Integrated Trans Network Reports Q2 Revenues and Earnings
29 July 1998
Integrated Transportation Network Reports Second Quarter Revenues and Earnings
NEW YORK, July 29 -- Integrated Transportation Network Group
Inc. (OTC Bulletin Board: ITNG) (formerly Dawson Science Corp. OTC Bulletin
Board: DWSC) today reported its results of operations for the second quarter
ended June 30, 1998.
For the quarter ended June 30, 1998, the Company reported net revenue of
$5,990,000, an increase of 147% from net revenue of $2,429,000 for the same
period in 1997, and an increase of 16% from net revenue of $5,161,000 for the
first quarter of 1998. The Company reported net income for the second quarter
of $3,107,000, or $0.42 per share, an increase of 161% from net income of
$1,191,000, or $0.20 per share, for the same period in 1997, and an increase
of 34% from net income of $2,313,000, or $0.30 per share, for the first
quarter of 1998.
For the first six months ended June 30, 1998, the Company reported net
income of $5,420,000, or $0.74 per share, compared to net income of
$2,271,000, or $0.38 cents per share, for the same period in 1997. For the
six months ended June 30, 1998, the Company reported net revenue increased by
approximately 135% to $11,151,000, as compared to net revenue of
$4,750,000 for the same period in 1997.
The Company's President, Andrew Lee, stated, "Our Company's results for
the second quarter are very impressive. Our strategic focus remains on
creating a network within one of the fastest growing transportation market
sectors of China. ITN's ability to respond to the strong customer demand is
an important element in our becoming one of the important transportation
providers in China."
All of the Company's operations are based in China. Its businesses are
comprised of three types of transportation services: automobile rental, taxi
and automobile repair. The Company has automobile rental locations in five
areas in China: Ganzhou, Guangzhou, Nanchang, Nanjing and Xian, and has taxi
operations in Shenzhen, Shimen and Ganzhou. The Company also is developing a
hotel in a resort town in Hunan Province, scheduled for opening in early 1999.
FINANCIAL RESULTS OF INTEGRATED TRANSPORTATION NETWORK GROUP INC.
Summary Financial Information - Consolidated Statements of Operations
(in thousands and in US dollars)
3 Months Ended June 30 6 Months Ended June 30
1998 % of Net 1997 1998 % of Net 1997
Rev. Rev.
Total Operating
Revenues $5,990 100.0% $2,429 $11,151 100.0% $4,745
Total Operating
Expenses (2,299) 38.4% (1,082) (4,753) 42.6% (2,178)
Income before income
taxes & minority
interest 3,691 61.6% 1,347 6398 57.4% 2,567
Provision for
Income Tax (367) 6.1% (110) (568) 5.1% (211)
Income before
minority interest 3,324 55.5% 1,237 5,830 52.3% 2,356
Minority interest (217) 3.6% (46) (410) 3.7% (85)
Net Income $3,107 51.9% $1,191 $5,420 48.6% $2,271
Proforma net income
per common share
Basic $0.42 -- $0.20 $0.80 -- $0.38
Fully Diluted $0.42 -- $0.20 $0.74 -- $0.38
Shares outstanding 7,477 -- 6,042 6,771 -- 6,042
Fully diluted shares7,477 -- 6,042 7,430 -- 6,042
Balance Sheet Data (000's) 1996 1997 June 30,1998
Assets $29,099 $55,954 $59,609
Liabilities 11,475 24,602 16,534
Minority interest 864 1,567 2,397
Retain earnings 11,164 17,050 22,470
Shareholder's Equity 16,760 30,181 40,677
This press release contains certain forward-looking information that is
subject to certain risks and uncertainties that could cause actual results to
differ materially from those projected. Without limitation, these risks and
uncertainties include economic recessions or downturns in customers' business
cycles, rapid market fluctuations. Readers are urged to carefully review and
consider the various disclosures made by the Company in this press release and
in the Company's periodic reports.