Auto Data Network Projects Pro-Forma Revenue and Earnings for Fiscal 2003 and 2004.Business Editors TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , U.K.--(BUSINESS WIRE)--March 20, 2003 Pro-Forma Revenues of $16.3m and Pro-Forma Earnings Pro-Forma Earnings Projected earnings based on a set of assumptions and often used to present a business plan (in Latin pro forma means "for the sake of form"). It also refers to earnings which exclude non-recurring items. Pro-forma earnings are not derived by standard GAAP methods. of $0.11 Per Share for the Year ended February 28, 2003 Auto Data Network Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADNW), a provider of real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. network services to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , today announced pro-forma revenues and earnings for its fiscal year ended February 28, 2003, as well as revenue and earnings guidance for the fiscal year ending February 29, 2004. 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. Chris Glover commented, "Our recent acquisition and integration of MAM Software ("MAM") into our current business for the fiscal year ended February 28, 2003 will result in pro-forma revenues of approximately $16.3 million and net income of $1.51 million, representing $0.11 per common share outstanding on a fully diluted basis. With the strength of the present revenue run rate of our current businesses, we anticipate revenues between $24,000,000 and $26,000,000 for the first full fiscal year of the combined entity. We also anticipate combined net income of between $1,750,000 and $2,250,000 for the fiscal year ending February 29, 2004, resulting in $0.13 to $0.16 per share, at the current level of shares outstanding." Chris Glover continued, "These figures reflect the execution of our previously stated strategy. It is worth noting that the aforementioned guidance does not include anticipated potential strategic acquisitions or the full roll out of our Orbit platform." Auto Data Network comprises a group of established, automotive companies providing real time data and transactional services to manufacturers, retailers and consumers thereby enabling industry-wide revenue generation, communication and information collection. Services are integrated onto a single transaction platform and data network. The platform propositions are integrated as a communications channel Also called a "circuit" or "line," it is a pathway over which data are transferred between remote devices. It may refer to the entire physical medium, such as a telephone line, optical fiber, coaxial cable or twisted wire pair, or, it may refer to one of several carrier frequencies that allows all automotive sector participants to transact within a single environment, in which transactional data is added and modified on the network. This process creates a unique source of "Intelligent Information(TM)" that can be accessed by subscribing companies to analyze and react to changes in market conditions. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC). |
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