Second Quarter Revenue Represents an 11% Increase Over Same Period in 2000
DENVER, Aug. 22 /PRNewswire/ -- Internet Commerce & Communications
(OTC Pink Sheets: ICCX), a national e-commerce/Web solutions and connectivity
company, today is reporting that revenue for the second quarter 2001 was up
11% compared to the second quarter 2000, to $13.0 million. The company is
currently operating under protection of Chapter 11-bankruptcy code.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010723/LAM008LOGO )
Gross profits for the quarter were $5.9 million, an improvement of 2% over
the same time period in 2000. SG&A for the second quarter was $6.8 million,
compared to $9.5 million for the second quarter in 2000, reflecting a
28% decrease. Operating Income for the Company in the second quarter was
($940) thousand. In the same period in 2000, Operating Income was
($3.7) million, thus the company showed a 75% improvement in 2001.
Year-to-date revenue is $27.0 million, which is a 14% increase over the
first six months of 2000. Gross profits for the Company are $11.2 million for
the first and second quarters. This is a 13% increase over same period in
2000. SG&A declined 20%, decreasing from $17.6 million for 2000 to
$14.0 million in 2001. Year-to-date Operating Income is ($2.9) million,
showing a 63% improvement from the same period in 2000.
Douglas Hanson, IC&C's Chairman and CEO, said, "Even though the company
felt it necessary to file for protection under Chapter 11, we have seen a
tremendous improvement in our year over year results. We have experienced a
very good quarter and continue to see improvements. Our SG&A decreased 20%,
and our revenue increased 11% proving that we are making strides in our
operating performance."
Hanson further stated, "Our transaction with EarthLink remains on schedule
but we will not see the cash from that transaction until the fourth quarter.
I am continually gratified with the way our employees perform their duties and
work to bring excellent services to the small and mid-size business market."
About Internet Commerce & Communications
Denver-based Internet Commerce & Communications is a national e-commerce
and connectivity company, focusing on fully integrated solutions for small and
medium-sized enterprises (SME's). 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. For more
information about IC&C, call (800) 411-6066, or visit http://www.iccx.net
This press release may contain forward-looking statements. The company
filed Chapter 11 bankruptcy reorganization on July 31, 2001. While the
company believes the statements made herein 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 have any affect on shareholder value and may not be of any assistance in
merging from Chapter 11. 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/20010723/LAM008LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Related links:
http://www.iccx.net
CONTACT:
Carolyn Reich of Internet Commerce &
Communications, +1-303-414-7160, Carolyn.reich@iccx.net
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