Auteo Media, Inc. (OTCBB: AUTM), a leading provider of point-of-purchase marketing and Internet-based services to the automotive industry, announced reported sales for the quarter ending March 31st, 2000 and for fiscal year 1999.
— Quarter-over-Quarter Revenues Grow 61% to $211,860
— Quarter-over-Quarter Gross Profits Grow 64% to $195,566
— Current Assets Grow 61% from the Previous Quarter
— Long term and Short term Liabilities Decline 46% from the
Sales for the period Q1 ended March 31, 2000 increased by $80,073 to $211, 860, representing a 60.7% increase over the same period in Q1, 1999. This growth can be attributed to market penetration in Washington, new operations in California and adoption of the Company’s digital photo services by its customers. Gross profit for Q1, 2000 increased to $195,566 in 2000 from $119,567 in Q1, 2000. Selling, general and administrative expenses increased from $84,396 to $211,800 in quarter ended March 31, 2000, due to costs associated with the acquisition of Tysa Corporation, our new corporate office, the addition of new routes and additional labor costs to handle the increased demand for the Company’s products and services in existing and new areas. As a result, net earnings for the period decreased from a net income $23,712 to a minor loss of $26,806 in Q1, 2000.
The Company commenced a private placement unit financing at $6.00 per unit during the quarter, receiving $950,000 in subscriptions there from. Subsequent to March 31, 2000, the Company received additional subscriptions of $200,000, together with a commitment for a further and final subscription of $200,000 for a total financing of $1,350,000. Of these proceeds, $835,000 was distributed to shareholders as part of the acquisition of Tysa Corporation and $22,946 was invested in equipment. Cash on hand increased by $45,073 during the quarter to a balance of $56,081 at March 31, 2000.
“We are very pleased with the results of our first quarter,” stated Steve Van Leeuwen, President and CEO of Auteo Media, Inc. “The business model we have developed in Washington has clearly proven itself and we anticipate excellent revenue growth as we expand into the lucrative California markets.” The strength of this operation has made it possible for the Company to accelerate its e-commerce, wireless and national Internet initiatives. “We are anticipating revenues from all three of our business units in fiscal year 2000,” Van Leeuwen added.
About Auteo Media, Inc.
Auteo Media, Inc., (OTC BB:AUTM) is a leading provider of online data and media solutions to buyers and sellers of autos and auto accessories. Auteo Media operates Autoloco.com and Bidthatcar.com, providing one-stop convenience for consumers and dealers to locate and buy new and used vehicles and is developing Partcart.com, a OEM auto parts warehouse, Pocketauto.com and Palmauto.com, will provide auto dealers the ability to conduct online transactions at any time and anywhere, and Contactauto.com, a proprietary contact management system to help auto dealers maximize e-commerce customer interactions. Auteo Media works with more than 130 auto dealerships, auto parts suppliers, and other commerce partners and is becoming one of the leading technology companies serving the automotive industry. For more information visit www.auteo.com.
BY ORDER OF THE BOARD OF DIRECTORS
“Steve Van Leeuwen”
Steve Van Leeuwen, President
NASD has neither approved nor reviewed the information contained herein. Some statements in the report are forward looking and are subject to certain risks and uncertainties. These risks and uncertainties include, but are not limited to, economic conditions, changes in law or regulations, demand for products and services of the company and the effect of competition. These risks and uncertainties could significantly affect anticipated results in the future and actual results may differ materially from any forward-looking statements.