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Provo International Announces Fourth Quarter 2003 Results.

Business Editors

PEARL RIVER, N.Y.--(BUSINESS WIRE)--April 30, 2004

Provo International, Inc. (formerly Frontline Communications Corp) (AMEX: FNT), www.fcc.net, announced financial results for the three months and the year ended December 31, 2003.

On April 3, 2003, Provo International, Inc. completed the acquisition of all of the issued and outstanding stock of Proyecciones y Ventas Organizadas, S.A. de C.V., a corporation organized under the laws of the Republic of Mexico ("Provo Mexico"). Provo Mexico and its subsidiaries are engaged in the selling and distribution of prepaid calling cards and cellular phone airtime in Mexico. Provo Mexico's results of operations are included from the acquisition date.

Revenues for the three months ended December 31, 2003 increased by 1,559.1% to $19,479,001 compared with revenues of $1,174,076 for the three months ended December 31, 2002. For the three months ended December 31, 2003, after reversing a previously recognized gain of $721,010 on supplier payables settlement, and recognizing noncash compensation charge of $1,954,363, the net loss increased by $4,271,279 to $4,435,285 compared to a net loss of $164,006 in the comparable period in 2003. For the three months ended December 31, 2003, after adjusting for preferred stock dividends, the net loss available to common shareholders was $4,494,858 or $.41 per common share compared to $230,656 or $.04 in the comparable period in 2002.

Revenues for the year ended December 31, 2003 increased by 1,054.9% to $58,287,790 compared with revenues of $5,047,098 for the year ended December 31, 2002. For the year ended December 31, 2003, after recognizing a $449,850 gain on debt settlement and a noncash compensation charge of $2,005,808, the net loss increased by $4,178,527 to $4,966,052 compared to a net loss of $787,525 in the comparable period in 2002. For the year ended December 31, 2003, after adjusting for preferred stock dividends, the net loss available to common shareholders was $5,249,026 or $.66 per common share compared to $1,085,392 or $.18 in the comparable period in 2002.

About Provo International, Inc.

Founded in 1995 as Frontline Communications Corporation, traded on the American Stock Exchange under the symbol FNT, Provo International, Inc. has two operating divisions, Provo Mexico and Provo US.

The Provo Mexico division (www.provo.com.mx), acquired in April 2003, is a Mexican corporation that maintains a dominant position within the prepaid calling card and cellular phone airtime markets in Mexico. Provo Mexico and its affiliates have been in operation for over seven years, and had combined audited revenue in 2002 of approximately $100 million, with operating profits of over $800,000. The company currently anticipates expanding existing Provo Mexico services to the continental United States, and intends to begin marketing cash cards, payroll cards and other forms of payroll and money transfer services, through both the Mexico and US divisions, in the near future.

The Provo US division provides a revolutionary solution for cash disbursements of employee's payroll, commission, and other expenses with the use of the Provo Paycard. The Provo Paycard is an electronic alternative to ordinary paper checks and offers both employers and employees with the benefit of reduced costs and added security along with the convenience of worldwide ATM access and cash back at many retailers. Provo US is also a leading provider of Internet bandwidth services and award winning Ecommerce, programming and website development, design, and hosting services through its PlanetMedia group, www.pnetmedia.com.

The statements which are not historical facts contained in this press release are forward looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, changes in the market for Internet or distribution services, regulatory and technological changes, economic factors, increased competition, foreign currency devaluation, foreign market risk, and the nature of supplier of customer arrangements which become available to the Company in the future. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement. The words "intend," "expect," "should," "project," and "anticipate," and similar expressions identify forward looking statements. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date they were made.
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Publication:Business Wire
Date:Apr 30, 2004
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