|
Epixtar Corp Reports Record First
Quarter Results Revenues Increase More Than 600 Percent
Wednesday, April 30, 2003 - 6:02 am ET
MIAMI - April 30 /PRNewswire-FirstCall/ - EPIXTAR Corp. (OTC
Bulletin Board: EPXR - News) today reported record operating
results for the first quarter ended March 31, 2003.
Revenues for the quarter were $12.4 million with a net income
of $1.9 million, or $.185 per share after tax. This compares
with revenue of $2.0 million and a loss of $1.0 million, or
($.10) per share, in the first quarter of 2002 as restated.
"Epixtar's revenue growth in 2002 to $26 million compared
with $1.2 million in 2001 and its turn to profitability of
$1.5 million in the fourth quarter from previous losses demonstrates
the viability of our business model and platform for offshore-based,
process outsourcing," said William Rhodes, president
and director. "This growth is further reinforced by the
first quarter results of 2003."
"We attribute our positive first quarter to the maturation
of our customer base that resulted in reduced customer churn.
In addition, we also expanded the utilization of offshore
customer contact centers. The successful implementation of
both of these initiatives materially reduced our sales costs.
The consolidation of our marketing efforts also increased
our efficiency," added Rhodes.
Epixtar, which initially used its platform to market its
own ISP and websites to small businesses from a much lower
cost offshore facilities, has successfully extended the model
and will soon announce an initiative to begin marketing products
for others.
ABOUT EPIXTAR
Epixtar Corp. located in Miami, Florida develops communications-related
service bundles designed chiefly for the small-to-medium sized
business market. Because this market tends to be skeptical
of technology-based services such as value-added Internet
services, Epixtar employs telemarketing to fuel a compelling
approach to customer acquisition. This approach leverages
proven, highly efficient sales techniques that account for
over $239 billion or 44% of all direct B2B sales.
In four years, Epixtar has launched five brands --retaining
over 230,000 subscribers -- with plans to launch several additional
brands by the end of second quarter of 2003. Epixtar has realized
these dramatic successes through effective partnership - creating
strong value chains to satisfy market demand. We focus primarily
on those activities required to develop, launch, and support
products sold by our vendor contact centers, remaining focused
on our core competencies. To that end, Epixtar concentrates
on two primary lines of business: Value-added ISP services
and Telecommunications services.
SAFE HARBOR STATEMENT
This release contains statements about expected future events
and financial results that are forward looking. These statements
are based on our estimates and assumptions and are subject
to risks and uncertainties. Actual results could be affected
by a downturn in the economy, new competitive products, slower
rate of growth in member base, higher than anticipated cancellations,
unforeseen expenses, or technical failure related to self
generating web site development or inability to scale server
capacity to meet demand. Forward-looking statements include
the information concerning our possible or assumed future
results of operations. Forward-looking statements also include
those preceded or followed by the words: "anticipates,"
"believes," "estimates," "hopes"
or similar expressions. For those statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act
of 1995.
EPIXTAR
CORP. AND SUBSIDIARIES FORMERLY GLOBAL ASSET HOLDINGS, INCORPORATED
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
[Click to see table]
For more information, please contact
Harry B. Fozzard
hfozzard@epixtar.com
Source
EPIXTAR CORP.
|
