ADULT ENTERTAINMENT COMPANY NOW TRADES ON NASDAQ
CRANSTON, R.I., March 15 /PRNewswire/ -- The common stock of Cranston-based South Pointe Enterprises, Inc., the adult entertainment company, begins trading today in the Nasdaq SmallCap Market, Carl A. Bruno, the company's Director of Investor Relations, announced. South Pointe Enterprises, Inc., whose trading symbol is STPN, is a leader in the adult entertainment industry as a result of its November 1992 acquisition of North Star Distributors, Inc. Its operations are divided into two primary business segments: adult film and video production and distribution -- which includes the production, financing and distribution of films and videocassettes; the distribution of pay television and cable programming, and the ownership and administration of film copyrights -- and magazine production and distribution. The company owns distribution rights to over 900 adult film titles, one of the largest libraries of its kind in the United States, and operates a regional distributorship, with concentration in the Northeast, for its own products as well as the products of most major video, film and magazine companies producing adult entertainment. Mr. Bruno noted that South Pointe's entry on the Nasdaq SmallCap Market provides brokers and others with immediate access to the best bid, asked, last sale price and other information about the company's shares throughout the business day. Nasdaq data appears on more than 190,000 electronic terminals in broker's offices across the country and abroad. South Pointe recently reported sales for the six months ended November 30, 1993, of $6,051,146, with net income of $318,958 or $.13 per share, based on a weighted average of 2,374,743 shares outstanding. Sales for the prior fiscal year's first six months were $5,333,350, with net income of $213,531 or $.15 per share, based on a weighted average of 1,407,833 shares outstanding. At November 30, 1993, the Company had total assets of $7,237,143 and liabilities of $4,384,905. Presently, market makers for STPN common stock include Comprehensive Capital Corp. and Paragon Capital Corp. -0- 3/15/94 /CONTACT: Carl A. Bruno, director of investor relations of South Pointe Enterprises, Inc., 401-941-8808; or David L. Rosenstein of Public Interest Marketing, 212-534-5879/
CO: South Pointe Enterprises, Inc. ST: Rhode Island Rhode Island, island, United States
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