AutoTradeCenter.com Announces Annual Financial Results.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 14, 2000 AutoTradeCenter.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AUTC AUTC Australian Universities Teaching Committee ) announced sales of $132 million for the year ended March 31, 2000 compared to sales of $98 million for the prior year. The company incurred a loss of $2.6 million, or $0.12 per share. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased to $6.8 million; up from $3.7 million for the prior year, reflecting the expenses associated with the development of the 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 applications and the increased costs related to the significant increase in sales from land based operations. The company also reported other expenses of $1.9 million that consisted of approximately $0.8 million in interest expense and an additional reserve for doubtful accounts of $1.0 million on amounts due from brokers in its land-based operations. A recovery of the amount due from brokers, if any, will be recorded as revenue when received. The contract with American Honda honda a quick release metal eyelet for the end of a lariat. When the restrained animal is no longer required it is not necessary to slacken off the loop and pull it over the head—a very great advantage when working with wild cattle or unbroken horses. Finance to provide Internet-based services did not begin generating revenue until April 2000. The company will report the Internet-based activities segment of its business separately on all future filings with the SEC. Gross margins on sales continued the upward trend of past years, increasing to 4.6% for the current year compared to 4.4% for the first prior year and 4.1% experienced during the company's first six months of operation ending March 31, 1998. The company showed a significant increase in total assets to $30.1 million, up from $13.1 million for the prior year. Correspondingly, equity at March 31, 2000 was $18.5 million as compared to $2.9 million for the prior year. Company President, Roger L. Butterwick said, "We remain committed to solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our future with an emphasis on our Internet activities, along with our land-based operations. At our current stage of development, it is imperative that we continue to build our infrastructure and systems, as well as to attract the personnel necessary to effectively implement our business plan. "As a result of the positive impact of the system we designed for American Honda Finance Corporation, we strongly believe that our systems provide the e-commerce solution to the automotive industry's re-marketing needs. We continue to be the industry leader in developing and implementing innovative solutions." Beginning Monday, July 17th, the company's 10K filing with the SEC can be accessed through the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. reporting system located at www.sec.gov and the company's audited annual financial statements can be viewed in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section on its Web site www.autotradecenter.com. AutoTradeCenter.com is the leading Internet-based "business-to-business" automotive wholesale and re-marketing company. On its Web site, www.autotradecenter.com, the company markets its services to its national dealer base, to automotive lease and rental companies, and to banks and financial institutions across the U.S. who can use the site's many features for more efficient buying, selling and trading. The company also owns the Web site www.tradeincarsonline.com through its subsidiary BusinessTradeCenter.com Inc. TradeInCarsOnline is the first Web site to allow a consumer purchasing a new vehicle online to receive a firm purchase bid on his trade-in vehicle. For more information on AutoTradeCenter.com Inc., please visit www.autotradecenter.com. Statements regarding financial matters in this press release other than historical facts 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. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is 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. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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