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Modern Technology Corp Reports 509% Revenue Growth Over 9 Months and 300% Revenue Growth Over Same Quarter Compared to Prior Year Monday June 12, 8:30 am ET
OXFORD, MS--(MARKET WIRE)--Jun 12, 2006 -- Modern Technology Corp (OTC BB:MODCE.OB - News) reported revenues for the three-months ending March 31, 2006 to be $4,671,322, or an approximate 300% increase over the same period last year which reported revenues of $1,547,793 for the three months ending March 31, 2005. Revenues for the nine-months ending March 31, 2006 were $7,871,185, or an approximate 509% increase over the same period last year. ADVERTISEMENT
Anthony Welch, Modern Technology Corp's Chairman, said, "As we have committed, our revenues continue to increase. Our revenues have grown substantially and our profitability plans for 2006 have resulted in strong cost savings to be reflected in the next quarter's filings. We are making excellent headway in achieving operational profitability and our current quarter's losses are significantly attributable to one-time write-downs and expenses. As promised, to increase earnings we are restructuring or eliminating unprofitable operations. We are making great strides and will have much to report soon. We have further acquisitions of profitable, cash-flow positive companies under consideration that if acquired substantially increase revenues and earnings. We will announce these as they occur. We will announce updates and guidance on our operations and earnings projections in the near future."
This guidance is the company's best, good faith estimate based on current conditions and numerous assumptions about the company's industry, its access to financing, the competitive and regulatory landscape and its ability to successfully consummate the acquisitions under consideration.
About Modern Technology Corp
Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MODC also commercializes new technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to build shareholder value through a model of continuous growth. Web Address: http://www.moderntechnologycorp.com
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