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PacificNet (NASDAQ: PACT) Achieves Profit and Significant Revenue Growth in Q1 2004
Tuesday May 4, 6:19 pm ET
HONG KONG--(MARKET WIRE)--May 4, 2004 -- PacificNet Inc. (NasdaqSC
ACT - News), a leading provider of value-added telecom services (VAS), CRM, call center, and interactive voice response (IVR) services in Greater China reported results for the quarter ended March 31, 2004. The detailed financial statements can be found in PacificNet's Form 10-QSB filing at the SEC and Edgar web site: http://www.sec.gov/cgi-bin/browse-edgar?CIK=0000815017&action=getcompany
Q1 Highlights
-- Revenues of US$3,502,000, an increase of 301% as compared to US$873,000
from Q4 2003; or an increase of 3,510% as compared to US$97,000 from Q1
2003.
-- Net profit of US$141,000 or US$0.02 per share, a turn-around as
compared to a loss of (US$846,000) or (US$0.14 per share) from Q4 2003, or
a loss of (US$614,000) or (US$0.12 per share) from Q1 2003.
-- Operating profit of US$405,000, as compared to a loss of (US$1,397,000)
from Q4 2003, and a loss of (US$450,000) from Q1 2003.
-- Gross profit increased to US$1,249,000, an increase of 254% as compared
to a gross profit of US$353,000 from Q4 2003, or an increase of 1,948% as
compared to US$61,000 from Q1 2003.
-- Cash and cash equivalents increased to US$4,124,000 as compared to
US$3,823,000 as of December 31, 2003.
-- Working capital of US$5,694,000 as compared to US$1,442,000 as of
December 31, 2003, due to completion of a US$3 million private placement in
January 2004.
Q2 Projections
-- For Q2 2004, we expect that total revenues will be from US$6 to $9
million. The increase in revenues is primarily due to the acquisitions of
Guangzhou YueShen and Cheer Era completed in April 2004.
-- We expect profitability in Q2 and full year 2004.
-- PacificNet's strategy in 2004 is to capture market share and top-line
growth through organic growth and accretive acquisitions in the CRM, VAS
and IVR market in China.
Victor Tong, President of PacificNet, stated, "We are delighted to demonstrate a strong turn-around with significant revenue and profit growth in Q1 2004. In Q4 2003, we strengthened PacificNet's operation through the acquisitions of Epro Telecom, one of the largest call centers in China, and Beijing Linkhead, a leading provider of value-added telecom services and IVR in China. As China's mobile phone and Internet users continue to grow, more products and services will be sold over the phone, resulting in growing demand for PacificNet's business process outsourcing (BPO), CRM, call center, and IVR services. Increasingly, companies selling a variety of products and services in China are utilizing telemarketing, CRM, and call center services in achieving higher sales, higher customer loyalty, and lower cost. In January 2004, we raised US$3 million in a private placement to institutional investors to finance further expansion. We believe that our fundamentals are stronger than ever and that market opportunities in China will continue to offer PacificNet outstanding opportunities for sustainable growth and profitability in China's CRM and VAS sector."
Tuesday May 4, 6:19 pm ET
HONG KONG--(MARKET WIRE)--May 4, 2004 -- PacificNet Inc. (NasdaqSC
ACT - News), a leading provider of value-added telecom services (VAS), CRM, call center, and interactive voice response (IVR) services in Greater China reported results for the quarter ended March 31, 2004. The detailed financial statements can be found in PacificNet's Form 10-QSB filing at the SEC and Edgar web site: http://www.sec.gov/cgi-bin/browse-edgar?CIK=0000815017&action=getcompanyQ1 Highlights
-- Revenues of US$3,502,000, an increase of 301% as compared to US$873,000
from Q4 2003; or an increase of 3,510% as compared to US$97,000 from Q1
2003.
-- Net profit of US$141,000 or US$0.02 per share, a turn-around as
compared to a loss of (US$846,000) or (US$0.14 per share) from Q4 2003, or
a loss of (US$614,000) or (US$0.12 per share) from Q1 2003.
-- Operating profit of US$405,000, as compared to a loss of (US$1,397,000)
from Q4 2003, and a loss of (US$450,000) from Q1 2003.
-- Gross profit increased to US$1,249,000, an increase of 254% as compared
to a gross profit of US$353,000 from Q4 2003, or an increase of 1,948% as
compared to US$61,000 from Q1 2003.
-- Cash and cash equivalents increased to US$4,124,000 as compared to
US$3,823,000 as of December 31, 2003.
-- Working capital of US$5,694,000 as compared to US$1,442,000 as of
December 31, 2003, due to completion of a US$3 million private placement in
January 2004.
Q2 Projections
-- For Q2 2004, we expect that total revenues will be from US$6 to $9
million. The increase in revenues is primarily due to the acquisitions of
Guangzhou YueShen and Cheer Era completed in April 2004.
-- We expect profitability in Q2 and full year 2004.
-- PacificNet's strategy in 2004 is to capture market share and top-line
growth through organic growth and accretive acquisitions in the CRM, VAS
and IVR market in China.
Victor Tong, President of PacificNet, stated, "We are delighted to demonstrate a strong turn-around with significant revenue and profit growth in Q1 2004. In Q4 2003, we strengthened PacificNet's operation through the acquisitions of Epro Telecom, one of the largest call centers in China, and Beijing Linkhead, a leading provider of value-added telecom services and IVR in China. As China's mobile phone and Internet users continue to grow, more products and services will be sold over the phone, resulting in growing demand for PacificNet's business process outsourcing (BPO), CRM, call center, and IVR services. Increasingly, companies selling a variety of products and services in China are utilizing telemarketing, CRM, and call center services in achieving higher sales, higher customer loyalty, and lower cost. In January 2004, we raised US$3 million in a private placement to institutional investors to finance further expansion. We believe that our fundamentals are stronger than ever and that market opportunities in China will continue to offer PacificNet outstanding opportunities for sustainable growth and profitability in China's CRM and VAS sector."
