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NeWave Posts Record 212% Increase in 1st Quarter Revenue; Announces First Ever Profit Tuesday May 9, 7:00 am ET
GOLETA, Calif., May 9 /PRNewswire-FirstCall/ -- NeWave, Inc. (OTC Bulletin Board: NWWV - News) today announced record revenue as well as its first ever profit during the first quarter of 2006. Revenue for the quarter ended March 31, 2006 was a record $3,932,343 vs. $1,258,616 for the quarter ended March 31, 2005, a 212% increase. Net income during the quarter ended March 31, 2006 was $194,380 vs. a net loss of ($1,291,480) for the quarter ended March 31, 2005. The Company's complete financial results can be viewed in its Form 10-QSB filing for the quarter ended March 31, 2006. NeWave CEO Michael Hill stated, "I am extremely proud to announce to our shareholders, NeWave's first ever profit generated from remarkable growth in the first quarter. Additionally since January 1, we have been able to reduce our debt by over $1 million."
He added, "During mid-2005, we embarked on an aggressive plan to focus exclusively on our core business, which we felt would ultimately assist us in accelerating our path to growth and profitability. Earlier this year, we publicly outlined our strategic initiatives for 2006 as follows;
-- To organically increase revenue by 50%.
-- Achieve corporate wide profitability within the year.
-- Pursue a potential acquisition which is scalable and accretive
Clearly so far we have performed to expectations and then some, but recognize that we still have our work cut out for us. We need to retain sharp focus on the steps we've taken to get to this position and believe at some point the market will begin to recognize our achievements and rising profile. Ultimately, we will explore all options necessary to extract a valuation for our shareholders commensurate with our performance and look forward to continued progress this year."
About NeWave, Inc.
NeWave, Inc. through its websites 'onlinesupplier.com', 'buydiscount.com" and "mysoftwaretutor.com", provides ecommerce solutions and thousands of high value products at significant savings to its online loyalty club customers and members.
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Contact: Michael Novielli Chairman NeWave, Inc. mnovielli*newave-inc.com ph (845)575-6770
-------------------------------------------------------------------------------- Source: NeWave, Inc.
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