Auto Data Network Third Quarter Results.Business Editors TUNBRIDGE WELLS, UK--(BUSINESS WIRE)--Feb. 3, 2003 Auto Data Network Inc (ADN ADN Anchorage Daily News (Alaska newspaper) ADN Yemen (international vehicle registration) ADN Ácido Desoxirribonucleico ADN Acide Désoxyribonucléique (French: DNA) ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB ADNW.OB), creators of real-time data and transactional network and software services to automotive manufacturers, retailers and consumers today announced results for the third quarter ending November 30, 2002. In the three-month period ADN recorded revenues of $474,715 and a net operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $210,864. For the comparable quarter in 2001 the Company recorded $40,171 in revenue and an 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. of $294,941. During the quarter ADN has continued to develop the Orbit Platform, increasing its functionality and scalability and also the penetration and access to the network through automotive manufacturers and retailers. The Company has completed two acquisitions greatly enhancing its service offering. These acquisitions will increase annual turnover by $14 million and provide ADN's Orbit Platform and proprietary ADN software solutions with access to an extensive blue chip client base across the automotive sector. The two acquisitions are: (1) Automatrix UK Limited, which was established in the North East of England The East of England is one of the nine official regions of England. It was created in 1994 and was adopted for statistics from 1999. It includes the ceremonial counties of Essex, Hertfordshire, Bedfordshire, Cambridgeshire, Norfolk and Suffolk. in 1999 to develop the unique software system that assists car dealers through a customer driven approach to the purchase of vehicles through enabling greater understanding of the customer's needs. (2) MAM Software Limited, one of the leading providers of automotive sector real-time systems and software solutions for data networking. MAM has over 14 years of operational expertise gained through extensive services to leading global suppliers, producers and service companies in the motor sector operating in the UK, Ireland and the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . "I am very pleased with both the financial results and the development of services and the size of the Orbit Platform" commented Auto Data Network's 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. "In a tough market we have added to the profitability of the group, strengthening our financial resources with the addition of annual revenues in excess of $14 million per annum Per annum Yearly. and dramatically increasing our service and ADN's access to the automotive industry. We expect these developments to further improve revenues and earnings in the coming year." Auto Data Network ADN comprises a group of established companies providing real-time data and transactional network services to automotive manufacturers, retailers and consumers enabling industry-wide information collection, communication and revenue generation. This process creates a unique source of global automotive market data "Intelligent Information (TM)" that can be accessed and utilized by ADN subscribers for analysis. 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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