Carnegie International Corporation Files 1999 10-KSB; Reports 178% Increase in Revenue, 112% Increase in Gross Profit for Fiscal 1999.Business and High Tech Editors/Interactive & Multimedia Writers BALTIMORE--(BUSINESS WIRE)--March 31, 2000 Carnegie International The Carnegie International is the oldest North American exhibition of contemporary art from around the globe. It was first organized at the behest of industrialist and philanthropist Andrew Carnegie in 1896. Corporation said today that it has filed an audited Form 10-KSB for 1999 with the Securities and Exchange Commission (SEC). For the year ended December 31, 1999, Carnegie reported revenues of $20,329,354, an increase of $13,027,337, or 178%, over revenues of $7,302,017 for the year ended December 31, 1998. The company also reported a gross profit of $9,217,802, an increase $4,866,017, or 112% percent, over the $4,351,785 reported for fiscal 1998. Carnegie also reported a net loss of $10,989,484, or $0.17 per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , as compared with a loss of $13,566,476, or $0.30 per share fully diluted in fiscal 1998. Included in its 1999 financial statements were one-time, non-recurring expenses (both cash and non-cash charges 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. , including those associated with the acquisition of Paramount International Telecommunications, Inc., of Vista, California, legal and audit fees relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the halt in trading of its stock, and other non-recurring charges), totaling $5,470,886 for an adjusted loss of $5,518,598, or $0.09 per share. After depreciation and amortization, the adjusted net loss is $493,598, or $0.008 per share. Carnegie Chairman Comments Following the filing of the 10-KSB, E. David Gable gable Triangular section formed by a roof with two slopes, extending from the eaves to the ridge where the two slopes meet. It may be miniaturized over a dormer window or entranceway. , Carnegie's chairman, said "Many of the company's shareholders have written or called wondering why Carnegie has not reopened trading as its SEC filings have been up-to-date since January 25, 2000. The reason is that two years of audited financials are required by the SEC. Carnegie sought permission from our former auditor, Grant Thornton, to incorporate 1997 financials by reference. The company did not receive permission from Grant Thornton, nor was any reason given for their withholding permission. Therefore, the 1998 and 1999 audited financials now filed provide the SEC with the two years of data and documents it requires for review." Gable said that "all of Carnegie -- our Board, officers, managers and staff -- deeply appreciate the patience and support of shareholders during this difficult period." Carnegie International Corporation is an Internet support and computer telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. . 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 provides a "safe harbor 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. " for 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. . Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corporation) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corporation. These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors. |
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