FL Writers.About Vitech America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Vitech America, Inc. is a U.S.-headquartered manufacturer and direct marketer of its own brand name personal computers, business systems integration and networking equipment, servers and related products in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. under the names: Microtec(TM), Vision(TM), Mythus mythos, mythus 1. myth. 2. mythology. 3. the interrelationship of value structures and historical experiences of a people, usually given expression through the arts. See also: Mythology (TM), Quest See Qwest and Quest disk. Quest See also Adventurousness, Journey, Wandering. Ahab, Captain pursues Moby Dick, the great white whale, even to the point of losing his own life. [Am. Lit. (TM), Spalla(TM), and Vesper(TM). The Company's national sales force sells direct to corporate, government, individual and Small Office/Home Office See SOHO. (SoHo) customers throughout Brazil. Vitech is the low-cost producer of high quality Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. (R)- and Intel(R)-based systems offering complete solutions from low-end low-end adj. 1. Cheapest in a line of merchandise: low-end subcompact cars. 2. Informal Of, relating to, or intended for low-income consumers; downscale: Pentium Pentium Family of microprocessors developed by Intel Corp. Introduced in 1993 as the successor to Intel's 80486 microprocessor, the Pentium contained two processors on a single chip and about 3.3 million transistors. workstations to high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. integrated networks A network that supports both data and voice and/or different networking protocols. See converged network and new public network. powered by multi-processor superservers. In addition, Vitech's Systems Integration Group designs, installs and provides ongoing services for local-area (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ) and wide-area (WAN) networks. Except for the historical information herein, the matters discussed in this press release include 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 may involve a number of risks and uncertainties. Future results may vary significantly based on a number of factors, including, but not limited to, risks in market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and in Brazil and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission. (Tables Follow) -0-
Vitech America, Inc.
Summary of Operation
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
------------ ------------ ------------- ------------
Sales $ 28,191,885 $ 47,410,603 $ 69,135,990 $119,821,089
Cost of sales 17,466,101 27,546,045 40,658,160 70,683,914
Gross profit 10,725,784 19,864,558 28,477,830 49,137,175
SG&A 5,694,958 8,798,284 18,008,951 24,944,988
Income from
operations 5,030,826 11,066,274 10,468,879 24,192,187
Interest and
financing
expense 3,574,557 4,520,940 14,072,322 9,348,315
Foreign currency
exchange
losses 905,689 1,842,460 18,102,812 3,235,811
Net income
(loss) $ 550,580 $ 4,638,840 $(21,706,255) $ 11,669,442
Earnings (loss)
per share -
basic $ 0.04 $ 0.36 $ (1.48) $ 0.94
Earnings (loss)
per share -
diluted $ 0.04 $ 0.36 $ (1.48) $ 0.92
Weighted
average number
of shares
outstanding -
diluted 14,746,423 13,045,149 14,689,105 12,645,691
Vitech America, Inc.
Summary Balance Sheet
September 30, 1999 December 31, 1998
(Unaudited)
Assets
Current assets:
Cash & cash equivalents $ 9,594,084 $ 7,719,185
Accounts receivable 42,446,445 75,893,857
Inventories 31,961,146 40,351,585
Due from Officers 327,286 --
Investment in subordinated
debentures -- 14,676,585
Other current assets 5,511,676 8,538,379
------------ ------------
Total current assets 89,840,637 147,179,591
Investment in subordinated
debentures, long-term $ -- 2,677,906
Goodwill 19,371,176 20,191,646
Property, plant & equipment 23,225,654 19,696,097
Other assets 11,229,098 5,921,735
------------ ------------
Total assets $143,666,565 $195,666,975
============ ============
Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable $ 29,246,085 $ 36,748,951
Current Portion of Loan 533,574 863,021
Lines of Credit 2,890,956 24,705,602
Accrued expenses 2,271,691 4,811,130
Notes payable - related
party 14,200,000 6,700,000
Other current liabilities 1,151,900 3,176,726
------------ ------------
Total current liabilities 50,294,206 77,005,430
Convertible notes 50,309,620 13,730,535
Long-term debt 1,872,299 2,709,655
Total shareholders' equity 41,190,440 102,221,355
============ ============
Total liabilities &
shareholders' equity $143,666,565 $195,666,975
============ ============
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