Totally Hip Posts Positive Second Quarter 2000 Results
Posted on 05-30-00
Canadian Venture Exchange:THW
Phone: 604 685 6525
www.totallyhip.com
e-mail: info@totallyhip.com
Vancouver, BC - May 30, 2000 - Totally Hip Software announces improved financial results for the
Company's second quarter that ended March 31, 2000. Financial results continue to improve with a pre-tax income for the 3 month period of $71,000 compared to a loss
of ($72,000) the previous quarter.
Debt has been reduced and the company continues to work towards increasing revenues and cash flow. The technology is gaining recognition and industry acceptance.
The company posted a $0.02 gain for the 6 months ending March 31, 2000 compared to a ($0.07) loss for the same 6 months of fiscal 1999. Although there is no
additional gain for the second quarter, pre-tax results are improved and there is an actual gain of $71,000 for the second quarter whereas the first quarter results included
$344,000 for recovered future income taxes. The company plans to continue its focus on the development of its LiveStage Professional technology and other interactive
Web related products. Now that Totally Hip's technology is being recognized as the leader in the 'class', the company plans to secure additional funding at the
appropriate time to be used for diversification, marketing and sales efforts to gain wider exposure and reduce technology associated risks.
"The results are very gratifying considering that this is all done with limited resources and a small team. We continue to show improving results and hopefully the
shareholders and markets will recognize that we are working hard to build the technology and company.", said Randall H. McCallum Chairman, CEO and President.
"We are really excited about the exposure and potential of LiveSlideShow as an interactive tool for the mass markets that will assist in improving long term results,"
said David Dicaire, COO and General Manager of Totally Hip. "
Results for the six month period of fiscal 2000 ending March 31, to the comparative period of fiscal 1999 show an across the board improvement in all areas. The net
gain was $0.02 per share or $343,000 for the six months ending March 31, 2000 compared to a loss of ($0.07) per share or ($1,054,000) for the six months ending
March 31, 1999. The gain includes $344,000 in recovered future income taxes as previously reported in the first quarter fiscal 2000 results. Gross profit for this six
month period increased 223% or $267,000 to a total of $483,000 when compared to the corresponding period in 1999. Expenses were $787,000 less or only 38% of
those incurred in the same six months of fiscal 1999. Expenses for the period covering the first and second quarters of fiscal 2000 were $484,000 compared to
$1,271,000 for the same 1999 period. Sales for the six months of fiscal 2000 ending March 31 were $548,000 or 100% higher when compared to the $275,000 in sales
for the same six months of fiscal 1999 that also included content services.
Results for the second quarter of fiscal 2000 ending March 31, compared to the first quarter of fiscal 2000 ending December 31, 1999 show continued improvement in
results on a pre-tax basis. Overall results show a $0.02 gain during the first quarter that was attributable to recovered future income taxes. The net income gain on a
post tax basis for the second quarter was $0.00 per share or $71,000 compared to a gain of $0.02 per share or $272,000 for previous quarter ending December 31, 1999.
The net income gain on a pre tax basis for the second quarter was $0.00 per share or $71,000 compared to a loss of $0.00 per share or $72,000 for previous quarter
ending December 31, 1999. Gross profit in the second quarter 2000 increased 101% or $162,000 compared to the corresponding previous quarter. Expenses were
$251,000 for the second quarter compared to $232,000 incurred in the previous quarter. Sales for the second quarter of fiscal 2000 ending March 31 were $347,000 or
73% higher when compared to the total for the previous quarter ending December 31, 1999, or $201,000.
Accounts payables and accrued liabilities show $991,000 in total with $668,000 comprised of accrued salaries dating back to 1997 for company founders who are also
escrow shareholders. Also the financial statements and balance sheet do not include a $450,000 private placement fulfilled in February with these funds being held in
trust awaiting approval from the Canadian Venture Exchange. As of this date, Totally Hip management has been informed that approval was finally granted on
May 23, 2000 and these funds will be included in the next issue of financial statements for third quarter results. The Company currently operates on ongoing sales
revenues and if cash flow doesn't remain at positive levels additional capital financing will have to be secured.
The Second Quarter Fiscal 2000 Report with management discussions will be made available on Totally Hip Software's Web site at http://www.totallyhip.com.
Totally Hip Software's mission is to add interactivity to the Web. The company founded in 1995, is a leading developer and marketer of interactive QuickTime Web
development tools. These include the award-winning LiveStage Professional; LiveStage and WebPainter products that empower users to develop produce and deliver the
most engaging experience on the Web. The Company is traded on the Canadian Venture Exchange (Trading Symbol: THW). (c) 2000 Totally Hip Software Inc.
All rights reserved.
TOTALLY HIP SOFTWARE INC.
Per: "Randall H. McCallum"
Randall H. McCallum, CEO & President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
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