Geotele.com Releases Financial Results for FY98 and FY99
NEW YORK--(BUSINESS WIRE)--Dec. 14, 1999--Geotele.com, Inc. (OTCBB:GEOL - news) released today its Financial results for the Fiscal Years ending June 30, 1998 and June 30, 1999
Revenues for FY98 and FY99 were $21,143,306 and $9,997,834 respectively, a year over year decrease of 48%. Earnings for each of those two years resulted in a net loss of $1,232,696 and a net loss of $4,039,014, respectively. FY99 losses, however, include a one-time charge of $2,899,214 taken against earnings due to the discontinuance of operations of the company's subsidiary, Communications Network Exchange, Inc. EPS for 1998 was a negative $.18, while net loss per share increased to $.30 on an operating basis and $.84 overall for the fiscal year ending June 30, 1999.
As of June 30, 1998 Geotele.com, Inc. had current assets of $1,706,023 and current liabilities of $2,462,161, while as of June 30, 1999 current assets totaled $356,983 and current liabilities totaled $4,977,295.
A complete copy of these Financial Statements will be available by written request to the company.
Geotele.com, Inc., is an emerging multinational, facilities-based long distance carrier offering switched voice services to long distance providers using Voip (Voice over Internet Protocol) to carry voice traffic through a network of owned and leased transmission facilities and resale arrangements and operates three Industry oriented web-sites.
Except for the historical information contained herein, all of the above mentioned contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended. Such forward looking statements may involve numerous risks that could cause actual results to differ from such statements, including but not limited to, legislation that may affect industry regulation.