Global Entertainment Holdings Announces Third Quarter Results; Five-Fold Increase in Revenues Reported for the Nine-Month Period.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)--Oct. 15, 1999-- Global Entertainment Holdings/Equities Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GAMM GAMM Generalized Air Mobility Model GAMM Gimbal Angle Matching Monitor GAMM German Association for Mathematics and Mechanics ) (www.globalentertainmentinc.com) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced the results for its third fiscal quarter and nine months ended September September: see month. 30, 1999. Revenues for the nine-month period increased five fold over the same period last year as it expanded its licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. sites to ten, up from only one a year ago. Revenues for the three months ended September 30, 1999 were $332,981 versus $121,473 for the comparable period last year, an increase of 174 percent. For the third quarter, a loss of $381,586 or $0.04 per share was reported, compared with a loss of $7,575 or $0.00 (breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations ) per share for the same period in 1998. The loss for the period is primarily attributable to increased hardware expense and additional staffing needed to expand the company's capacity and upgrade its systems to maximize performance. While the company has added several new licensee Web sites, and has capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. the cost associated with its increased capacity, significant revenue from those new licensees will not begin to be realized until fourth quarter. Revenues for the nine months ended September 30, 1999 were $1,581,949 versus $237,867 for the comparable period last year. For the nine-month period, the company reported a profit of $22,146 or $0.002 per share compared with a loss of $55,887 or $0.01. Advertising revenues from Web site ads represented over $61,000 in revenue. This new revenue stream came as a result of Global's recent acquisition of Prevail On-line Inc., an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the services company that offers highly focused content and services for the online gaming See gaming. and sports 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. industries. While Global experienced growth and solid increases in revenue for the current period, the benefit of its recent expansion is not yet evident in the bottom line. Subsequent quarters will benefit from the infrastructure investment made during this quarter. Expenses increased substantially due to the company's ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and equipment during the past quarter. Additionally, revenue during baseball season, which represents a significant portion of overall royalty revenue, was unusually poor. The necessary steps to fundamentally improve capacity, security, and content quality have been taken in order to implement further aggressive expansion in 2000. Assets increased over 250 percent to $3.3 million primarily as a result of increased License, Maintenance and Royalty Fees Receivable due to the additional licensees, addition and upgrade of computer equipment, and the acquisition of Prevail On-line Inc. As a result, shareholder equity increased 288 percent to $2,390,921 from $615,203 at September 30, 1998. Global Entertainment Holdings/Equities provides development stage equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. and merger and acquisition related services to up-and-coming up-and-com·ing adj. Showing signs of advancement and ambitious development: an up-and-coming executive; an up-and-coming neighborhood. technology companies in the Internet gaming industry. Global Entertainment's 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 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 ), has developed proprietary software called 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 (ITSCS) and maintains a hosting environment See hosted environment. in Willemstad Willemstad (vĭl`əmstät), city (1992 pop. 24,235), Curaçao, capital of the Netherlands Antilles. The city is the commercial and industrial center of the Netherlands Antilles as well as a free port and tourist center. , Curacao. The ITSCS is a market leading turnkey See turnkey system. sportsbook and casino software product and service combination that is licensed to third party online sportsbook and casino operators. Prevail Online Inc., based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is another wholly owned subsidiary that specializes in web-publishing and operates three online services; www.wheretobet.com, www.thesportsdaily.com and www.netbet.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. . Through the added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Please [ improve this article] or discuss the issue on the talk page. provided by Global Entertainment, these sites are accepted as leaders in their industry. 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. .
www.globalentertainmentinc.com www.interactive-gaming.com
www.thesportsdaily.com www.netbet.org www.wheretobet.com
Licensee Sites:
www.fairdealsports.com
www.wssbcasino.com
www.gamedaysportsbook.com
www.fairdealcasino.com
www.wallstreetsuperbook.com
www.gamedaycasino.com
www.fivecardcharlie.com
www.vipsports.com
www.5cardcharlie.com
www.vipcasinos.com
Global Entertainment Holdings/Equities, Inc.
Consolidated Statement of
Operations For the Period January 1, 1999
to September 30, 1999 and 1998
September September
30, 1999 30, 1998
Revenues
License Fees, Royalties
and Maintenance $ 1,498,821 $ 237,867
Web site Advertising 61,658 --
Miscellaneous Income 21,470
Total Revenues 1,581,949 237,867
Expenses
Amortization 98,918 89,462
Depreciation 150,557 25,255
Rents 147,276 49,191
Professional Fees 136,705 20,718
Travel 57,127 11,922
Administrative Expenses 265,959 50,579
Management Consulting 460,158 46,709
Salaries 22,201 --
Advertising and Marketing 27,724 --
Total Expenses 1,366,625 293,836
Income from Operations 215,324 (55,969)
Other Income (Expenses)
Provision for Income Tax (58,140)
Interest Expense (14,128) --
Interest Income 1,885 82
Write Off Impaired Asset (180,030) --
Forgiveness of Debt -- --
Sale of Security 49,985 --
Rental Income 7,250 --
Total Other Income (Expenses) (193,178) 82
Net Income/(Loss) $ 22,146 $ (55,887)
Income Per Share $ (.002) $ (.01)
Global Entertainment Holdings/Equities, Inc.
Consolidated Statement of
Operations For the Period July 1, 1999 to
September 30, 1999 and 1998
September September
30, 1999 30, 1998
Revenues
License Fees, Royalties
and Maintenance $ 271,323 $ 121,473
Web site Advertising 61,658 --
Total Revenues 332,981 121,473
Expenses
Amortization 35,528 31,695
Depreciation 77,972 8,396
Rents 63,709 18,975
Professional Fees 65,966 15,633
Travel 19,691 2,795
Administrative Expenses 63,492 25,901
Management Consulting 214,578 25,697
Salaries 22,201 --
Advertising and Marketing 27,724 --
Total Expenses 590,861 129,092
Income from Operations (257,880) (7,619)
Other Income (Expenses)
Interest Expense (1,222) --
Interest Income 311 44
Write Off Impaired Asset (180,030) --
Sale of Security 49,985 --
Rental Income 7,250 --
Total Other Income
(Expenses) (123,706) 44
Net Income/(Loss) $ (381,586) $ (7,575)
Income Per Share $ (.04) $ (0)
Global Entertainment Holdings/Equities, Inc.
Consolidated Balance Sheets
September 30, 1999 and 1998
September September
30, 1999 30, 1998
Assets
Current Assets
Cash & Cash Equivalents $ 154,339 $ 46,845
License, Maintenance &
Royalties Fees Receivable 1,102,959 525,169
Accounts Receivable and Other 16,438 6,690
Prepaid Expenses 130,434 --
Interest Receivable 840 --
Employee Loan Receivable 42,000 --
Total Current Assets 1,447,010 578,704
Property & Equipment
Package Software -- Net 73,825 4,826
Office Improvements -- Net 26,016 --
Computer Equipment -- Net 604,380 44,614
Furniture & Fixtures -- Net 80,819 9,475
Vehicles -- Net 37,465 --
Total Property & Equipment 822,505 58,915
Other Assets
Cash in Escrow Restricted 6,348 --
Web site Development and Design
-- Net 79,465 --
Security Deposit 23,866 6,187
Web site -- Net 700,000 --
Software Design & Development
-- Net 191,911 236,163
Receivable BSW -- Net 50,000 50,000
Total Other Assets 1,051,590 292,350
Total Assets $ 3,321,105 $ 929,969
Global Entertainment Holdings/Equities, Inc.
Consolidated Balance Sheets
September 30, 1999 and 1998
September September
30, 1999 30, 1998
Liabilities &
Stockholders' Equity
Current Liabilities
Accounts Payable $ 160,969 $ 3,766
Deferred Income 31,426 --
Accrued Interest 9,805 --
Accrued Expenses -- --
Accrued Wages 15,191 --
Current Portion -- Capital Leases 20,500 --
Current Portion -- Notes Payable 50,000 50,000
Loans -- Related Entities 115,000 105,500
Note Payable Line of Credit 19,912 --
Income Taxes Payable Foreign 9,207 --
Total Current Liabilities 432,010 159,266
Long Term Liabilities
Capital Lease Payable 23,174 --
Notes Payable 640,000 205,000
Less Current Portion (165,000) (50,000)
Net Long Term Liabilities 498,174 155,500
Total Liabilities 930,184 314,766
Stockholders' Equity
Preferred Stock, 25,000,000 Shares Authorized, at $.001 Par
Value, None Issued Common Stock 100,000,000 Shares Authorized, Par
Value of $.001, 9,621,460 & 9,344,673
Shares Issued & Outstanding Respectively
Retroactively Restated 9,621 9,345
Paid In Capital 2,669,658 855,941
Retained Earnings/(Deficit) (288,356) (250,083)
Net Stockholders' Equity 2,390,921 615,203
Total Liabilities &
Stockholders' Equity $ 3,321,105 $ 929,969
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