MyPhotoAlbum Inc.
FortuneCity.com Inc. Announces Preliminary Q1 2004 Revenue Results
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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FortuneCity.com Inc. Announces Preliminary Q1 2004 Revenue Results
New York, April 21, 2004 – FortuneCity.com Inc. announced today preliminary
unaudited revenue growth of 35% for Q1 2004.
FortuneCity recorded annualized revenue growth of 35% for the quarter ending
March 31, 2004, with revenue of US$ 1.1 million in Q1 2004 compared to US$ 0.8
million in Ql 2003. The increase in revenue was attributable to a 45% increase
in revenues from recurring subscription fees and a 33% increase in Internet
media advertising sales.
Revenue for Q1 2004 grew to the highest revenue quarter since Q2 2001.
Subscription based services contributed 22% of revenues in Q1 2004, compared to
20% in the same quarter a year earlier, constituting a continued diversification
of the Company’s growing revenues.
Peter Macnee, President and CEO, commented, “We are pleased with the revenue
development of both business groups especially as we have been primarily focused
on cost control for much of the past year. Now that we have achieved our goal
of reducing FortuneCity’s cost base, all our focus has been turned towards
growing revenues and cash flow. The solid first quarter media sales growth
indicates that the Company is well positioned to capture a share of the growth
now being experienced within the interactive advertising industry. And the
strong revenue growth from our subscription based services is a result of the
continued popularity of ‘FortuneCity’, which has been ranked number one for
Google searches against the keywords ‘web hosting’ and ‘hosting’.”
end of ad-hoc-announcement (c)DGAP 22.04.2004
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WKN: 919383; ISIN: US34969P1021; Index:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in
Düsseldorf, Hannover und Stuttgart
220747 Apr 04
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