Bell Technology Group Ltd. Announces year end results
NEW YORK – December 31, 1997
New York, December 31, 1997 – (Nasdaq: BELT, BELTW; BSE: BTG, BTGW) today announced results for the year ended September 30, 1997.
For the year ended September 30, 1997, revenues increased 68% to $17,399,955 compared with $10,373,664 for the year ended September 30, 1996. The revenue increase was primarily attributable to increased sales levels from all aspects of the Company’s business. Additionally, the Company experienced increased gross profit margins during the year, primarily due to the increase in sales from Internet-related services. The net loss for the year ended September 30, 1997 was $3,115,433 or $1.01 per share as compared to a loss of $1,893,480 or $0.72 per share for the year ended September 30, 1996.
Marc H. Bell, President and CEO, stated, ‘Our strong revenue growth recorded this year is the result of the Company’s increased efforts to expand its sales and marketing organization. The Company continues to execute its long-term strategy of providing Fortune 1000 corporations in the New York metropolitan area with a wide range of Internet services combined with unmatched service and reliability. Since early 1996, this strategy has enabled the Company to successfully grow its customer base from 29 clients to over 274, an increase of 845%. In an effort to accommodate our continued growth, we have committed to further expansion efforts, ensuring the capacity required to meet the increasing demand for our services.’
Bell Technology Group Ltd. provides compete Internet solutions for business in the New York region and is a premier provider for businesses seeking to effectively exploit the Internet by offering high-speed connections, web services, programming, design and integration. Bell Technology Group also provides training and development to corporate and academic clients at its state-of-the-art computer and Internet training center and provides development of ‘cutting edge’ multimedia technology.
Except for those statements that report the Company’s historical results, the statements being made are forward looking statements. Actual results could differ materially from those projected in the forward looking statement. Bell Technology Group Ltd.
Consolidated Statements of Operations
(audited) Year Ended
September 30,1997 Year Ended
September 30,1996 Revenues $17,399,955 $10,373,664 Costs and Expenses Costs of Revenues 13,901,859 8,599,241 Selling, general and administration 6,036,032 3,186,718 Depreciation and amortization 472,298 219,176 Research and Development ———- 57,250
Total costs and expenses 20,410,189 12,062,385
Interest income 72,427 121,256 Interest Expense (177,626) (98,520) Write-Off of debt issuance costs ———- (257,391)
Losses before taxes (3,115,433) (1,923,376)
Benefits from taxes
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