Cordia Corp Announces 2004 Annual Results.ORLANDO Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. , Fla. -- --Revenue increases 227% --Reduced 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 ($0.04) in 2004 versus ($0.14) in 2003 --Forecast increased revenues and profitability for 2005 Cordia Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CORG CORG Combat Operations Research Group ), a communications services provider, announced the results of its operations for the year ended December December: see month. 31, 2004. The Company reported revenues of $13,229,000 for the twelve-months ended December 31, 2004, an increase of approximately $9,193,000 or approximately 227%, from the approximately $4,036,000 in reported revenues for the twelve months ended December 31, 2003. For the twelve-month period ended December 31, 2004, the Company reported a loss of approximately ($170,000) or (.04) per share from continuing operations. This was an improvement of approximately $660,000 over the loss from continuing operations of approximately ($830,000) or (0.14) per share that the Company reported for the year ended December 31, 2003. The Company's revenues and losses from continuing operations from the period ending December 31, 2003, were adjusted to reflect the sale of the Company's insurance subsidiaries in March 2003. Patrick Freeman Freeman can mean:
A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . During the fourth quarter, we increased our marketing expenditures by more than $500,000 as compared to the third quarter, continued to invest in our VoIP platform, and increased investment in our operational infrastructure in order to support our continued growth. With this increased investment, we were able to generate over $6,100,000 in revenue for the fourth quarter while continuing operations nearly broke even." "We believe we are now well positioned for sustained growth and profitability in 2005," continued Mr. Freeman. "We have entered into long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commercial agreements enabling us to neutralize neutralize to render neutral. uncertainty that lingers in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. environment for UNE-P UNE-P Unbundled Network Element - Platform service providers. During the fourth quarter of 2004, and the first quarter of 2005, we have made significant investments in our systems, processes and infrastructure in order to support continued long term growth." Cordia Corporation develops and provides industry specific applications, solutions and services. Cordia's primary operations are currently concentrated in the telecommunications industry through its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Cordia Communications Corp. In addition to end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. services, Cordia develops and provides an integrated Web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. platform that enables competitive local, long distance and Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. to rapidly introduce and effectively manage integrated offerings of local and long distance services. This release contains 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. that involve risks and uncertainties. Cordia's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, availability of management; availability, terms, and deployment of capital; Cordia's ability to successfully market its services to current and new customers, generate customer demand for its product and services in the geographical areas in which Cordia can operate, access new markets, all in a timely manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments that could cause actual results to vary in such forward-looking statements.
CORDIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended
December 31
2004 2003
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Revenues
Telecommunications revenue $12,622,964 $3,489,779
Other 606,492 545,998
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13,229,456 4,035,777
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Operating Expenses
Resale and wholesale line charges 6,207,042 1,814,602
Payroll and payroll taxes 2,246,651 1,105,818
Advertising and promotion 2,596,326 755,965
Professional and consulting fees 153,571 198,411
Depreciation 48,941 7,607
Insurance 180,786 87,817
Office expense 154,890 43,408
Telephone 182,421 65,814
Rent and building maintenance 163,195 52,795
Other selling, general and administrative 1,438,688 623,401
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13,372,511 4,755,638
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Operating Loss (143,055) (719,861)
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Other Income (Expenses)
Impairment loss on note receivable - (155,000)
Income (loss) on investments - 3,750
Other expense (17,809) (1,640)
Interest income - 46,775
Interest expense (8,936) (3,799)
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(26,745) (109,914)
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Loss From Continuing Operations (169,800) (829,775)
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Income (Loss) from Discontinued Operations
Gain on disposal of subsidiaries - 1,554,306
Loss from operations of ISG & subsidiary - (140,726)
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- 1,413,580
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Net Income (Loss) $(169,800) $583,805
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Basic and Diluted Income (Loss) per Share $(0.04) $0.10
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Weighted Average Shares Outstanding 4,722,032 5,796,581
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