Carnegie International Shows 44% Increase in First Quarter Revenues.Business and High Tech Editors BALTIMORE--(BUSINESS WIRE)--May 12, 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 (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CGYC CGYC Canossian Global Youth Conference CGYC Common Ground Youth Church ) today reported financial results for the first quarter of fiscal 2000, with the Internet support and computer telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration holding company showing "a substantial improvement" over from the same quarter of fiscal 1999. For the quarter ended March 31, 2000, Carnegie had revenues of $5,074,423, a gain of 44 percent over the $3,533,375 reported for the quarter ended March 31, 1999. Carnegie reported a loss 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 of $1,795,390 (including a one-time consulting agreement charge of $316,044 and non-cash depreciation and amortization charge of $1,381,946), or 39 percent less than the loss of $2,940,277 for the same period a year ago. The net loss per common share (basic and assuming dilution) similarly improved, as Carnegie reported a loss of $0.03 per share, 40 percent better than the $0.05 per share loss for the first quarter of fiscal 1999. Lowell Farkas, president of Carnegie, said the company has "shown a substantial improvement in its first quarter performance, as compared with the same period in fiscal 1999," and that the company's reviewed Form 10-QSB will be filed timely on Monday, May 15. The filing concluded an active week for Carnegie in which the company received clearance from the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). to resume trading, returned to trading on Wednesday under the symbol "CGYC," and yesterday said it had signed a Letter of Intent to acquire two Texas-based merged telephone companies. Carnegie International Corporation (OTC BB: CGYC, www.carnegieint.com) is an Internet support and computer telephony 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. . Its primary wholly-owned subsidiaries include: RomNet Support Services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , Inc., an Internet, e-business and technical support services company, Profit Through Telecommunications (Europe) Ltd. (PTT (1) (Postal, Telegraph & Telephone) The governmental agency responsible for combined postal, telegraph and telephone services in many European countries. (2) See push-to-talk. PTT - Post, Telephone and Telegraph administration ), a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive information; ACC See adaptive cruise control. Telecom of Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. , a leading reseller of equipment and business telephone systems from Comdial(TM), SONY(R) and Sprint(R); Voice Quest, Inc., of Sarasota, Florida, a developer and provider of speech recognition and voice mail technologies and products, and Paramount International Telecommunications, Inc., of Vista, California, which serves hotels and other businesses, primarily in 0+/- call auditing and international one-plus sectors. 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. 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. All trademarks are properties of their respective owners.
Carnegie International Corporation
Consolidated Statement of Losses (summary)
(Unaudited)
Three Months Ended
March 31,
2000 1999
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REVENUES $5,074,423 $3,533,375
COST OF SALES 2,825,824 1,666,730
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GROSS PROFIT 2,248,599 1,866,645
OPERATING EXPENSES 4,032,409 4,730,538
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LOSS FROM OPERATIONS (1,783,810) (2,863,893)
LOSS FROM CONTINUING OPERATIONS (1,795,390) (2,940,277)
Net loss per common share
(basic and assuming dilution) $ (0.03) $ (0.05)
Weighted average common
shares outstanding
Basic and diluted 60,307,889 58,421,710
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