VillageWorld.com Announces Third Quarter and Nine-Month Results.Business Editors & High-Tech Writers BOHEMIA, N.Y.--(BUSINESS WIRE)--Nov. 20, 2002 VillageWorld.com, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: VILW) Third Quarter Loss Reduces Year-to-Date Income by Slightly Less Than Fifty Percent; Additional Overseas Networking Projects Remain Uncertain; Financial Condition Worsens; VillageWorld.com, Inc. (OTC BB: VILW), a provider of private label Internet web-sites and secure network solutions to military, commercial and defense industry contractors announced results for the third quarter and nine months ended September 30, 2002, reporting a not-unexpected medium five-figure quarterly loss, which halved year-to-date income. The significant uncertainty regarding the timing and amount of future overseas networking project revenues remains unchanged, while the Company's financial condition reached a critical level. Net loss for the quarter was $48,340, which reduced year-to-date net income to $52,566. In reviewing the operating results Chief Executive Officer Peter J. Keenan observed, "Although the loss of UltraStar was quite significant from a revenue standpoint, the bottom-line effect on operations would have been quite manageable, had it not been for the reduction in the highly profitable overseas networking revenues, which decreased from the second quarter of this year by approximately $100,000, or one-third." Mr. Keenan further noted, "This quarter confirmed that our Company's future, if we have one, lies in the labor-intensive installation, maintenance and consulting services we have recently been successful at providing. Given a different time and a different political climate in the Middle East, we likely would not be facing the uncertainties that presently confront us." The Company has completed all work related to the computer-system upgrade at the Prince Sultan Air Force Base in Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , undertaken as a sub-contractor to a related company, ATTI ATTI AttitudeATTI Advanced Transportation Technology Institute ATTI Advanced Technology Transfer and Infusion (JPL) ATTI American Telephone and Telegraph Interchange ATTI Acoustic Test Target Insertion International Development, Inc. ("AID") pursuant to a verbal contract verbal contract an agreement made verbally for the provision of goods or services in return for a consideration, in veterinary practice usually in the form of money. . AID is pursuing additional projects in Saudi Arabia, on which the Company expects it would again be a sub-contractor, if AID is successful in obtaining the work. In addition, the Company is independently seeking direct networking contracts with and through the Saudi Arabian government. Despite the initial success that both AID and the Company have experienced in these endeavors, there is no assurance that any additional overseas projects will be secured. The Company's financial condition is at its weakest since becoming a public company over three years ago. Chief Financial Officer Celia I. Schiffner cautioned that, "Our vendors continue to work with us, but there is little to suggest that these arrangements will extend beyond the immediate short-term. The continuation of the Company as a going concern is presently dependent upon our securing additional high-margin networking contracts, and despite the Middle East's uncertain political climate, these types of projects in Saudi Arabia, where the Company has established a good reputation, remain our best available opportunity for sustained profitability." In accordance with the requirements of Sections 302 and 906 of The Sarbanes-Oxley Act See SOX. of 2002, both the Company's Chief Executive and Chief Financial Officer have certified the Company's Form 10-QSB for the period ended September 30, 2002. About VillageWorld.com VillageWorld.com designs, supplies, implements, operates and maintains advanced secure high-speed data networks for universities, school systems, the military and business including all related hardware, software and network facilities. The Company also provides Internet/Intranet messaging and security products and chat room, shopping cart, advertising, web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. and co-location software and services. The Company is a reseller for Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. (CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), Lucent Technologies (LU), Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony (NT), Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. (SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ), Fore Systems and others in the Network Integration business. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties are described in the Company's filings with the SEC. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion