Global Entertainment Holdings Announces Record Second Quarter and Six Month Results.OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--July 22, 1999-- Global Entertainment Holdings/Equities Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GAMM GAMM Generalized Air Mobility Model GAMM Gimbal Angle Matching Monitor GAMM German Association for Mathematics and Mechanics ) (www.globalentertainmentinc.com) Thursday announced its financial results for the second quarter and six months ended June 30, 1999. Net income for the second quarter ended June 30, 1999 was $189,805, or $.06 per share. Net income for the six months ended June 30, 1999 was $498,746, or $.16 per share. Results of Operations The company reported total revenues for the three months ended June 30, 1999 of $587,450, up 655 percent from the $89,580 reported in the comparable quarter in the prior year. Net income for the second quarter ended June 30, 1999 was $184,110, or $.06 per share, compared with a net loss of $618,698, or $1.93 per share for the second quarter ended June 30, 1998. The company reported total revenues for the six months ended June 30, 1999 of $1,225,763, up 1,053 percent from $116,393 reported in the comparable six months in the prior year. Net income for the six months ended June 30, 1999 was $483,783, or $.16 per share, compared with a net loss of $656,155, or $2.13 per share for the six months ended June 30, 1998. The increase in revenues for both the second quarter and six months ended June 30, 1999 is principally attributable to the rapid business growth of existing customers, and the addition of new customers and service offerings. Also during the reporting period, the company completed major software development and subsequently obtained new software licensing agreements. The company's service offerings currently address a broad range of customer demands and provide an efficient and economical solution for online gaming See gaming. operations. Liquidity and Capital Resources Total cash and cash equivalents for the six months ended June 30, 1999 were $238,435, an increase of $183,451 or 434 percent compared with $54,984 reported for the six months ended June 30, 1998. The increase in cash and cash equivalents is principally attributable to the sale of securities. During the six months ended June 30, 1999, the company secured bank financing of $225,000 for the purchase of additional computer hardware. The company reported total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. for the six months ended June 30, 1999 of $1,386,500, an increase of $1,215,123 or 809 percent compared with $171,377 reported for the six months ended June 30, 1998. Total assets for the six months ended June 30, 1999 were $2,390,676, compared with $686,952 for the six months ended June 30, 1998. The company reported total liabilities for the six months ended June 30, 1999 of $496,799, compared with $122,977 for the six months ended June 30, 1998. Total property and equipment for the six months ended June 30, 1999 were $611,496, an increase of $536,771 or 818 percent compared with $74,725 for the six months ended June 30, 1998. The increase in property and equipment is principally attributable to the purchase of computer hardware, furniture and fixtures. Effective July 21, 1999 the company's board of directors approved a 3-for-1 forward stock split to be ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. by the shareholders of Global Entertainment Holdings/Equities at the annual shareholder meeting scheduled for Aug. 27, 1999. With headquarters in Omaha, Global Entertainment Holding/Equities provides financial consulting, investment banking and funding for its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Interactive Gaming and Wagering wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. N.V. (IGW IGW Increased Gross Weight (Boeing) IGW Investment Grade Wine IGW Integrated Gateway IGW Integral Gateway IGW Inter-Galactic War IGW If God's Willing IGW International Gateway IGW Internet Gateway IGW Industrial Security Gateway ), and TheSportsDaily.com (www.TheSportsDaily.com), a division of Global Entertainment Holdings. IGW, based in Willemstad, Curacao, has developed the Internet & Telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. Sportsbook & Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. System (ITSS ITSS Information Technology Systems and Services ITSS Intelligent Transportation Systems Society (IEEE) ITSS Information Technology Solutions Shop (GSA) ITSS Improved Thermal Sight System ), a leading turnkey See turnkey system. sportsbook and casino software package, which it licenses to online sportsbook and casino operators worldwide. Global Entertainment Holdings, through TheSportsDaily.com, has recently partnered with Predict It! (OTC BB:PRIT PRIT Pension Reserves Investment Trust PRIT Physician Regulatory Issues Team PRIT Paris Region Innovation Tour PRIT Panzirsch Robert Information Technology (Vienna, Austria) ) and DBC See dBA. (language, parallel) DBC - A data-parallel bit-serial C based on MPL. SRC, Bowie MD. E-mail: <maya@super.org>. Sports to maximize the information available to Web site users. Visit Global Entertainment at www.globalentertainmentinc.com. Visit Interactive Gaming & Wagering N.V. at www.interactive-gaming.com. Visit TheSportsDaily.com at www.TheSportsDaily.com. Visit Global's Licensees' Sites: www.fairdealsportsbook.com, www.fairdealcasino.com, www.gamedaysportsbook.com, www.gamedaycasino.com, www.vipcasinos.com and www.vipsports.com. 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. Statement Some statements in this release are forward-looking and are subject to certain risks and uncertainties. These risks and uncertainties include, but are not limited to, economic conditions, changes in laws or regulations, demand for products and services of the company and the effects of competition. These risks and uncertainties could significantly affect anticipated results in the future and actual results may differ materially from any 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. . -0-
Global Entertainment Holdings/Equities Inc.
Consolidated Statement of Operations
for the three months ended June 30, 1999 and 1998
(unaudited)
June 30, 1999 June 30, 1998
Revenues
License Fees $587,450 $89,580
Total Revenues 587,450 89,580
Cost of Revenues
Total Cost of Revenues 392,778 100,472
Income from Operations 194,672 (10,892)
Other Income (Expenses)
Interest Income 470 38
Write Off Impaired Asset -- (607,844)
Interest Expense (30) --
Sale of Security (5,307) --
Total Other Income (Expenses) (4,867) (607,806)
Net Income/(Loss) $189,805 $(618,698)
Income Per Share $ .06 $(1.93)
Weighted Average Shares
Outstanding 3,175,018 June 30,
1999 June 30, 19Revenues 724,008 164,742
Income from Operations 501,755 -
Total Other Income (Expenses) (3,009) (607,806)
Net Income/(Loss) Outstanding
3,160,847 -
Total Assets $2,390,676 $561,952
Current Liabilities
Total Current Liabilities $221,799 $122,977
Long Term Liabilities
Notes Payable 430,000 240,000
Less Current Portion (155,000) (135,000)
Net Long Term Liabilities 275,000 135,000
Total Liabilities 496,799 257,977
Stockholders' Equity
Preferred Stock, 25,000,000
Shares Authorized, Par
Value $.001 -- --
Common Stock 100,000,000
Shares Authorized, Par
Value $.001 3,221,147 319,607
Paid in Capital 1,702,412 1,185,930
Retained Earnings/(Deficit) 188,244 (882,274)
Net Stockholders' Equity 1,893,877 303,975
Total Liabilities & Stockholders'
Equity $2,390,676 $686,952
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion