First Quarter Revenue Represents a 14 % Increase Over Same Period in 2000
DENVER, May 21 /PRNewswire/ -- Internet Commerce & Communications
(Nasdaq: ICCX), a national e-commerce/Web solutions and connectivity company,
today is reporting that revenue for the first quarter 2001 was up 14% compared
to the first quarter 2000, to $13.9 million.
(Photo: http://www.newscom.com/cgi-bin/prnh/20001130/LATH033LOGO )
Gross profits for the quarter were $5.3 million, an improvement of 2% over
the same time period in 2000. Web Site Development revenue declined over
first quarter 2000, however steps are being taken to improve this business
unit including new leadership and the consolidation of developers in Denver.
Web Hosting and Co-Location revenue increased 60% over same reporting period.
The company filed a 12b-25 with the Securities and Exchange Commission on
May 15, 2001 seeking additional time to file the First Quarter 2001 Form 10-Q.
The extension allowed the company additional time in which to resolve
conflicting reports received from the company's outside billing provider
regarding revenues and receipts for the quarter. Those issues were resolved,
and the Form 10-Q was filed on Saturday, May 19, 2001.
Douglas Hanson, IC&C's Chairman and CEO, said, "We continue to demonstrate
our ability meet the challenges of the market while maintaining our focus on
organic recurring revenue growth and cost reductions, thus improving our
bottom-line financial results. The 5-point strategic action plan we
instituted in 2000 remains key for our success in the future."
Hanson further stated, "Our first quarter results were affected by the
billing conversion for our dial up customers, and the loss of revenue from our
central office division due to the downturn in the DSL market."
NOTE -- IC&C has scheduled a conference call for 4:15 PM Eastern Standard
time on Monday, May 21, 2001, that can be accessed through the company's
website, http://www.iccx.net. Click on the Investor Relations link, and then click
on Conference Calls and Presentations. The event can be heard live by dialing
877.423.3896 and referencing Internet Commerce & Communications, and will
subsequently be accessible as an archived file on the company's web site.
About Internet Commerce & Communications
Denver-based Internet Commerce & Communications is a national e-commerce
and connectivity company focusing on Web solutions for small and medium-sized
businesses. The company specializes in e-business applications; consulting,
hosting, co-location, and web solutions, including design and marketing; and
high-speed access, including DSL service. IC&C has annualized revenue of
approximately $52 million and more than 100,000 customers nationwide. The
company wholly owns a shopping, e-commerce and portal site, http://www.webzone.com.
For more information about IC&C, call (800) 411-6066, or visit http://www.iccx.net.
This press release may contain forward-looking statements. Although the
company believes these statements are based on reasonable assumptions,
differences between assumed facts and actual results can be material,
depending on the circumstances. For example, this announcement may not result
in significant changes in the stock price for IC&C. Investors should be aware
of the important factors and risks that could have a material impact on future
cash results and should refer to the cautionary statements sections of IC&C's
periodic filings with the Securities and Exchange Commission, including its
most recent forms 10-K and 10-Q (including filings made under ticker symbols
RMII and INCC).
SOURCE Internet Commerce & Communications
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20001130/LATH033LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Related links:
http://www.iccx.net
CONTACT:
Andrea Scott of Internet Commerce &
Communications, 303-313-0804, andrea.scott@iccx.net
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