Auto Data Network Projects Pro-Forma Revenue and Earnings for Fiscal 2003 and 2004
TUNBRIDGE WELLS, U.K.--March 20, 2003--Auto Data Network Inc. (OTCBB: ADNW), a provider of real-time data network services to the automotive industry, today announced pro-forma revenues and earnings for its fiscal year ended February 28, 2003, as well as revenue and earnings guidance for the fiscal year ending February 29, 2004.
Chairman and CEO Chris Glover commented, "Our recent acquisition and integration of MAM Software ("MAM") into our current business for the fiscal year ended February 28, 2003 will result in pro-forma revenues of approximately $16.3 million and net income of $1.51 million, representing $0.11 per common share outstanding on a fully diluted basis. With the strength of the present revenue run rate of our current businesses, we anticipate revenues between $24,000,000 and $26,000,000 for the first full fiscal year of the combined entity. We also anticipate combined net income of between $1,750,000 and $2,250,000 for the fiscal year ending February 29, 2004, resulting in $0.13 to $0.16 per share, at the current level of shares outstanding." Chris Glover continued, "These figures reflect the execution of our previously stated strategy. It is worth noting that the aforementioned guidance does not include anticipated potential strategic acquisitions or the full roll out of our Orbit platform."
Auto Data Network comprises a group of established, automotive companies providing real time data and transactional services to manufacturers, retailers and consumers thereby enabling industry-wide revenue generation, communication and information collection. Services are integrated onto a single transaction platform and data network. The platform propositions are integrated as a communications channel that allows all automotive sector participants to transact within a single environment, in which transactional data is added and modified on the network. This process creates a unique source of "Intelligent Information(TM)" that can be accessed by subscribing companies to analyze and react to changes in market conditions.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC).