Message #15 From:
NewsBot Date: October 13, 2006 09:21:00 AM
ABZT News Ablaze Technologies Announces Third Quarter Sales and Earnings
HOUSTON--(BUSINESS WIRE)--Ablaze Technologies, Inc. (Pink Sheets:ABZT), a results oriented
internet marketing company, announced today its third quarter sales and
earnings for the previous quarter ending September 30, 2006.
Gross Revenue for the third quarter ending September 30 was $3,046,424,
down from $4,198,261 the previous quarter. Total revenue for the nine
month period was $12,255,711. Net income for the third quarter was
($250,408) or ($0.0032) per share, improved from ($396,135) or ($0.005)
the previous quarter. Net after-tax income for the nine month period
(year-to-date) was $435,535 or $0.00562/share on 77,500,000 total issued
and outstanding shares.
Advertising and marketing remained the Company’s
biggest expense at $2,215,476, down slightly from $2,931,213 during the
second quarter, while general and administrative expenses were $216,475
for the third quarter. The Company maintained its debt free status with
the exception of $206,180 in reserve for Federal Income Taxes.
Shareholders equity was $1,034,034 for the period ending September 30.
Shareholders equity included $382,730 cash on hand and approximately
$815,770 in marketable securities with $467,424 in unrealized investment
gains. Unrealized gains decreased by $1,194,516 for the quarter.
Darrel Uselton, CEO stated: “Our financial
performance for the quarter was improved over last quarter, but still
disappointing in that we were unable to top the profitable mark for the
quarter. We also experienced some significant declines in our unrealized
gains on investment securities held, which reduced shareholders equity.
We derive a large portion of our revenues from our portfolio of
securities received in fee and trading activities, and therefore
experienced significant volatility in the third quarter in line with the
overall market’s performance. We are
diligently working each day to manage a profitable balance between
advertising outlays and the revenue it in turn generates, remaining
focused on profitability over pure revenue growth. We are exploring
strategic acquisition opportunities as well with business lines that
would provide more predictable results that would smooth our earnings
quarter over quarter and lessen our dependence on large fluctuations in
realized and unrealized gains on securities.”
Ablaze Technologies, Inc. through its OTC Services unit, operates an
online investment news network, as well as provides comprehensive,
non-invasive, web-based marketing services primarily to public
companies, assisting in brand marketing and investor relations
initiatives for those clients. The Company typically receives cash
and/or marketable securities as fee income for its services.
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are
subject to the safe harbor created by those rules. All statements, other
than statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and objectives
of the company, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Technical
complications that may arise could prevent the prompt implementation of
any strategically significant plan(s) outlined above. The company
cautions that these forward-looking statements are further qualified by
other factors. The company undertakes no obligation to publicly update
or revise any statements in this release, whether as a result of new
information, future events or otherwise.
