USA: ShopNet.com Inc. Announces Comprehensive Net Income of $0.14 Per Share In Its First Quarter vs. $(0.02) in 1999
ShopNet.com Inc. (Nasdaq:SPNT; Warrants:SPNTW) today announced its results for the quarter ended March 31, 2000. SHOPNET.COM posted sales of $2,720,982, a 22.8% increase over its comparable 1999 three-month sales of $2,215,095. This increase was partly attributed to the Y2K-related delay, into the March 2000 quarter of shipments of its swimsuits originally intended for sale during the December 1999 quarter. The Company posted net income from operations of $192,559, or $0.03 per share, compared to $(111,208), or $(0.02) per share, in the March 1999 quarter. This represented an increase of $303,767 in net income from operations. SHOPNET.COM also recorded a $698,500 recognition of an unrealized gain on securities in the March quarter. This recognition increased the Company's comprehensive net income to $891,059, or $0.14 per share, compared to comprehensive net income of $(111,208), or $(0.02) per share in the March 1999 quarter. SHOPNET.COM changed the method of accounting for these securities from the equity method of accounting, to accounting for an unconsolidated subsidiary, which allowed SHOPNET.COM to recognize the fair market value of its investment in Play Co. Toys & Entertainment Corp. common stock as of March 31, 2000. ShopNet.com, Inc. is a producer of motion pictures and, through its subsidiary Breaking Waves, Inc., a manufacturer and distributor of swimwear. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: the statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or further performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
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