, 1998, revenues totaled $4,945,764 compared to revenues of $5,716,137 for the first half of 1997. For the year-to-date, net income applicable to Common Stock was $39,170, or $0.01 per share, as compared to net income of $1,591,104 or $0.27 per share, for the same period last year. As a result of Wal-Mart's decision to terminate its contract with the Company, management has reevaluated the likelihood of realizing the deferred assets resulting from its net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and tax credit carry-forwards, and has determined that the Company no longer meets the criteria to continue to recognize these tax carry-forwards as assets. Consequently, the second quarter tax provision has been increased by $890,000, thereby reducing the Company's net income otherwise attributable to the second quarter. Charles H. Hood, President of ADDvantage Media Group, Inc. stated, "The Company is currently considering a number of options which could include seeking a merger, the sale of the Shoppers Calculator calculator or calculating machine, device for performing numerical computations; it may be mechanical, electromechanical, or electronic. The electronic computer is also a calculator but performs other functions as well. (R) assets or some other business alliance. Based on the Company's decision to de-install the Wal-Mart Supercenter program beginning June 15, 1998, it is anticipated that the last half of 1998 will reflect operating losses as the Company defines its future operating strategy." ADDvantage Media Group, Inc. is a marketing company with a primary focus on in-store point-of-sale consumer advertising. The Company has a unique, proprietary product, the Shoppers Calculator(R) a solar-powered calculator with an advertising display area that attaches directly to the handle of a shopping cart. This product not only assists the shoppers while they are in the store--allowing customers to track purchases against budgets, compare values, calculate food contents, etc.-- but also provides an effective in-store, point-of-sale advertising medium. Statements regarding anticipated advertising business are 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. which are subject to risks and other cautionary statements contained in the Company's quarterly report on Form 10-QSB for the quarter ended June 30, 1998 filed with the Securities and Exchange Commission. -0-
ADDVANTAGE MEDIA GROUP, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1998 1997 1998 1997
Revenues $ 1,997,148 $ 2,875,889 $ 4,945,764 $ 5,716,137
Operating Income $ 729,385 $ 1,347,358 $ 2,091,233 $ 2,729,371
Net Income (Loss)
Applicable to
Common Stock ($ 771,439) $ 791,299 $ 39,170 $ 1,591,104
Earnings (Loss)
Per Share ($ 0.13) $ 0.14 $ 0.01 $ 0.27
Weighted Average
Shares Outstanding 5,906,584 5,856,584 5,906,584 5,818,385
CONTACT: ADDvantage Media Group Inc., Tulsa Company Contact: Charles H. Hood/Gary Young 918/665-8414 or Walker Street Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Financial Relations Contact: Terence F. Leong, 212/343-9013 |
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