Auteo Media Achieves Profitability June, 2001
SEATTLE--Aug. 13, 2001--Auteo Media, Inc. (OTCBB:AUTM), a leading provider of communication and development solutions for the automotive industry, today reported operating results for the second quarter, and the six months ended June 30, 2001.| -- | Year-over-Year Revenues Grow 66% to $372,800 |
| -- | Year-over-Year Gross Profits Grow 78% to $335,400, or 90% of Revenues |
| -- | Current Assets Grow 125% from year-end 2000 |
Revenues for the second fiscal quarter increased to $373,000 from $225,000. The Company realized net income in June and anticipates profitability for the third quarter of 2001. In the second quarter of 2001, net loss for the quarter was ($60,590), or ($0.010) per diluted share, versus ($193,391), or ($0.033) in the first quarter of 2001, a 69% decrease in loss. Operating expenses for the quarter were $396,911 from $469,096 in the first quarter of 2001, a 15% decrease in expenses.
Steve Van Leeuwen, President and CEO of Auteo Media, commented, "We are proud to show such strong improvements in earnings, and anticipate profitability third quarter and beyond. Our revenues have increased over 40% from previous year for over 12 consecutive quarters. New product sales now represent 5% of revenues, an increase of almost 200% from first quarter. We have continued a systematic yet prudent expansion in new products and territories in light of market and economic conditions to become the largest automotive data collection company on the West coast."
The Company has previously reported expansion into new markets with new and existing products and services. "The question before us is not `Will Auteo survive?'" said Van Leeuwen, "but rather, `How will we establish leadership on a national front in the emerging digital era of the automotive market?' We plan to do so with strong management, a dedication to new products of the highest quality, and a passionate commitment from all of our people to constantly move forward."
Auteo Media, Inc. Results of Operations
For the Quarters and Six Months Ended June 30, 2001 and 2000
3 Months Ended 6 Months Ended
June 2001 June 2000 June 2001 June 2000
Sales, net $372,808 $224,855 $675,393 $436,715
Cost of Sales 37,268 36,438 68,721 52,732
Gross Profit 335,540 188,417 606,672 383,983
Operating Expenses 396,911 331,040 866,007 554,516
Income from Operations (61,371) (142,623) (259,335) (170,533)
Net Income (60,590) (142,337) (258,981) (169,143)
Diluted Net Earnings
Per Share $(0.010) $(0.011) $(0.042) $(0.014)
Auteo Media, Inc. Consolidated Balance Sheets
June 30, 2001 and December 31, 2000
ASSETS
6/30/01 12/31/00
Cash and Cash Equivalents $172,251 $40,137
Accounts Receivable 122,916 75,050
Inventory 24,918 27,000
Total Current Assets 320,344 142,187
Furniture and Equipment 144,969 117,863
Other Assets 26,157 28,932
Total Assets $491,470 $288,982
LIABILITIES AND STOCKHOLDERS' EQUITY
Related Party Debt (a) $138,863 $137,863
Accounts Payable and Accrued Liabilities 69,969 56,725
Total Liabilities $208,871 $194,588
Stockholders' Equity:
Common Stock 25,000,000 issued & 6,450,372
outstanding 8/10/2001 $6,450 5,417
Additional contributed (distributed) capital 1,068,551 (542,582)
Stock Subscriptions -- 1,164,980
Accumulated deficit (792,402) (533,421)
Total Stockholders' Equity $282,599 $94,394
Total Liabilities and Stockholders' Equity $491,470 $288,982
(a) The notes are between the Company and two of its officers.