CutCo Industries Announces Profit of 96 Cents Per Share, Launch of e-Commerce Site.SYOSSET, N.Y.--(BUSINESS WIRE)--Oct. 6, 1999-- CutCo Industries Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUTC CUTC Canadian Undergraduate Technology Conference CUTC Council of University Transportation Centers CUTC Champaign-Urbana Theatre Company CUTC Consortium of University Transportation Centers CUTC Certificate of Unemployment Tax Credit ) today announced that net profit for the year ended June 30, 1999, was 96 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , or $775,067. This compares to a loss of 52 cents per share or $407,257 for the previous year. The company, which is in the process of changing its name to Yellowave Corp., also announced that it has launched its e-commerce Web site, www.yellowave.com. The company, under new management, is maintaining and improving its existing operations while expanding its focus. New operations will include an online presence as retailer and "portal," as well as other technology-related businesses. Revenues for the year were $4,468,853, compared to $6,896,700 for the previous year. Ron Oren, the company's interim president, said the decline in revenues reflects the sale in February of a number of the company's hair salons to Regent Corp. That sale, along with other non-operating income, more than offset an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $153,093, which compares to an operating loss of $513,205 a year earlier. Fully diluted earnings were 87 cents per share, compared to a loss of 52 cents per share the prior year. "On both an operating and strategic level we are making excellent progress toward our goal of repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. this company to be a leader in the Internet and technology sectors," Oren said. "Our yellowave.com Web site, while still in the initial stages of development, demonstrates the technology and business relationships that will create a very exciting future for this company." CutCo Industries was a pioneer in the franchising of hair salons. As part of its new direction, the company is changing its name to Yellowave Corp. and is applying for listing on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. with the proposed trading symbol Trading symbol See: Ticker symbol of YWAV. The company has been advised by its securities counsel that it meets the requirements to qualify for a Nasdaq listing. "This company's evolution is almost a paradigm for the long-term impact of the Internet," Oren said. "Fortunately, we are able to use the strong cash flow from our brick-and-mortar operations, along with our zero debt level and status as a public company, to move rapidly to an online business model." This news 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 could involve a number of uncertainties and risks that could cause actual results to differ materially from those discussed in the forward-looking statements. |
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