euro adhoc: The Fantastic Corporation
Quarterly or Semiannual Financial Statements
Fantastic announces lower than expected total revenues for the first Quarter 2003 (E)
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Fantastic announces lower than expected total revenues for the first Quarter 2003
Zug, Switzerland April 30, 2003 The Fantastic Corporation today announced its financial results for the quarter ending March 31, 2003. Total revenues were lower than expected. The second quarter is crucial for Fantastic. Total revenues were $0.4 million for the quarter ended March 31, 2003, a decrease of 18.8% compared to the same period in 2002 and a decrease of 54.9% compared to the fourth quarter of 2002. Fantastic improved its negative earnings before interest, tax, depreciation and amortization (EBITDA) by 39.1%, from $4.3 million a year ago to $2.6 million - after subtracting non-cash compensation expenses, impairments and restructuring costs. Fantastic continued to reduce its operating expenses (excluding depreciation, non cash compensation expenses, impairments and restructuring costs), resulting in a decrease from $4.8 million in the quarter ended March 31, 2002 to $3.0 million in the first quarter of 2003. Operating expenses decreased by 41.5% from the fourth quarter of 2002 (19.6% excluding a one-time lease cancellation fee in the fourth quarter). Net loss decreased to $6.0 million in the quarter ended March 31, 2003, from $9.4 million in the first quarter of 2002 and $8.7 million in the fourth quarter of 2002. This represents a net loss per share of $0.05, compared to $0.07 in the first quarter of 2002. As of March 31, 2003 Fantastic had 54 employees and cash reserves of $11.7 million. Fantastic is building up the sales channels in the United States but on the other hand. In this endeavor, however, the company is also dependant on the pace of its partners. Even though the new positioning of Fantastic in the eCDN market looks promising, the management and the board of directors are analyzing all alternatives and will decide on the companys future after the second quarter 2003. The management and board are maintaining the goal of a successful turnaround in 2003 including achieving EBITDA break-even on a quarterly basis by the end of the year," said Mr. Bandle.
end of announcement euro adhoc 30.04.2003
Further inquiry note:
Herr Steinacher Dominik Head of MarCom, PR and IR
Branche: Software
ISIN: CH0008310515
WKN: 924382
Index: Nemax All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade