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» Allstocks.com's Bulletin Board » OTCBB Reporting Stocks » MEDG Revenues Rise More Than 175% to $8.1 Million; Net Income Reaches $765,516

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MediaNet Group Technologies Announces Financial Results for Fiscal Year 2010 First Quarter
Revenues Rise More Than 175% to $8.1 Million; Net Income Reaches $765,516


Buzz up! 0 Print..Companies:Medianet Group Technologies Inc..Related Quotes
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MEDG.OB 0.74 +0.02


{"s" : "medg.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} Press Release Source: MediaNet Group Technologies, Inc. On Monday February 22, 2010, 5:17 pm EST
BOCA RATON, FL--(Marketwire - 02/22/10) - MediaNet Group Technologies, Inc. (OTC.BB:MEDG - News), a worldwide online trading firm, today announced financial results for the 2010 fiscal year first quarter period ending December 31, 2009.

For the first quarter ended December 31, 2009, the Company reported revenue of $8.1 million, and net income of $765,516. This compares to revenue in the first quarter of fiscal 2009 of $2.9 million and a net loss of $510,058 and revenues of $14.5 million for the fiscal year ended September 30, 2009. The increase in revenue was due primarily to sales of products and through our expanded base of new Business Associates particularly in the United States and Australia/New Zealand markets.

Gross profit for the first quarter of fiscal year 2010 reached $3.1 million versus gross profit of $985,918 for the first quarter of fiscal year 2009, a 212% increase. Gross profit margin increased to 38% from 34% in the 2010 first quarter from the 2009 first quarter as a result of the decrease of direct cost of revenue due to the increase in revenue and more efficient purchasing practices. At December 31, 2009, the Company had net cash of $3.9 million with no long term debt.

Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies said, "Our first quarter financial results are a strong reflection of our ability to execute our business plan on a global scale. Revenues in the first quarter increased more than 175% on a year over year basis due to the growth and acceptance of the reverse auction model coupled with our own growing customer loyalty as well as the quality of our products and service. As we move further into 2010, we intend to focus on the unique capabilities offered by our Cinch and Connect technologies, maximizing the ability for greater tracking and, thus, specific targeting for our products and services and BSP powered shopping malls."

Mr. Hansen continued, "We believe we are well positioned to take advantage of the world economies. Our distinctive platform provides us flexibility and adaptability to meet respective market demands quickly and offer our customers continued value by offering the products and services they require."

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies is a publicly held Company (OTC.BB:MEDG - News). The main emphasis of the company operations rests in our DubLi.com, Dubli Network and BSP Rewards divisions.

DubLi is a worldwide online auction portal. It is composed of two very unique and individual business models; DubLi.com -- a reverse auction portal for high level branded merchandise offered at highly competitive prices and DubLi Network -- the business opportunity where individuals around the world can establish their own business in a competitive market. The success behind DubLi.com's 'reverse auction' lies in the formula of being able to drive down prices incrementally with bids placed by consumers. It is a value based proposition where a consumer will buy when the price reaches a point of interest to the buyer.

BSP Rewards is an extremely affordable Private Branded "customer relationship marketing program" and "communications solution" that utilizes our proprietary loyalty and internet rewards mall platform and applications. The BSP Rewards Mall licenses our proprietary rewards online mall platform, and builds "merchant funded" private branded programs both for profit and non-profit organizations.

"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. MediaNet Group Technologies, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies, and the purchasing activity or lack thereof by registered web mall members.

SELECTED RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31,



For the three months
ended December 31,
2009 2008
----------------- -----------------
Sales: $ 8,119,531 $ 2,905,962
Direct Cost of Revenues: 5,044,457 1,920,044
Operating Expenses: 1,798,931 810,397
Income from Operations: 1,276,143 175,521
Other Income (Expenses): (1,627) -
Income Taxes: 509,000 -
Net Income: 765,516 (510,058)
Other Comprehensive Income: - 1,869
Total Comprehensive Income: $ 765,516 $ (508,190)


Contact:
Contacts:MediaNet Group Technologies, Inc.Michael Hansen Chief Executive Officer mha@DubLi.com Investor Relations:Cameron AssociatesJohn McNamarajohn@cameronassoc.com212-554-5485

Posts: 443 | From: st.louis | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
   

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