AutoTradeCenter.com Announces Record First Quarter Revenue.Business Editors/High-Tech Writers SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Aug. 15, 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 $39.5 million for the quarter ended June 30, 2000, a 15% increase over the first quarter of the prior year. Sales from the company's Internet operations were $191,000 which represents the first time revenue was reported for the Internet business segment. The company incurred a loss of $1.02 million for the period reported which was in line with management's expectations. 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 $3.04 million, compared to $1.68 million for the same period of the prior year, reflecting the continued expenses associated with the development of the Internet applications and the increased costs related to the increase in sales from its traditional wholesale operations. Company President Roger L. Butterwick said, "We continue to be pleased with the progress being made with both our Internet programs as well as our traditional wholesale operations. Our Internet revenue increased to over $70,000 in June. "Every month has shown significant increases, a trend that is expected to continue as we develop additional strategic alliances. Our technology, and the services we provide, continues to impress the vehicle remarketing industry." The company's 10Q 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. The company's financial statements for the first quarter ended June 30, 2000 can also 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 United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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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