/C O R R E C T I O N -- CHRISTIAN PURCHASING NETWORK ANNOUNCES POSITIVE RESULTS FOR ITS FOURTH QUARTER AND YEAR ENDED DEC. 31, 1991.
/C O R R E C T I O N -- CHRISTIAN PURCHASING NETWORK, INC./
In NY070, Christian Purchasing Network Announces Positive Results For Its Fourth Quarter And Year Ended Dec. 31, 1991, moved yesterday, we are advised by the company that the first graph, third line should read "The company realized net income of ($452,102) during its fourth quarter and net income of ($607,508) for the year ended Dec. 31, 1991" rather than "... net income of ($444,594) during its fourth quarter and ... ($607,502) for the year ..." as originally issued.
The corrected release follows:
CHRISTIAN PURCHASING NETWORK ANNOUNCES POSITIVE RESULTS
FOR ITS FOURTH QUARTER AND YEAR ENDED DEC. 31, 1991
MIAMI, Feb. 11 /PRNewswire/ -- Christian Purchasing Network, Inc. (NASDAQ: CPNI), announced today results for its fourth quarter and for the year ended Dec. 31, 1991. The company realized net income of ($452,102) during its fourth quarter and net income of ($607,508) for the year ended Dec. 31, 1991, resulting in earnings per share and share equivalent of $0.06 for the year.
Dr. Thomas J. McElheny, the company's chairman and chief executive officer, commented: "We are very pleased to be profitable our first year as a public company despite the substantial costs incurred as a result of our entry into the financial and insurance businesses."
The company offers capital goods to the church market, and financial and insurance products and services to churches and their members.
The results for the year ended 1991 primarily reflect the activities of two money management companies acquired by the company effective Aug. 15, 1991, (Equity Assets Management, Inc., and Jordan International Holdings, Inc., collectively the "Jordan Companies"), the acquisition of which was treated as a reverse acquisition for accounting purposes. As a result, the results for the year reflect the activities of the Jordan Companies through Aug. 15, 1991, and the combined operations of the Jordan Companies and the company for the period Aug. 15 through Dec. 31, 1991.
The company's net income for the fourth quarter and year ended 1990 (based upon treatment as a reverse acquisition for accounting purposes) was $604,166 and $1,145,948, respectively. The company's independent public accountants are in the process of completing an audit of the company's 1991 financial statements. Management does not, however, anticipate material adjustments to the results stated above as a result of the audit.
/CONTACT: Thomas J. McElheny, chairman and chief executive officer of Christian Purchasing Network, 813-366-5775/
(CPNI) CO: Christian Purchasing Network, Inc. ST: Florida IN: SU: ERN TS -- NY040 -- 9175 02/12/92 10:58 EST