CGI Holding Corporation Reports 84% Revenue Increase and $.01 Per Share Net Income From Continuing Operations During Third Quarter.Business Editors HILLSIDE, Ill.--(BUSINESS WIRE)--Nov. 6, 2003 CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. Holding Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CGIH.OB - News) today announced that its revenues for the third quarter of 2003 surged to $2,084,230, an increase of 84% over the prior quarter. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the third quarter of 2003 was $255,428 or $.01 per share, compared to $21,112 in the second quarter. This significant increase in net income from continuing operations for the third quarter of 2003 was achieved despite a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. $160,000 for an employee stock bonus and various legal and financing fees of approximately $100,000. Due to a one-time, extraordinary event of a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement obligating the Company to pay an aggregate of $1,200,000 over the next 12 quarters, the Company's net income per common share for the third quarter of 2003 was a loss of ($944,572), or a loss of ($.04) per share. Gerard M. Jacobs, the Company's 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. stated, "I am extremely pleased with the growth and profitability which our Websourced, Inc. subsidiary demonstrated during the third quarter, emerging as the leader in its industry. Websourced undoubtedly has a very bright future. The settlement of the lawsuit with Statewide Insurance Company will now allow CGI Holding Corporation to focus all of our resources upon raising capital and pursuing attractive acquisitions. We are most interested in acquiring companies with proven technologies that can increase efficiencies and streamline costs for traditional businesses while they move into an improving economy." S. Patrick Martin Patrick Martin may refer to:
in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , Real Networks, Alaska Airlines Alaska Airlines, (NYSE: ALK) is an airline based in Seattle, Washington, United States. It operates hubs at Seattle-Tacoma International Airport, Ted Stevens Anchorage International Airport, Los Angeles International Airport, and Portland International Airport. and Monica Lewinsky Monica Samille Lewinsky (born July 23, 1973) is an American woman with whom the former United States President Bill Clinton admitted (after initially denying) to having had an "inappropriate relationship"[1] while Lewinsky worked at the White House in 1995 and 1996. . And our newly launched dating site, www.cherish.com, is growing steadily. Business continues to be strong and we are very optimistic about the future." CGI Holding Corporation, based in Hillside, Illinois Hillside is a village in Cook County, Illinois, United States. The population was 8,155 at the 2000 census. One notable landmark in Hillside is the Mount Carmel Cemetery. On the grounds of the cemetery are the graves of a number of organized crime figures, such as Al Capone. , currently has one subsidiary, Websourced, Inc., Morrisville, North Carolina Morrisville is a town in Wake County, North Carolina, USA. The population was 5,208 at the 2000 census. A Special Census was conducted by the United States Census Bureau in March 2004, when the population was enumerated at 11,915. , a leader in search engine marketing (see www.keywordranking.com). Statements made in this press release that express the Company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe", "expect", "intend", "estimate", "anticipate", "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. Other factors that could cause the Company's actual activities, results or performance to differ materially include risks and uncertainties relating to: litigation; historical losses; balance sheet weaknesses; payment obligations; capital needs; acquisitions financing, terms and conditions; integration of acquired businesses; managing growth; availability of skilled labor; dependence upon and need to compensate key personnel; weak general economic and business conditions; competition; lack of brand awareness; client expectations; dependence upon the internet as a means for commerce; governmental regulation or taxation; issues relating to pending merger; inability to protect intellectual property; illiquidity of the Company's stock; insider control; no dividends; and other factors and risks discussed in the Company's filings with the Securities and Exchange Commission. The Company cannot guarantee future results, levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion