iExalt, Inc. Announces First Quarter Financial Results; Company Reports Continued Financial Improvement, Dispositions and Projected Debt Reductions.Business Editors & Religion Writers HOUSTON--(BUSINESS WIRE)--Jan. 16, 2002 iExalt, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IEXA), a Christian Christian flees the City of Destruction. [Br. Lit.: Pilgrim’s Progress] See : Escape Christian travels to Celestial City with cumbrous burden on back. [Br. Lit. media products and services company with significant technology interests, today announced financial results for its first fiscal quarter ended Nov. 30, 2001. The Company reported revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.8 million compared to $2.4 million during the first quarter ended Nov. 30, 2000. Revenues from the Healthcare Services segment for the first quarter fiscal 2002 were not included as they are presented within discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . The sale of assets related to the programs of PremierCare and Rapha Rapha (rā`fə), variant of Rephaiah (5.) that comprised the Healthcare Services segment was completed on Nov. 30, 2001. For the three months ended Nov. 30, 2001, iExalt experienced a net loss of $1.6 million, or $1.18 per share, compared to a net loss of $2.7 million, or $4.41 per share, during the first quarter of the last fiscal year. Common share related information was reported with the effect of the fifty to one (50:1) reverse stock split that was completed on Dec. 28, 2001. "Our financial performance continues to improve as we direct the Company's focus on core activities along with actively searching for profitable merger and acquisition opportunities," said Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. W. Sapaugh, chairman and chief executive officer. "We are taking proactive steps to strengthen our stock performance through the completion of a reverse stock split and continue to analyze capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. alternatives." "The recent sale of our Healthcare Services assets, while providing $1.0 million short term cash to reduce current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. , has been structured so that our continued involvement in that business will result in future potential revenues of an additional $1.5 million. We continue to implement operational efficiency measures and expect to meet our goal of achieving a cash-positive position while maintaining our commitment to our mission." The Company continues its aggressive search for strategic acquisitions in the $3 billion Christian media, entertainment and retail market. Sapaugh comments, "We will continue to look for good companies that fit the iExalt model and will continue to develop new products and services. We are very close to finalizing key acquisitions and strategic relationships that could dramatically increase revenues and improve our cash position." Headquartered in Houston, iExalt, Inc. was formed to provide Christian media products, services and technology solutions to the Christian community. The company's strategy is to acquire, develop and manage a large channel of media (print, radio, software and 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 ) in order to leverage its products and services in a cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. manner, and to migrate successful products and services to the Web. The iExalt family of companies includes: -- iExalt.com, a Christian Internet destination -- ISP filtering at www.CleanWeb.net -- Christian Happenings, a Christian events magazine -- Christian Times newspapers -- ListenFirst.com, a Christian music news site -- iSermons.com and TheParentLink.com, subscription-based resources for leaders -- ChristianSpeakers.com, the nation's leading Christian speakers bureau -- ChristianArtists.com, a full-service talent agency -- iExalt Electronic Publishing, a digital content library -- Gilmore Marketing, a full-service advertising and marketing communications agency -- Life Perspectives and Dawson McAllister Live, nationally recognized radio programs For more information about the Company, visit www.iExalt.com. The statements contained in this news release that are not historical fact are "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. " which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should" or "anticipates," or by discussions of strategy that involves risk and uncertainty. Management cautions the reader that these forward-looking statements, including the discussions of the Company's growth, operating strategies and expectations concerning market position, future operations, margins, revenue, profitability, historical facts, are only predictions. There can be no assurance that any of these expectations will be realized or that any of the forward-looking statements contained herein will prove to be accurate. |
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