STARSTREAM ANNOUNCES YEAR-END AND FIRST QUARTER RESULTS
STARSTREAM ANNOUNCES YEAR-END AND FIRST QUARTER RESULTS HOUSTON, June 3 /PRNewswire/ -- Starstream Communications Group Inc.
(NASDAQ: SCGI) announced today its results for the year ended Dec. 31, 1991 and first quarter ended March 31, 1992.
Revenues for the year ended Dec. 31, 1991, were $2,419,300, an increase of approximately 34 percent, as compared to $1,799,222 for the fiscal year ended Dec. 31, 1990. Net loss was $338,788 ($.09 per share), compared to a net gain of $15,750 for the year ended December 1990. Weighted number of average shares outstanding for years ended 1991 and 1990 were 3,960,238 and 3,750,283, respectively. Revenues for the first quarter ended March 31, 1992, increased to $679,213, from $526,673 reported for the same period ended March 31, 1991. A net loss of $132,875 ($.03 per share) was reported for the quarter, as compared to a net loss of $92,568 ($.02 per share) for the same period ended March 31, 1991. Weighted number of average shares outstanding for the first quarters of 1992 and 1991 were 4,435,283 and 3,750,283, respectively. The company reported that increased revenues were predominately related to its acquisition of Polton Records in November 1990. The 1991 revenues include Polton's results for an entire year as opposed to only one month in 1990. This increase was offset by a reduction in the revenues reported in the company's Tune In subsidiary, due to a decrease in the number of radio stations subscribing to the company's publications and management's decision to de-emphasize contract publishing while it focuses on the growth of its Polton Records and Tapes in Poland. Gary R. Firth, president and chief executive officer, commented, "Getting 1991 behind us and the work involved in setting up operations in a foreign country has positioned Starstream in 1992 and the years to come to reap the rewards in an industry that has socially, economically and culturally dominated nations." Starstream Communications Group Inc. had been granted a temporary exception to the normal filing requirements requiring the company to file its forms 10-K and 10-Q on or before June 1, 1992. The company has now met the NASDAQ filing requirements. Starstream is engaged primarily in the production and distribution of audio cassettes, LPs and compact discs in Poland, customized music- oriented publications in the United States, and, nationally sponsored radio promotion in the United States. -0- 6/3/92 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for Starstream Communications Group/ (SCGI) CO: Starstream Communications Group Inc. ST: Texas IN: ENT SU: ERN
EH-JL -- LA008 -- 6502 06/03/92 09:02 EDT
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|Date:||Jun 3, 1992|
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